Credit card issuer American Express is gearing up to announce a big enhancement to its Platinum Card later this week in which members will earn five membership rewards points per each dollar they spend on airlines.
According to a report, American Express spokeswoman Charlotte Fuller confirmed the plan and said, as of Thursday (Oct. 6), members will earn five points for each dollar spent on any airline or via American Express’ travel website. The move, according to the report, is in response to new competition in the high-end credit card space, where JPMorgan Chase is making inroads with its Sapphire Reserve card. That card launched this summer and has garnered a lot of interest among consumers, despite an eye-opening annual fee of $450, noted the report.
“We wanted to announce the change as we approach the busiest travel time of the year,” Fuller said in the report, noting reward changes will happen automatically and apply to every Platinum Card holder. The points can’t be used when spending money on hotels or other travel-related expenses. The report noted speculation has been swirling in terms of how American Express would respond to the success Chase is having with its high-end card. American Express had said earlier it would hold a media event on Wednesday, which only served to amp up the speculation. Fuller denied the changes had anything to do with Chase, saying in the report: “We add a benefit once a year, sometimes more than once a year.”
American Express is also gearing up to announce changes to its OPEN Business Platinum Card, including a program where OPEN Platinum Card users will earn 1.5 points per dollar spent on purchases of $5,000 or more. That change also kicks in on Thursday, said Fuller.
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