A game where everything is made up (but the point is important).
- Amex has already announced changes to its airport lounge program, but I expect there will be more changes in 2023 as businesses battle high demand.
- I believe rumors (and hopes) will bring some very interesting new cards next year, especially in the travel rewards space.
Over the past few years, as the travel industry has said, from low levels of lockdown differently Mass low low returns to travel.
Ultimately, though, it’s fair to say that travel credit card issuers have ridden the roller coaster pretty well. From temporary changes that allow travel rewards to be used for everyday essentials, to permanent changes that increase the value of popular cards, travel cards have seen a number of interesting (and arguably positive) changes recently. was.
Will 2023 be another positive year for travel rewards? Or will the travel boom lead to a currency devaluation now that issuers no longer have to appease non-travel travel cardholders? I have an idea.
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1. A new wave of lounge restrictions
If you recently tried to visit an airport lounge in a hub city (or just scrolled through the travel rewards subreddit), you know that overcrowding has been a big problem lately. Even the once-private Centurion Lounge is now filled with cardholders and their families.
American Express has announced plans to address this issue in early 2022. Eliminate complimentary guest passes for Platinum cardholders. The new rules will take effect in just one month until 2023 (terms apply).
American Express is the only company to announce this kind of major change to airport lounge access, but I believe this is just the first of many. You can expect to see some really serious changes to your Priority Pass program.
2. Platinum card adjustment
When it comes to American Express’ The Platinum Card®, I think 2023 will see more changes than just lounge guest pass cuts. What I haven’t decided is whether those changes are good or bad.
The annual fee increase for the American Express Platinum Card® has again become a hot topic. Even the CEO of American Express hasn’t ruled out raising the annual fee.Let’s face it – why won’t Will the company raise fees? The final jump was over $100 and its cardholder base only increased.
American Express could probably also raise its annual fee as long as it continues to work on additional credits and perks that give people at least an illusion of value. I can.
3. More Streaming Partnerships
One interesting trend we’ve seen in 2022 is that various cards and programs have partnered with streaming platforms. American Express has multiple cards that offer credit towards getting the Disney Bundle. (Conditions apply.) Even Walmart+ offers free Paramount+.
Most people have at least one streaming service these days, so bundling these services as a credit card perk makes sense. And for streaming platforms, this is probably not a bad thing either.
American Express seems to have a monopoly on Disney/Hulu, but there are still plenty of services left to claim. Anyone who strikes a deal to give credit to Netflix could do very well. Could it be the rumored new Citi card (which we’ll talk about below)?
4. Upgrade Chase Reserve
I’m sure you’ve been talking about a much-needed update to the Chase Sapphire Reserve® for a few years now, and I hope it does. 2023 may finally be the year.
The card was a go-to travel card for quite some time, but has since been overshadowed by competitors, including its own lower-cost sibling, the Chase Sapphire Preferred® Card. It is not worth much because it has been
We’ve seen a bit of an attempt to make the card more attractive, such as the new Instacart credit and the long-standing DoorDash partnership. must be destroyed.
5. New City Travel Card
There’s one card we’ve all been waiting for.
Currently, there is only a mid-tier Citi Premier® Card with a fixed travel rewards program. But as powerful as Premier is for some, it’s not enough to make a ThankYou rewards program truly competitive.
A distinctive feature of the Citi Prestige® Card and Citi Premier® Card stocks is their focus on high-value bonus reward categories. There may also be room for Citi to take market share with reward-forward cards as competition tends toward credits rather than bonus rewards. The right mix of reward categories with some perks to keep it looking good can be a card that stands out.
Given the past few years, it’s absurd to think that anything can be accurately predicted. (If 2020 hadn’t told us anything else, this really turned out to be the weirdest timeline. Happy New Years filled with new cards, lower fees, and better rewards!
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