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Yesterday, Nick Reyes at FM spread the word that the waived fee American Express Platinum card branded for Ameriprise had changed. The new offer was akin to the non-branded Amex Platinum: 60k welcome bonus after $5k spend in 3 months and gone was the offer that waived the $550 annual fee. All other benefits remained the same. Personally, I like the new offer, but for the vast majority of people who heard the news…they were apoplectic.
I get why people are upset. For “Ameriprise” clients it was agreat way to make incredible use of the benefits without getting hit with a fee. I’ve written about these benefits and they are outstanding even when paying $550 a year for them. Some of my favorites…
- $200 Annual Uber Credit
- $200 Airline Incidental Credit
- Access to Amex Fine Hotels and Resorts
- Hilton Gold, Marriott Gold
- Priority Pass membership
- 5x on airfare purchased on Amex Travel or Directly with Airlines
- 5x FHR bookings ( prepaid)
- The list goes on and on
Having the ability to make use of these benefits without paying an annual fee is undoubtedly attractive. However… there are people like me. I already have an Amex Platinum, and a Business Platinum, so my wallet is pretty Platinum already and many of the benefits are redundant for me. I’d rather have the 60k after $5k bonus
I qualify because I’ve never had the card before
American Express enforces a once in a lifetime restriction on new cardmember sign up bonuses. However…just because I carry a personal Platinum card doesn’t mean I don’t qualify for the Ameriprise version – it is a different product and I should qualify if I chose to sign up.
In fact…I’m more likely to get it now than I would have before because it offers me something extra…a welcome bonus. I steered away from the Ameriprise Amex Platinum in the past purely because the added value wasn’t there.
The opportunity to earn more bonus points…
Furthermore…Ameriprise incentivizes spend with tiered bonuses: 5k after every $20k in annual spend up to 30k bonus points a year. I put most of my Air Travel on my current Amex Platinum because it earns 5x points on tickets booked via Amex Travel or airline’s websites.
If I spent $20k a year on my travel or even client’s travel and reimbursed myself, I would be earning 105k points or 5.25x on every dollar I spent for airfare. Quite attractive…