Amex Platinum Family Card Rule

Yesterday I shared some new, mostly negative, changes that rolled out from American Express on their Platinum cards. One of the worst of those changes was the new Amex Platinum family card rule. Initially I had thought that the terms had changed for all Platinum versions of the card, but that wasn't the case, but then it was. American Express made yet another change to one of the cards today. So, what does all of this mean, and does it mean we should rush to apply for some versions of the Platinum card now? Let's dig into all of this and break down the intricacies of this new family of cards rule and also try to read the tea leaves a bit.

Update 2/8/24: After writing up the new Amex Green family card rule I went to see if the Morgan Stanley was still an option outside of the Platinum family card rule. At some point they updated those terms too, so it is no longer working outside the rules. Details on it below.

Amex Platinum Family Card Rule Explained

Here are the terms for each style of Amex Platinum.

Original Amex Platinum (or vanilla version) Family Rule

The original Amex Platinum, or vanilla Platinum as many call it, now has the following terms:

You may not be eligible to receive a welcome offer if you have or have had this Card, the Platinum Card® from American Express Exclusively for Charles Schwab, the Platinum Card® from American Express Exclusively for Morgan Stanley or previous versions of these Cards. You also may not be eligible to receive a welcome offer based on various factors, such as your history with credit card balance transfers, your history as an American Express Card Member, the number of credit cards that you have opened and closed and other factors. If you are not eligible for a welcome offer, we will notify you prior to processing your application so you have the option to withdraw your application.

This rule basically says that if you have had ANY version of the Amex Platinum card (original vanilla Platinum, Charles Schwab or Morgan Stanley) that you are not eligible for the original vanilla Amex Platinum. While the terms imply if you have had it at any point in your lifetime you are ineligible that isn't really the case. Amex's definition of lifetime is 5 – 7 years in reality. If it has been more than 5 – 7 years since you held ANY of these cards then you should be good to try again for the original Amex Platinum. Remember that American Express cares when you last held the card, not when you last got the welcome offer on the card like other banks do.

Charles Schwab Platinum Card Rules

Here are the terms for the Charles Schwab version of the Platinum:

You may not be eligible to receive a welcome offer if you have or have had this Card, the Platinum Card^®, the Platinum Card^® from American Express Exclusively for Morgan Stanley or previous versions of these Cards. You also may not be eligible to receive a welcome offer based on various factors, such as your history with credit card balance transfers, your history as an American Express Card Member, the number of credit cards that you have opened and closed and other factors. If you are not eligible for a welcome offer, we will notify you prior to processing your application so you have the option to withdraw your application.

Morgan Stanley Platinum Card

Here are the terms for the Morgan Stanley Platinum card now that they have been updated:

You may not be eligible to receive a welcome offer if you have or have had this Card, the Platinum Card^®, the Platinum Card^® from American Express Exclusively for Charles Schwab or previous versions of these Cards. You also may not be eligible to receive a welcome offer based on various factors, such as your history with credit card balance transfers, your history as an American Express Card Member, the number of credit cards that you have opened and closed and other factors. If you are not eligible for a welcome offer, we will notify you prior to processing your application so you have the option to withdraw your application.

Proper Amex Platinum Application Timeline, What Would I Do?

Three different versions of the same card, now all with similar terms. It is no longer possible to receive a welcome offer for each version of the Platinum card. Well, unless you wait 5-7 years in between closing each version of the card. Here is the timeline I would use when you get ready for the Platinum card.

• Apply for the vanilla Amex Platinum, since it normally has access to the highest offer of the three.
  • If you want to keep it long term I would consider closing it and opening the Charles Schwab Platinum after a year or so. That is if you value the 1.1 cent cash out option for Membership Rewards that the Charles Schwab version offers.
    • Time the application for the Schwab Platinum for the triple dip to create a mini welcome offer type of set up.

Grab The Green & Gold Card First

It is important to note that there are other things at work here too. There are now Amex Gold and Amex Green family card rules at play as well. That means you should be dealing with the Amex Platinum, and their varieties, last on your American Express journey. That is because getting the cards out of order will negate some welcome offer opportunities for you.

The proper order is Amex Green > Amex Gold > one of the Amex Platinum cards.

RELATED: Application Rules For Every Major Bank, All In One Place

Amex Platinum Family Card Rule: ToP Thoughts

Hopefully this deeper look into the new Amex Platinum family card rule makes a bit more sense for everyone now. Now that the terms are the same across all three versions it should be a bit easier to understand. Although, that means we have less opportunity available to us now.

The important thing to remember is to pay attention to the application path for all colored Membership Rewards earning cards. Making a misstep there could cost you over one hundred thousand potential points.

Overall, the Amex Platinum card changes devalued the product enough to have people reconsider it as a long term keeper. I don't think it adjusts the calculations for that first year much though. The second year and beyond was already on rocky footing for many people, and it just became even less stable.