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Rumor For Changes to The Amex Platinum Card Coming July 1st-Lock In The Annual Fee Now

- Jun 29, 2021 Credit Card Info0 comments

Rumor has it that there will be some changes occurring on the Amex Platinum card in July, including an increased annual fee. According to the rumor, the changes will happen on July 1st, this Thursday, and the Platinum annual fee will go from $550 to $695.

Sign up for the card before Thursday so that you can lock in the lower annual fee for a year. Card issuers must legally tell you what the card annual fee is when you apply for a card so if you sign up before Thursday, Amex will have to give you the lower, current annual fee (for the first year).

Since the annual fee might be going up, it would make sense for Amex to also increase the welcome bonus, though no one knows. So if you apply for the Platinum card now before July to lock in the lower annual fee, you might be missing out on a new welcome bonus that may be coming in July (Amex welcome bonuses are not available for cardholders that previously had the card and Amex does not match higher offers even within 30 days). 

The current welcome bonus is technically an all time high offer- Earn 75,000 points after spending $5,000 within the first 6 months, plus earn 10 points at U.S Gas Stations and U. S Supermarkets on up to $15,000 in combined purchases within the first 6 months, so it’s hard to imagine that Amex will go up even higher. But in the current situation with all time high offers going up everywhere, anything is possible.

Benefits

Rumor also has it that changes to the Platinum card benefits and credits will also be occurring. And given that Amex info about benefit changes to the Centurion Lounge benefit accidentally leaked out, there might be some truth to the other benefit changes too. However, we don’t know what will be.

It’s likely that cardholders paying the lower annual fee will still be able to cash in on the newer benefits, as seen in past times, but nothing is for sure.

As per the rumor, here’s what’s changing:

Added Benefits

  • Get $179 credit for CLEAR. CLEAR, which is becoming available at more and more airports, gets you better and faster security check-in at the airport and gets you through check-in, security, and boarding quickly and easily. May begin 07/01/2021.
  • Get $300 credit for Equinox. Get fit with $25 per month that you can apply towards the $39.99 monthly fee for Equinox and the fitness app. May begin 07/01/2021.
  • Get $240 credit for Entertainment. Get $20 a month to use for magazine and news subscriptions and video and music streaming services. May begin 07/01/2021.
  • Get $200 credit for prepaid hotel bookings. May begin 07/01/2021.
  • Get $100 credit for Resy. May begin 07/01/2021.

Changed Benefits

  • Centurion Lounge Access will be free for only the cardholder, and not for 2 guest as is now. Guests will have to pay $50 for access. Cardholders who spend $75,000 within a year will however keep getting complimentary access for 2 guests. This policy will begin 02/01/2023.
  • TSA Precheck will no longer be reimbursed. You will get a $100 reimbursement but it will only cover Global Entry, once every 5 years.

*These are all rumors. We’ll keep you updated as soon as we have more details.

Following are the current benefit details of the Platinum card, but as mentioned above as per the rumor, some may be changing as of July 1st.

Card Details
Welcome Bonus

Earn 100,000 points after spending $6,000 within the first 6 months.

Rewards

- 5 points on flights booked directly with airlines and Amex Travel on the first $500,000 you spend within a calendar year
- 5 points on prepaid hotels booked directly with Amex Travel
- 1 point everywhere else

Foreign Transaction Fee

No foreign transaction fee.

Authorized User Fee

Platinum level $175 for the first three then $175 per additional cardholder. Gold Level $0

Benefits
Upgraded Status

Hilton Gold status.

Marriott Gold status.

Uber VIP.

National Emerald Club Executive status.

Avis Preferred Club status (publicly available).

Hertz Gold Plus status, plus, get free upgrades, an extra 4 hours to return your car, and one free additional driver.

Credits

Free Walmart+ Membership. Get a $12.95 monthly credit to cover the full cost of a Walmart+ membership.

Get a $200 airline incidental fee credit each calendar year.

Get a $200 statement credit each calendar year on prepaid Fine Hotels and Resorts and The Hotel Collection bookings, through Amex Travel (bookings with The Hotel Collection requires a minimum two-night stay).

Get a $240 Digital Entertainment credit, up to $20 back per month, on purchases at the following providers: Audible, Disney+, The Disney Bundle, ESPN+, Hulu, Peacock, SiriusXM, and The New York Times. Enrollment is required.

Get $15 Uber cash credits each month plus a bonus of $20 in December, totaling $200 a year, once this card is added to your Uber account. Credits can be used for UberEats orders or Uber rides in the US.

Get a $300 Equinox statement credit, $25 per month on select memberships. Enrollment is required.

Get a $189 CLEAR statement credit per year.

Earn $100 in statement credits each calendar for purchases at Saks Fifth Avenue ($50 credits twice a year).

Global Entry and TSA pre-check

Get a statement credit for Global Entry or TSA Pre-Check every 4-4.5 years.

Lounge Access

Access to 1,200+ airport lounges, with a complimentary membership to Priority Pass Select:

Centurion Lounges

AirSpace Lounges

Escape Lounges

Delta Skyclub lounges (when flying Delta)

Select Lufthansa lounges (when flying Lufthansa, Austrian Airlines, or Swiss)

Trip Cancellation Insurance

Coverage for canceled or interrupted travel due to an unforeseen medical emergency etc. Max $10,000 per person per trip, max $20,000 per year for non-refundable travel expenses including flight tickets, hotels, and more.

Auto Rental Collision Insurance

Secondary worldwide coverage on rentals up to 30 days (excluding Australia, Italy, and New Zealand). Max $75,000. You can purchase an Amex premium plan that will offer primary coverage up to 42 days. Max $100,000.

Lost Luggage Reimbursement

Get covered for lost or damaged luggage up to $2,000 per person for checked baggage and up to $3,000 per person for checked and carry-on baggage combined. Max $10,000 per trip for NY residents.

Trip Delay Reimbursement

If your flight is delayed for 6+ hours, you can claim up to $500 per trip to cover expenses like meals, lodging, toiletries, medication, and other personal use items. Max 2 claims per year.

Return Protection

Not happy with a purchase? Get a refund on purchases that have passed the store return policy - up to 90 days from date of purchase. Max $300 per claim, max $1,000 per year.

Extended Warranty Protection

Get one additional year to your original manufacturer's warranty time. (Will only cover if the original warranty is for 5 years or less). Max $10,000 per claim, $50,000 per year.

Cell Phone Protection

Get reimbursed for up to $800 per claim (with a $50 deductible) if your cell phone is damaged or gets stolen. To activate coverage, you need to pay your monthly cell phone bill with your Platinum credit card. Max 2 claims per year.

Purchase Protection

Get refunded if your purchase is damaged, lost, or stolen, up to 90 days from the date of purchase. Max $10,000 per claim, $50,000 per year.

 

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Sam Sam has nearly a decade's worth of experience educating his many readers on everything credit. Sam spends his days checking out credit cards for a full report, from the minute benefit details to the shebang of welcome bonuses. Plus studying the ins and outs of building proper credit. It’s his favorite pastime and he loves sharing it with others.

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