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| Cardholders will now have to pay an $895 annual fee. American Express |
American Express just raised the annual fee on its Platinum card to $895, adding expanded perks in dining, travel, wellness, and entertainment to justify the cost.
A Higher Price Tag for Premium Status
For many cardholders, the American Express Platinum card is more than a payment tool — it’s a status symbol. But beginning in late 2025, that prestige will come at a higher cost.
American Express unveiled its revamped Platinum card on Thursday, boosting the annual fee to $895 — a $200 hike. The change takes effect at the next renewal date for consumer members on or after January 2, 2026, and for business members on or after December 2, 2025.
Despite the increase, Amex claims the new Platinum offers more than $3,500 in annual benefits across categories that reflect how customers actually spend, including dining, hotels, and wellness.
“It’s about the price value, and I think we got that right,” said Anthony Cirri, Amex’s EVP of U.S. consumer cards. He added that he doesn’t anticipate major pushback from members.
With this update, Platinum now costs more than its biggest rival, the Chase Sapphire Reserve, which charges $795 annually.
Why Amex Is Betting Bigger on Premium
Premium credit cards have been a profit engine. Fees collected from cardholders more than doubled between 2015 and 2022, rising from $3 billion to $6.4 billion, according to the Consumer Financial Protection Bureau.
Amex itself reported “strong demand” for premium products in its latest earnings. The Platinum refresh has been in development for 18 months, and Cirri emphasized it was not a reaction to Chase’s recent updates.
To underscore Platinum’s status appeal, Amex will also offer a limited-edition mirror design, available for six months or until supplies run out.
What $895 Gets You: A Breakdown of New Perks
🍽 Dining Benefits
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$400 annual Resy credit at restaurants booked through Amex’s reservation platform.
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Access to “Platinum Nights” — exclusive tables at Resy restaurants in New York, Los Angeles, and Miami.
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Amex members collectively spent $87 billion on dining in 2024, underscoring the demand for these benefits.
🏨 Travel and Hotel Benefits
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$600 hotel credit at 3,100+ properties in Amex’s partner network.
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Access to 1,550+ airport lounges, including 30 Centurion Lounges.
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New lounges planned for Salt Lake City, Newark, and Amsterdam by end of 2026.
🧘 Lifestyle and Wellness Benefits
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$300 annual Lululemon credit.
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$200 Oura Ring credit for wellness tech.
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$120 credit for Uber One memberships.
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Expanded digital entertainment perks: credits up to $300 annually for Paramount+, YouTube Premium, and YouTube TV.
📱 A Revamped Amex App
The redesigned Platinum app will feel, in Cirri’s words, “more premium, more customizable, more platinum.” Features include:
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Enrollment and tracking of benefits.
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Integrated Resy browsing.
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Travel inspiration and booking tools.
The Bigger Picture
The Platinum refresh illustrates a broader trend: premium card issuers are doubling down on experiences, wellness, and digital services to appeal to younger affluent consumers, particularly millennials and Gen Z.
Amex is betting that even at $895 a year, the Platinum card will remain attractive — both for the tangible perks and the prestige it conveys.
