You're Going to Have to Spend a Lot More to Get the Amex Platinum Sign-Up Bonus

American Express just announced policy changes that would make it a little more difficult for Platinum Card holders to use the Centurion Lounges. Now, the company has made an unannounced change to the terms of the Platinum Card's sign-up bonus, which is sure to upset aspiring Platinum Card holders.

Amex Raises Minimum Spend for Platinum Card Sign-Up Bonus

The Platinum Card may cost a pretty penny at $895 per year, but it comes with a massive sign-up bonus to sweeten the deal: as much as 175,000 Membership Rewards points, which can be used to book flights and hotels with Amex's travel partners. But Thrifty Traveler noticed that the minimum spend to unlock that bonus quietly rose to $12,000 in the first six months — a 50% increase. Previously, you only needed to spend $8,000 in the same timeframe.

While that may look like a huge number at first, it's actually on par with other credit cards in its class. For the Chase Sapphire Reserve, the Platinum Card's main competitor, new cardholders have to spend $6,000 — but they only have three months to do it. Citi's Strata Elite card has the same spend requirement, and only for a measly 75,000 points. So sure, Amex is making you spend twice as much as its competitors, but it's also giving you twice as much time to do it. All things equal, it evens out.

If $12,000 is six months seems impossible, the spend requirement for the Amex Gold Card hasn't changed. You can earn up to 100,000 points after spending $6,000 in six months. In this economy, it's practically impossible not to. The Gold card also has much higher point multipliers than the Platinum, so for people who go to a lot of restaurants and don't care about airport lounge access, Gold may be the better option.

It's worth noting, though, that for both cards, getting the maximum sign-up bonus isn't a guarantee. After you apply for the card, they'll present you with an offer and you can decided whether or not to accept it.