The Platinum Card from American Express recently reclaimed its first-place rank as the most expensive mainstream travel credit card after briefly being dethroned by the Chase Sapphire Reserve this summer. In exchange for well over $1,000 in new benefits, the Amex Platinum now costs a whopping $895 a year, up $200 from the current annual fee of $695.
To justify the annual fee price hike, the Amex Platinum now offers more than $3,500 of value in annual credits and benefits. It also comes in an optional, limited-edition mirror finish, which current cardholders can request through their online dashboard or via the Amex app.
The new and revamped slate of perks include many genuinely useful benefits, while others are more niche or harder to apply. The question is whether this revamped Platinum still makes sense for many travelers today, or if it’s becoming a coupon book dressed in mirrored silver metal.
What is the Amex Platinum’s new annual fee?
The Amex Platinum’s annual fee increased to $895 on September 23, up from the current yearly rate of $695. This once again makes the Amex Platinum the priciest of the premium travel rewards cards, following the refresh of the Chase Sapphire Reserve card, which now has an annual fee of $795. (For cardholders who already had the Amex Platinum before the September 23 update, the new fee kicks in for their next renewal date on or after January 2, 2026.)
Additional cards for authorized users, such as a family member, cost $195 a year apiece and come with most of the same benefits that the primary cardholder gets, such as access to a plethora of airport lounges, including the luxe Amex Centurion Lounges.
What are the Amex Platinum’s new annual credits?
Many Amex Platinum cardholders are thrilled about the card’s new annual credits. These include a new annual credit for eligible hotel stays booked through Amex worth up to $600; dining credit for eligible Resy transactions worth up to $400 yearly; up to $200 a year toward Oura ring purchases; and up to $300 in annual credit for Lululemon purchases. Amex also increased the amount for statement credits on streaming services, Uber rides, and CLEAR Plus expedited security screening; and added complimentary hotel elite status with Leading Hotels of the World.
Travelers are particularly excited about the new annual credit for Amex hotel stays, which is split into two increments of up to $300 twice a year. Booking through Amex Fine Hotels + Resorts or The Hotel Collection (two-night minimum stay required) comes with a slew of premium benefits such as late check-out and early check-in when possible, and complimentary upgrades if available.
Credits that are also popular with cardholders include those for Lululemon and Resy, which are very easy to use: Simply pay with your Amex Platinum at checkout, and the credit will automatically appear on your credit card statement (benefits must be activated via the Amex website or app, prior to making the purchases). However, cardholders report that the Oura ring credit is less user-friendly, since it only applies to new equipment purchases and cannot be used toward the required monthly subscription.
Are there any changes to points earning rates for the new Amex Platinum?
The new Amex Platinum has the same earning rates as before: 5 Amex points per dollar on flights booked directly with airlines, as well as on flights and prepaid hotels booked through Amex. It earns 1 point per dollar on all other purchases.
This means most transactions that qualify for Amex credits—Resy dining, Lululemon purchases, Equinox subscriptions, and more—will only earn 1 point per dollar. Of course, the automatic statement credit will make up for some of the lost earning potential, but these reward rates make the Amex Platinum much more of a lifestyle card rather than a great option for daily payments.
What benefits are staying the same on the new Amex Platinum?
Beyond the many additions in value and the increased annual fee, the “new” Amex Platinum is mostly unchanged from its previous iteration. Cardholders still earn rewards at the same rate as before, and none of the existing benefits changed for the worse.
Current Amex Platinum cardholders got to enjoy their upgraded benefits immediately, while existing Chase Sapphire Reserve cardholders have to wait until October 26 to begin reaping the benefits of that upgraded card, which were announced in June. In fact, the Amex Platinum’s updates have been so popular that some cardholders have declared online that they plan to cancel their Chase Sapphire Reserve in favor of getting or keeping the Amex Platinum.
Who should get (or keep) the new Amex Platinum?
Make no mistake: The new Amex Platinum is expensive. But for the right traveler, the annual fee is a no-brainer of an investment. Right off the bat, the Platinum card’s $600 annual credit on hotels booked through Amex can offset two-thirds of the $895 annual fee. On top of that, cardholders continue to enjoy an annual credit of up to $200 toward incidental expenses on their airline of choice, which covers costs like checked bags, seat upgrades, and the like.
Finally, the annual credits for Uber and CLEAR Plus are extremely easy to use, and more than cover the cost of the card if you can use them effectively throughout the year. That’s even before factoring many other soft benefits for travelers such as lounge access, generous travel insurance, complimentary elite status with Marriott, Hilton, and Leading Hotels of the World, and the credit for Global Entry or TSA PreCheck enrollment.
Even non-travelers can come out well ahead if they dine with Resy, shop at Lululemon, subscribe to streaming services like YouTube Premium or Disney+, and work out at Equinox. You can easily offset the card’s full annual fee from the $400 Resy credit, $300 Lululemon credit, $300 Equinox credit, and $300 streaming credit without even stepping foot on a plane. But where’s the fun in that?
