American Express Platinum Card Reclaims Top Spot as Most Expensive Travel Credit Card
The American Express Platinum Card has once again secured its position as the most expensive mainstream travel credit card, following a brief challenge from the Chase Sapphire Reserve this past summer. With a significant increase in its annual fee to $895-up from $695-the card now offers a suite of benefits that the company claims are worth over $3,500 annually. This price hike raises questions about the card’s value proposition for frequent travelers.
A New Era of Premium Benefits
As of September 23, 2023, the Amex Platinum’s annual fee has risen by $200, making it the priciest option among premium travel rewards cards. The Chase Sapphire Reserve, which recently underwent its own refresh, now charges an annual fee of $795. For existing Amex Platinum cardholders, the new fee will take effect upon their next renewal date after January 2, 2026.
The card’s elevated cost is accompanied by a revamped array of benefits designed to appeal to a wide range of travelers. Among these are new annual credits that include up to $600 for eligible hotel stays booked through American Express, a $400 dining credit for eligible transactions via Resy, and $300 in annual credits for purchases at Lululemon. Additionally, cardholders can receive up to $200 for Oura ring purchases, a popular health and wellness device.
Evaluating the New Annual Credits
The introduction of these annual credits has generated excitement among many Amex Platinum cardholders. The hotel credit, in particular, is noteworthy. It is divided into two increments of up to $300 each, applicable for bookings made through Amex Fine Hotels + Resorts or The Hotel Collection, which require a minimum two-night stay. These bookings come with premium perks such as late check-out, early check-in, and complimentary upgrades when available.
The dining and fitness credits are also user-friendly. Cardholders can easily redeem these benefits by using their Amex Platinum at checkout, with the credits automatically reflected on their statements. However, some users have reported challenges with the Oura ring credit, which is limited to new equipment purchases and does not extend to the required monthly subscription fees.
Points Earning Rates Remain Steady
Despite the changes in annual fees and benefits, the Amex Platinum has maintained its points earning structure. Cardholders continue to earn 5 Amex points per dollar spent on flights booked directly with airlines and on prepaid hotels booked through American Express. All other purchases earn 1 point per dollar. This consistency in earning rates may provide reassurance to existing cardholders who are accustomed to the card’s rewards system.
The Competitive Landscape of Travel Credit Cards
The Amex Platinum’s resurgence as the most expensive travel credit card comes at a time when the market for premium rewards cards is increasingly competitive. The Chase Sapphire Reserve, which briefly held the title, has also made significant updates to its offerings, including enhanced travel protections and a more robust rewards structure. This competition is indicative of a broader trend in the credit card industry, where issuers are continually seeking to attract affluent consumers with increasingly attractive benefits.
Historically, the Amex Platinum has been a favorite among frequent travelers, particularly those who value luxury experiences and exclusive access. The card’s benefits, such as access to airport lounges-including the coveted Amex Centurion Lounges-have long been a draw for those who prioritize comfort during their travels.
Is the Amex Platinum Worth the Cost?
As the annual fee climbs, potential cardholders may wonder whether the Amex Platinum still offers value for their money. The card’s extensive benefits package is designed to cater to a variety of lifestyles, from frequent business travelers to fitness enthusiasts. However, the effectiveness of these benefits largely depends on individual spending habits and travel preferences.
For those who frequently utilize the card’s travel-related perks, such as hotel credits and lounge access, the value may outweigh the cost. Conversely, occasional travelers or those who do not take full advantage of the card’s offerings may find it challenging to justify the steep annual fee.
Conclusion
The American Express Platinum Card has reaffirmed its status as the most expensive mainstream travel credit card, backed by a suite of new benefits aimed at enhancing the travel experience. While the increased annual fee raises questions about its value, the extensive credits and perks may still appeal to dedicated travelers. As the landscape of premium credit cards continues to evolve, potential cardholders must carefully assess their own travel habits and preferences to determine if the Amex Platinum remains a worthwhile investment.
