AmEx Platinum Card Adds $3,500 In Perks, But Annual Fee Jumps To $895

American Express just rolled out a major update to its U.S. Platinum cards, and it is sparking debate among cardholders everywhere. The fee is going up from $695 to $895, but AmEx says you’ll now get more than $3,500 in new and enhanced perks every single year.

That makes the American Express Platinum richer than ever.. but also more complicated. The question is whether you can actually extract enough value to justify nearly $900 a year.

Why the Platinum Got More Expensive

This is not American Express’ first rodeo with fee hikes. Back in 2021, the Platinum jumped from $550 to $695 after AmEx added credits for things like streaming services and shopping. Now, four years later, the same playbook is back: raise the price, load up on perks, and count on loyal customers to stick around.

American Express executives clearly feel confident that its high-spending base will see the math as favorable. They know enough cardholders will pay more if the perks feel premium enough.

What’s New With the AmEx Platinum

The Platinum already had lounge access, hotel status, and travel credits, but now AmEx is pushing deeper into lifestyle territory. Here’s a breakdown of the newest perks:

Dining & Lifestyle Credits

• Resy restaurants – Up to $100 per quarter at U.S. restaurants booked via Resy.
• Lululemon – Up to $75 per quarter at U.S. stores or online (excluding outlets).
• Oura Ring – $200 toward the popular fitness/health tracker.
• Uber One membership – $120 per year, covering most (if not all) of the cost.

Travel & Hotel Upgrades

• Hotel credits – Boosted from $200 annually to $300 every six months (so up to $600 a year).
• Leaders Club Sterling status – Free elite status with The Leading Hotels of the World.
• Platinum Nights by Resy – Exclusive dining experiences in NYC, Miami, and LA.

Entertainment & Convenience

• Streaming credits – Now up to $25 per month, usable on YouTube Premium, YouTube TV, or Paramount+.

These benefits come in addition to those Card Members already enjoy, including $200 Uber Cash ($15/mo, plus $20 bonus in December), $200 Airline Fee Credit for incidental purchases at one selected qualifying Airline, $100 Saks Fifth Avenue Credit ($50 semi-annually), $300 Equinox Credit, Walmart+ Monthly Membership Credit ($12.95/mo), $209 CLEAR+ Credit, and 5X Membership Rewards points for every dollar spent (up to $500k annually) on eligible flights and prepaid hotels booked through Amex Travel, as well as other benefits.

For business Platinum cardholders, there’s even more: $600 in hotel credits, Dell and Adobe credits, and up to $3,600 extra in statement credits for high spenders.

Howard Grosfield, AmEx’s group president of U.S. consumer services, explained the refresh this way: “We are giving our customers more than $3,500 of value that’s easy to access and far exceeds the annual fee.”

Travel Remains the Big Draw

Even though AmEx leaned hard into lifestyle perks this time, travel remains the backbone of the Platinum experience. Raymond Joabar, AmEx’s group president of global commercial services, emphasized just how much demand they’re seeing:

“We’ve seen strong demand for travel-related benefits like hotel upgrades, late checkout and airport lounge access and know card members will be excited.”

If you’re a frequent traveler, perks like Fine Hotels & Resorts benefits, Centurion Lounge access, and hotel elite status make this card a powerhouse. But the real question is: do the new lifestyle credits sweeten the deal enough to justify the $200 price hike?

How to Maximize the Platinum’s $3,500 in Value

If you want to make the Platinum worth it, you’ll need to use the perks strategically. Here’s a cheat sheet:

• Stack your quarterly credits – Don’t forget Resy ($100) and Lululemon ($75) reset every three months. Use them or lose them.
• Book two hotel stays a year – The new $300 every six months hotel credit is perfect for one weekend getaway in the spring and another in the fall.
• Enroll in Uber One – $120 credit covers the membership, so your Uber Eats and ride discounts are basically free.
• Shift your streaming – Move your YouTube Premium or YouTube TV billing to your Platinum card to tap into the $25 monthly credit.
• Clear security quicker – Sign up for Clear Plus ($209 credit) and pair it with TSA PreCheck/Global Entry for the smoothest airport experience possible.
• Upgrade your fitness gear – Take advantage of the $200 Oura Ring credit, even if it’s just for resale value.

Play it right, and you’re not just covering the $895, you’re getting well beyond it.

Is the New AmEx Platinum Worth $895?

It honestly depends on your lifestyle.

• Worth it if… you travel regularly, stay in nice hotels, eat out often, and want premium perks like lounge access and exclusive events.
• Not worth it if… you’re not into the “credits game” and would rather have simpler rewards with lower annual fees.

The reality is, AmEx has morphed the Platinum into a luxury lifestyle card rather than just a travel card. For the right guy, it’s a flex that pays for itself. For others, it’s just a high-maintenance wallet weight.

Final Thoughts

At $895, the AmEx Platinum Card is now the priciest mainstream premium credit card in the game, even more than the Chase Sapphire Reserve ($795). But the sheer volume of credits, perks, and status boosts make it compelling if you actually use them.

If you’re considering applying, remember there’s also a welcome bonus of up to 175,000 points right now, which AmEx values at around $3,500. That alone could cover several trips, hotel stays, or even a year of perks before you worry about the annual fee.

Needless to say, if you’re someone who travels often, dines out, and wants to live a premium lifestyle, the new AmEx Platinum is still one of the best cards you can carry. If not, the $200 hike probably makes this one a hard pass.

What do you think – Is the $895 AmEx Platinum worth it, or would you put that money toward travel directly instead of chasing credits?