Amex Platinum Card Annual Fee Increases: What You Need to Know

The American Express Platinum Card annual fee has increased, and it's essential to understand the changes. The new fee is $695, up from $550.

This increase is a significant change for existing cardholders. The additional cost may impact your decision to continue using the card.

The benefits and rewards associated with the Amex Platinum Card are still impressive. You can earn 5x points on air travel and hotels booked directly with airlines or through Amex Travel.

The American Express Platinum Card has undergone some significant changes, and it's essential to understand what these changes mean for existing and potential cardholders.

The annual fee for the American Express Platinum Card is increasing from $699 to $799, effective on the next card anniversary date after September 26, 2023.

Adding a supplementary Platinum Card to your account will now cost $250 per year, up from $175. However, adding up to two Gold Cards to your account remains free, and subsequent Gold Cards will cost $50 each.

To offset the rise in the annual fee, the Platinum Card will offer a $200 annual dining credit, which can be redeemed at one of the 109 participating restaurants listed on the American Express website.

Cardholders will also earn 2 MR points per dollar spent on dining and travel, down from the current 3 MR points per dollar spent on dining. The earning rate on other purchases remains unchanged at 1 MR point per dollar spent.

Here's a summary of the key changes to the American Express Platinum Card:

American Express has increased the annual fees on several of its credit cards, effective from October 11th, 2023. The American Express Platinum Card now carries a higher annual fee of $799, up from $699.

The increase affects both personal and business Platinum Card holders, with the business version seeing a more significant jump from $499 to $799. This change is set to take effect on September 26th, 2023.

Additionally, the annual fee for adding Platinum Cards to your account has increased from $175 to $250. This change is expected to affect existing cardholders who have authorized users on their accounts.

The Business Platinum Card will also receive a $200 annual travel credit, which will become available to current cardholders as of their next anniversary date. This credit can be used for travel expenses, and cardholders will also receive an annual $120 wireless statement credit and up to $200 in annual statement credits from Dell.

The American Express Platinum Card will offer a $200 annual dining credit, which can be used at one of the 109 restaurants listed on the American Express website. This credit will run per calendar year and will require enrollment through the Amex Offers dashboard.

Here's a summary of the annual fee increases:

The annual fee increases are set to take effect on different dates, with the American Express Platinum Card changes taking effect on September 26th, 2023, and the Business Platinum Card changes taking effect on October 11th, 2023.

The American Express Platinum Card is getting a new dining credit perk, worth $200 annually, to offset the upcoming annual fee increase. This credit can be used at participating restaurants listed on the American Express website.

To be eligible for the dining credit, you'll need to spend at least $200 in a single transaction at one of the listed restaurants. Unfortunately, the Canadian website has been non-functional since the changes were announced, but you can access the credit landing page from another country and switch to Canada to see which restaurants are eligible.

The dining credit will run per calendar year and will automatically renew for future redemption periods after initial enrollment through the Amex Offers dashboard. You'll have until December 31, 2023, to enroll for the credit, and you can use two $200 annual dining credits within a single annual billing cycle.

Note that the earning rate on dining purchases is decreasing from 3 MR points per dollar spent to 2 MR points per dollar spent.

If you're not sold on the American Express Platinum card, there are other options to consider.

If you're looking for a credit card that offers rewards, you can explore alternatives like Chase Bank, which offers 1% cashback on your spending in the first year.

You can also consider cashback apps, such as those featured in our article on the top 5 cashback apps.

If you're looking for a more traditional credit card, you can check out the best cashback and rewards credit cards, which are listed below:

If you're not sold on American Express, there are plenty of other options to earn rewards and cashback on your spending. You can consider credit cards that offer incentives like air miles, nectar points, and cashback.

Some credit cards charge an annual fee in exchange for improved rewards, but you need to make sure the numbers still stack up. A fee-free offer for the first year can make a big difference, like the Amex Nectar card.

If you're looking for cashback and rewards credit cards, there are many options to choose from. We've got a list of our favourite cashback and rewards credit cards that you can check out.

You can also consider cashback apps, like Chase Bank, which offers 1% cashback on your spending in the first year and 5% interest on round-ups. Another option is to use cashback apps, which we've ranked as our top 5 in an article.

If you're looking for deals to save you money, we've scoured the internet to find the best ones. You can find our top deals of the week on our website.

The minimum spend requirement for new cardmembers has changed in some popular credit cards. Amex is increasing the spend threshold to hit the publicly available welcome offer on the personal Platinum card to $8,000.

This is a 33% increase from the previous requirement of $6,000. Some other cards, like the Ink Business Preferred Credit Card, also have a $8,000 spend requirement to earn a bonus.

The Citi / AAdvantage Executive World Elite Mastercard has a slightly lower spend requirement of $7,000 to earn 70,000 bonus miles.

The Amex Platinum Card annual fee increases are significant, and it's essential to understand the new fees and benefits. The annual fee for the personal Amex Platinum Card will increase from $699 to $799, while the Business Platinum Card's annual fee will jump from $499 to $799.

The personal Amex Platinum Card's fee increase is $100, which might not be too bad considering the new $200 annual dining credit. This credit can be used at one of the 109 restaurants on the American Express website. You'll need to enroll for the credit through the Amex Offers dashboard in your account to receive it.

The Business Platinum Card's fee increase is more substantial, rising by $300. However, the addition of the $200 annual travel credit and other statement credits might help offset the higher fee. The Business Platinum Card will also feature mobile device insurance, which is a nice perk.

The earning rate on the Amex Platinum Card will decrease from 3 MR points per dollar spent on dining to 2 MR points per dollar spent. This change will take effect on October 26, 2023, so you'll still earn 3 points per dollar spent on dining until then.

Here's a summary of the Amex Platinum Card annual fee increases and new benefits:

It's worth noting that the Amex Cobalt Card still offers a more competitive earning rate for dining purchases, earning 5 MR points per dollar spent.