Rumor: Amex Platinum Card Annual Fee Could Go Up This Year
Before we get into the shocking annual fee that we could see later in the year, I will remind you that this is just a rumor. It was posted on FlyerTalk, and I’m not sure how credible the source is. With that in mind, let’s get into what this change might look like.
Amex is planning on increasing annual fee on the personal Platinum in the third quarter, currently aiming for July 2021 for new applicants. Existing accounts will renew at increased rates starting in January 2022. New fee is currently planned at $695, but also rumored at $745/795 Additionally, there will be a refresh of benefits that turn the Platinum Card “from a travel card to having more lifestyle benefits.” New benefits are also supposed to kick in in Q3, so there will be a 6 month overlap where existing cardholders can benefit at the old rates.
Update: More rumors are posted on comments at Doctor of Credit that details some of the possible perks, and suggest that the fee is planned to increase to $695 for new card holders starting in July. For existing cardholders, the fee increase will go into effect in January of next year. There are other planned changes that should kick in on July 2021 (subject to change):
- Two Free Priority Guest passes will be free only if you have $75,000 spend in a calendar year.
- $300 equinox credit
- $240 in monthly entertainment credits (can be used for magazine/news subscriptions, video streaming services)
- $200 credit for prepaid hotel bookings
- $100 temp Resy credit
- Annual CLEAR membership will replace TSA Precheck, but Global Entry will remain
Again, these are just more unverified rumors. You can read more about the Amex Platinum card here, and a possible bonus of 125K Membership Rewards points.
The Amex Platinum Card already has a hefty annual fee of $550, which was just recently increased. Adding another $200 to the annual fee without adding substantial benefits seems very unlikely to me. Even with added benefits, marketing a card that carries a $795 annual fee seems difficult. Plus with travel coming back, it doesn’t make much sense to shift away from travel perks. I think it is more possible that this could be the details of one of the rumored cards that American Express plans to introduce. It could also be related to a recent survey that was sent out about a possible fee increase for the Amex Business Platinum Card that had $695 as one of the options.
Let me know what you think!