American Express sweetens the rewards for Platinum cardholders

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American Express sweetens the rewards for Platinum cardholders
Image Credit: American Express
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American Express has a few carrots and one stick for its Platinum cardholders as part of an ongoing effort to retain high-paying customers following the loss of some key accounts.

Read more: How to prevent credit card fraud from happening to you

American Express beefs up Platinum rewards

When Costco severed ties with American Express for its credit card business last year, the financial company lost an important account that represented a reported 10% of its credit card business.

Then in rapid succession, American Express also lost its accounts with Fidelity Investments and JetBlue.

So now with its back against a wall, American Express has to get heavily promotional. That’s why it’s beefing up rewards on its Platinum card — in addition to jacking up the price of the annual fee that cardholders have to pay.

Here’s a rundown of the new perks:

$200 in Uber ride credits

Platinum cardholders will now get up to $200 in annual Uber credits for rides within the United States. That will come in increments of $15 monthly credit over 12 months, plus an extra $20 bonus in December.

Expanded 5X Membership Rewards points

Cardholders will now receive 5X Membership Rewards points for eligible hotels booked on amextravel.com.

More access to airport lounge locations

Provides access to airport lounges in more than 500 cities across 120 countries. Coming soon: Access to future Centurion Lounge locations in Hong Kong and Philadelphia slated to open later in 2017.

Unique dining experiences

Access to one-of-a-kind dining experiences featuring world-renowned chefs such as Thomas Keller, Daniel Humm, Stephanie Izard and José Andrés.

Complimentary additional Gold Cards

Offers free use by family members of an American Express Gold card at no extra annual fee.

Complimentary daily breakfast for two

Available when booking at a Fine Hotels and Resorts property with American Express Travel. Also includes guaranteed 4 p.m. late checkout.

New card design

The Platinum card will now be made from metal.

So those are the carrots. Now comes the stick: On March 30, the annual fee for cardholders will increase from $450 a year to $550 a year.

How to find the best credit card for you

Meanwhile, if you’re looking for the best possible credit card to fit your exact spending patterns, check out CreditCardTuneUp.com.

This site lets you drill down to how much you spend each month on 17 different categories. Then using that info, the site gives you unbiased recommendations for the best reward card for your individual life and spending habits.

Best of all, you can trust CreditCardTuneUp’s recommendations. As we discovered last year, the site receives no kickbacks from any bank whatsoever for steering you to one credit card over another.

It’s completely unbought and unbossed, which is how it should be!

Read more: These 7 common credit myths could be costing you big bucks

Editorial Note: Opinions expressed here are author’s alone, not those of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities.

What you need to know about store credit cards

Source: What you need to know about store credit cards by Clark on Rumble

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Theo Thimou About the author: Theo Thimou
Theo is director of content for clark.com. He has co-written 2 books with Clark Howard, including the #1 New York Times bestseller Clark Howard's Living Large in Lean Times.
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