AmEx Platinum upgrades offer more than $3,500 in perks as fee rises to $895

American Express on Thursday unveiled a refreshed lineup of US Platinum cards, pairing expanded perks with a higher annual fee of $895, up from $695. The overhaul reinforces AmEx's long-running strategy of layering premium benefits onto its top-tier cards to justify steep pricing, with executives signaling the refresh would deliver more than $3,500 in annual value.

The Platinum personal card will include dining credits via the Resy reservation service, credits for purchases at lululemon and Uber One memberships, as well as expanded hotel and entertainment perks. Howard Grosfield, AmEx’s group president of US consumer services, said the refresh offers more than $3,500 of value that is easy to access and far exceeds the annual fee.

Platinum Business cardholders will gain new credits for Dell and Adobe purchases, a $600 hotel credit and up to $3,600 in additional statement credits for high-spend customers. Raymond Joabar, group president of global commercial services, said there is strong demand for travel-related benefits such as hotel upgrades, late checkout and airport lounge access, and that members are expected to be excited.

Ahead of the upgrade, William Blair analysts wrote that the refresh could serve as a long-term tailwind for AmEx's financial results. Analysts also note that younger generations, which make up a significant share of AmEx cardholders, are more comfortable paying credit card fees, viewing them as subscription-like products that deliver value through travel, dining and entertainment experiences.

The move comes as Citi and other banks seek inroads into the premium credit-card space, even as AmEx maintains its deep roots in the segment. The company emphasizes that the refresh aligns with a broader strategy to monetize loyalty among high-spend customers and sustain its premium-brand moat.

Taken together, AmEx's Platinum upgrade demonstrates the company's ongoing bet on premium experiences tied to the card, with the higher annual fee justified by a broadened set of benefits. Investors will watch how the added perks influence engagement and overall results in upcoming quarters.