We've Had It: Amex Card Credits & Benefits Are Out of Control (2024)

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American Express is at it again and again (and again): Hiking annual fees under the cover of questionable benefits and additional use-them-or-lose-them statement credits. To come out ahead, you'll practically need a spreadsheet and monthly calendar reminders … and Amex is betting you won't even bother.

It's been part of Amex's playbook for years with flagship cards like *amex platinum*, but it's spreading like a plague lately to nearly all the Delta Amex cards and the entire Hilton Honors portfolio, too. Take a look for yourself – here are the changes we've seen just within the past few months:

• Last fall, Amex revamped the Hilton Honors American Express Aspire Card and the *Hilton Surpass* – upping the annual fees by as much as $100 while adding in new quarterly hotel and flight credits.
• In February, it was the Delta SkyMiles cards getting a facelift. As if limiting cardholder's Sky Club access wasn't bad enough, Amex raised annual fees across the board by as much as $100 in exchange for new annual hotel credits and monthly credits for rideshares and select restaurants.
• After initially escaping unscathed in the first round of Hilton card changes, the *hilton honors business card* got the same treatment: its annual fee doubled in return for quarterly hotel credits while an avenue to earn free night certificates was cut altogether.

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An Amex representative defended that approach after making changes to its Delta SkyMiles cards, telling the Star Tribune: “We try to create rewards that are meaningful and don't require cardholders to change behavior.”

… because everyone is already hopping in an Uber or Lyft for that once-a-month trip to Resy-participating restaurants, right? Oh, and don't forget to enroll online beforehand, either.

This won't be the last of it. Despite bumping its annual up to $695 (see ) a few years back while adding more monthly credits for streaming platforms and even Walmart+, Amex's own CEO has made clear it's only a matter of time before Amex Platinum cardholders see another hike, saying: “The reality is, it'll go as high as the value allows us to go.”

While there's undoubtedly value to be had with some of these benefits, keeping track of them has become a chore as the list has grown longer and the scope has spread to more Amex cards. It's becoming increasingly clear that if you want to get your money's worth out of your Amex card, you'll have to be willing to work for it – and pay more upfront, too.

All these new card benefits are a big win for Amex and bad news for cardholders. And we're sick of it.

Why Does Amex Keep Doing This?

In a word? Breakage.

From the perspective of the banks, breakage basically means: “How can we make it harder to use these perks … so that fewer people actually use them?” And much to travelers' chagrin, Amex has turned maximizing breakage into an annoying art form.

On paper, it seems great that Amex and Delta recently gave both the *delta skymiles platinum card* and *delta reserve card* $120 a year to use on rideshare companies like Uber and Lyft. That instantly outweighs the $100 annual fee increase on both cards.

But in practice, that's split into $10 monthly installments that you have to remember to use or lose every single month – and sorry, an Uber Eats order won't work. Forget to enroll online before charging your Lyft ride to your SkyMiles card? That $10 credit won't kick in, period.

That's the well Amex is repeatedly going back to: Touting hundreds of dollars in additional value with new benefits in order to justify raising annual fees, but making those benefits so cumbersome to use that cardholders are forced to simply swipe those cards constantly for fear of losing out – or just give up and let them go to waste. And by partnering with companies like Equinox, Soul Cycle, and Walmart for many of these sponsored benefits, Amex ensures those flashy benefits will cost them a fraction of the sticker price.

For a bank that's leaned heavily into travel, cross-selling its cards and offering eye-popping welcome bonuses to lure in consumers, many travelers have two, three, or even more Amex cards. So if you're a Delta loyalist who stays at Hiltons and you've got cards from both companies, you're now juggling a handful of monthly, quarterly, and annual statement credits. Add in the flagship Amex Platinum card for extra perks like lounge access and elite status and it gets even worse.

How can the average consumer possibly make sense of it all? The answer is that they can't – and Amex knows it. The bank is playing a game of chicken with cardholders to see how far it can push annual fees before losing customers. So far, Amex is winning … because this strategy is working.

Higher fees and conditioning cardholders to swipe Amex cards everywhere helped push Amex's profits to a record $8.3 billion (yes, billion with a B) last year. And while the laundry list of credits and benefits is likely just a pain to longtime cardholders, flashy new benefits have helped the company find its way into more consumers' wallets, driving those profits.

Even after nearly $250 in hikes to its annual fee, American Express CEO Steve Squeri said in late 2022 that the numbers of Amex Platinum cardholders have doubled since the days of its $450 annual fee.

“Would it have doubled with a $695 fee if we hadn't valued the value? The answer is no. But we added the value,” Squeri said.

No matter the reason, this theme of Amex adding new statement credits and benefits – all while raising the annual fee – has now spread to nearly every card in the bank's lineup. And there's no sign of it slowing down.

Squeri himself said it, telling investors that “doing product refreshes over time is non negotiable.”

While there's definitely value to be had with some of these new benefits, keeping track of it all has become a major pain point for cardholders. And what started off as a fair trade – and maybe even a good deal – has become nothing more than a burden for many cardholders.

How We Got Here

This didn't happen overnight.

Some will say it started with the addition of TSA PreCheck or Global Entry credits to Amex's line of top travel cards. Others will argue that it began with hotel and resort credits on the Hilton Aspire and an old Starwood Preferred Guest cardnow known as the *bonvoy brilliant*. But if you ask me, Amex's entire strategy with these credits ties back to arguably its best card:the *amex gold*.

Previously known as the Premier Rewards Gold Card from American Express, the Amex Gold Card got its new name and a major facelift way back in 2018. The card got a better returning on spending, a $10 monthly dining credit, a fairly difficult-to-use annual $100 airline credit (which is no longer available), and, yes, an increased annual fee.

At the time, it seemed like a win: Paying a slightly higher fee in exchange for up to $220 each year in statement credits and earning more points on your everyday spending.

After a pandemic pause, the trend hit Amex's ultra-premium *amex platinum* again in 2021. While pushing the annual fee up from $550 to its current $695 price point, the bank also added a slew of additional money-saving credits – mostly sponsored by third-party companies. They've added even more since, including a monthly credit for Walmart+: The ultimate premium travel benefit…

The list has grown over the years with a similar strategy deployed toMembership Rewards-earning cards like the American Express® Green Card and the *biz gold*, as well as co-branded cards from the likes of Delta, Hilton, and Marriott.

Tallying All the Credits Amex Currently Offers

It doesn't matter whether you carry one of Amex's own Membership Rewards-earning cards or a co-branded card with an airline or hotel chain: If it's got an annual fee, odds are it comes with some of these statement credits.

Depending on which card you have, keeping track of all these offsetting statement credits can be a real challenge: Some reset yearly or twice a year, others follow financial quarters, and many reset each and every month.And if you've got multiple Amex travel cards, making sure you use all your credits before they expire has become a nearly full-time job. Small business owners with multiple Amex cards might literally need to pay someone to handle it all.

And that's the whole point: Amex doesn't want you to get your money's worth. They're hoping you'll forget to use the credits – or just find it all too difficult and not even try in the first place.

Take a look at the list of credits you'll currently find on Amex cards and you'll quickly see why many cardholders are ready to wave the white flag.

Airline Credits

Incidental airline fee credits were one of the OG benefits offered by American Express to help justify paying for a card with a high annual fee.

Depending on which card you had, you'd get up to $250 each year to cover the cost of checked bags, seat assignments, and more. Now, you'll only find these $200-a-year credits on *amex platinum* and *biz platinum*.

Other cards like the Hilton Honors American Express Aspire Card now come with a new flight credit that's far simpler to use … but in typical Amex fashion, it's broken up into quarterly chunks instead of one lump sum. Hello, more breakage!

Read more: 9 Great Ways to Maximize Your Amex Airline Credits

Rideshare Credits

Amex Platinum and Gold cardholders are used to getting monthly Uber Cash as a means to justifying their card's annual fees.

• Platinum cardholders get $15 a month (and $35 in December to round out the year) for a total of $200 each year toward Uber
• The Gold Card gets a flat $10 each month

Both credits work toward Uber rides as well as Uber Eats orders.But now there's a new (and slightly different) rideshare credit to keep track of on a pair of co-branded Delta cards as well.

Both *delta skymiles platinum card* and *delta reserve card* cardholders get up to $120 in rideshare credits each year, doled out in monthly installments. That means each month, cardholders can get up to $10 back as a statement credit on any eligible rideshare purchases with Uber, Lyft, Curb, Revel, or Alto.Uber Eats does not work for these Delta credits.

Just like the monthly Uber Cash that comes with the Amex Platinum and Gold, unused rideshare credits don't roll over to the next month. These are all use-it-or-lose-it benefit so it's important to ensure you use up these credits in full each month.

Hotel Credits

When the Amex Platinum's annual fee jumped to $695 a few years back it came with a whole slew of new credits – some much better than others.

One of the best, at least on paper, is the annual credit of up to $200 to use on hotel bookings through Amex Fine Hotels + Resorts or The Hotel Collection. There's a classic Amex caveat: The Hotel Collection bookings require a minimum two-night stay.

This $200 credit on the Platinum Card resets each calendar year.

But the Amex Platinum isn't the only card that comes with a credit for hotel bookings. From the entry-level *delta skymiles gold card* to the top-tier *delta reserve card*, Delta's co-branded cards now carry up to $250 in annual credits that can be used with Delta Stays. But you have to book through the airline's hotel booking platform:

• *delta skymiles gold card* cardholders get a $100 annual credit
• That increases to $150 a year on the *delta skymiles platinum card*
• And top-tier *delta reserve card* cardholders get $200 annually

Business versions of each card get an extra $50 apiece.

Go figure a hotel chain like Hilton offers hotel credits on its Amex cards, too.

With the *Hilton Surpass* and the *hilton honors business card* you get a $50 and $60 credit, rescpectively, to use on Hilton hotel stays each quarter. The pricier Hilton Honors American Express Aspire Card comes with up to $400 in annual credits, too – however, it's broken up into twice-a-year chunks of $200 and can only be used at qualifying Hilton resorts.

Did I mention the hoops you have to jump through to use some of these credits?

Dining Credits

We've all got to eat, right? You'd think a dining credit would be as good as cash back – but just like most of these other credits, it's rarely that simple.

The American Express Gold Card was one of the first to offer a statement credit for dining. Each month you get up to $10 to use at a select few restaurants or through GrubHub. Like many other Amex statement credits, this benefit is use-it-or-lose-it and doesn't roll over.

The *biz gold* card also comes with a monthly flexible business credit that can be used at GrubHub, among other options.

After a recent refresh and an annual fee increase, the *bonvoy brilliant* now comes with up to $25 in dining credit each month. This credit is at least far easier to use than on Amex Gold cards, as it can be used at any restaurant.

The Delta SkyMiles Platinum and Reserve cards (and their business versions) also include a dining credit now – but it only works at select restaurants that partner with Amex's reservation platform, Resy. Just like all the other dining credits, this is also a monthly benefit that doesn't rollover from one month to the next. And you have to enroll online before you use it.

Business Credits

Business cards aren't immune to Amex's statement credit scheme – in fact, some of these cards have more credits than their personal counterparts.

*biz platinum* comes with up to $400 each year in credit for purchases with Dell – but, of course, it's split up into two $200 chunks. You'll also get up to $90 each quarter to use with hiring platform, Indeed, and $150 for select Adobe purchases.

Amex has signaled that this particular batch of statement credits could be coming to an end later this year. It's anyone's guess what they'd be replaced with but for a card with a $695 annual fee (see), you can be sure they'll come up with something.

Finally, the Business Platinum Card comes with up to $120 each year in credit for your cell phone bill … doled out in $10 monthly increments.

The Business Gold's flexible business credit that covers GrubHub purchases can also be used at office supply stores and FedEx.

Miscellaneous Credits

But wait, there's more!

The Amex Platinum Card also includes up to $20 per month in digital entertainment credit that can be used on subscription services like Hulu and the New York Times. You'll also get up to $50 every six months to spend with Saks Fifth Avenue and a monthly statement credit for Walmart+ … because what top-paying traveler doesn't already shop at both of those stores?

The Amex Platinum card also comes with up to $300 in credit each year to cover a fraction of an Equinox+ or Equinox club fitness membership.

Several Amex cards also include a statement credit for TSA PreCheck or Global Entry, although this is only available every four to five years. Finally, a growing number of Amex cards cover the cost of an annual CLEAR Plus membership.

Bottom Line

Enough is enough.

Nowadays, almost every card in Amex's lineup has some kind of monthly, quarterly, or annual credit to keep track of – or all of the above. It's starting to feel like a full-time job.

Amex fancies itself a premier financial institution. The “Extreme Couponing” mindset required to hold one of their cards feels far from it.