American Express Platinum Card gets pricier, adds dining credit and more perks

NEW YORK — American Express on Thursday unveiled a refresh of its Platinum Card, lifting the annual fee to $895 while expanding the lineup of benefits in a bid to justify the higher price in a competitive premium-card market.

The revamp adds a $600 annual hotel credit through AmEx’s travel portal, a $400 dining-out credit via its Resy reservation platform, $300 to spend at athletic-apparel retailer Lululemon, and a $300 digital-entertainment credit that can be used toward streaming services or news outlets. AmEx said the total value of these benefits is roughly $3,500, a figure the company argues far exceeds the new $895 price tag. The changes take effect immediately, and existing perks such as a $200 airline-fee credit and a Saks Fifth Avenue shopping credit remain in place. The card’s physical upgrade includes a stainless-steel design with a high-gloss, mirrored finish.

Howard Grosfield, group president of U.S. Consumer Services at AmEx, said the company is aiming to deliver benefits that amount to far more than the $895 fee and to provide multiple ways for cardmembers to exceed that cost. "What we are trying to do is two things: deliver $3,500 in benefits that are far in excess of the fee and make it easy to find multiple ways for card members to exceed that fee," Grosfield said in an interview.

The Platinum refresh comes as premium cards from rivals intensify competition. JPMorgan Chase updated its Chase Sapphire Reserve card in June with a $300 dining credit and a new $300 credit for concert and event tickets through StubHub, among other perks. Citi released the Strata Elite Card in August, and Capital One has its Venture X, with fintech firm Bilt expected to roll out a high-end card next year. Industry observers note that the broader market for premium cards has grown more crowded as issuers race to offer richer perks at substantial annual fees.

Industry research cited by the industry and consumer-protection communities shows that roughly 70% to 80% of all credit cards are linked to some loyalty program, a trend that has helped fuel the expansion of high-fee, high-reward products in recent years. In tandem with AmEx’s update, Chase said Wednesday it tweaked some rewards on the Sapphire Reserve to increase flexibility for customers, a sign of how quickly the premium card landscape is evolving.

AmEx has long leaned on a broad menu of discounts and partnerships—often described informally as a "coupon book"—to differentiate its products, while Chase has emphasized bonus points and more flexible redemption options. The Resy dining credit is advertised as usable at about 10,000 restaurants, a contrast to Chase’s dining credit, which AmEx noted covers hundreds of restaurants. AmEx also touts its lounge network, including Centurion lounges and a partnership with Delta Air Lines, as a key value driver for Platinum cardholders.

Grosfield concluded that AmEx’s Platinum Card remains in a league of its own after decades in the premium segment, signaling the company’s belief that the refreshed card will continue to command interest among high-spending travelers and status seekers.