End of an Era? Amex Platinum Canada Devalued Due to COVID-19

Update: October 29, 2021: This is an old post. The Platinum Card in Canada is now offering ! Check out our updated Amex Platinum Canada Review for all the details of what this Card has to offer.

Over the past few years we’ve seen the American Express Platinum Canada stripped of its benefits a little at a time.

Today we learned of two more hits to the Amex Platinum Cards in Canada, and this time, they’re major:

Amex Personal Platinum Canada Devaluation

The Personal Amex Platinum will now offer  welcome bonus points (previously up to 60,000) when you spend New Platinum® Cardmembers, earn Welcome Bonus points (previously $3,000).

Amex Business Platinum Canada Devaluation

September 24, 2020 Update:

We’ve seen the welcome bonus for the American Express Business Platinum Card bounce around a lot this year: from, 40,000 points, down to 35,000. However, there is some good news since we originally published this article. The Business Platinum’s current welcome bonus has rebounded back!

American Express is currently offering Membership Reward welcome bonus points on the Business Platinum Card .

Apply for the American Express Business Platinum Card.

It’s All Part of the Game of Travel Hacking

If you’re a travel hacker and are churning credit cards to earn welcome bonus points, you’re probably used to one thing in this industry: change is constant. It can feel like a roller coaster.

One minute you’re uncovering loopholes and finding yourself on a dream vacation that would have never otherwise been possible without travel reward points. You look around and realize you’re the only one in the room who didn’t pay full retail. Everyone is having a good time, but you’re having a REALLY good time knowing you unlocked the insider secrets that got you there for a fraction of the price.

Then next, your dreams come crashing to a screeching halt. That dream vacation will have to be put on hold. That loophole’s closed now, and now it’s time to hunt for the next one.

It’s what we love and hate about the game of travel hacking. Today is one of the days we hate.

We all have been impacted by COVID-19 in some way or another by this point, and the banks seem to be no different with “budget cuts”, decreased welcome bonuses, and overall less value. They’re hurting, and it shows.

And although Canada’s premier travel rewards Card still has a number of elite travel benefits, one thing is clear – they’re not interested in new customer acquisitions right now.

Consolation Prize: Amex Sweetens the Pot with Double Rewards

Last month we just saw an incredible promotion from Amex Canada: Double the Rewards. The Platinum Card which usually offers 3x points on travel, 2x points on restaurants/dining in Canada, and 1x points on everything else will now earn double the points:

• 6x points on travel
• 4x points on restaurants/dining
• 2x points on everything else

For those that saw this had just a few weeks to apply for the Amex Personal Platinum Card and secure their spot to earn the now obsolete welcome bonus of up to 60,000 points – and earn double the rewards.

Those that were on the fence, are now out of luck as the welcome bonus has been devalued to 25,000 points – less than half its original offer.

For a limited time, until July 20, 2020, you can redeem your points for double too. Normally 1,000 points = $10, but now you can redeem 1,000 points for a $20 cashback statement credit which still remains a great deal, but not as sweet as for those who were able to get those extra welcome bonus points.

Rumoured: Is Amex Devaluing the Platinum Card to Make Room for New Cards in 2020?

With a lot of uncertainty, there have been rumours that the Amex Platinum is being devalued to make room for a new Card (or Cards). And although this news is coming from the US, Canada routinely follows suit in a lesser fashion.

Check out this video from the Credit Shifu, an American travel hacker, who explains how a potential leak was discovered in some mundane operational documents on the American Express website by Reddit user Drwaz99:

Interesting find: placeholders for a Titanium and Black Charge (not Centurion) cards on Amex vendor list. from r/amex

There is a hint in the document that the actual physical manufacturer of the credit cards could be planning to produce two additional Cards in 2020. This video was published right at the stages of public shutdowns due to COVID-19, so of course, things may change entirely, but it’s still worth checking out.

The document has since been removed from American Express’s website, but the screenshots are still available in the video.

Should You Still Apply for the Amex Platinum Card Canada?

So is applying for an Amex Platinum Card the smart thing to do right now? With big change comes uncertainty.

Although the Double the Rewards promo is lucrative for anyone who is making big purchases in the next 2 months, your better bet is to wait and see what Amex will be willing to offer after COVID-19 cools down.

The banks are in protection mode right now and are trimming the fat where they can. Although some doors have closed due to COVID-19, there will likely be better opportunities to come.

With the annual fee on the Personal Platinum still $699 with less than half the welcome bonus points being awarded – that’s a hard pass. Hold tight and wait and see what happens because this welcome bonus devaluation is insulting.