AmEx announced an upgrade to its points program for Platinum Card customers soon after that launch, allowing five points per dollar to be earned on airfare instead of one point. Citigroup redesigned its Citi Prestige Card in 2014, for example, but the biggest competition came from Chase's Sapphire Reserve Card launch last year.Īpplications for the card, which carries a $450 annual fee, came in so fast and in such staggering numbers that Chase ran out of the metal it uses to make the cards.
Since American Express created the market for high-end credit cards when it launched the Gold and Platinum cards, it's faced increasing competition from other financial services companies. "We created the premium card category 33 years ago and now we are reimagining it." For us, it is a commitment," Whiteside told CNBC. She also noted that it was the first increase in the annual fee on the Platinum Card in 10 years. "When we looked at who we should partner with, Uber made a lot of sense," Whiteside said. Whiteside sees the Uber credit as a perk that will appeal to millennials in particular. "It's a suite of new and enhanced benefits that translates into a new Platinum Card for a new generation of customer," Janey Whiteside, who heads the Platinum Card division at American Express, told the Associated Press. The account number and expiration date will also move to the back of the card, following the design of the Chase Sapphire Reserve. Going forward, Platinum Cards will be made out of stainless steel instead of plastic, making it more competitive with Chase's Sapphire Reserve Card and American Express's elite, invitation-only Centurion Card. The card is also getting a design refresh.
These new perks are in addition to existing benefits like a $200 credit on airline fees, airport lounge access, and five points per dollar spent on airlines-but they'll come at an additional cost: the Platinum Card's annual fee is rising from $450 to $550. Beginning March 30, card holders will get a $200 annual Uber credit and the ability to earn five points per dollar spent on hotels. There's a fight brewing within the highest realm of the credit card world.įollowing the buzzed-about release of a new credit card with elite travel perks from Chase last August, American Express is enhancing the benefits of its Platinum Card.
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