Last month, Chase refreshed the Chase Sapphire Reserve card and increased the annual fee to $795. When the card was refreshed, Chase gave customers a 3 day window during which customers could still upgrade to the Reserve card at the old $550 annual fee. During the hype around the ‘relaunch’, Amex poured cold water by announcing its own upcoming ‘refresh’. Amex will refreshing the Amex Platinum Card and the Business Platinum Card this Fall.
At the moment, these cards carry an annual fee of $695. I’d be very surprised if the annual fees on both card don’t increase after the announcement in Fall. Given that assumption, should you go for the Amex Platinum card right now?
Amex Platinum Card – New Benefits
Before we delve into the decision about whether you should, you need to first check if you qualify. Amex has their ‘once in a lifetime’ rule. If you browse the internet, you’ll find that as per Amex’s algorithm a ‘lifetime’ is anywhere between 7-8 years. If you qualify, you can get the card now and lock in the $695 annual fee until the next anniversary year.
Welcome Bonus
At the moment, American Express is offering a welcome bonus of “it depends” points. No, I’m not kidding. Amex has made this pretty ambiguous. So, if Amex thinks you’re good to go and gives you a high five, you may earn up to 175,000 points.
Click here for the Amex Platinum Card offer of up to 175,000 points
I find this offer pretty odd. You can apply for the card and then Amex will tell you which offer you qualify for. Then it’s up to you to accept the offer.
Let’s say, you qualify for an offer 175,000 points, should you take it now? It depends on what you value. Do you want to lock in 175,000 points and the lower fee of $695 or wait until Fall and possibly get a higher bonus and pay a higher annual fee as well?
With the relaunch, we’ll most likely see a higher welcome bonus as well. While nothing is certain, I won’t be surprised if Amex offers up to 200,000 points this time, like they have on the Business Platinum card.
Existing Cardholders
If you’re already carrying the card, then you don’t need to do much. You’ll have the best of both worlds. You can enjoy the lower fee for a year and also try out the new benefits once they’re announced. If you’re unhappy with the changes, you can always submit a request for a retention offer on the card.
The Pundit’s Mantra
If you qualify for a bonus as high at 175,000 points at the lower annual fee of $695, then it makes sense to go for that offer. I don’t see much merit in waiting for a new bonus which would probably be 25,000 points higher, only to be offset by a much higher annual fee.
If you are eligible, you can also upgrade from the Amex Gold card, if you have had one for more than one year.
I’ve now carried the Charles Schwab Amex Platinum Card in my wallet for over 5 years. My annual fee won’t be billed until January 2026. So, I have a lot of time to decide once the changes kick in. Also, given that Amex will make the announcement in Fall, I’ll at least get a couple of months to try out the next benefits.
What’s your strategy going forward as Amex plans to make changes to the Amex Platinum card once again? Do you plan to apply now, upgrade, or just wait it out? Tell us in the comments section.
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New Credit Card Offers
American Express Business Credit Cards
- Earn 200,000 Membership Rewards points with the Business Platinum Card
- Earn 150,000 Membership Rewards and enjoy a 0% intro APR on the Business Gold Card
Chase Sapphire Cards
- Earn 100,000 bonus points and a $500 statement credit with the Chase Sapphire Reserve Card
- Earn 200,000 bonus points with the Chase Sapphire Reserve Card for Business
Co Branded Hilton Honors Cards
- Earn 100,000 bonus points and a $100 statement credit with the Hilton Honors American Express card
- No fee for the first year, earn 130,000 bonus points with the Hilton Honors American Express Surpass card
- Earn 175,000 bonus points with the Hilton Aspire card, in addition to 1 free night certificate each year
- Earn 175,000 bonus points with the Hilton Business Card
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