Amex hikes Platinum Charge Card

In a trend that conforms with the developments in the premium credit segment, American Express (Amex) has informed that it will raise its annual fee for the Platinum Charge Card by 10%. This adjustment, pushing the fee register to 695 dollars, occurs hand in hand with a novelty that seeks to increase the appeal for users of this card. Credit cards are no longer issued indiscriminately; thus, as the Chronicle explains in its article, Amex seeks to remain competitive by providing all kinds of exclusive bonuses and services to their customers’ most demanding customers.

In this blog post, we’ll cover the reasons for this fee increase, the updated packages of benefits, and for whom within the period this card will be recommended and to whom will not be.

Amex hikes Renewal benefit

American Express has recently come out with one of its new offerings wherein existing Platinum Cardholders are presented with a voucher worth ₹35,000 which is redeemable at luxury brands including Taj, Luxe, and Postcard Hotels. However, many cardholders will regard this incentive in a rather underwhelming fashion anyway because they already get about ₹30000 worth of perks as a retention offer.

Even then, the extremely high spending eligibility amount of ₹20 lakh for getting these vouchers may not cut it for a few. Although this amount may be rather easy for regular spenders it is the brand reward on the platinum card, which is comparatively lower than the other click-and-pay competitors that may lower the interest of this benefit further.

Complimentary OTT memberships

What is surprising is American Express’s decision to offer a basic version of membership in Amazon Prime that one can acquire for “free” with the Platinum Charge card benefits. Seriously? This decision evokes thoughts of some comedy sketch, or more accurately, the kind of comedy sketch that one would wonder who thought it was this absurd.

A simpler offer, such as Netflix Premium, would have increased the attractiveness to the members without the need to saturate the membership with all the new and unwanted choices. Making the benefits simpler would etch a smile onto the customers and probably be what the cardholders really want.

Complimentary Hotel Memberships

Although there is value associated with Accor Plus, it is important to note that having such an option is not necessary because the same advantages are easier to obtain via the Amex Reserve Credit Card or redeeming Accor points. From the 50+ holders of Platinum Charge cards that I interacted with, it is evident that a good number do not prefer staying in Accor hotels. Regarding the Postcard Hotels ‘Platinum’ tier, it sounds more in line with Centurion requirements and raises the issue of what chances may be available considering that most of the properties linked to it are rather expensive.

I prefer Titanium membership because it has some advantages but the few partner hotels frustrate cardholders on getting value out of these cards. Instead of this collection of overlapping perks, a more direct approach of providing the platinum Marriott membership status employed membership charge card would have perhaps made the ɛ Platinum preferable.

American Express Platinum Charge Card is worth its ₹66,000.

It is not easy to decide whether the American Express Platinum Charge Card pays for itself with its annual fee of ₹66,000 since it varies with individual spending patterns, lifestyle choices, and the importance of card features. As has been noted by many respondents, the card provides many advantages, such as minimal fees, ownership of exclusive privileges, and numerous complementary offerings that appeal to an avid traveler.

Then, again, the system of charging pure reward points may not be in line with the rewards expected from other premium cards focusing on heavy spending, which can be disappointing to some customers. Although the retention offer could be in the region of ₹30,000 and as many active members know, that annual fee could be offset by possible expenses. A high restrictive spending cap of ₹20 lakh makes use of the offered perks. In the long run, yes. It is possible for people who have actively exercised the card to have it worth the payment.

However, people who do not travel often or use the benefits that are on offer can question the fee. Making such a choice requires a good assessment of the number of times you would believe you would make use of the perks relative to the amount that you would pay as the card’s fee.

Related Read:- Axis Bank Neo Credit Card Review: 10% Movie & 40% Off on Zomato

Conclusion:

For anyone looking to use its features and many of its lifestyle benefits, the Amex Platinum Charge Card is well worth the ₹66,000 annual fee. In contrast, for those users who are mainly looking to spend to earn more points and redeem them, this particular card may not be of the best value as compared to other cards available in the market. Comparing the cost of the card with the applicable benefits that are likely to be realized is a matter of great importance if one is to make a sound decision.

FAQs:

Q: What is the yearly membership charge for the American Express Platinum Card?

The membership charge for the American Express Platimum Charge Card is ₹66,000.

Q: What rewards does the card provide?

The card provides several benefits like airport lounge access, travel insurance, advantages of lodges and hotels, special experiences, etc.

Q: Is this card worth the high membership charges?

Whether this card is worth the fee is up to the user’s spending patterns and how they make use of the benefits that come with the card. This is especially so for regular travelers who are bound to use some of the features that are offered.

Q: How much is the retention offer for existing customers?

When a customer already has a valid card, he would most probably sometime in the future be given retention offers worth in the range of 30000, however, this depends on spending.

Q: Does any other card offer the same benefit or even more?

Yes, It is also important to note that you may come across some competing cards that have better rewards than the ones offered on this card.

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