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American Express, Chase, and Citi have all announced card benefit updates with additional perks and bonuses on dozens of card products. These announcements last week came in response to changing spending behaviors brought on by the global pandemic.
For Amex, the updates are particularly appropriate for both The Platinum Card® from American Express as well as The Business Platinum Card® from American Express, two travel-focused cards that are not exactly the most relevant when few people are actually on the move.
The "Appreciation Credit" offer
In addition to individual offers for cardholders who call on the phone, Amex is also emailing select cardholders with offers of retention bonuses. These "appreciation credits" are statement credits following account renewal. For instance, several TPG staffers who have renewal dates from now through November 2020 received an email offering a $200 bonus on their Business Platinum cards.
And although we have yet to hear of offers on other cards, this is likely in the works. An Amex spokesperson told TPG that "over the coming weeks and months, select Card Members will get access to additional offers upon their Card renewal to further support them and show our appreciation for their ongoing membership."
Amex is dangling carrots in front of cardholders to entice them to renew their cards.
In the case of the Business Platinum, Amex already announced an additional $200 in Dell credit as well as $320 in shipping and wireless credits, all for the remainder of 2020. With all the credits and perks now in place, it makes the decision to keep the card even easier. These targeted statement credits — combined with limited-time and existing perks — will likely be enough for many to still justify the Amex Business Platinum's $595 annual fee (see rates and fees).
**For rates and fees of the Amex Business Platinum card, please click here.
Credit card news recap from Friday, May 1:
- Amex announces limited-time perks for select Amex Membership Rewards, Delta, Marriott and Hilton cards
- Earn up to 5x on groceries across select Chase-issued travel cards
- Citi announces changes to help cardholders maximize benefits during coronavirus
- Marriott entices cardholders with 6x bonus on groceries
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