Every few months, I do a routine financial checkup I like to call “Look At Money Time.” It’s where I scroll through my credit card and bank accounts to hunt down forgotten subscriptions, overdue savings goals, and questionable Seamless orders. But lately, my biggest question mark has been my American Express Platinum card especially now that the annual fee is jumping from $695 to a jaw-dropping $895.
When I wrote about Gen Z’s love affair with Amex last year, I ended up convincing myself to join the Platinum crowd. Despite the eye-watering cost, I bought into the promise of travel lounges, premium perks, and lifestyle credits. But with this latest hike, “Look At Money Time” has turned into “Worry and Judge Self About Money Time.”
A Prestige Card With a Bigger Price Tag
The Platinum card, introduced in 1984, has long been a symbol of elite consumer status just behind the even-more-exclusive black cards. Alongside the Chase Sapphire Reserve, it offers champagne perks for those with a craft beer budget or so I thought.
Now, with a 29% fee increase, I find myself reevaluating whether the perks match the price. According to Ted Rossman, senior industry analyst at Bankrate, the card’s cost may be climbing out of reach for many. “I’m questioning if this is even mass market anymore,” he says.
Honestly? Same.
Rewards or Rigamarole?
For many users, the Amex Platinum card isn’t just about points it’s about identity. It offers status, exclusive access, and the psychological satisfaction of being “in the know.” But those rewards come with complexity. If you’re not organized or strategic, you might be leaving hundreds of dollars on the table.
Amex justifies the fee bump by touting over $3,500 in potential annual value. That includes new lifestyle perks like:
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$400 with Resy (Amex’s restaurant booking app)
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$300 at Lululemon
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$120 Uber One membership
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$300 for digital entertainment (YouTubeTV, Paramount+, etc.)
These perks join existing ones like airline credits, hotel perks, and shopping benefits at Saks, Walmart+, and Equinox. It’s clear Amex is moving beyond just travel they’re reshaping the Platinum card into a full-blown lifestyle product.
But that keyword is still potential.
The Coupon Book Conundrum
Amex executive Anthony Cirri defends the move, saying customers “understand what they’re getting and are willing to pay for it.” But that assumes cardholders actually redeem those benefits.
In reality? My track record is shaky at best.
I haven’t used my Uber credit regularly. I forgot to switch my streaming subscriptions to the Platinum card, so I missed out on the $300 entertainment credit. I bought a cheap item at Saks I didn’t really want just to use the $50 quarterly credit. As for Walmart+? I’ve got the credit, but never used it.
The lounge access supposedly one of the biggest perks is nice, but I kind of miss the rowdy camaraderie of the regular airport bar.
You Have to Play the Game and Not Everyone Has Time
Michael Miller, analyst at Morningstar, likens the card to a “high-end coupon book.” To get your money’s worth, you need to consciously reshape your spending habits around Amex’s chosen partners.
“You have to go along with the game,” he says. And he’s right.
I’m now scheduling fancy restaurant dinners through Resy and making my first-ever Lululemon purchases — not because I need these things, but because the credits are about to expire. I ended up spending more than I planned, all because of the psychological urgency of "using the perks."
Is It Worth It for Everyone?
Plenty of people love their Amex Platinums.
Take Madison Traughber, 26, a Gen Z devotee from Atlanta who calls her card “irreplaceable.” When she heard about the Lululemon perk, she ran to the store and eyed everyone else’s wallets to see who was doing the same. “It’s almost a signal that you’re in the know,” she says.
The airport lounge? For her, it’s a chance to impress older coworkers.
But Jim Hennessy, 50, a longtime Platinum user in Chicago, isn’t so sure. “The exclusivity has kind of gone away,” he says. He’s still weighing the value of perks like hotel benefits and Uber credits but the crowded lounges filled with chaotic 20-somethings aren’t helping.
A Luxury Card for a Selective Crowd
If fewer people want to stick with the Platinum card at nearly $900 a year, that might be part of Amex’s strategy.
The company says 98% of Platinum cardholders renew their membership an astonishing retention rate. But experts like Rossman believe Amex is intentionally steering toward a more affluent base. The fewer people who can justify the fee, the more exclusive the card becomes. From a merchant perspective, that’s a win.
As Nick Ewen from The Points Guy puts it: “We probably haven’t seen the ceiling yet on how high these annual fees can go.”
For Now, I’m Still On the Fence
Do I want to cancel my Platinum card? Maybe. But I still haven’t looked up when the fee officially rises which probably says something.
There are apps now that help track and maximize card benefits, and Amex is improving its own interface to guide usage. But even with tools, you still have to enroll for most benefits. Forget once, and the value disappears.
I’m lucky I can pay off my balance each month and don’t have to compare interest rates vs. reward values. But the cost of complexity the time, the decision fatigue, the need to always be optimizing is real.
Ultimately, the Amex Platinum isn’t just about perks anymore. It’s a gamified financial experience designed for people with time, money, and patience. Maybe I’ll get more strategic. Maybe I’ll become a spreadsheet girl. Maybe I’ll learn to love Seamless a little less.
Or maybe, just maybe, I’ll finally admit the game isn’t worth playing anymore.
