Before American Express’ earnings call American Express issued a press release that contained some interesting information regarding upcoming changes to premium credit cards.
we are adding several new benefits, services and rewards to our premium Card products and Membership Rewards program that are relevant to the evolving needs of our customers during this time
During the actual earnings call American Express revealed further information:
In addition to our financial assistance initiatives, we’ve enhanced our membership rewards programs and we’re adding new offers, benefits and rewards to our premium products that are particularly relevant for the times we’re in now. For example, since people are not currently traveling, eating out or shopping in store, we’ve adjusted our MR program to include discounts on Amazon when you pay with points, and the ability to earn double points with orders from GrubHub and Seamless through the end of the year.
We’re also adding a range of limited time offers, credits and rewards on stay-at-home services, such as wireless, streaming, grocery and food delivery for our consumer and certain co-brand card customers, as well as business essentials like wireless office equipment and shipping for our small business customers.
It looks like a number of cards will be receiving product refreshes in May:
what you’ll see coming out in early May is actual product refreshes to a number of our products, which will infuse additional value in addition to the value that a card may have.
More info:
So if you look at our platinum card where you have fine hotels and resorts and you have Uber credits and you have other travel benefits and lounges and so forth, you will see other enhancements there from wireless to streaming to maybe some other types of travel credits which can be used in the future over a time period. But I think you know what you’ll also see in the short term is card members using that and using the points.
American Express is already offering increased cash out value for American Express Platinum cardholders in Canada and U.K. I suspect any launch of a new card between Platinum & Centurion will be pushed back given COVID-19.
More LAME additions to the “Premium” card, e.g. Saks (still confounding, I know 0 people that shop there or want to shop there). Perks besides of 5x on travel have always been tepid, e.g. low-tier car rental status, perk du jour TSA/GE (which every card seems to give you these days), FHR (AAA has better deals/perks), and the lounge benefit for their own lounges have been neutered (confounding that you can get off a red-eye and not be able to use the facilities to freshen-up, or my new favorite- itinerary change or cancellation and ‘sorry, its too early to let you in’ (3-hr rule)), and that is if you can even get in- though that looks to be solved in the current state of air travel). Wow, sure feels like I’m appreciated when I travel the past two years.
At least Chase and Citi positions their premium products with bonus categories. Forcing your “best” customers to hotel shop at your portal is the Costco of fine travel.
Tbh, they should also revamp their “nonpremium” cards like the cash magnet, blue cash, etc. Bring back the extended warranty, get rid of the 25 dollar minimum redemptions, and so on.
I want to like this card. I really do.
Unless you pay for a ton of flights / use the Centurion lounges often and/or do a lot of FHR stays, this card is tough to justify the $550. It’s a lot of legwork, and many people struggle just to “break even”. Too many different credits and aligning of the planets to get it all to work out. These new “offers” are just more of the same. More nonsense.
They’re going to have to introduce some pretty compelling changes, or they will be facing a lot of account closures in the near future…
They could have just said, we have Amex Offers, which of course was not new and definitely doesn’t even come close to replacing the travel credits.
Better option would be to double cash value redemption like Amex Canada did.
If they expanded the $200 airline credit to a more general travel credit, I would consider keeping our Platinum cards. If not, we will be canceling all three of them this year.
higher annual fee?
I guess this is why the Plat card was targeted with that lame 5% off groceries offer (up to $10 in savings).
Obviously, this is a meaningless gesture. It’s chump change, and wouldn’t even register in “the lives” of platinum members. If they made it 10% and at least a $25 cap, they would engender at least some good will.
I didn’t get a retention on my biz gold this month but they did offer me A point value Of 1 cent per point to pay the AF.
“For example, since people are not currently traveling, eating out or shopping in store, we’ve adjusted our MR program to include discounts on Amazon when you pay with points”
So the 20% off when paying with 1+ point that comes around every so often?
“and the ability to earn double points with orders from GrubHub and Seamless through the end of the year.”
Sounds an awful lot like an existing amex offer.
“We’re also adding a range of limited time offers, credits and rewards on stay-at-home services, such as wireless, streaming, grocery and food delivery for our consumer and certain co-brand card customers, as well as business essentials like wireless office equipment and shipping for our small business customers.”
That too could be … amex offers.