As expected, American Express made a formal announcement on October 5th, though information was leaked days before. The announcement, however, wasn’t about a new card like many had hoped for. Instead, as many already know, it was for improvement to the American Express Platinum card. Already known for its great benefits, Amex sought to make the card more competitive by upping Membership Rewards earnings to 5x on airline spend. Even with this enhancement, I feel like the improved Amex Platinum still isn’t enough.
I don’t travel a whole lot, which is why even the improved Amex Platinum isn’t worth it for me. I don’t spend a whole lot on airfare, so the 5x MR points for airline spend means little to me. Add in the fact that Amex left the restrictive airline fee credit as, and the card brings little value to the table for me. Especially since Chase and Citi offer similar benefits with their premium products now, such as Priority Pass Select. Yes the Centurion airport lounges are great, but how often do I travel to somewhere that has one? To me the best benefits of the card, then, are the hotel elite statuses; gold in both HHonors and SPG. But… I can’t justify paying a $450 annual fee just to have status in those programs. Plus with Starwood being acquired by Marriott, the SPG gold status perk may disappear eventually.
To their credit, Amex did say they aren’t done with Platinum improvements. They didn’t give a timeline on the announcement of coming improvements, though. What those coming changes could is anyone’s guess. I’m hoping they’ll fix their airline fee credit to be a travel credit or, at least, an airline spend credit like those offered by Chase and Citi. I also hope they’ll make Priority Pass select better to bring it in line with what others are offering. Of course coming changes could also have something to do with the Marriott acquisition of Starwood. I’d be pretty surprised if Chase didn’t maintain an exclusive relationship with Marriott.
But even if all the desired changes happen, the improved Amex Platinum card still wouldn’t make sense for me. Chase Ultimate Rewards still provides a superior set of transfer partners, in my opinion, which are my relevant to my preferences. It’s also easier for me to rack-up points with Ultimate Rewards thanks to the Sapphire Reserve’s 3x for dining and travel, the Freedom’s 5x for a quarterly bonus merchant category, and the 1.5x Freedom Unlimited on all purchases.
Even within Amex’s own portfolio, I find the EveryDay Preferred to be a better value. It rewards you for, well, everyday spend with 3x on groceries and 2x on gas. And if you make 30+ transactions in a billing cycle, those numbers increase to 4.5x and 3x points respectively. Even the Gold Premier Rewards offers better value, in my opinion, thanks to its 3x airfare and 2x points on restaurants, gas, and supermarket purchase in the U.S.
But, if what you want are HawaiianMiles and make a decent amount of airline spend every year, then definitely get the Amex Platinum. 5x Membership Rewards points on airline purchases translates to 5x HawaiianMiles. Add in the Amex EveryDay Preferred, and you’ll have powerful HawaiianMiles earning potential.
Of course different people have different amounts of travel and different needs. The Amex Platinum has always been, and continues to be a card made for the frequent business traveler. I am not, so it still isn’t relevant to me. Does the improved Amex Platinum card entice you?