Amex revamps Platinum Card with $895 annual fee and $3,500 in perks

American Express on Tuesday unveiled a long-awaited revamp of its flagship Platinum Card, lifting the annual fee from $695 to $895 while promising more than $3,500 in annual value from a broad slate of benefits aimed at frequent travelers. The company emphasized lounge access, dining and hotel perks, and a refreshed design meant to appeal to a new generation of cardholders while maintaining rewards on travel purchases.

Among the new benefits are a $600 hotel credit for bookings at more than 3,100 Amex-selected properties; a $400 Resy credit valid at more than 10,000 US restaurants; a $120 Uber One credit added on top of the existing $200 Uber Cash; a $300 digital entertainment credit covering streaming services such as Apple TV, Disney+, Hulu, and Peacock; a $75 quarterly Lululemon credit ($300 annually); and a $200 Oura wellness ring credit. In addition to these new perks, cardholders will continue to earn 5X Membership Rewards points on flights and prepaid hotels booked through AmexTravel.com; a $200 airline fee credit; a $100 Saks Fifth Avenue credit; a $300 Equinox credit; a Walmart+ membership credit; and a $199 CLEAR+ credit, plus ongoing access to Amex Centurion Lounges and partner lounges.

Amex stressed that the benefits stack to a value well above the new price tag, saying the suite of perks totals over $3,500 a year for the typical traveler. Howard Grosfield, an Amex executive, said the program '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.'

Platinum's evolution reflects a broader shift in premium cards as issuers push for loyalty through credits and experiences. The Platinum Card launched in 1984 as an invitation-only product named for its perceived prestige; today, Amex notes the card is available to consumers with good or excellent credit and has found fans across generations, including Millennials and Gen Z.

The revamp comes as rivals also lift perks. In June, JPMorgan Chase updated its Sapphire Reserve card with a substantial annual-fee increase, and Chase has argued the expanded benefits can deliver more than $2,700 in value when used to cover travel, dining and entertainment purchases. Analysts have noted that such high-fee cards aim to drive loyalty by delivering perceived, tangible value rather than relying solely on point accrual.

The broader context for rewards comes as inflation weighs on the value of points. A recent Bureau of Labor Statistics report shows reward points have lost purchasing power, with a typical point worth about 20 percent less than in 2018. By example, a balance of 50,000 points earned in 2020 would be worth roughly $413 today instead of about $500, highlighting why credit-card issuers emphasize credits and credits-as-spending offsets.

    These high-rate cards aren't for everyone, but Amex's leadership argues that the new Platinum is designed to convert rewards into real-life benefits that travelers can use across airlines, hotels, dining, streaming and wellness. The company also points to price-value comparisons that place the Platinum alongside, or above, rivals in the premium segment, particularly for travelers who regularly use lounge access, hotel programs and premium dining services.