The Platinum Card® from American Express is poised to undergo a significant transformation, now accompanied by an increased annual fee. This upgrade comes as Amex revamps both the Platinum Card and The Business Platinum Card®, enhancing the offerings for cardholders.
Starting next year, cardholders will face a new annual fee of $895, marking a $200 increase from the previous rate of $695, which was set in 2021. Despite the rise in costs, Amex is asserting that the updated benefits provide cardholders with substantial value. The issuer claims that the total annual benefits have surged from over $1,500 to more than $3,500, not including rewards potential.
For existing cardholders, the new fee will take effect upon renewal on or after January 2, 2026. The rewards structure remains favorable, allowing cardholders to earn 5x points on select travel purchases such as prepaid hotel bookings and airline tickets booked directly or through Amex Travel, while all other purchases continue to yield 1x points.
The revamped card also comes with enhanced annual credits. The hotel credit has significantly expanded, now offering up to $600 annually for prepaid bookings through Amex Travel, which includes access to the Fine Hotels + Resorts and The Hotel Collection. Additional perks include complimentary enrollment in Leaders Club Sterling Status, delivering benefits such as room upgrades and complimentary breakfasts at over 400 luxury properties globally.
Other new benefits designed to enhance the cardholder experience include:
- Up to $400 in Resy dining credits: $100 in statement credits each quarter for eligible dining purchases at Resy restaurants.
- Up to $300 for digital entertainment: Monthly credits for subscriptions including Disney+, ESPN+, and more, expanding to include Paramount+ and YouTube TV.
- Up to $300 in Lululemon credits: Offering $75 in credits each quarter for eligible purchases at Lululemon.
- Up to $120 for Uber One membership: Annual credits for an Uber One subscription, in addition to existing Uber Cash benefits.
- Up to $200 in Oura credits: Statement credits when purchasing an Oura Ring.
Importantly, previous benefits remain intact, such as airline incidental credits and Saks Fifth Avenue credits, further enhancing the card’s value proposition. Nonetheless, prospective and current cardholders should assess their spending habits against these new credits to determine if they align with the increased fee.
The Business Platinum Card from American Express is also getting an upgrade, with its fee now increased to $895. Among its newfound benefits are annual statement credits of up to $600 for hotel bookings and potential credits of up to $3,600 for eligible flights when spending reaches $250,000 in a calendar year. Additional benefits include enhanced credits for technology purchases from Dell and Adobe, alongside the traditional perks already offered by the card.
As these high-end offerings emerge, cardholders are encouraged to evaluate whether the upgraded Platinum Card aligns with their travel and spending preferences, especially in light of the fee increase. The significant welcome bonus for newcomers, potentially offering up to 175,000 bonus points after meeting spending thresholds in the first six months, may entice those seeking to maximize their initial investment in the card’s benefits.
