American Express recently announced plans to “refresh” its flagship travel card, *amex platinum* (and *biz platinum*) sometime later this fall. Exactly what the bank has in store for the new-look Platinum Cards is anyone's guess, but you can bet it will come with more use-them-or-lose-them statement credits … and a higher annual fee.
But Amex also recently rolled out a new welcome offer on the personal version of the card: You can now earn as high as 175,000 points after spending $8,000 in the first six months. Exactly what bonus offer (if any) you're eligible for will vary: After you submit your application – but before you accept the card (if you are approved) and your credit score is pulled – Amex will let you know the exact welcome offer you can earn.
Add it all up – earning up to 175,000 points at the current, lower (but still steep) $695 annual fee (see rates & fees) in year one, and we have to ask the question: Is now the time for travelers on the fence to get the Amex Platinum?
It's a valid question – really valid, actually. When cards get a big update, it often creates an opportunity to double-dip on the current benefits as well as the new ones … all while paying a lower annual fee for the first year.
With the Amex Platinum's big new bonus offer and changes looming on the horizon, there might not be a better time to add this card to your wallet. Here's what you need to know.
Why Now?
Let me stress again: We have no concrete intel on what the new-look Platinum Card might include for benefits … or at what price.
But if history is any guide, the card will likely include new (or enhanced) statement credits to help justify an almost certain price hike. By applying now, you'd get access to all the card's current benefits – like best-in-class lounge access – up to $200 per year in airline fee credits, up to $200 in annual Uber Cash, up to $240 per year in digital entertainment credits – and much more.
And then when the new card debuts later this year, you'd (almost certainly) also be able to use any new benefits shortly thereafter – or at least that's how it's worked in the past. It allows you to double-dip on the card's benefits, new and old.
How high will the fee go? That's the million thousand dollar question.
There's speculation it could settle in at $895 – not so coincidentally, $100 more per year than the recently refreshed *chase sapphire reserve*. At its current $695 per year price point, the card is by no means cheap, but being able to lock in that lower price now (saving $200 or perhaps mrore in the process) could make good sense for anyone considering the card.
And let's not forget the monster new bonus offer: Being able to earn as high as 175,000 Membership Rewards in your first year takes much of the sting out of that high annual fee. Earning a big bonus upfront and then being able to sit back and evaluate whether the card's new perks work for you could be an opportunity too good to miss.
Just know: Credit cards are serious business. You should never sign up for a new card, let alone one with an annual fee as steep as this, for the bonus points alone. If you can't afford to pay off every cent you charge to the card, this is an opportunity you should pass on.
Current Benefits of The Platinum Card® from American Express
There's a reason why *amex platinum* comes with such a high price tag. But with a huge welcome offer bonus and unbeatable travel perks, this card packs a mighty punch.
That's why we urge readers not to rule out even high-fee credit cards. If you play your card(s) right – pun intended – these benefits can easily outweigh the card’s $695 annual fee. But to do that, you need to know exactly what you're getting.
Here's a rundown of everything you get with the current version of the Platinum Card.
- Welcome Offer: bonus_miles_full
- Earn 5x points per dollar on airfare purchased directly with any airline or through the American Express Travel® on up to $500,000 spent each year.
- Get the best lounge access from any credit card with complimentary entry to the Amex Centurion Lounges, Delta Sky Clubs® (10 visits per year from Feb. 1 – Jan 31, when flying Delta), Plaza Premium Lounges, Priority Pass Lounges, and more.
- Up to $200 in annual airline fee credits to use with one U.S. airline of your choice each year on fees like checked bags, change or cancellation fees, seat assignments, and more.
- Up to $200 in annual Uber Cash that is split into monthly credits of $15, with an extra $20 in December. You can use this on Uber rides or Uber Eats orders in the U.S.
- Up to a $120 application fee credit for Global Entry or TSA PreCheck®, covering the cost of enrollment in either program.
- Up to $100 in annual credits for Saks Fifth Avenue, split into two semi-annual $50 credits.
- Instant Hilton Honors Gold™ & Marriott Bonvoy™ Gold Elite Status just for holding the Platinum Card (enrollment required).
- Trip delay & cancellation coverage if you pay for your round-trip flight with the Platinum Card (or put the taxes and fees from an award flight on it).
- Up to $209 in annual credit for CLEAR® Plus.
- Up to $240 in annual credits for select entertainment services, split into monthly installments of $20. However, this only applies to purchases or subscriptions with The Wall Street Journal, Peacock, the New York Times, and more.
- Up to a $200 annual credit for prepaid Fine Hotels + Resorts® or The Hotel Collection bookings (The Hotel Collection bookings require a two-night minimum stay).
- Up to a $12.95 credit per month for Walmart+
- Annual Fee: annual_fees (see rates & fees)
Learn more about *amex platinum*.
Bottom Line
With a big refresh (and likely a bigger annual fee) coming later this year, now might be the best time to add *amex platinum* to your wallet. A massive welcome bonus of up to 175,000 points is available for new applicants, and applying before the changes hit could allow you to lock in the current $695 annual fee while double-dipping on both existing and upcoming benefits.
If the Platinum Card is on your radar, it might pay to act fast.
