fffresh wrote:Perhaps I am wrong but I do not believe people are lining up for the Platinum card as of lately. I have seen much of the opposite actually where individuals and businesses are not upgrading or canceling their Amex platinum card because they can't justify the annual fee.
In the past we have seen American Express offer 25,000 bonus points for signup which equates to $250. I would not be at all shocked if we saw a 30,000 or possibly even a 40,000 bonus point incentive for signing up. It is not out of the realm of possibility at least.
I can certainly understand the perspective. I'm basing my comments off recent sales data from American Express for the consumer and business platinum cards. There may be some card shifting from one premium card product to another, but cardmembership in the area of those cards is solid and growing. Membership rewards points are great incentives to sign up and statement credits are terrific as well, but in spite of all the offers past and present to bribe you to sign up for one of these premium card products, the annual fee has not been offered to be waived. There is one sales department within AMEX that makes outbound calls to targeted customers who would benefit from a Platinum card or Delta Reserve card and there is a significant statement credit being offered, but even on those they don't offer or have the ability to waive the fee.
Not long ago there was a situation where a card member was put through the wringer. I mean he was literally put in a situation that would have had me on the phone to my lawyer in a matter of seconds and I would have taken the company to task for what they did. AMEX did everything they could to try and fix it, but the problem just kept getting worse and worse and worse. Overall they comped this customer nearly $20,000 on his account, but they never waived his fee. It is something sacred to American Express I think. They'll do it for other card products, but Centurion and Platinum cardmembers have to pay to carry the card. I don't think they want to set a precedent of waiving the fee that would devalue the brand of the Platinum card. It is worth the $450 fee. I'm hoping that in the near future I'll have reason to carry one myself. Right now the cost outweighs the benefit, but if I start traveling for work again then it would become a very nice thing to have and well worth the fee.
As one card member said to me once about the Centurion fee.." You should charge $50K a year for this thing just to keep the riff raff out. Too many people have it and it makes me feel less special." I think that is the idea around the fees. That is why I wouldn't be surprised to see it going up. There has already been things put into motion to make the Centurion card harder to hold on to and the same thing could go for the Platinum card.
However, with all that being said, I trust that if an offer of a waived fee for the Platinum Charge Card ever comes out, that it will get posted on this forum as soon as possible.
I would want in on it if that happens!