jtc246

That's the point, I wasn't even sure I was keeping at $550. I don't like the way they are doling out monthly credits. They paid me to reconsider for at least 12 months, seems simple to me. I wouldn't have missed it if I dropped it.

I asked even before my $550 hit. I spend a moderate amount of money with Amex, virtually none of it on the Platinum card

WasKnown

Lots of comments on FHR credit. As a big fan of Park Hyatt + St. Regis and a Hyatt Globalist/Marriott Ambassador/Hilton Diamond/IHG Platinum, I understand. I have multiple FHR stays booked for the coming days across a few hotel programs and share my experience with getting them connected.

So far, both the Hilton and Marriott bookings show up in my app after simply asking the hotels to connect my account to the reservation. We will see if the points post but it’s looking good so far. Hope this clarifies some things.

I would be booking stays at many hotels within FHR regardless. I AM changing my behavior by booking through FHR instead of Virtuoso/Marriott Stars/Hyatt Prive/Four Seasons Preferred Partner/Rosewood Elite but it’s not a bother when the rates are the same (only needs to be the same once a year for me to use the credit). I’m guessing it’s the same for you both? For me, valuing the $200 FHR credit at $150 with this in mind makes sense.

I also agree with both of your points on the clear credit. We have lifetime Clear through lifetime United Global Services so it’s just impossible for me to ever get any value out of this (if Clear terminates the United partnership, I’m guessing they will terminate this amex partnership too).

diesteldorf

My situation may be a little unique, but I've had the Schwab Platinum since 2018, and recently got the Morgan Stanley Platinum for the free authorized user and engagement bonus to offset the annual fee.

Realistically, I don't have a need for 2 Platinum cards, but ran the numbers and figured I could probably eke out around $620.00 in value on a $550.00 annual fee. However, that would involve using the airline, FHR, Saks, and Uber credits early in 2022, before my next renewal. I've already utilized, or will utilize my current FHR, Saks, Uber, and airline credits before my current renewal in August.

Frankly, I'd rather pocket the $550.00 cash than deal with 2 "coupon books" for 2022.With the upcoming cash-out devaluation of the CS Platinum and the Morgan Stanley perks, it made sense to switch but not double up. However, I like Schwab as a brokerage and will keep assets with them. When I call to cancel in August, I'll definitely have my fingers crossed for a retention offer.

Diplomatico

One doesn't need to wait until the annual fee hits to ask if there are any "offers on my card to offset the annual fee."

I received 50K MR points last May - six months prior to my renewal date - just by asking. The worst thing that can happen is AMEX says "no offers available."

If you don't ask, you don't know.

emma dog

Not at $695.

Ive never found the concierge service of value. I
also hold the CSR and use it as my primary card. I use this card mainly for DL lounge access. I’m not sure I see value in the new additions beyond the $20 streaming credit. As others pointed out uothread, this price increase is causing me to rethink my card.

TravelingZoomer

On here at FT and the points/miles sphere in general? Mostly everyone seems to hate it. I think I'm one of the few on here who thinks these changes are an absolute win.

It bears repeating, we here on this forum are the small minority, and a pretty unprofitable group at that. It comes to no surprise that Amex's first responsibility are to make a profit and deliver returns to their shareholders. Their job is to not make "us" over here on FT happy. It also bears repeating that this forum is a bubble, and most of the target demographic for these changes are not on this forum. I myself am on the older spectrum of the Gen Z crowd (hence, TravelingZoomer). Not to make anyone here feel old, but I believe that this website existed before I was born.

The average American has around 3-4 credit cards, and out of those maybe 1 for "splurging", and Amex is competing for the one spot. They have signaled pretty hard that they want to transition to the young millennial and GZ crowd that has only been sped up by the pandemic. A few stats

Younger Americans are twice as likely to rideshare than Older Americans.

Younger Americans are the most likely consumers of audiobooks and streaming platforms

Younger Americans are willing to pay for luxury status symbols, like Equinox, in favor of material goods. I'm sure there will be tons of equinox users who will sign up for the Plat now given the tie in.

As the dominant work force shifts to the Millennial generation, changes like these are only going to continue, whether we like it or not. I have tons of friends getting into the credit card scene and a bunch of them want the Plat card because it's also an identity (have you seen those facebook groups, oh gosh).

I won't go into every credit in my personal valuation, because I do get full value out of each new credit and I wish that were the same for all of you. The cell phone protection, trip delay insurance, and extended warranty can't be easily quantified but it definitely gives peace of mind. But one last note , I do find it funny how everyone is bemoaning how lounges are always crowded, and now are also bemoaning a move that will presumably cut down crowds.

soitgoes

I suspect the $70 credit is just CLEAR giving you the preferred UA pricing
https://www.united.com/ual/en/us/fly...lus/clear.html

MarkP24

I did a "Pay Now" FHR rate, but as it's cancellable until the day before, I want to ensure it qualifies.

Any data points on the $200 hotel credit posting?

GUWonder

The FT crowd — at least the more active posters — seem to generally be born pre-1990 and maybe are more likely to travel with family members whom they guest into lounges than those born post-1990. “You are what you eat” has the internet-equivalent in “you are what you post”. And it shows in the reactions to Amex changes. That said, most of the people born post-1990 in the US should probably not be in the market to pay up for a Platinum discount coupon booklet when struggling to even get into the home-buyer market, having questionable savings prospects, and being in line for a very turbulent employment picture for decades to come.

MojoGuru

The best of luck to the lifestyles coupon card, and the niche that loves it. And why not? Chase, Citi, and Capital One now have a better chance to compete directly in the luxury travel sector, maybe everyone wins. Judging by the YouTube comments from generally young Americans though, I would disagree that Gen Z and Millennials are doing backflips over these changes. The overwhelming majority of responses:

1. Uproar, quitting, downsizing, or taking Amex off the wish list
'2. Churning the new offers, not worth it past year 1
3. Not in favor of the new changes, but there's enough value to make it work.

WasKnown

I mean Amex is definitely chasing young, urban professionals in high earning industries like tech and finance. Think about the people and the gym bags you would find at an Equinox. These are fresh college grads working as big tech SWEs, bulge bracket/elite boutique investment bankers, traders at high frequency trading firms, etc.

This is the perfect market for Amex. They are high income ($150K+/Yr starting salary out of college, many people’s first jobs pay $500K/yr total comp) with a very high propensity to spend. Chase is seemingly going after the same market. I think they know exactly what they are doing.

WasKnown

Hard agree with everything you’ve said. I also think this is why Amex is unlikely to change the earning categories for the Plat any time soon. While people here realize the Plat is easy to get, the general public still gives ownership of the card social meaning. People WANT to pay with the card at restaurants, coffee shops, etc to flex lol. Amex doesn’t need to add an additional earning incentive to use the card.

It’s also interesting (but not surprising) how my friends with the Plat automatically assumed it was the best card for earning points.

Adelphos

In terms of points earnings, most of the innovation in recent years has been in the mid range (Chase Freedom Unlimited and Flex, Citi Premier, Double Cash and Custom Cash, Amex Gold, some of the Capital One cards). Luxury travel cards that give Flyertalkers a bunch of points and lounge access for moderate fees aren’t gonna make much money. Further Chase and Amex are raising fees on their high end cards and Citi has discontinued its high end card. Trends are going in one direction

m907

How many people do you think are in this category of city dwelling "boutique bankers" with a six-figure income right out of college? Maybe 20,000?

If millennials and zoomers with six-figure incomes are what American Express wants, they should be marketing to electricians, plumbers, construction workers, and other tradesmen who actually do make that kind of money without needing an overpriced college degree.

WasKnown

The elite boutique banker group is just one of the many groups of people I have observed coming to Equinox. You picked the smallest group out of my comment lol. Of course anything with “boutique” in it will be small.

There’s also the big tech SWE, HFT traders, bulge bracket ibankers, etc that I mentioned. Out of that, the biggest group is definitely the SWEs. Google alone has 125K+ employees (which obviously skews younger). I reckon there is a sizable market for this given that there are so many companies that match or far exceed Google’s comp structure. Even private firms pay huge salaries and those jobs are arguably more lucrative due to RSU potential (Airbnb minted more deca millionaires than any other company last year). https://www.levels.fyi/company/ByteD...ware-Engineer/

Another reason this market is appealing for Chase, Amex, etc is because the earning growth potential is there too. A solid SWE can end up making 500K within his/her first 5 years after graduating. A great SWE will make 500K year 1. At the Google Fellow level, these people are making casually 7 digits a year in their late 20s/early 30s, no formal college degree necessary (though it seems to help). These are people STARTING with 200K+ salaries with room to double that salary every few years (or explode it 100x with a great IPO).

I am not even a SWE lol. This is just my observation from living in SF/NYC. These cities are filled with many young professionals earning decent money. Because they are young, they also have a high propensity to consume.

Have you noticed how people like Sebby and Dave Hanson are in tech? It’s no coincidence that both Chase and Amex are focusing on adding benefits for services DoorDash, Uber, Lyft, Peloton, Equinox, etc. IMO, they know exactly what they are doing.

The people like us that want to nitpick the card, optimize our earnings, and scrounge up every last point are NOT the customers the banks want.