American Express has made some negative changes to the Platinum card.
- Annual fee for authorized user cards has increased to $195 for each card. Previously it was $175 for three additional cards.
- Sign up bonus has new restrictive language:
You may not be eligible to receive a welcome offer if you have or have had this Card, the Platinum Card® from American Express Exclusively for Charles Schwab, the Platinum Card® from American Express Exclusively for Morgan Stanley or previous versions of these Cards. You also may not be eligible to receive a welcome offer based on various factors, such as your history with credit card balance transfers, your history as an American Express Card Member, the number of credit cards that you have opened and closed and other factors. If you are not eligible for a welcome offer, we will notify you prior to processing your application so you have the option to withdraw your application.
- Some minor changes to the digital credit. WSJ has been added as an option, Audible has been removed as of October 1, 2023.
Our Verdict
Very annoying that Audible has been removed as an option, but the authorized user fee change and also more restrictive sign up bonuses are even worse.
View Comments (132)
DP: My AU fee just posted for $175 for the 3 AU users, on my AMEX Vanilla Platinum. Seems they may have grandfathered some folks into this for at least another year.
hurray i got my $50 saks credit, 8/22 credit date from a 7/6 purchase.
Following up on my earlier comment, it looks like Amex is not honoring the terms and conditions that were on the Schwab Platinum landing page on Aug 17 (this was after the Vanilla Platinum changed to the more restrictive language but BEFORE Schwab's was updated). A call to a rep just now indicated that I would not be getting the bonus even though there was no pop-up when I applied. (I'm a current Vanilla Plat holder)
Does anyone have positive DPs of Amex acknowledging the welcome offer in this situation? I did take a screenshot of the application page when I applied (showing old terms with new $195 AU) and am going to send that as well as a screenshot from today showing the new language in comparison. But I'm feeling pretty grim about my chances...
Update: Was eventually able to get the bonus activated on my new card account by creating an escalated case with customer service via chat. YMMV
In the same boat. Applied via Schwab landing page on the 17th before language was updated, didn't get popup, approved, but according to reps there's no bonus info associated with the new card account.
Yep, hearing a few DPs elsewhere as well. Which sucks because if I had just gotten the pop up as Amex promises, I wouldn’t have applied.
Had CS Platinum from 2019 to 2022, upgraded Green to vanilla Plat in late 2022. Got 'previously had Platinum' popup for CS Plat, but was able to open MS Plat with no issue. Like others, trying to get one last SUB and cash out points before inevitable devaluations to redemption and/or SkyClub access.
This is unfortunate news. I just got charged in July for my authorized users, does this mean I am safe (3 users for $175) until next year when the AU renewal is due?
At the new price AUs should get more benefits (Saks, dell, etc) They may as well pay the full fee for cards of their own (if they qualify)
Also wondering if anyone still expects to see offers without language about previous card members intelligibility for bonus points?
Making DP as a main comment (posted elsewhere as a reply): tried the same thing today and got the pop-up saying since I’ve had a different version of the platinum card I will not be eligible for the SUB.
Will still get the CS Plat in December to triple-dip even if I don’t have SUB because I have a ton of MR that I need to cash out (hopefully at 1.1X, inb4 Amex/Schwab de-value the multiplier soon)
So reviewing my Platinum cards - personal & business - I thought I would check the cash out situation. If memory serves, one received 0.7 cents per point. Both cards are now showing 0.60 cents. Anyone seeing the same? However, for me with an Amex business checking, I still see a penny per point. IMO there's a lot going on, or maybe should say more, with Amex.
AmEx points have always had a weird “cash out” setup. 0.5 for direct shopping through the AmEx portal, 0.6 for statement credit, “up to” 0.7 for Pay With Points on other websites, 0.8 for deposit into business checking without a biz plat (or after the cap), 1.0 for deposits to business checking with a biz plat or to Morgan Stanley or for booking many hotels/flights on the AmEx portal, and 1.1 for deposits to Charles Schwab.
With these changes and my 6k sitting there, cashing out is starting to looking pretty appealing. But the Biz Plat is still worth keeping. Took my airline credits, FHR credit, and saks 3 days before statement was due this January and closed the card. Never looked back.
Glad I canceled early this year. What a garbage card
Personally, this doesn't change my views on the Platinum. Still highly valued for me. Audible is a ripoff and you're much better off using Libby to rent books from your local library or learn to get audiobooks from cheaper methods.
I pay for audible even though I can technically pirate all the audiobooks I want through private torrent sites. It’s super easy and $15 a month for an audiobook is fine especially when I get day 1 exclusive releases from my fave authors that aren’t nyt best sellers. Convenience is worth it for me even if I have a free option(albeit not legal).
Even though it's not listed I'm guessing having had the Amex Ameriprise Platinum, but not ever having had the Vanilla Plat, will now disqualify my for a Vanilla Plat bonus SUB