Amex Platinum revamp raises fee to $895, touts $3,500 in perks

American Express on Thursday unveiled a revamped Platinum Card that raises the annual fee to $895 while promising more than $3,500 in perks for cardholders each year. The move comes as premium credit cards push deeper into travel, dining and lifestyle benefits in a bid to retain customers amid growing competition in the market.

The refreshed card pockets a broad slate of credits and experiences designed to appeal to frequent travelers and lifestyle enthusiasts. Highlights include a $600 hotel credit for bookings at more than 3,100 Amex-selected properties, a $400 credit for Resy at more than 10,000 U.S. restaurants, and a $300 digital entertainment credit covering services like Apple TV, Disney+, Hulu, and Peacock. Cardholders also gain a quarterly $75 Lululemon credit (equating to $300 annually), a $200 Oura wellness ring credit, and a $120 Uber One credit on top of the existing $200 Uber Cash benefit. Existing perks remain intact, including a $200 airline-fee credit, a $100 Saks Fifth Avenue credit, a $300 Equinox credit, Walmart+ membership credit, and $199 CLEAR+ credit, along with ongoing access to Centurion Lounges and partner lounges. Spending on the Platinum Card also earns 5X Membership Rewards points on flights and prepaid hotels booked through AmexTravel.com.

Beyond the headline credits, Amex has built in value for everyday mobility and entertainment. The card continues to offer $200 toward airline fees, and it adds a $300 digital entertainment credit that supports streaming and other services. The company says the new benefits are valued at more than $3,500 per year, a claim that aligns with the way premium cards are marketed to justify higher fees through a mix of travel perks, lifestyle credits and access to exclusive experiences.

New customers are being offered as many as 175,000 Membership Rewards points — convertible into air miles — if they sign up and spend $8,000 in the first six months. Amex executives describe the revamp as a continuation of a strategy to position Platinum as the card for a generation that values luxury access, personalized service and a broad ecosystem of partners. The company notes that the Platinum Card remains popular among travelers who earn points on travel and use cardholder credits to pay for flights and hotels, and it emphasizes the card’s lounge access and concierge services as core differentiators.

Analysts note that premium cards increasingly rely on breadth of perks to retain customers as fees rise. In June, JPMorgan Chase rolled out a major update to its premium Sapphire Reserve card, lifting the annual fee to $795 from $550 and signaling a broader trend toward higher-cost, higher-value offerings. Chase says its revamped card delivers more than $2,700 in value through expanded travel, dining and entertainment benefits, including a $200 airline-fee credit and 5X points on flights and prepaid hotels booked via its travel portal.

“There is really nothing like Platinum Membership — we offer more value than ever, and with the scale of our lounge, dining and hotel programs, we make it easy for our card members to access this value,” Amex executive Howard Grosfield said. “Platinum delivers unmatched benefits, unforgettable experiences, and world-class service — powered by our award-winning digital capabilities.”

The broader market backdrop includes growing scrutiny of reward-point value as inflation weighs on consumer spending. A Bureau of Labor Statistics report cited by industry observers shows that the typical value of reward points has fallen roughly 20% since 2018, eroding the purchasing power of points for some users. In practical terms, a 50,000-point balance that might have bought a domestic flight in 2020 could be worth notably less today if not redeemed promptly.

As premium cards compete for affluent customers, observers say the success of Amex’s strategy will hinge on the perceived value of the credits and the ease with which cardholders can redeem them. For some travelers, the revamped Platinum Card’s extensive network of credits and experiences may justify the higher annual fee; for others, it may come down to how effectively the program translates into real, usable savings across travel, dining and lifestyle needs.