American Express is rebranding its platinum card to serve as a premium lifestyle card. Starting today, the card is being offered with a steep annual membership cost of $695, up from $550.
The card will give new members 100,000 points in sign-up bonus if they spend $6,000 in the first six months. Members will also be eligible to receive 10x points on restaurant purchases worldwide and when they shop at small businesses in the U.S., up to a total of $25,000 in combined purchases in the first six months of getting the card.
The card also comes with a variety of other perks such as a $200 hotel credit, $179 annual credit for CLEAR membership, $300 annual credit on Equinox membership, discounts on renting private jets, among other things. Overall, the new suite of benefits are worth up to $1,400 annually, according to American Express.
“The new Platinum Card is a premium lifestyle card designed for how people live today,” says Howard Grosfield, EVP and general manager of U.S. Consumer and Global Premium Services. “We see a huge demand for travel and dining, and a new appreciation for the comforts of home.”