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The Platinum Card® from American Express, the issuer’s popular luxury travel card, is raising its welcome offer for new cardholders to 75,000 points and will give sky-high 10X rewards on spending in two useful non-travel categories. Terms apply.
Cardholders might be able to extract more than $2,000 in value from the new offer alone.
It’s the latest example of a card issuer modifying rewards on its travel cards in a year when the COVID-19 pandemic has curtailed most travel.
Massive supermarket, gas rewards
New cardholders will earn 10 Membership Rewards points for each $1 spent at U.S. gas stations and U.S. supermarkets, on up to $15,000 in combined purchases, during their first six months of card membership. Terms apply (see rates and fees). Normally, that type of spending earns only 1 point.
The rewards cap works out to an average of $2,500 per month over six months for spending at U.S. supermarkets and U.S. gas stations.
American Express Membership Rewards points generally range in value between 0.5 cents and 1 cent each, depending on how you redeem them. So if you were to fully max out this offer, your earnings could be worth $750 to $1,500.
For at least the first year, that easily compensates for the card’s pricey annual fee of $695. Terms apply.
American Express did not say how long the offer for new cardholders would last.
Higher welcome offer
Besides offering new cardholders more points at U.S. supermarkets and gas stations, AmEx is also raising its welcome offer:
New offer: Earn 75,000 Membership Rewards points after you spend $5,000 on purchases on your new card in your first 6 months of card membership.
Previous offer: Earn 60,000 Membership Rewards points after you use your new card to make $5,000 in purchases in your first 3 months.
At NerdWallet valuations, the total new cardholder welcome offer — bonus points plus extra rewards — could be worth as much as $2,250.
Other limited-time changes to The Platinum Card® from American Express
American Express has previously announced changes to the card to make it more useful during a pandemic.
Changes include limited-time travel credits and discounts. For example, from May through December 2020, cardholders get up to $320 in statement credits toward select streaming services (Netflix, Spotify, Disney+ and others) and wireless telephone services from U.S. service providers (up to $20 per month on each). Terms apply.
For a roundup of those changes, some of which end in 2020, see the section on The Platinum Card® from American Express in "How credit card issuers are responding to COVID-19."
Other card rewards and features staying the same
The card will maintain its normal rewards structure and travel perks. Those include:
5 Membership Rewards points per $1 spent on flights booked directly with airlines or with American Express Travel.
5 points per $1 on prepaid hotels booked through American Express Travel.
2 points per $1 on other eligible travel expenses booked through American Express Travel.
1 point per $1 on all other purchases.
To view rates and fees of The Platinum Card® from American Express, see this page.