It’s the high season for revision of credit card benefits and features. Now, it’s the turn of American Express close on the heels of HDFC Bank and ICICI Bank.
This month, the credit card issuer has announced a slew of revisions to its Platinum Card. The revisions include an annual fee increase, new benefits and the discontinuation of certain offers. The new benefits will offer additional value across key categories, including travel, dining, and everyday conveniences.
“With this latest refresh, we are elevating the experience to meet the aspirations of a new generation of card members by offering new elite-tier memberships, enhanced rewards and exclusive experiences, which reflect their dynamic lifestyles,” said Puneet Bhatia, Vice President, Acquisition and Product Management, American Express Banking Corp. India.
The American Express Platinum Card is a premium card with no spending limit. It provides complimentary access to elite hotel loyalty programmes such as Taj Group, Hilton, Marriott, Radisson, discounts on international flights, airport lounges worldwide, golf sessions, invitation to high-profile events and concierge services.
Here’s a detailed look at the new features and fee structure of the card.
Increase in annual fee by 10 per cent
The bank has increased the annual fee from Rs 60,000 to Rs 66,000, plus 18 per cent Goods and Services Tax (GST). The revised total annual fee will be Rs 77,880, including Rs 11,880 GST.
Enhanced welcome gift
New cardholders will get a welcome gift worth up to Rs 60,000, a significant increase from the previous value of Rs 45,000. Card holders can choose from stay at Taj Hotels, Postcard Hotels, or Luxe Gift Cards.
Additional renewal benefits on offer
Sumanta Mandal, founder, TechnoFino, a firm that tracks credit cards, trends said that American Express has historically refrained from offering fee waivers based on spending for its Platinum Card, unlike many lifestyle and super premium cards.
However, in a significant shift, the bank will reward cardholders who spend Rs 20 lakh within their membership year with vouchers valued up to Rs 35,000. These vouchers can be redeemed at esteemed partners, including Taj Hotels, Postcard Hotels & Resorts, and Reliance Brands Limited's luxe gift card.
Also read | ICICI Bank revises credit card perks, doubles minimum spend for lounge access to Rs 75,000
Three new hotel memberships
The bank has expanded luxury travel benefits with the addition of three elite-tier memberships to their existing complimentary hotel memberships portfolio. These new affiliations include Accor Plus Traveller Membership, Lalit properties, the Postcard Hotel Sunshine Club-Platinum tier membership and I Prefer-Titanium membership, and access to other properties such as The Leela Hotels & Resorts and Dusit Thani, among others.
Mandal said that I Prefer-Titanium membership has limited appeal for most cardholders. This is primarily because of the scarcity of affiliated hotels in India. This membership can often be obtained through status matches from prominent hotel chains such as Marriott and InterContinental Hotels Group, reducing its exclusivity.
Savings on Apple products
It also offers a permanent cashback of up to Rs 8,000 on Apple purchases, whether online at apple.com or in-store.
Complimentary membership to OTT platforms
Cardholders will receive a complimentary Times Ace membership, granting access to a library of 40 plus over-the-top (OTT) services and publications providing value up to Rs 45,000.
No guest access to airport lounges on add-on cards
AMEX cardholders, both primary and add-on, retain complimentary access to Centurion Lounges in Delhi and Mumbai. Nonetheless, the privilege of accompanying guests to these lounges has been discontinued.
Birthday benefit discontinued
American Express has discontinued a beloved benefit for its Platinum Charge cardholders — the Taj vouchers, worth Rs 10,000, which was previously gifted during their birthday months. According to Mandal, this feature had become a cherished benefit, especially since its introduction during the Covid-19 pandemic. Its discontinuation is a disappointing move, stripping significant value from the overall benefits package.
Also read | Why are banks charging 1% fee on utility payments using credit cards?
Should you continue with this card?
The Platinum Card is ideal for individuals who cherish exclusive hotel memberships and luxury brand discounts. However, for those prioritising reward point accumulation for travel or other purposes, this card may not provide substantial value.
“This card earns you one membership rewards point for every Rs 40 spent with the card, while the maximum monetary value of one membership rewards point is Re 0.50 — thus effectively, a maximum reward rate of 1.25 per cent, which is definitely not a very good reward rate for a super-premium credit card that comes with a membership fee of Rs 66,000 per annum,” said Ankur Mittal, co-founder of credit card comparison website CardInsider. But the card does offer an appealing welcome and travel benefits to compensate for the not-good reward rate, he added.
According to Mandal, the card's worth is realised only when spending exceeds Rs 20 lakh annually and holders place significant value on its memberships and discounts. He emphasised that while the card caters to a specific niche, its lifestyle benefits aren't universally appealing, making it a recommended choice only for select individuals with aligned preferences.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
