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Amex Platinum – This is your moment
Was there bigger miles and points news in 2016 than the Chase Sapphire Reserve? I don’t think there is any qualms that Chase blindsided Amex with the Reserve. Amex had rested long and lethargic on its namesake…the Status quo of the credit card industry (one that long ago stopped its innovation of customer value and allowed benefits to erode). Along came Chase with a flashy premium card that splashed the industry with a 100k bonus, a litany of bennies, and to make matters fun – you can clink it on champagne glass at 35k feet – as one does 😉
National press was given to a CREDIT CARD and its demand. That is crazy.
The rock that hid the churning, hobbyist, status mongering, MSing, mileage running community was pulled back for a moment, and people applied as only we hobbyists have customarily done: with rabid fervor. They chomped the Reserve bit to such an extent that Chase lost an estimated $2-300 mill last quarter on just the Reserve – yes, JUST THE RESERVE. Don’t feel too bad tho, Chase still cleared well into the Billions. But what strikes me the most is the ideology that they would attack Amex’s Platinum customer base with essentially no consideration of cost. Who cares if we lose $300 mill – take aim at Amex and slide-kick that teetering leviathan wobbling in the aftermath of a Costco partnership that went sour. And that slide-kick made Sportscenter top 10. Let’s be honest…Chase is dapping in the end zone right now, who knows, they might even be doing the stanky leg just to rub it in.
Amex has responded, but they need a goal-line blitz. I thought when Chase instituted the 5/24 it was an enormous opportunity for Amex to at least temporarily eliminate the once in a lifetime bonus clause, match the 100k ( which they did on the Biz Plat but not personal), and respond with like force. But the response was tepid. NOW – Chase has reduced their headline getting 100k sign up bonus and will have to weather a potential storm as people cancel the card when the 2nd year annual fee hits. Perhaps this was the strategy the whole time for Amex… wait til Chase has done their damage, reduces their sign up and initiate a retaliation. I love Membership Rewards and Amex has been unbelievably good to me ( I mean I’ve earned 315k Membership Rewards bonus points in the last 2 years) so this comes from a good place:
Amex Platinum…This is your moment
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