Amex Platinum refresh: $895 fee, new perks — is it worth it?

Quick summary

A premium travel card has increased its annual fee for the first time in four years, adding new lifestyle and travel credits to justify the higher cost.
The refresh introduces new credits for fitness, dining, wearable tech and streaming, while enhancing existing hotel and airport security perks.
Most new benefits are available immediately, but the higher fee applies to renewals after January 2, 2026.
The card now targets frequent travelers and those who can maximize a wide range of lifestyle credits.

What to consider

Enrollment is required to activate many of the new and existing credits, and some benefits are offered on a quarterly or biannual basis.
Unused quarterly credits expire if not redeemed within the period, so planning is essential to capture full value.
The welcome bonus is among the highest available, valued at up to $3,500 as of September 2025 per TPG’s valuations, but eligibility and bonus amounts may vary.

What you'll miss from the article

A detailed breakdown of how to strategically use new and existing credits to offset the higher annual fee and maximize value.

Generated by AI with support from our editorial team.

Update: Some offers mentioned below are no longer available. View the current offers here.

American Express has overhauled its flagship The Platinum Card® from American Express, boosting the annual fee from $695 to $895 (see rates and fees) and adding a suite of new statement credits and travel and lifestyle perks.

This is the card’s first fee hike in four years and its most significant refresh since 2021, when Amex first piled on statement credits to justify a jump from $550 to $695.

The Platinum Card® from American Express — Find out your offer: You may be eligible for as high as 175,000 Membership Rewards points after spending $12,000 in eligible purchases on your new card in your first six months of membership. Welcome offers vary, and you may not be eligible for an offer.

Now, it’s testing how much value cardmembers can extract from an even higher price tag — one that is, thankfully, less than the $1,000-plus fee we feared may arrive.

Let's dive in to decide whether the new perks justify holding onto this card for another year or applying for it in the first place.

What’s new in the Amex Platinum refresh?

Amex has added new perks and boosted several existing ones, while leaving earning rates untouched. Most changes are effective immediately for new and existing cardmembers, though the higher annual fee won’t kick in for renewals until Jan. 2, 2026.

Here’s how the card stacks up after the refresh:

Annual fee

Increase from $695 to $895 (29% jump)
Effective immediately for new cardmembers; Jan. 2, 2026 for existing cardmembers
$100 higher than the refreshed Chase Sapphire Reserve® (see rates and fees)
No change to $195 authorized user fee (see rates and fees)

Woman using a laptop — KSENIYA OVCHINNIKOVA/GETTY IMAGES

Statement credits

There are four new credits, and enhancements to three existing credits:

Category*	Before	Now
New statement credits	—	Up to $75 quarterly Lululemon at U.S. stores (excluding outlets) and online Up to $200 annual Oura Ring (hardware only; not for memberships) Up to $100 quarterly for U.S. Resy restaurants Up to $120 for Uber One membership (subject to auto-renewal)
Hotel credit	Up to $200 annually	Up to $300 biannually (every six months)
Digital entertainment credit	Up to $20 monthly	Up to $25 monthly Paramount+, YouTube Premium and YouTube TV added
Clear+ credit	Up to $199 annually	Up to $209 annually (matches July price hike; subject to auto-renewal)

*Enrollment required for select benefits

New hotel and dining perks

Leaders Club Sterling status (The Leading Hotels of the World); enrollment required
Platinum Nights by Resy (currently only in Los Angeles, Miami and New York City)

Unchanged benefits

These statement credits are staying the same (enrollment required):

Airline (up to $200 in statement credits with selected airline)
Equinox (up to $300 in Equinox credit per calendar year on Equinox gym and Equinox+ app memberships, subject to auto-renewal)
Global Entry/TSA PreCheck ($120 statement credit for Global Entry every four years or an up to $85 fee credit for TSA PreCheck every 4½ years)
Uber Cash (up to $200 per calendar year, valid on Uber rides and Uber Eats orders in the U.S.; Amex Plat must first be added to your Uber account and you can then redeem with any Amex card)
Walmart+ (up to a $155 statement credit per calendar year on one membership, subject to auto-renewal, Plus Up excluded.)

As are these perks (enrollment required):

Hilton Honors and Marriott Bonvoy Gold status
Lounge access

And there are no changes to earning rates.

New limited-edition card design

There’s also a limited-edition mirrored card design rolling out alongside the refresh.

limited editon mirror american express platinum cards — AMERICAN EXPRESS

Existing Amex Platinum cardmembers can request it by ordering a replacement card online.

How do these changes affect existing cardmembers?

Even though my annual fee just posted earlier this week at the $695 rate, I am eligible to use the new credits immediately. The increased $895 fee won’t hit until my next renewal after Jan. 2, 2026.

That creates a valuable window to front-load credits and soften next year’s price hike.

Here’s how I’d tackle it:

Enroll before you spend

Activate the new Lululemon, Oura Ring, Resy and Uber One benefits in your Amex account before making any purchases so your credits trigger correctly.

Use your Q3 credits by the end of September

These are quarterly, so if you don’t use them this month, you lose them:

Up to $75 Lululemon: Stack with Rakuten shopping portal and browse deals in the secondhand and “We Made Too Much” sale sections
Up to $100 Resy: No reservation required; just pay the bill at a U.S. Resy-affiliated restaurant.

Revisit your streaming lineup

The $5 increase in the monthly digital entertainment credit helps combat rising streaming costs. It's useful for YouTube Premium or YouTube TV, so update your billing to your Platinum Card.

Family watching tv and eating popcorn at home — FG TRADE/GETTY IMAGES

Remember, you already get free ad-supported Paramount+ or Peacock (separate enrollment required) via your Walmart+ membership, so only use this credit if you want to upgrade to the ad-free versions of these services.

Plan two hotel stays a year

The up to $300 biannual hotel credit is generous.

I used the old $200 credit in June in Porto, Portugal and am now planning another $300-plus stay before the end of the year.

Waldorf Astoria Seychelles villa with pool — ERIC ROSEN/THE POINTS GUY

My recommendation is to use the credits either for two nights (the required minimum) at a The Hotel Collection property (more affordable) or a one-night stay at a Fine Hotels & Resorts hotel (more expensive).

Activate other perks

Pay for a Uber One membership with your card (up to $120 statement credit which fully covers a $96 annual or $9.99 monthly membership)
Sign up for Leaders Club for free and then enroll for Sterling status (an odd fit given Leaders Club isn’t an Amex transfer partner, but status can be handy if you stay at these luxury properties)

What’s in it for new cardmembers?

With the new pricing, the Amex Platinum is now clearly positioned as a $895 ultra-premium lifestyle travel card.

It can make sense if you:

Travel often enough to use lounge access, hotel elite status and expedited security with Clear+
Eat out frequently to burn through the quarterly Resy credits
Shop at Lululemon or want an Oura Ring
Stay at luxury hotels twice per year

If you can reliably use even half of the credits, you’ll offset the fee and then some. But if you don’t travel much or can’t use the lifestyle credits, this card won't make sense for you.

Woman in airport with suitcase — D3SIGN/GETTY IMAGES

This isn’t a catch-all travel rewards card, though.

The earning rates remain unchanged — and frankly underwhelming — at 5 points per dollar on flights booked directly or through American Express Travel® (up to $500,000 each calendar year, then 1 point per dollar) and prepaid American Express Travel® hotels and just 1 point per dollar on everything else. It’s clear Amex expects cardmembers to pair it with a card like the American Express® Gold Card for dining and groceries.

Find out your offer: New cardmembers can see if they're eligible for a welcome bonus as high as 175,000 bonus points after spending $12,000 on purchases in the first six months of card membership. (Welcome offers vary, and you may not be eligible for an offer.)

That welcome bonus is worth up to $3,500, according to TPG’s September 2025 valuations. This is one of the highest bonuses a new cardmember can earn if they're targeted.

My take: Is it still worth it?

As expected, this refresh is credits-heavy — and while that can be lucrative, it also adds friction (or “breakage,” in credit card industry terms) if you don’t plan for them.

What works?

I’m glad to see no further lounge access restrictions, given how much crowding has increased
The stack of new and existing lifestyle credits can offer real value for cardmembers who will use them
The hotel credit tripling to $600 is a standout and very usable if you plan two stays per year

Bar at LaCupula hotel in Madrid, Spain — MARRIOTT

What's missing?

A new bonus category like gas or online shopping
A more flexible Lululemon credit (biannual instead of quarterly)
A higher Saks credit to better match its $300 free-shipping minimum
Bonus points on hotels booked directly (not just prepaid via Amex Travel)
A broader airline credit to cover airfare, portal bookings or all travel (like the Sapphire Reserve’s travel credit)

This card has further morphed from an aspirational travel card to a high-maintenance lifestyle card. It can still be worth it if you’re willing to treat it that way.

Bottom line

The refreshed Amex Platinum is richer, more complex and more expensive than ever.

For frequent travelers who can actually use the stack of credits, it's a powerhouse. For more occasional travelers, the $200 fee hike makes it a tough sell.

If you’re keeping the card, enroll and then use your quarterly Lululemon and Resy credits before Sept. 30 and plan a $300-plus hotel stay before the end of the year. That’s the best way to soften the blow of your next $895 bill.

To learn more, check out our full review of the American Express Platinum Card.

Apply here: The Platinum Card from American Express

For rates and fees of the Amex Platinum Card, click here.

Update: Some offers mentioned below are no longer available. View the current offers here.

This is the card’s first fee hike in four years and its most significant refresh since 2021, when Amex first piled on statement credits to justify a jump from $550 to $695.

Now, it’s testing how much value cardmembers can extract from an even higher price tag — one that is, thankfully, less than the $1,000-plus fee we feared may arrive.

Let's dive in to decide whether the new perks justify holding onto this card for another year or applying for it in the first place.