American Express Increases Platinum Rewards, Fees
By Liz Morris
American Express is heaping more rewards on its high-end Platinum card for consumers and businesses—but it’s coming at a price. American Express is increasing the annual fee on its consumer Platinum card to $450, up from $395, while the annual fee on its Platinum Business card will increase from $300 to $395. Here’s what American Express Platinum cardholders are getting for their extra money:
- Up to 4 free coach-class airline companion tickets per year when airline tickets are purchased via American Express
- For consumers, special food, wine and golf “experience” rewards created exclusively for American Express customers
- For business customers, free membership in the Regus Executive Club, which provides access to more than 950 Internet-equipped business lounges in 400 cities worldwide
- Increased hotel reward options
- Increased baggage insurance
- Increased assistance options in the case of medical emergencies away from home
For most cardholders, the complimentary companion tickets are probably the big draw, with the special experience rewards being valuable to consumers, and the access to work space while traveling being valuable to business customers. Are the upgrades enough to make the increased fees worthwhile? American Express will know soon enough, as new cardholders are already being charged the higher fees and existing cardholders will see them upon card renewal.