Hey, everybody welcome back to the channel! So I Wasn't planning on making a video today I Do videos every Sunday so definitely still tune in for that video on next. Sunday But today we have some news from American Express Actually a few hours ago when it comes to the American Express Platinum Card there are going to be a couple things that'll be changing. So the first thing that's going to change which is going to turn a lot of hits is going to be the authorized user fee increase. So for prior years up until today, effective immediately, up to three Card members additional Platinum Authorized user Card Members could pay a total of 175.

So if you have three people, you can divide that 175 by three of them and you'd have a much cheaper annual fee to have a platinum card authorized user account. That annual fee is going to jump up now from 175 to 195 dollars per year and that's effective immediately. Now for anyone who already has the Platinum card and has authorized users that have a Platinum card as well, you'll be notified via American Express about 45 days out before that annual fee set to renew. Let's say last week you signed on someone for an authorized user.

Well, that's good for the remainder of you know the the next you know 12 months. but once your cycle comes back in a year, you'll now pay 195 for either one person or 195 for up to three people. Gold authorized user accounts will still be zero dollars. So this is only going to be for the authorized users that hold the Platinum Card version you compare authorized user accounts to.

Let's say the Chase Sapphire Reserve or the Capital One Venture X credit card American Express is substantially higher for annual fees for authorized user accounts. Keep in mind that this changes only for the personal side of American Express Platinum cards, so the business side you won't see a change at all as of right now now. Effective October 2nd. Not sure why it's not October 1st, but effective October 2nd the Entertainment Credit the 20 Entertainment Credit that you get which is 240 dollars per year divided into 12 months which is 20 bucks.

You'll no longer be able to use Audible as one of those credits so you'll still be able to use you know Hulu Disney plus ESPN plus all of those. but when it comes to audible, you'll no longer be able to use it. so it's paying more and more restricted and I don't know why that was changed now. We did talk about the gold cards for the American Express Platinum Card.

So if you have a American Express Platinum Card and you can get authorized users I believe it's up to 99 that you can have which is a lot of people and they don't really charge. So like I said, they're not changing. What is going to change though For this for the Centurion and the platinum card is a design I don't know what the design is going to be yet. They are going to change the design so it may not be gold anymore.

It's also going to have a name change. The name change is going to be called the companion card. Really trying to understand and grasp and sure, just like with you guys, why are all these changes happening? Lastly, American Express is also going to be changing the sound on Bonus: So in Prior months it will spend six thousand dollars within six months to get the public welcome offer. Now it's going to be spending eight thousand dollars, which is about a 33 increase in the first six months to reach the sign up.

bonus. So a lot of changes happening here. I would say overall these changes are not for the better of the consumer. Not really sure why these changes are happening I'm sure many of you watching this video are gonna probably consider a different strategy.

Maybe canceling the card and if you were getting the card, you're probably considering maybe holding off. I'm going to hold on to the car to see how this all plays out again. I'm not really impacted by the audible I'm not impacted by the authorized users because I don't have any platinum authorized users I only have gold so that's not really impacting me. and I've already had this card for a lot of years, so I'm not eligible for any more sign up bonuses.

Now Keep in mind you guys can always try to find targeted offers for the American Express Platinum car too. Click the link Down Below in the description and see if you have a targeted offer. I Think the American Express Platinum Card is little amazing. Travel card is still one of my favorite travel cards to have in your wallet, especially if you travel frequently.

There will possibly be an in increase to the Platinum cards actual annual fee in the year 24 or 25, so we'll probably see a increase 2024, 2025, yet another increase from 6.95 to. whatever it is, it's going to be crazy. It's for the guys. Leave your comments down below, let me know what you think and I'll talk to you soon.

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