I got an email today regarding my American Express Business Platinum card detailing some changes that are coming to the card in early 2019.
These changes include:
- “One year of complimentary Platinum Global Access from WeWork, a network of premium workspaces around the world. With Platinum Global Access, enjoy over 300 workspaces in 75+ cities and 20+ countries, valued at $2,700.”
- “Up to $200 in statement credits annually for U.S. purchases with Dell on your Business Platinum Card.”
- “$100 hotel credit on qualifying charges at hundreds of properties in The Hotel Collection (increased from $75) for new reservations made after January 1, 2019 when you book through Amex Travel.”
- The kicker…”Along with these changes, the annual membership fee for Business Platinum will be $595. (increased from $450). This fee increase will not take effect until your next membership renewal date on or after your February 2019 billing cycle.”
I got the Business Platinum card some years back because of a big bonus offer. It’s easy to get an Amex Business card even if you don’t have a big business. If, for example, you sell on Craig’s List, teach a CLE class (like I did) or make a few dollars as an Amazon affiilate (like I do), you can consider yourself a business and get approved for a business card.
However, while these new additional benefits may be quite attractive to a bigger business, they do not justify the increased $145 fee (595-450) to me and my “business”. I realized I no longer wanted my Business Platinum with this new increased fee, despite the fact that I wouldn’t feel the increase for awhile based on the February 2019 effective date.
But I still wanted a Platinum and I quickly realized the answer was quite simple, I would switch from the business Platinum to the personal Platinum. Note, the fee for the personal Platinum is still a hefty $550, however, now that my kids often use Uber, I should be able to take advantage of the Uber credit (not a benefit of the business card) that is 15/month, and that to me justifies this new $100 increase I will be paying. (550-450 which is the old business platinum fee).
I called Amex and asked if I could product change from the Business Platinum to the regular Platinum. Nope, you cannot change from a business product to a personal one.
Then they suggested that I just apply for a Platinum but I was a bit hesitant for a couple of reasons…
- I had just gotten an American Express Gold card and I was concerned that this recent application would preclude my current application from getting approved
- I know that I once held a personal platinum, although the rep on the phone did not see it. I was scared I was going to waste an application on a card where I would be unable to get a bonus because of Amex’s bonus once in a lifetime rule.
I should not have been worried on either account. I was approved for the card with the current 60,000 Membership Rewards bonus offer. Once I have that card in hand, I will cancel my Business Platinum. Note, I am guessing that I owned the personal Platinum too long ago and was considered by American Express to never have had the card after this long period of time. That I believe is why I was eligible for the bonus. Regardless, thanks Amex for this 60K!
I am excited for the continued benefits like the $200 airline fee credit, lounge access, etc that I had with my Biz card and am even more excited to try to use that Uber credit and the semi annual $50 Saks credit. The way I see it, I can easily knock off $500 from the $550 fee…
200 airline fee credit
200 uber credit
100 saks
total = 500
This doesn’t even include the lounge access and the fact that I will now establish some goodwill with someone as I am about to give them my TSA Precheck/Global Entry credit which I do not need as we all have Global Entry already. It also doesn’t take into account that this first year I scored 60,000 Membership Rewards points to add to my growing collection.
Addendum-In retrospect, I acted too quickly and probably should have waited to next year to product switch, as my fee is still due at the old $450 rate and maybe, I would have been targeted for a higher personal Platinum bonus (or one would have been offered publicly). My hope at this point is that I need and I am able to use these additional 60,000 points that I got with the product change acting now before a bigger and better offer comes out. We’ll see.
Also, note that I did cancel my business platinum, despite a $100 credit retention bonus that they offered me. The fee was still too high for 2 platinum cards!
Member since 88 and proud of it!