American Express just rolled out a refreshed version of the Platinum Card®, and while the annual fee has jumped from $695 to $895, the value proposition is stronger than ever. The new pricing clearly positions this card as a top-tier lifestyle travel card, but Amex didn’t just hike the fee and call it a day. They enhanced the existing benefits and layered in new ones that could easily justify the increase. Crucially, none of the legacy perks have been stripped away.

For many cardholders, the added credits and upgrades will more than offset the extra $200, assuming you can tap into them. And if you’re already a Platinum member as of September 18, 2025, you’ll get access to the new benefits right away, even though the higher fee won’t kick in until your renewal date on or after January 2, 2026.

The welcome bonus can be upwards of 175,000 points, which alone provides great value in year one. However, in addition to a big welcome bonus, the annual perks and credits should be enough for most people to keep the card year after year. Some of the better perks include airport lounge access, hotel status and benefits at Fine Hotels + Resorts and The Hotel Collection properties.

If the perks don’t do it for you, perhaps the credits will. The Card comes with thousands of dollars in annual credits. Highlights include a $200 flight credit, $200 Uber credit, $300 Lululemon credit, $400 Rest credit, $300 digital entertainment credit and $600 hotel credit. That’s $2,000 in potential value right there and that’s not the full list of credits.

With its latest pricing update, the Amex Platinum now sits squarely in the “ultra-premium lifestyle travel card” tier, but there’s also so many benefits.

Who is this card for?

The new increased fee can be worth it, but only if your lifestyle aligns with the perks. The Platinum Card is likely still worth it if you:

• travel enough to value airport lounge access, hotel elite status, a CLEAR Plus membership and will utilize the $200 flight credit
• stay in luxury hotels at least twice per year
• dine out regularly and have access to restaurants in the Resy network
• use Uber and Uber Eats regularly
• value the shopping credits (Lululemon, Walmart+, Saks, Oura Ring and Equinox)

You can apply for the The Platinum Card® from American Express here.

Card Features

Charge Card vs. Credit Card

Unlike a credit card where you can carry a statement balance from one month to the next, the The Platinum Card® from American Express is a charge card; you need to pay off your balance each statement period.

One of the most important features of charge cards is that they have no preset spending limit. This means that there is no hard limit placed on how much money you can spend on credit.

Welcome Bonus

The current public offer is up to 175,000 bonus points after you spend $8,000 on purchases in the first six months. Amex provides a unique welcome bonus for every applicant, so it’s hard to know beforehand what your personal offer will be. However, during the application process, Amex will show you your offer and give the applicant an opportunity to accept or decline before submitting the application.

Annual Fee

The card comes with a $895 annual fee. While it’s $200 higher than the previous annual fee, many cardholders will find that the card’s new and enhanced credits more than offset the extra fees.

Earning Rates

The bonus earning rates on The Platinum Card® from American Express are geared towards travel,

• 5x points per $1 spent on airfare booked directly with airlines or through American Express Travel
• 5x points per $1 spent on prepaid hotels booked on American Express Travel
• 1x points per $1 on all other spending

Redeeming Points

The flexibility of Amex Membership Rewards® points is evident when it’s time to redeem for travel.  You can book travel through American Express Travel, which is an online travel agency booking site similar to Expedia or Orbitz. It comes with superior customer service more in line with what an American Express cardholder would expect.

American Express Travel isn’t your only option, however. You can often get even greater value by transferring points to any of their 19 airline partners or 3 hotel partners and really maximize your points!

For example, 25,000 Amex Membership Rewards® points are enough for a round-trip coach award trip to Hawaii from many West Coast hubs.

One thing to be aware of is that when transferring your points for airline miles, you’ll notice that transfer ratios vary depending on the frequent flyer program you’re transferring points to. So just be sure that you’re getting good value before you transfer points because you can’t get them back once they’re gone!

For more information on Amex’s flexible points program, check out The Complete Guide to American Express Membership Rewards®.

Card Benefits

Pro Tip: Whenever you see “Enrollment Required” listed for a benefit, it means you need to activate it on the Amex website before it will apply.

$200 Airline Flight Credit

Select one qualifying airline and receive up to $200 in statement credits per calendar year when incidental fees, such as checked bags, in-flight refreshments, flight-change fees, overweight baggage fees, airport lounge day-passes, pet-kennel fees, and phone reservation fees, are charged by the airline to your Platinum Card. Enrollment required.

Pro Tip: Your airline choice must be made in advance and can only be changed annually.

$200 Uber Cash Credit

Cardholders receive up to $200 annually ($15 per month plus $35 in December) in Uber Cash, which can be used on Uber Eats orders or Uber rides in the U.S. 

$120 Uber One Credit

Cardholders can get up to $120 in statement credits each calendar year after purchasing an auto-renewing Uber One membership with your Card. 

$400 Resy Credit

Get up to $100 back in statement credits each quarter after you pay with the Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. Enrollment required.

$300 Digital Entertainment Credit

Get up to $25 back each month after paying for select digital subscriptions — Paramount+, YouTube Premium, YouTube TV, Disney+, a Disney+ bundle, ESPN+, Hulu, The New York Times, Peacock and The Wall Street Journal. Enrollment required.

$209 CLEAR® Plus Credit

You can cover the cost of a CLEAR Plus Membership (excluding any applicable taxes and fees and subject to auto-renewal) with up to $209 in statement credits per calendar year.

$600 Hotel Credit

Get up to $300 back in statement credits semi-annually for up to a total of $600 per year on prepaid stays booked through American Express Travel at Fine Hotels + Resorts® or The Hotel Collection.

Global Lounge Collection

With over 1,550 airport lounges, cardholders enjoy the benefits of the Global Lounge Collection, valued at over $850 annually. This includes access to Centurion Lounges, 10 complimentary Delta Sky Club visits when flying on an eligible Delta flight, Priority Pass Select membership (enrollment required), and other select partner lounges.

• Centurion Lounges: The cardholder is allowed free entry while guests are charged $50 per adult, or $30 per child aged 2 through 17. After $75,000 of eligible spend in a calendar year, the cardholder is permitted 2 complimentary guests per visit. 
• Delta Sky Clubs: The cardholder is allowed 10 Sky Club visit-days per year. After $75,000 of eligible spend in a calendar year, the cardholder is permitted unlimited visits through the end of the following calendar year.
• Priority Pass Lounges: The cardholder plus 2 guests are allowed free entry. This version of Priority Pass does not cover Priority Pass restaurants. Enrollment required.
• Airspace Lounges, Escape Lounges, Plaza Premium Lounges: Cardholder plus two guests are allowed free entry.

Fine Hotels + Resorts

When you book high-end hotels through a Fine Hotels + Resorts property through American Express Travel, you unlock a complimentary suite of benefits which include:

• Daily breakfast for two
• Room upgrade upon arrival when available (certain room categories not eligible for upgrade)
• $100 credit towards eligible charges (which vary by property)
• Guaranteed 4p.m. late checkout
• Noon check-in when available

The Hotel Collection

The Hotel Collection is a group of over 1,000 upscale hotels worldwide. When you book a stay through the AmexTravel.com, you’ll receive a $100 credit toward dining, spa and resort activities at the property. This benefit also provides an elevated travel experience, which includes:

• Upgraded room at check-in, when available
• Ability to pay with points
• Double points for prepaid bookings

Pro Tip: The credit only applies to stays of two consecutive nights or longer.

Hotel Status

Cardholders receive the following hotel status:

• Marriott Bonvoy Gold Elite Status
• Hilton Honors Gold Status
• Leaders Club Sterling Status

Benefits vary between programs, but on average, hotel status will give you increased earnings rates on paid stays, free water, breakfast and/or food vouchers, and upgrades to enhanced rooms upon check-in when available.

Global Entry or TSA PreCheck® Fee Credit

Like most premium credit cards, you’ll receive a statement credit of up to $120 every 4 years as reimbursement for the application fee charged to your card. Remember that Global Entry includes PreCheck®, so going with Global Entry is the smarter choice.

Auto Rental Collision Damage Waiver (CDW)

You can get primary rental car insurance with the card when you enroll in the American Express Premium Car Rental Protection program for up to 42 days. This is optional and you must opt-in to get the primary coverage. 

If you don’t opt in, coverage is secondary to your own personal coverage. Your rental car is covered up to $50,000 for damage caused by an accident, natural disaster or if the car is vandalized or stolen. For a complete description of the rental loss and damage coverage, check out the card’s Car Rental Loss and Damage Insurance guide.

The vast majority of credit cards offer some type of coverage when it comes to auto rentals. However, there are two different coverage categories (primary and secondary) and knowing the difference is key. Secondary coverage is what most credit cards offer and it applies after your own personal auto insurance policy. Typically it means that your auto insurer pays the claim, but the card will reimburse your deductible and potentially other costs not covered by your personal policy.

There are only a handful of consumer credit cards that offer primary auto rental CDW coverage:

• Chase Sapphire Preferred®
• Chase Sapphire Reserve®
• United℠ Explorer Card
• United Quest Card
• United Club Infinite Card
• Capital One Venture X Card
• Atmos™ Rewards Summit Visa Infinite® Card

Trip Cancellation/Trip Interruption Insurance

If your trip can’t start, is cut short or interrupted by sickness, severe weather or other covered situations, you can be reimbursed for prepaid, non-refundable travel expenses up to $10,000 per covered trip and up to $20,000 per 12 consecutive month period.

Trip Delay Reimbursement

If a round-trip is paid for entirely with your Eligible Card and a covered reason delays your trip more than 6 hours, this benefit can help reimburse certain additional expenses purchased with your card, up to $500 per trip, up to a maximum of two claims per 12 consecutive month period.

Lost Luggage Reimbursement

Up to $3,000 per person, but if you live in New York you get a maximum of $2,000 per bag.

No Foreign Transaction Fees

For those who travel internationally, this card does not charge foreign transaction fees.

$300 Lululemon Credit

Receive up to $75 in statement credits each quarter when you use the Card for eligible purchases at U.S. lululemon retail stores (excluding outlets) and lululemon.com. Enrollment required.

Pro Tip: You need to enroll through the Amex website to get this benefit.

$155 Walmart+ Credit

Get up to a $12.95 statement credit back each month after you pay for a monthly Walmart+ membership (subject to auto-renewal) with your Card.

$100 Saks Credit

Get up to $100 in statement credits annually for purchases at Saks Fifth Avenue or saks.com after you pay with your Card. That’s up to $50 in statement credits from January through June and up to $50 in statement credits from July through December. Enrollment required.

$200 Oura Ring Credit

You can receive up to $200 in statements credits when you use the Card to purchase an Oura Ring at Ouraring.com each calendar year. Enrollment required.

$300 Equinox Credit

Get up to $300 in statement credits each year at Equinox. Simply use your Card to pay for an Equinox+ digital subscription, or an Equinox club membership. Enrollment required.

Amex Offers

Amex Offers is a free program that saves you money or earns you points on shopping, dining and more. You choose offers from brands you love and get discounts in the form of statement credits or as extra points.

To redeem an offer, simply select the offer you want to add to your card. Then use your card to pay and see the savings or points add up on your statement.

Cell Phone Protection

When you pay your monthly cell phone bill with your card, you can get up to $800 per claim if your cell phone is damaged or stolen. Coverage is limited to 2 claims in a 12 month period and each claim has a $50 deductible.

Purchase Protection

This benefit covers your new purchases for 90 days against damage or theft up to $10,000 per occurrence and $50,000 per calendar year. As always, make sure you read the fine print for benefit terms and conditions. But you’ll sleep easy knowing your new, big purchases are covered.

Return Protection

Trying to return an eligible item within 90 days from the date of purchase and the merchant won’t take it back? Amex may refund the full purchase price excluding shipping and handling.

The coverage is limited to $300 per item and $1,000 in a calendar year. Purchases must be made in the U.S. or its territories.

Extended Warranty Protection

With this benefit, you can extend the time period of the U.S. manufacturer’s warranty by one additional year. This applies to eligible warranties of 5 years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000 and will not exceed $50,000 per Card Member account per calendar year. 

Who should look for another card?

If you’re not already holding the Platinum Card, the new $895 annual fee is a tough pill to swallow. That price point alone will deter plenty of would-be applicants. Additionally, the bonus categories don’t help its case as there are no elevated earnings on everyday essentials like groceries, dining, or gas. For a card at this tier, that’s a noticeable gap.

The real head-to-head competitor in the premium space is the Chase Sapphire Reserve® Card. Its annual fee was just bumped to $795, which still undercuts Amex by $100. More importantly, it comes with a straightforward $300 annual travel credit that’s easy to use, bringing the effective fee down to $495. Add in solid earning rates on travel booked through Chase and direct bookings with airlines and hotels, and it’s a compelling alternative.

If you’re looking to drop into the mid-tier zone, the American Express® Gold Card is a standout. At $250 per year, it’s a food-forward powerhouse with 4x points on dining and groceries. Between the dining credits and everyday earn potential, it’s easy to justify the fee. The American Express® Green Card is another option worth a look with a $150 annual fee, plus travel credits that help offset the cost.

And if you’re looking to keep things lean, both the Chase Sapphire Preferred® and Capital One® Venture® Rewards cards offer strong value at just $95 per year. They’re reliable workhorses with solid earning structures and enough perks to make them worth a spot in your wallet.

Bottom Line

The refreshed Amex Platinum Card now commands an $895 annual fee. But it’s not just a price hike, it’s a full-scale upgrade. With over $2,000 in potential annual credits, a massive welcome bonus, and no loss of legacy perks, the card firmly plants itself in the ultra-premium travel space. If you can leverage even a portion of the benefits like lounge access, hotel elite status, and lifestyle credits, the value easily outpaces the fee.

For frequent travelers and experience-driven spenders, this card isn’t just surviving the price jump, it’s thriving because of it. For more occasional travelers, the $200 fee hike makes it a tough sell.

Apply here for The Platinum Card® from American Express Card.