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Update: Some offers mentioned below are no longer available. View the current offers here: The Platinum Card® from American Express

The Platinum Card from American Express has seen some substantial improvements over the last several months. Back in October, we learned it was getting a 5x bonus category for airfare purchased directly with the carrier or through Amex Travel, and earlier this month Amex announced additional new perks including $200 in annual Uber credits, 5x points on hotels booked through Amex Travel and a new metal card design.

While the Amex Platinum is a more compelling card than ever before, the downside is that the annual fee is about to increase. Starting March 30, if you apply for the card, you’ll pay $550 a year rather than the previous fee of $450. So if you’ve been considering adding this card to your wallet, it’s definitely worth signing up before that date to lock in the lower fee for your first cardmembership year. And if you currently hold the card, note that you’ll only be charged $550 this year if your renewal date is on or after September 1 (and everyone will be charged the full $550 in subsequent years).

With the $550 annual fee, the Amex Platinum will be the most expensive premium rewards card in its class, since competitors like the Chase Sapphire Reserve, Citi Prestige and the Ritz-Carlton Rewards Credit Card all still charge $450 per year. However, if you’re able to take full advantage of the new Uber perk — which gets you Uber VIP status plus $15 toward rides each month and $35 in December—  it isn’t hard to recoup the extra $100.

Bottom Line

At $550 per year starting on March 30, the Amex Platinum is certainly on the expensive side. Even $450 isn’t cheap, but if you can maximize its perks, such as earning an impressive 9.5% return on airfare and hotel purchases, it can definitely be worth a place in your wallet. If you’re interested, strongly consider signing up before March 30 so you can enjoy the new benefits without having to pay the higher annual fee for the first year.

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.