American Express is changing its Platinum Card for those staying closer to home
American Express is refreshing its consumer Platinum Card in the U.S. But this time there is a greater emphasis on lifestyle rather than just travel. Essentially, this is the post-pandemic Platinum Card.
"Today, we see a huge demand for travel and dining, and a new appreciation for the comforts of home," says Rafael Mason, senior vice president of global premium products at American Express. "During the pandemic, card members shifted their spending to dining in and home entertainment, and we adapted to them. Our investments paid off and helped drive loyalty and spending in 2020. The additional value we provided on our premium products, including Platinum, helped drive increased engagement, and our attrition rates and customer satisfaction levels remain better than pre-pandemic levels. And in Q1 2021, acquisitions on our Platinum Card were well above pre-pandemic levels."
According to the Amex Trendex, the credit provider's monthly trend report, consumers are estimated to spend an average of nearly $5,000 on luxury travel between now and 2022, with 30% of consumers anticipating that they’ll spend over $10,000. (In partnership with Morning Consult, the poll was conducted May 7 to 10, 2021, among a national sample of 2,000 general population travelers with a household income of at least $70,000, and defined as adults who traveled by air at least once in 2019.)
"In terms of domestic versus international travel, our survey also found that one-third of consumers say that because of the pandemic, they are planning to use the money they typically budget for international travel to take more luxurious domestic trips," Mason explains. "The survey even found that nearly half of consumers are more likely to stay at a hotel or resort that offers luxury experiences and amenities than prior to the pandemic."
American Express says that the new card's benefits are worth more than $1,400 in value each year. New benefits include a $300 Equinox credit and a $240 annual entertainment credit ($20 per month) on purchases or subscriptions with Audible, the New York Times, SiriusXM, and NBC's Peacock streaming service.
For frequent fliers, the card also comes with $179 credit toward CLEAR membership for expedited security screening at airports, a $200 credit toward prepaid bookings at Fine Hotels + Resorts or The Hotel Collection properties, and access to more than 1,300 airport lounges in over 500 airports and 140 countries around the world.
Some of the previously existing benefits that are being carried over are a $200 credit on incidental fees at qualifying airlines, $200 in Uber Cash toward Uber Rides or Uber Eats, up to $100 credit toward Global Entry or TSA PreCheck, a $100 Saks Fifth Avenue credit, and five times the Membership Rewards Points on airfare and prepaid hotels booked directly with airlines and hotels or on AmexTravel.com.
American Express is also building upon its relationship with online reservations hub Resy. The two companies collaborated frequently during the pandemic through a number of exclusive offers, special dining events, and programs designed to support the restaurant industry, especially during the winter months.
"Dining is a top spending category for our card members," Mason says. "We've seen the number of reservations booked on the Resy platform more than double since December 2020, and AmEx card members who use Resy are some of our highest spending and most profitable customers."
Card members can book high-profile chef dinners, curated culinary experiences, virtual cooking classes, and presales of Resy events. And they will have access to primetime tables held at some of their favorite restaurants. Additionally, they can receive priority notifications when reservations become available, which card members will be able to book before other Resy users. Card members will be identified by a badge on their Resy profiles, letting restaurants know they are a valued member of the global dining access program.
Launching July 1, the Platinum Card will be available with an annual fee of $695, up from $550 previously. For existing Platinum Card Members, the new annual fee will take effect on card members’ annual renewal date on or after Jan. 1, 2022.
This story was originally featured on Fortune.com
