Amex May INCREASE Platinum Card Annual Fee (Rumor) – The Credit Shifu

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Hey credit warriors, and yes there is a rumor going around that they may increase the annual fee on the Amex Platinum card, that exclusive card that you use to cut up your cocaine, scrape the ice of your car and show off in CVS.

So where does this rumor come from and is it true. I will let you know exactly what I think in this video, but first why not smash that like button for the YouTube algorithm and please subscribe if you are new for more videos like this every week.

Alright so this comes from a post on the online forum flyer talk, by a user called Through The Grape Vine, who claims to be some source inside Amex. Here is the original post:

As the title suggests, Amex is planning on increasing annual fee on the personal Platinum in the third quarter, currently aiming for July 2021 for new applicants. Existing accounts will renew at increased rates starting in January 2022.

New fee is currently planned at $695, but also rumored at $745/795

Additionally, there will be a refresh of benefits that turn the Platinum Card “from a travel card to having more lifestyle benefits.”
I wouldn’t be surprised if they have a modified version or completely do away with the airline fee credit in 2022, and maybe an Equinox membership for Platinum. Though this part is purely speculation.

New benefits are also supposed to kick in in Q3, so there will be a 6 month overlap where existing cardholders can benefit at the old rates.

So assuming for a moment that it is true, it sounds like this person works for Amex, but is not making the decision on this, they are someone at the mid level who is also getting partial info and rumors. He seemed to know the fee would increase, but also referenced some internal rumors.

Now Amex did previously send out a survey on the business platinum, which mentioned an annual fee of $695, which would be an increase from the current $595. But the poster does specifically say personal platinum, so could Amex be planning to give the personal and business platinum the same annual fee? That would not be out of the question.

Then if we go back to flyer talk people understandably start questioning the source, here is what he says:

I am the source. Whether you want to believe me is entirely up to you. You can think it came from the c-suite if it makes you feel any better.

By C-suite he means executive level managers.

What’s the point of this thread? Well what’s the point of any rumor or knowing anything in life?
I, for one, believe in the power of information and hope that maybe some will benefit when deciding whether to apply/renew/cancel.

So you know I am 50/50 on this one, originally I wasn’t going to report it when i saw it yesterday on flyer talk, but then I saw doctor of credit did report it today. I don’t think it is out of the question, the card does have a higher annual fee in other countries, the UK for example it is around $700 US dollars. New benefits like the Uber credit have made the card more lucrative and if they bring in even more benefits like some kind of equinox membership or better Amex offers.

And speaking of Amex offers did you know that the app MaxRewards can automatically activate all your amex offers for you so you never miss a deal? Get one month free of max rewards gold with my link below. THey also have a load of other great features to try out like showing you which card to use where. And for me MaxRewards only recommends the Amex Platinum for air travel because it has no other categories.

So bringing in some other award categories would be cool as well, although I don’t know whether they will do that. They could also get rid of the airline credit, like they are doing with the gold and maybe there would be some level of equinox membership, they brought that in on the Centurion so we know Amex has the relationship there. But Equinox costs between $150 and $300 a month, so maybe it would just be a statement credit for equinox? Or some other benefit.

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