American Express has announced that they will be increasing the annual fee on the Centurion (often referred to as the black) card from $2,500 to $5,000 in April 2020, this is on top of the $7,500 initiation fee new cardholders need to pay (the initiation fee will also be increasing to $10,000). The following benefits have been added according to nyc2cal:
- Complimentary CLEAR membership for member ($179) and family members ($50).
- $250 saks credit per quarter
- Equinox Destination Access Membership
- Â The Private Suite at LAX (still need to pay $2,700 per visit)
In addition to the annual fee increase and those benefits being added, the $200 airline incidental credit is being removed. Holding the centurion card is more about status than benefits for most cardholders and those with the card are likely to be able to pay a $5,000 fee just as easily as a $2,500 fee. The Equinox membership is worth approximately $250 per month, so that along with the Saks benefit could help offset the annual fee increase.
I personally don’t think this card is worth having and that was before this annual fee increase, the value proposition has probably gotten worse. For those caring about status this will likely mean there are less Centurion cardholders so that’s a positive I guess?
Hat tip to VFTW
