*Amex Platinum* is the first true premium travel credit card and the king of travel. But over the years, the bank has added a huge list of perks and statement credits that cover streaming platforms and gym memberships, so long-time cardholders often call the bank a “metallic coupon book” or a “lifestyle credit.” “Card,” he sneered.
Now, the CEO of American Express himself is saying it.
“Overall, the Platinum Card is becoming more of a lifestyle card, but it still has great travel benefits,” CEO Steve Squery told investors on Friday.
Yes, there are still plenty of travel perks. Includes airfare, luxury hotels, annual CLEAR® Plus credits, and unparalleled airport lounge access. But just calling the AmEx Platinum a “lifestyle card” is a radical change in direction for a card that has been virtually synonymous with travel for the past several decades.
This should come as no shock to long-time cardholders. Over the years, Amex has added a number of non-travel-related statement credits and perks as a way to justify charging higher annual fees. Let’s take a look at what’s currently on offer.
Up to $240 a year in statement credits for digital entertainment platforms like Hulu, Peacock, and The Wall Street Journal Up to $100 a year in statement credits for purchases at Saks Fifth Avenue Up to $12.95 a month in statement credits for Walmart+ subscriptions Equinox Up to $300 in statement credits per year on purchases in Uber Cash Up to $200 per year in Uber Cash
That’s up to about $1,000 a year in statement credits…and none of it is travel-related. Amex Platinum offers travel benefits such as access to Centurion Lounges and Delta Sky Club, annual airline fee credits, and 5x points when you purchase tickets directly with the airline (or through Amex Travel). , but these “lifestyle” perks and credits now far outweigh the travel benefits.
The changes are all part of AmEx’s broader effort to capture the wallets of Millennial and Gen Z customers, and AmEx data shows it’s working.
Amex knows that young people spend more on food than on anything else. That’s why with the recently relaunched *Amex Gold*, on top of your existing dining-related credits, you can now double your meals and earn 4x points at restaurants worldwide with new Resy and Dunkin’ credits. (up to $50,000 per year).
Longtime AmEx cardholders may hate them, but these so-called “product refreshes” are a key part of Amex’s overarching strategy to attract new customers and increase profits.
The bank previously announced plans to renew 40 cards (in the U.S. and around the world) in 2024. Squery said Friday that it has already exceeded that goal and has several more cards ready by the end of the year. He declined to say what kind of cards will be introduced next or whether they will be U.S. AmEx cards.
“We will continue to focus on that,” he said. “What we know is that paying cardmembers are our most engaged cardholders, and we want them to take advantage of our benefits and services.”
The last comment may ring hollow to many travelers. That’s because many of the new Amex card benefits appear to be specifically designed to be virtually impossible for the average consumer to take full advantage of. The credits you lose if you use them are divided into monthly, quarterly, or semi-annual installments, but does Amex really want us to use them? Or are they betting that we’ll forget? Or will I simply give up?
Related Article: Amex Card Rewards and Credits Are Out of Control
No one knows which card will be next on Amex’s hit list. But *biz Platinum* is set to lose two big credits starting next year, so it’s no shock that this card gets a new look and a higher annual fee.
We wouldn’t be surprised if there were more major changes (and price hikes) to the flagship *Amex Platinum*. The card was last overhauled in the summer of 2021, more than three years after it became the $695 annual fee “lifestyle card” we know today (with fees and (See Fees).
Finally, there’s the oft-forgotten American Express® Green Card. Amex recently discontinued its LoungeBuddy app, so one of the best perks of a green card is gone. Unless Amex intends to retire this card completely, there’s no doubt that something will have to replace it.
conclusion
Amex and its Platinum Card were once synonymous with travel. However, the perks and perks that come with Amex cards have changed over the years.
Perhaps for the first time, AmEx’s own CEO is admitting that the card that once stood at the top of all travel cards is now first and foremost a lifestyle card.
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