This bucks a recent trend of issuers eliminating some of their extras.

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Perhaps we spoke too soon.

Not long ago, we wrote about issuers eliminating some of their lesser-used perks (certain extras such as Chase Freedom's price protection are expensive to administer and not sufficiently popular with cardholders).

Recently, a pair of high-end credit cards boosted their feature lineups in a meaningful way. We’ll take an in-depth look at these changes for the two, and explore what this might mean for the immediate future of perks throughout the credit card world.

New perks for American Express Gold Card®

Saying that it’s “[elevating] the gold standard in premium rewards” (you’ve gotta love marketing hype), in October American Express announced a new name for its Premier Rewards Gold Card®. It’s now known more straightforwardly as the American Express Gold Card®.

Along with the new name comes a revamped feature set with several new and enhanced benefits:

4 points per $1 spent at restaurants and supermarkets -- The rate doubles the previous 2 points in the issuer’s Membership Rewards program per $1 spent for purchases at these establishments, and puts the American Express Gold Card® in the upper tier of earners in both categories. This benefit is capped at $25,000 in annual purchases.

$120 dining credit -- Cardholders can claim up to $10 in credit per month if they use their card to buy meals at the following restaurants and delivery service:

• The Cheesecake Factory.

• Ruth’s Chris Steak House.

• Shake Shack. Note: this is only valid at participating locations.

• Grubhub/Seamless. The credit can be used with both services, which belong to the same company (Grubhub).

Exclusive dinners -- In partnership with “restaurant discovery platform” The Infatuation (creators of New York’s EEEEEATSCON food festival), AmEx is hosting a limited series of dinners at fine dining establishments across the country in the wake of the American Express Gold Card® (re)launch.

AmEx promises cardholders “access to limited edition gold #EEEEEATS giveaways” at these events.

Free membership in The Travel Collection -- The American Express Gold Card® holders don’t have to pay the $295 annual program fee for the travel amenities and discounts provider. The Travel Collection has a lineup of deals and extras on a variety of travel options, including flights and car rentals. For the former, it offers specials for both economy and premium class ticket holders.

The air carriers serviced by The Travel Collection are:

• Aerolineas Argentinas. Flights to Latin America only.

• Air Europa. Flights to Europe only.

• Air New Zealand. Global flights.

• Avianca. Flights to Latin America only.

• Cathay Pacific. Global flights.

• Copa Airlines. Flights to Latin America only.

• Fiji Airways. Flights to the South Pacific only.

• Qantas Airways. Global flights.

• Qatar Airways. Global flights.

• United. Global flights.

The new travel extra in particular adds to a feature set that already leans on them -- AmEx, once upon a time an active force in the travel business, is very competitive in the travel rewards card segment. The rechristened American Express Gold Card® ports over a set of travel perks from Premier Rewards Gold Card®, the main ones being:

3 points per $1 spent -- This applies to air tickets booked directly with the airline of choice, in addition to the amextravel.com portal.

$100 airline fee credit -- Traveling cardholders can claim up to this amount every year for auxiliary airline expenses such as baggage fees and the like.

$75 hotel credit -- This applies to qualifying charges on bookings of two consecutive nights or more in specialty provider The Hotel Collection’s set of lodgings.

American Express Gold Card® new welcome bonus

Arguably the best way to attract first-time cardholders to a new product is to sweeten the bonus pot. AmEx has done so with two new, limited-time introductory bonuses:

25,000 Membership Rewards points -- American Express Gold Card® newcomers can reap this bonus as long as they spend at least $2,000 in qualifying purchases on the card within the first three months of ownership (or “membership” as AmEx likes to say).

“Pick up the tip” bonus -- There’s that clever marketing language again. This bestows 20% in statement credit on new cardholder purchases at U.S. restaurants, for up to $100 per card account. This bonus is in force for three months from the start of card ownership.

There isn’t a big window for these bonuses. At the moment, they are set to expire early next year -- new cardholders will have to apply for the American Express Gold Card® by Jan. 9, 2019.

That said, introductory bonuses are often extended by issuers eager to bring clients into the fold of a new card, so we shouldn’t be surprised if this deadline gets the stretch. Watch this space for updates.

American Express Gold Card® cosmetic changes

As a high-end card, the American Express Gold Card® should feel weightier and more substantial than a standard plastic credit card. Another revamp from the issuer is that the new card will be made of metal, and feature a “new sleek” design, according to AmEx’s promotional materials.

On top of that, customers who want a little splash of pink in their card collection can opt for a limited edition rose gold-colored card. This offer is valid through Jan. 9, 2019.

American Express Gold Card® feature elimination

Although AmEx is right to tout the American Express Gold Card®’s new benefits, we also have to mention what the issuer is taking away.

Specifically, this is the Premier Rewards Gold Card®’s 2 points per $1 spent on U.S. gas stations; the American Express Gold Card® will reward such purchases at the rate of 1 point per $1 spent. This feature was officially modified in early October.

American Express Gold Card® new annual fee

This card will also be pricier to own than its predecessor. The American Express Gold Card® carries an annual fee of $250, which is to go into effect beginning April 1, 2019.

By comparison, Premier Rewards Gold Card® cost $195 annually.

New perks for Citi Prestige®

Not to be outdone by its rival, Citibank -- one of the top issuers in this country with a full slate of credit cards -- is seemingly in the process of reconfiguring features to one of its higher-end products, Citi Prestige®.

And like AmEx with the American Express Gold Card®, Citibank is planning a tempting intro bonus to welcome first-time cardholders. Certain cardholders returning to Citi Prestige® will also be eligible for the bonus.

But first, Citi Prestige®’s upcoming new extras:

5 ThankYou® points per $1 spent on air tickets and dining -- AmEx’s 4 points per $1 spent on restaurants is eclipsed by Citibank’s new rate. What’s more, Citi tops its rival in the former’s wheelhouse of travel rewards with the 5 points per $1 spent on plane tickets.

3 points per $1 spent on cruise lines -- Feel like sailing instead of flying? With qualifying cruise purchases, Citi will also reward you at this new rate.

$250 credit for travel purchases -- Formerly, this annual credit could only be applied to air travel. Coming soon, the benefit will cover qualifying general travel purposes in nearly every category.

Cell phone protection -- Beginning in May, 2019. Citi will have your back if your beloved pocket computer is lost or stolen. The issuer has not yet provided the details for this coverage; we don’t yet know the amount covered, or the terms of the insurance.

We should also reiterate that several notable features of the card won’t change at all, including:

3 points per $1 spent on hotels -- Cardholders will still earn triple points on qualifying hotel stays.

Citi Price Rewind -- Most of us have had the disheartening experience of buying a product or service, then subsequently learning that its price has dropped. Citi’s neat Price Rewind program compensates cardholders for such declines, providing monitoring services and allowing customers to apply online. The program will remain in force.

Global Entry/TSA PreCheck -- On the subject of travel perks, Citi Prestige® will maintain this one, which compensates the application fees for both trusted traveler programs. The reimbursement is effected in statement credit.

Trip delay protection -- Citi Prestige® cardholders who suffer a delay of more than six hours on a trip on a common carrier can be reimbursed for delay-related expenses. They are eligible to be compensated for up to $500 per cardholder and his/her family member on the journey, per trip. To qualify, the voyage must be paid for -- at least in part -- with the Citi Prestige® card.

Missed event protection -- Another worst-case form of insurance is missed event protection, in which a cardholder can be compensated up to $500 for a canceled sports game, concert, exhibition, etc. This benefit pays out a maximum of $5,000 per calendar year, per account. It also applies if the cardholder purchased the ticket as a gift for another person.

As with trip delay protection, to qualify for this benefit at least part of the event’s ticket price must be paid for with the Citi Prestige® card.

Citi Prestige® new welcome bonus

Citibank is apparently determined that the revamped Citi Prestige® will carry an intro bonus, although the issuer hasn’t yet provided any details.

One nice thing about it is that one-time Citi Prestige® cardholders who want to come back to the product will apparently also be eligible for the bonus. Eligibility is based on how long ago the original Citi Prestige® account was started -- if the date was more than two years prior, the returnee will be able to reap the bonus.

However, if the date was less than two years in the past, the returnee will be ineligible.

These policies also apply to former cardholders of the issuer’s Citi Premier ℠ and/or Citi ThankYou Preferred® who apply for the new Citi Prestige®.

Citi Prestige® feature elimination

As with AmEx, what Citibank gives, Citibank also taketh away. Several elements of Citi Prestige® were scaled back or eliminated entirely, starting in September. Here is the comprehensive list:

4th Night Free -- One money feature of Citi Prestige® was its 4th Night Free, in which cardholders could be compensated for the eponymous evening when booking at least that amount of nights at a qualifying hotel through the issuer’s dedicated Citi Prestige® Concierge service.

This feature, which was formerly unlimited in terms of frequency, is being curtailed. Going forward, cardholders will be allowed to use this perk only twice per calendar year. The new restriction also includes any additional authorized users on the card.

25% air travel redemption bonus eliminated -- Citi Prestige® cardholders benefited from this bonus by redeeming points through the issuer. Now, they will earn a straightforward $0.01 per point on airfare when doing so.

2 points per $1 spent on entertainment eliminated -- Spending in this category now earns at the card’s standard rate of 1 point per $1 spent.

Citi Prestige® new annual fee

New features aren’t the only additions to Citi Prestige. The issuer is also hiking the annual fee for the card, which will rise to $495 from the current $450. We do not yet have a date for when this change will take effect.

New applications for Citi Prestige®

Citibank will start accepting applications for the refreshed Citi Prestige® in January, 2019; a firm date has not yet been made public. Previously, Citibank had stopped accepting new applications for Citi Prestige® this past August.

Can we expect more cards to add benefits?

Yes. The credit card industry is wide and deep, with a great many cards on offer at any one time. In order to stay competitive, issuers have to at least come close to matching the number and utility of the features on their cards. Otherwise, they risk customers defecting to rivals.

This is particularly true at the top of the food chain, in the exclusive card category occupied by American Express Gold Card® and Citi Prestige®. Because it’s higher-end, this tier has fewer cardholders in total, and they tend to spend significantly more. So it’s especially disheartening for an issuer to lose one of these clients to a peer.

We can anticipate a boost in the feature sets of cards in at least this category, then. But this will probably be done in conjunction with cutbacks in existing features, as is the case with both of the cards covered in this article. Card issuers would be wise to slice only the more seldom-used benefits, however this may not be their primary consideration.

We’ll see whether this net-adding habit filters down into the more mid-market, and below mid-market cards. So far we don’t have much indication that this is taking place, but since AmEx’s and Citi’s moves are relatively recent it’s still a bit early to tell. Again, keep your eye on The Ascent for the latest developments.

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