Amex Refreshing Cards in May, Adding Benefits & Improving Platinum Card Perks
In a first-quarter earnings call on April 24th, it was revealed that we might see improvements for the Platinum card and some of the other American Express products. This changes aim to help cardholders now during the pandemic, while they can’t use many of the travel perks that come with several American Express credit cards.
“We are adding several new benefits, services and rewards to our premium Card products and Membership Rewards program that are relevant to the evolving needs of our customers during this time,” was said during the call. American Express has already made some improvements that I covered in the past, such as frequent discounts when using points to shop at Amazon, and extra points for some meal delivery services such as GrubHub and Seamless through the end of the year.
You can see a full transcript of the call here.
New Offers, Credit & Rewards
American Express said it is adding more “limited time offers, credits and rewards on stay-at-home services, such as wireless, streaming, grocery and food delivery” for both Amex and co-brand card customers. We will also see offers for “business essentials like wireless office equipment and shipping” for small business customers.
Product Upgrades in May
“What you’ll see coming out in early May is actual product refreshes to a number of our products”, said Stephen Squeri, the CEO of American Express. This “will infuse additional value in addition to the value that a card may have.”
We have also heard rumors in the past about new premium cards form American Express. But this would be a strange time to launch a new premium product with a hefty annual fee.
“For air or hotel related co-brand cards, and in particular to those cards where fees were raised, you’ll see extensions on benefits, but you’ll also see other things that are non-hotel, non-air related which will provide more utility to the card in general.”
Improved Amex Platinum Card
Improvements could come to the popular Amex Platinum Card, which is geared toward frequent travelers. “If you look at our platinum card where you have fine hotels and resorts and you have Uber credits and you have other travel benefits and lounges and so forth,” Stephen Squeri said, “you will see other enhancements there from wireless to streaming to maybe some other types of travel credits which can be used in the future over a time period.
American Express is trying to add benefits that can be used right now, and also entice customers to use more of their points right now, while they cannot travel.
In the UK, American Express is offering cardholders double the value when they cash out their points. In Canada, besides double value, Platinum cardholders also earn double points on every category for a limited time. Could this be one of the improvements that we see stateside?
HT: Doctor of Credit