American Express is increasing the annual fee for its Platinum consumer credit card to $US895 ($1350), a $US200 rise, while introducing approximately $US1500 in potential benefits. This is designed to offset the impact of the increased fee for cardholders. American Express is a global financial services company, known for its charge and credit card products. The company also provides travel-related services to its customers.
The refreshed Platinum card will include new benefits such as $US400 annually in dining credits at Resy restaurants, $US300 to spend at Lululemon Athletica, and $US200 towards Oura rings for health tracking, Amex announced. Furthermore, the maximum annual credit for bookings made through its Fine Hotels & Resorts collection is tripling to $US600. The digital-entertainment credit is also increasing to $US25 monthly. Cardholders can also receive $US120 in statement credits each calendar year for an auto-renewing Uber One membership, adding to the existing $US200 Uber Cash benefit.
Howard Grosfield, group president for US consumer services at Amex, noted the enhancements provide significant value. “You have $US1000 to play with across both our hotel program and then access to these great chefs and restaurants,” Grosfield stated in an interview. Platinum cardholders will also gain complimentary “sterling status” at the Leading Hotels of the World collection, a benefit usually requiring a minimum of $US5000 in annual spending at those luxury properties.
Grosfield confirmed all previous benefits would remain or be improved. Business Platinum cardholders will also see enhanced perks, including the $US600 hotel credit. These changes reflect Amex’s strategy to maintain the premium appeal of its Platinum card by adding significant value and luxury-focused benefits.
