And changes are coming to one of the program’s credit cards.
American Express is making some exciting changes to the
American Express Platinum credit card changes
The card is basically getting a complete makeover.
First, the earn rates. These are the current earn rates for the card:
- 1 mile per $10 spent at gas, groceries, drugstores and AIR MILE Sponsors, and
- 1 mile per $15 everywhere else.
Here’s what the card will earn you for miles after November 4th:
- 1 mile per $5 spent on restaurants, grocery stores, gas and transit purchases, up to $30,000 annually, and
- 1 mile per $10 spent everywhere else.
That’s a vast improvement over the old earn rates. In fact, earning 1 mile for $5 spent on food and gas would be the best earn rate on basic essentials of any AIR MILES card.
It doesn’t end there.
Every year you have the card, you’re eligible for the new Annual Travel Redemption Benefit. Once per year, book a flight using your miles, and get 25% of the miles used back (up to a maximum of 750 miles).
We value a single AIR MILE at 17.2 cents each when redeemed for flights. This benefit alone is worth up to $129, enough to cover the annual fee.
These are some exciting changes and will put it in the running for the best AIR MILES card.
It’s not all sunshine and rainbows, of course.
The annual fee for the card will be increasing to $120, from $65. However, the increase of $55 is more than offset by new earn rates and the Travel Redemption Benefit.
There’s no word on what the new welcome bonus will be. Right now, the card comes with a bonus of 2,000 miles after spending $1,500 in the first 3 months.
Ends October 25th.
What do you think of these changes?
Let us know in the comments below.