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The launch of the newly minted Chase Sapphire Reserve Card with all its hype and consumer interest, despite its $450 annual fee, left us here at Point Savvy wondering just how long it would take American Express to retaliate after owning the high-end luxury card market for over two decades.
The news arrived just this week when American Express announced a rather lucrative enhancement to its Platinum Card, the long-standing patriarch in this space. According to American Express spokeswoman Charlotte Fuller, Platinum Card users starting Thursday will earn 5X points for every dollar spent directly with any airline or on the American Express travel website up from the current one point per dollar earned on airfare. That’s pretty significant if you fly a lot, and make those Membership Rewards points earned in this way more valuable than ever before.
Although American Express stated that the announcement was not in response to the summer launch of Sapphire Reserve, and that the new benefit was in the works for some time, we find it a little hard to believe. “We wanted to announce the change as we approach the busiest travel time of the year,” Fuller said.
The reward changes will be automatic and apply to all Platinum Card holders. It will not apply to hotels or other travel-related expenses, however. “We add a benefit once a year, sometimes more than once a year,” she said.
American Express also just announced a new very valuable enhancement to their Business Platinum Card that you won’t want to miss. More to come from Point Savvy in our next article. Stay tuned.
The Enhanced Business Platinum Card® from American Express OPEN
- Limited Time Offer: Earn up to 100,000 Membership Rewards® points. Offer expires January 25, 2017.
- Earn 50,000 Membership Rewards points after you spend $5,000 and an extra 50,000 points after you spend an additional $10,000 all on qualifying purchases within your first 3 months of Card Membership.
- New: Get 50% more Membership Rewards® points. That’s 1.5 points per dollar, on each qualifying purchase of $5,000 or more. You can get up to 1 million additional points per year.
- Plus, continue to get one point per dollar for qualifying purchases under $5,000.
- New 50% Airline Bonus: Use Membership Rewards® Pay with Points for all or part of a flight with your selected qualifying airline, and you can get 50% of the points back
- New: You can also receive 50% points back on all First and Business class flights, with all airlines available through American Express Travel.
- You can enjoy access to the Global Lounge Collection, the only credit card airport lounge access program that includes proprietary lounge locations around the world.
- Terms & Restrictions Apply