To cater to cardholders traveling internationally, American Express Co. has added three new benefits to its Platinum card, including eliminating the card’s foreign-transaction fee, the card brand announced April 5.
AmEx dropped the card’s 2.7% foreign-transaction fee and added free international lounge access along with the opportunity for cardholders to earn a $100 global entry credit, AmEx said in a news release. Global entry credits provide approved members returning from trips expedited clearance and the ability to bypass lines at international arrivals and major United States airports.
Consumers interested in the global entry credit must apply and pay a one-time $100 application fee with their Platinum card. Once approved for the program, cardholders receive the $100 back as a statement credit. The global entry membership is good for five years, according to AmEx.
The Platinum card carries a $450 annual fee and includes such perks as airline-fee credits for checked bags or in-flight meals; a 20% travel credit on airline, hotel and vacation packages; hotel and resort upgrades; and a 24 hour travel service that includes a concierge.
“It seems pretty clear that AmEx is positioning its platinum card as “the card” for international travelers,” Megan Bramlette, director of knowledge management at New York-based Auriemma Consulting Group, tells PaymentsSource.
Moreover, while AmEx has “generally refrained from getting involved in the competition, the elimination of the foreign-transaction fee shows the company may have its eyes on what the competition is doing,” Bramlette adds.
Additionally, many cardholders find foreign-transaction fees annoying, and AmEx does not want to lose customers over something like that, she notes.
JPMorgan Chase & Co. has eliminates foreign-transaction fees on at least seven of its cards (
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