Elevated welcome bonus offers on updated Amex Platinum cards

Last month, American Express Canada shared many changes coming to the Platinum cards on September 26th. Today, the new changes go into effect, alongside elevated welcome bonus offers for new card members on both Platinum Cards – the Amex Platinum Card and the Business Platinum Card – TLDR;

• • The Platinum Card 
    • Increase in annual Fee from $699 to $799
    • The annual fee for an additional Platinum card (Authorized User) goes up to $250. (Until November 8, 2023, you could earn 10,000 bonus Membership Rewards points for each Additional Platinum Card added to your account.)
    • Elevated Welcome bonus offer of up to 100,000 Membership Rewards® points
    • The earn rate on dining and food delivery decreases from 3x to 2x
    • $200 Annual Dining Credit at some of Canada’s best restaurants
    • Unlock $200 or more in statement credits for qualifying purchases with participating brands

• • Business Platinum Card
    • Increase in annual Fee from $499 to $799
    • Elevated Welcome bonus offer of up to 120,000 Membership Rewards points
    • $200 Annual Travel Credit each year of your Cardmembership
    • $100 credit for NEXUS every four years with your Cardmembership
    • $120 in eligible Wireless Credits each year
    • Up to $500 in business statement credits on qualifying purchases with Dell and Indeed
    • Mobile Device Insurance

Let’s dive in and look at the changes with Amex Platinum cards;

The Platinum Card – Apply Now

• • Annual Fee: $799
    • additional Platinum card (Authorized User) annual fee: $250 (Until November 8, 2023, you could earn 10,000 bonus Membership Rewards points for each Additional Platinum Card added to your account.)
  • Welcome Bonus:
    • Up to 100,000 Membership Rewards® points
      • 70,000 Welcome Bonus points with $10,000 in net purchases in the first three months of Cardmembership
      • 30,000 points when you make a purchase between 14 and 17 months of Cardmembership
  • Earning Rate:
    • 2X points for every $1 in Card purchases on eligible travel, dining and food delivery in Canada
    • 1X points on all other purchases.
  • Other Key Benefits:
    • Metal Platinum Card, precision cut and personally engraved
    • $200 Annual Travel Credit through American Express Travel Online or Platinum® Card Travel Service
    • $200 Annual Dining Credit at some of Canada’s best restaurants
    • Unlock $200 or more in statement credits for qualifying purchases with participating brands
    • American Express Global Lounge Collection™, which unlocks access to over 1300 airport lounges worldwide. This includes The Centurion® Lounge network, Plaza Premium Lounges, and hundreds of other domestic and international lounges designed to enhance your travel experience.
    • Complimentary benefits that offer an average value of $750 at over 1,300 extraordinary properties worldwide when you book Fine Hotels + Resorts
    • Hotel Status Benefit: Hilton Honors Gold Status, Marriott Bonvoy Gold Elite, Hertz® and Avis®
    • Benefits at Toronto Pearson International Airport: Access to Pearson Priority Security Lane, Complimentary valet service at the Express Park and Daily Park, 15% discount (statement credit)on parking rates at the Express Park and Daily Park
    • Comprehensive Travel Insurance coverage: Emergency Medical (out of province/country), Trip Cancellation, Trip Interruption, $500,000 Travel Accident Insurance and more
    • Platinum Concierge: Complementary assistance from a dedicated team, just a phone call away

A detailed list of benefits and perks of the Card is listed here.

Business Platinum Card – Apply Now

• • Annual Fee: $799
  • Welcome Bonus:
    • Up to 120,000 Membership Rewards® points
      • 80,000 Welcome Bonus points with $15,000 in net purchases in the first three months of Cardmembership
      • 40,000 points when you make a purchase between 14 and 17 months of Cardmembership
  • Earning Rate:
    • 1.25X Membership Rewards® points for every $1 in Card purchases
  • Other Key Benefits:
    • Metal Platinum Card, precision cut and personally engraved
    • 55 interest-free days to maximize cash flow
    • $200 Annual Travel Credit through American Express Travel Online or Platinum® Card Travel Service
    • Up to $120 in eligible Wireless Credits each year – Spend $10 each month with eligible wireless providers month and get a $10 credit.
    • Earn up to $500 in business statement credits on qualifying purchases with Dell and Indeed.
    • Up to $820 in annual business and travel statement credits
    • $100 credit for NEXUS every four years with your Cardmembership
    • American Express Global Lounge Collection™, which unlocks access to over 1300 airport lounges worldwide. This includes The Centurion® Lounge network, Plaza Premium Lounges, and hundreds of other domestic and international lounges designed to enhance your travel experience
    • Hotel Status Benefit: Hilton Honors Gold Status, Marriott Bonvoy Gold Elite, Hertz® and Avis®
    • Benefits at Toronto Pearson International Airport: Access to Pearson Priority Security Lane, Complimentary valet service at the Express Park and Daily Park, 15% discount (statement credit)on parking rates at the Express Park and Daily Park
    • Comprehensive Travel Insurance coverage: Emergency Medical (out of province/country), Trip Cancellation, Trip Interruption, $500,000 Travel Accident Insurance and more
    • Mobile Device Insurance
    • Platinum Concierge: Complementary assistance from a dedicated team, just a phone call away

A detailed list of benefits and perks of the Card is listed here.

Takeaway

The real talking point here would again be the significant changes in annual fees. However, Amex Canada has put its best foot forward in meeting new card members halfway, with an increased welcome bonus (albeit with increased spending) and adding new statement credits on both Platinum cards. Unfortunately, the new statement credits highlighted may not be helpful for everyone, as the dining credits come with a restrictive list of restaurants, and business credits with Dell and Indeed are niche business expenses.  Amex Canada holds the strings here, and they have decided to increase the annual fee and spending requirements against select statement credits – a bold move and, unfortunately, one that is here to stay.