American Express has had a rough stretch of headlines. Between changes to the Business Gold Card, a new step for combining Membership Rewards points, and rumors about the Platinum Card’s hotel benefits, there is a lot for cardholders to sort through.
I’ve earned a lot of points with Amex, and those points have helped my family travel in ways we otherwise might not have. But that doesn’t mean every change deserves a positive spin.
My biggest concern is how much work it takes to keep getting value. When a card comes with a premium price, I want benefits that fit my life and rewards that are easy to use. Every new restriction makes that calculation a little harder.
Here is what is changing, what is still speculation, and how I’m thinking about Amex heading into 2027.
The Business Gold changes could cost some businesses a lot of points
The Business Gold earns 4X Membership Rewards points in your two highest spending eligible categories each billing cycle, on up to $150,000 in combined eligible purchases per calendar year.
Starting February 17, 2027, its U.S. advertising category will cover only purchases made directly with Meta, Google, Amazon, Microsoft, GoDaddy, and Yelp. The wireless category is also narrowing to a specified list of providers. Amex’s terms spell out the changes.
If you already buy ads directly from those companies, the advertising change may have little effect. If your spending falls outside that list, the difference could be substantial.
Here is the math: $150,000 earning 4X produces 600,000 points. If that same spending falls to 1X, it produces 150,000 points. That is a potential loss of 450,000 points annually, assuming the spending previously qualified for 4X and no longer does.
The card can still work for businesses whose purchases qualify. But anyone relying on advertising rewards needs to review where the charges actually come from before assuming next year will look like this year.
Membership Rewards pooling now requires another step
Amex’s updated terms say a new Membership Rewards account will be created when you open a new eligible product. You can still combine balances by linking products through “Manage Connections” online or in the Amex app, or by calling Amex. The October program terms explain the linking process.
That distinction matters. Automatic pooling is changing; the ability to pool points is still there.
For people who pay close attention, this may be a small inconvenience. For someone who assumes everything is connected, it is another detail to miss. Before closing a card, check how its points are linked and what will happen to them.
Could this eventually lead to different transfer benefits depending on which card you hold? That is a concern I’m watching, but the pooling change itself does not establish that Amex has announced a new premium card requirement for standard airline transfers.
For now, link your accounts intentionally and check the balance rather than assuming a new card joins your existing pool.
Spending power is flexible and can change
I’ve also been seeing social media stories from cardholders who say Amex sharply reduced their spending capacity.
Those stories are frustrating, especially if someone has relied on a card for substantial monthly purchases. But individual accounts do not tell us how widespread a change is or establish why a particular decision happened.
Amex describes no preset spending limit as flexible purchasing power that adjusts with factors such as purchase, payment, and credit history. It is not a promise that every purchase will be approved. Amex explains its spending capacity here.
I’ve had experiences putting very large business purchases on a Business Platinum shortly after opening it. That flexibility has been valuable, but I would never treat a past approval as a guarantee for the next purchase.
If a large transaction is coming up, use the Check Spending Power tool and have another payment option available. And keep interest costs in the calculation: rewards lose their appeal quickly when carrying a balance makes the purchase more expensive.
The rumored Airbnb changes have both appeal and drawbacks
An October 13 report from Doctor of Credit describes potential Platinum changes found on an Amex test server. These include expanding the hotel credit to Airbnb luxury stays, requiring at least two nights for eligible Fine Hotels + Resorts bookings starting in 2027, and adding an Airbnb Experiences credit tied to a qualifying luxury stay. These remain rumors rather than confirmed benefits. Read the original report.
I understand why some cardholders dislike the idea. If you use your credit for a single hotel night, a two night requirement could make it much more expensive to redeem. Adding more places to use a benefit does not automatically outweigh making your preferred use harder.
At the same time, I can see a place for vacation rentals in my own travel plans. Traveling with my wife and our son, Wells, changes what we need from a room. A separate living area, a kitchen, and laundry can make a trip easier.
We’ve had great Airbnb experiences, including a townhouse in Hershey, a mountain stay outside Gatlinburg, and a treehouse on a lake in Alabama. The extra space was part of what made those stays memorable.
But I also love a good hotel. At the Conrad Fort Lauderdale, we received an upgrade to a one bedroom suite that gave us living space alongside the service and conveniences of a hotel.
My decision comes down to the total price, the space, and the experience. If an Airbnb option fits a trip we already want to take, I’ll consider it. I’m much less interested in changing our plans just to use a credit.
More credits can mean more spending
My larger frustration with the Amex model is how easily using benefits can become a shopping routine.
Take my own experience with Lululemon. The Platinum benefit has encouraged me to shop there, and I’ve found products I like. But I generally shop around the credit schedule. Without that incentive, I would not necessarily make those purchases.
That is where I think cardholders need to be honest with themselves. A credit can have value while still being worth less than its advertised amount to your household.
If I would otherwise buy an affordable pair of pants on sale, a credit toward a much more expensive pair does not automatically represent equivalent savings. The comparison needs to include what I would actually have spent.
From my perspective, a growing collection of merchant specific benefits can make a premium card feel like a schedule of shopping assignments. I want Amex to make travel easier. I don’t want managing its benefits to become another job.
The regulatory fine adds another negative headline
On October 8, 2026, the Office of the Comptroller of the Currency announced a $350 million penalty against American Express National Bank for deficiencies in its Bank Secrecy Act and anti money laundering compliance program. The regulator also issued a cease and desist order. The OCC announcement details its findings.
That is a serious compliance issue. It also needs to be evaluated separately from card rewards: the enforcement action does not establish that it caused the category restrictions, points changes, or individual spending capacity decisions.
For cardholders, the practical question remains whether each product delivers enough value to justify keeping it.
How I am approaching Amex heading into 2027
I still see a role for American Express in my wallet. I also think every card needs to earn its place again when the annual fee comes due.
Here is how I would review an Amex setup:
Count benefits you actually use. Give credits a realistic value based on purchases you would otherwise make.
Check your earning categories. Business Gold users should compare actual merchants with the upcoming restrictions.
Review your points connections. Confirm that new cards are linked the way you intend before making account changes.
Evaluate welcome offers individually. Read the eligibility rules and spending requirement on the specific offer you receive.
Compare the ongoing value. A simpler rewards setup or cash back may suit your spending and travel plans better.
I’m willing to put effort into points when the return is there. I’m also willing to move spending when the math changes.
American Express has helped my family take some wonderful trips. Keeping that relationship worthwhile means continuing to evaluate the cost, the benefits, and the effort involved.
Are the latest changes affecting how you use Amex, or are your cards still delivering enough value to keep their place in your wallet?