Earlier this week, Chase confirmed pretty much every rumor that had been swirling for the past couple of months by announcing details on a major refresh for its uber popular Sapphire Reserve card. When this refresh launches next week (or in October for current cardholders), it will bring new credits, a reimagined rewards-earning system, and new benefits to the card. Naturally, it also comes with a hiked annual fee, going from $550 to a whopping $795.
Well, apparently Amex also pays attention to rumors as, the day before Chase was to make their big announcement, the company attempted to beat them to the punch by teasing a major overhaul for their flagship premium travel card, the American Express Platinum Card. Although this press release came with no details (nor do I believe Amex even has any, as this was likely just a thunder-stealing move more than anything), there are already plenty of theories about what could be coming down the pike. But, one thing is for sure: I’m nervous.
The last time Amex refreshed its Platinum card was back in 2021. That update brought the card from a $550 annual fee to $695 (so, yes, Chase just leapfrogged them) — but boasted that it offers more than $1,400 in credit. And while that valuation is generous to say the least, my conservative assessments have shown that I continue to see a positive return from the card year after year.
So then why am I worried about this update? Well, unfortunately, I have a feeling that the credits Amex is likely to bring to the card won’t be good fits for me. Look no further than the relatively recent Gold Card update, which emphasized Resy — a restaurant program that’s all but non-existent in my area. I also fear that, even if there are decent credits, they’ll be chopped up into monthly or quarterly increments that make them far less usable. Meanwhile, there’s also the chance that features I enjoy, such as the Digital Entertainment credit (which I use for my Disney+ and Hulu subscription each month) will be removed in favor of something akin to a Resy credit that I personally can’t benefit from.
The other part of the equation is the annual fee. If Chase went from $550 to $795, could the new Platinum near the $1,000 mark? I sure hope not… but it does seem possible.
With my Platinum card set to renew this September and these updates set to be unvieled “this fall,” the silver lining is that I’ll likely have a year to try out the updated card before whatever heightened annual fee hits (at least if Amex approaches things the way they have previously, that is). Until then, I’ll be waiting with bated breath to see if my beloved card ends up slipping out of my reach.
P.S.: For more on the update to the Chase Sapphire Reserve, the upcoming refresh of the Amex Platinum card, and more, I recommend subscribing to the free Daily Drop newsletter!