Premium credit card perks are getting harder to squeeze, and the banks are doing it one small rule at a time. As the Wall Street Journal describes it, issuers and points enthusiasts are locked in a cat-and-mouse game: every clever workaround eventually gets a rule written against it.
Here is what has been reported, why annual fees near four figures make the fight sharper, and what it means if you hold one of these cards.
Key takeaways
- American Express and Capital One are moving to stop cardholders bringing guests into airport lounges, per the WSJ report as summarized by PYMNTS.
- DoorDash perks now require minimum spending, and the Amex Platinum’s $75 quarterly Lululemon credit can no longer be used on gift cards.
- Annual fees on top cards have climbed toward four figures, so cardholders hunt harder for value and issuers police harder.
- Welcome bonuses are guarded by their own rules, which differ by bank.
What exactly are issuers changing?
Dow Jones Newswires distributed the WSJ story on 24 October 2026, as listed on TradingView. The full text sits behind a paywall, so we rely on the summary PYMNTS published on 31 August 2026, which cites the Journal’s reporting.
That summary lists three concrete changes. Lounge guests are being restricted at Amex and Capital One. DoorDash perks need a minimum order spend. And the Lululemon credit on the Amex Platinum cannot be spent on gift cards.
| Perk | What changed | Who it hits |
|---|---|---|
| Airport lounge guests | Amex and Capital One moving to stop guest entry | Frequent travelers with family or friends |
| DoorDash credits | Minimum spending now required | Small, frequent orderers |
| Lululemon credit ($75 per quarter, Amex Platinum) | Gift-card purchases no longer allowed | Anyone who used gift cards as a workaround |
Why are banks tightening now?
Because the price of the card has risen. The report notes annual fees are approaching four figures. A higher fee attracts people who calculate every dollar of return, and those people find the gaps.
Think of a buffet that charges more at the door. The hungriest customers show up, and the manager starts counting plates. Issuers have to curb use the programs were never designed for without driving off the customers who pay the fee and barely touch the perks.
Competition adds pressure. Javelin Strategy & Research analyst Brian Riley told PaymentsJournal in July 2025 that issuers mirror each other: “when one adds 10,000 points, the other adds 12,000 points.” Tighter rules are the other side of that race, because richer rewards cost more to fund.
What do points fans say?
Ravi Wadan, a 39-year-old Seattle content creator quoted by the Journal, had bought Lululemon gift cards online to use the credit. That route is closed. His verdict: “It’s just a forever changing landscape,” and “in general it’s getting more and more restrictive.”
American Express, for its part, told the Journal through Lisa Kalhans, an executive vice president of U.S. consumer proprietary products, that it has invested in making benefits easier to find, enroll in and monitor. In other words, the bank frames the changes as clarity, not cuts.
Are welcome bonuses also policed?
Yes, and the rules vary. According to a WXYZ report citing NerdWallet, Citi pays bonus points only if you did not open or close the same card in the previous 24 months, and Amex allows one bonus per product for life. Chase’s well-known “5/24” rule can lead to a decline if you opened five or more personal cards in 24 months, as explained by Your Mileage May Vary in June 2026.
Terms change often, so check the issuer’s own page before you apply.
How do you keep your premium credit card perks worth the fee?
- List every credit, then mark the ones you used in the last 12 months.
- Use perks the way the issuer describes them. Workarounds are the first thing to be closed.
- Compare the fee with the value you actually used, not the value on the brochure.
- Re-check the terms each time your annual fee posts.
This is the same discipline as a subscription audit: look at what you paid for and what you used. For the wider shift in how money products reach customers, see our Money20/20 trends piece.
What happens next
Expect more of the same. Fees are high, rewards are costly, and each loophole that spreads online gets a rule. Issuers will likely keep adding visible benefits while narrowing how they are redeemed.
In my opinion, the cleaner the perk, the longer it lasts. A credit that needs a trick to use tends to have a short shelf life.
FAQ
Which banks are limiting lounge guests?
The Journal’s reporting, as summarized by PYMNTS, names American Express and Capital One.
Can I still use the Amex Platinum Lululemon credit?
Yes, but not to buy gift cards. The $75 quarterly credit applies to regular purchases.
Do I get a welcome bonus if I held a card before?
It depends on the issuer. Amex generally allows one bonus per card for life, and Citi uses a 24-month window, so check the terms first.
Next step: open your card’s benefits page this week, list the credits you actually use, and decide if the annual fee still earns its place.
This article is for information only and is not investment advice.
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