The Big News: Amex Platinum Card Fee Hike

In September 2025, American Express officially raised the annual fee for its U.S. Platinum Card (both personal and business versions) from $695 to $895. That’s a $200 increase — nearly 29% more. MarketWatch

This fee increase is accompanied by a fairly extensive revamp of benefits, credits, and perks. Amex is positioning the card as more premium than ever, with new lifestyle/dining credits, hotel credits, and enhancements to other offerings. The Points Guy

Existing cardmembers will see the new fee apply to renewals on or after January 2, 2026 for consumers; for business cardholders, the change starts December 2, 2025.

What New Perks and Enhancements Are They Offering?

To attempt to justify the higher fee, Amex bundled in a number of new or upgraded benefits. Here are the major ones:

Benefit	Old / Previous	New / Upgraded
Annual Fee	$695	$895 (Reuters)
Hotel Credit	~$200/year	Up to $600/year via two $300 semiannual credits on eligible prepaid Amex Travel hotel bookings (Fine Hotels & Resorts or The Hotel Collection) (The Points Guy)
Dining Credit (Resy)	Not present / smaller	Up to $400/year ($100 per quarter) at U.S. Resy restaurants/eligible payments (AP News)
Lululemon Credit	None / lower	Up to $300/year, or $75 per quarter for purchases at Lululemon U.S. stores (excluding outlets) + online (The Points Guy)
Digital Entertainment Credit	~$20/month (streaming, etc.)	Increased to $25/month, expanded to include YouTube Premium, YouTube TV, Paramount+ in addition to other streaming services. (The Points Guy)
Oura Ring Credit	New	Up to $200/year toward hardware (i.e. the ring), not membership. (The Points Guy)
Uber One Membership	New or upgraded	Up to $120/year credit for Uber One membership (auto-renewal subject) (The Points Guy)
Other existing benefits retained	Airport lounge access, elite status with Hilton & Marriott, Global Entry/TSA PreCheck/Clear credit, etc. Mostly unchanged. (The Points Guy)

Also worth noting: there is a new limited-edition mirror card design available. For existing cardholders, they can request a replacement card with the mirrored design. Business Insider

Is It Worth the Extra $200?

That’s the million-dollar question. Whether this makes sense depends heavily on how you use the card. Let’s break down the trade-offs, who gains, who loses, and what to watch out for.

Who’s Likely to Benefit

You’ll probably come out ahead if:

You travel frequently. If you stay at luxury hotels through Amex Travel often, you’ll be able to use the $600 hotel credit fully (two stays/year usually). Also, benefits like elite hotel status, airport lounge access, etc., likely get used.
You dine out and use lifestyle/brand credits. If Resy-affiliated restaurants are part of your regular dining, the Resy credits are valuable. If you shop at Lululemon, use streaming services, are into fitness / wellness gadgets like the Oura Ring, or use Uber One, these credits stack up.
You can track and optimize benefits. Many of the statement credits are quarterly or semi-annual; if you don’t use them, they expire. If you’re organized and can make use of what’s offered, you get more value per dollar of fee.
You make heavy use of travel perks. If the ancillary travel benefits are important (airport lounges, priority/ expedited security, travel protections, etc.), those non-monetary convenience/comforts count.

Who Might Not Benefit

If you are:

An occasional traveler, or only travel once a year; it may be hard to use the hotel credits fully.
Don’t dine out much or don’t often go to Resy restaurants, or aren’t interested in the partner brands (Lululemon, Oura, etc.).
Don’t use many of the smaller credits, or forget to activate/enroll. Some credits require enrollment, or are tied to specific merchants or behaviors (Resy-affiliated, etc.). If you forget those, you lose value.
Sensitive to cash flows: $895 is a big fee; it requires you to pay up front whether or not you’re getting immediate return.
Prefer simpler cards with fewer perks rather than “credit-bundles” you need to manage.

Break-Even Calculations

To “make the card worth it,” you might try to calculate your likely usage vs. fee:

If you get the $600 hotel credit, that covers a big chunk of the $200 increase already.
If you also use the $400 Resy credit, that’s another large chunk.
Add in Lululemon, digital entertainment, Uber One, etc. — with several of those you can easily rack up $200+ in “new” value above what you were getting before.

But note: credits are often structured so you can’t just throw a massive purchase one time — many are quarterly, or require spending at certain merchants, etc. So full value requires planning.

Risks and Drawbacks

Credit “breakage”: If you don’t use all credits before they expire, you lose them — common with cards with many perks.
Overcrowded benefits: Lounge access is nice, but some Centurion Lounges are often crowded; though Amex says they’re expanding capacity somewhat. Still, the experience may degrade when usage rises. The Points Guy
Complexity: More perks means more terms, enrollment steps, remembering “use or lose,” checking quarterly deadlines, etc. Some users may find the mental load isn’t worth the benefit.
Opportunity cost: That $895 could be used elsewhere (other cards, other financial tools) if you don’t get enough incremental benefit.

How This Compares to Competitors

It’s helpful to see what others in the premium card space are doing, to see whether Amex is reasonable or overreaching.

Chase Sapphire Reserve also raised its fee earlier in 2025 (from $550 to $795) and added benefits. Amex’s new fee (at $895) now exceeds that. Investopedia+2Business Insider+2
Many premium cards are trending toward “subscriptions” for lifestyles: travel + dining + experiential perks. The era where you got high rewards multipliers across a lot of spend categories seems to be yielding to cards that give big credits and benefits, but require usage. Amex is following this trend. Reuters+1
Some cards have lower fees but fewer or more limited credits; the big question is always “do I use what I’m paying for?” Comparing what you personally get with Amex vs what another card gives is critical.

What Cardholders Should Do / What to Consider

If you hold the Amex Platinum Card, or are thinking about applying, here are steps / questions to guide your decision:

Audit your past usage. Look at the last year: how many times did you stay in premium hotels, how often did you use lounge access, how frequently do you eat out at restaurant types that qualify for dining credits, etc. This tells you whether you’re likely to use enough of the perks to justify the increased cost.
Map out the new credits. Know which credits are quarterly, semi-annual, or annual; which ones require enrollment, which ones are at specific merchants or via specific platforms.
Maximize before fee renewal. For existing cardholders, since the new fee doesn’t hit until your next renewal date after the effective date (January or December 2025 depending on type), you have a window. Use up as many benefits, credits, etc., while your fee is still the lower amount. The Points Guy
Consider alternatives. If the new fee seems too high for your personal usage, see what other premium cards are in the market: Chase Sapphire Reserve, Capital One Venture X, or even cards with more modest fees but good benefits. Sometimes you’re better off splitting benefits across two or more cards.
Decide on cancellation vs retention. If after doing the math the net benefit is negative (or very marginal), canceling might be a rational choice — but check what things you lose (lounge access, travel protections, status, etc.). Also check whether you can downgrade to a lower-fee card and still get some benefits.

Broader Implications and What It Means

This Amex Platinum fee hike isn’t just a change for cardholders; it has wider implications for credit card marketing, consumer expectations, and the premium travel / lifestyle benefits space.

Trend toward premium pricing. As inflation, cost pressures, and competition in the rewards-card space increase, providers are pushing more perks — but also increasing fees. Amex’s move illustrates just how high annual fees can go, provided the card feels “luxury” enough.
Consumer expectations rising. People expect more than just points per dollar: exclusive access, hospitality, lifestyle perks, brand tie-ups. Cards are becoming “lifestyle memberships” more than just payment tools. But with that comes complexity.
Value becomes personal. Cards with big perks turn into “use-or-lose” puzzle pieces; the winners will be those who can tailor them to their lives. Those who travel a lot, dine out, use partner brands, etc., will benefit. Others might see fees that don’t match usage.
Pressure on competitors. Competing issuers will need to decide whether to raise fees themselves, improve perks, or offer more flexible benefits to maintain / win over customers.
Possibility of “benefit fatigue.” As more perks are added, cardholders might feel worn out by tracking and managing them. This could lead to dissatisfaction even when monetary value is theoretically present.

FAQ on the American Express Platinum Card Fee Hike

1. What is the American Express Platinum Card fee hike?

The American Express Platinum Card fee hike refers to the recent increase in the annual membership fee for the Platinum Card. In September 2025, Amex raised the annual fee from $695 to $895. This is a $200 increase, representing nearly a 29% jump. For existing cardholders, the new fee applies at renewal dates starting in late 2025 and early 2026, depending on whether you hold a personal or business version of the card.

2. When will the new annual fee take effect?

For consumer Platinum Cardholders, the $895 fee will apply to renewals on or after January 2, 2026.
For business Platinum Cardholders, the new fee begins on or after December 2, 2025. If your renewal happens before those dates, you’ll pay the old $695 fee one last time before the higher fee takes over.

3. Why did American Express increase the Platinum Card fee?

Amex justifies the fee hike by pointing to expanded benefits, lifestyle perks, and premium travel credits added to the card. The company is positioning the Platinum Card as a “luxury lifestyle membership” rather than simply a credit card. Rising travel costs, inflation, and competition among premium cards also contributed to the decision. In short, Amex believes that the new package of perks offsets the higher price—if you use them.

4. What new benefits come with the Amex Platinum fee hike?

To soften the blow of the higher fee, American Express introduced and expanded several benefits:

Hotel Credit: Up to $600 annually (two $300 credits per half-year) for prepaid hotel bookings through Amex Travel.
Dining Credit (Resy): Up to $400 annually ($100 per quarter) for eligible U.S. Resy restaurants.
Lululemon Credit: Up to $300 annually ($75 per quarter) at Lululemon stores and online (excludes outlets).
Digital Entertainment Credit: Increased to $25 per month (covering services like YouTube Premium, YouTube TV, Paramount+, Disney+, etc.).
Oura Ring Credit: Up to $200 annually toward an Oura Ring device.
Uber One Credit: Up to $120 annually for Uber One membership.
Other perks unchanged: Lounge access, elite status with Hilton and Marriott, Clear/Global Entry/TSA PreCheck credit, etc.

5. How much extra value do these benefits provide?

According to American Express, the total annual value of credits and perks exceeds $3,500. Of course, this is the maximum value if you use every benefit fully. For example:

Use both hotel credits = $600
Max out dining credits = $400
Use full Lululemon = $300
Digital entertainment = $300 annually
Uber One = $120
Oura Ring = $200

That’s over $1,900 in “new” or upgraded value, not counting the existing perks like lounge access.

6. Is the Amex Platinum still worth it after the fee hike?

It depends on your lifestyle:

Worth it if you travel often, stay in luxury hotels, enjoy dining out at Resy restaurants, shop at Lululemon, or want wellness perks like the Oura Ring. In this case, the credits can easily exceed the $895 fee.
Not worth it if you don’t travel often, rarely dine out, or won’t use brand-specific credits. You may find yourself paying for perks you don’t use, making the $895 fee too expensive.

7. How does this fee compare to other premium credit cards?

Chase Sapphire Reserve: Annual fee of $795 after its own fee increase earlier in 2025.
Capital One Venture X: Annual fee remains $395 (much lower, but with fewer luxury perks).
Citi Prestige (discontinued for new applicants): Historically had a $495 fee.

With the fee hike, Amex Platinum now sits at the top end of annual fees, making it one of the priciest mainstream premium credit cards.

8. Can I avoid the higher annual fee?

No, the fee is mandatory for all Platinum cardholders. However, you can:

Downgrade to a lower-tier Amex card (like the Gold Card or Green Card) before your renewal date.
Cancel your card if you decide the value no longer outweighs the cost. Some cardholders also call Amex retention specialists to request a retention offer (bonus points or credits) to offset the renewal fee. These are not guaranteed but worth trying.

9. What happens if I cancel my Amex Platinum because of the fee hike?

If you cancel:

You lose access to all Platinum benefits immediately.
Unused credits vanish once the account closes.
You also lose lounge access, hotel statuses, and other travel perks tied to the card. If you cancel within 30 days of your annual fee posting, Amex usually refunds the full fee. Cancel later, and you may get a prorated refund depending on their policy.

10. How should I decide whether to keep or cancel my Platinum Card?

Ask yourself:

Did I fully use my credits last year?
Do I stay at Amex Travel hotels often enough to use the $600 credit?
Will I realistically use dining, Lululemon, Uber, and entertainment perks?
Do I still value airport lounge access and hotel statuses?

If the total value you receive exceeds $895 annually, the card is still a good fit. If not, it may be time to downgrade or switch to another premium card.

11. How does the Amex Platinum fee hike affect business cardholders?

Business Platinum cardholders also face the increase to $895, effective for renewals on or after December 2, 2025. Their perks overlap with the personal card but also include some business-focused benefits like Dell credits. Business owners should carefully review whether their company spends align with the available credits.

12. Does the fee hike mean better lounge access or travel protections?

Not significantly. The Centurion Lounge network remains one of the strongest draws of the Amex Platinum Card, but overcrowding has been an ongoing issue. While Amex continues to open new lounges and expand space, the fee hike itself did not directly improve lounge availability. Travel insurance benefits, car rental coverage, and other protections remain largely unchanged.

13. What if I don’t live near Resy restaurants or Lululemon stores?

That’s one of the biggest concerns about this fee hike. Many of the new credits are location- or merchant-specific. If you don’t live in a major U.S. city with Resy partners or near a Lululemon store, you may struggle to use those credits. In that case, the Platinum Card may not deliver full value, and another card might suit you better.

14. Could Amex raise the Platinum Card fee again in the future?

It’s possible. Credit card companies often adjust fees every few years, especially as inflation rises and customer expectations shift. However, given that the fee has jumped from $550 to $695 and now $895 in just a few years, it may stabilize for some time. Future increases will likely come with even more lifestyle or travel benefits to soften the blow.

15. What are the best alternatives if I don’t want to pay $895?

If the new annual fee feels excessive, consider:

Amex Gold Card ($325 fee, strong dining and supermarket rewards).
Chase Sapphire Reserve ($795 fee, simpler $300 travel credit, solid lounge access).
Capital One Venture X ($395 fee, unlimited lounge visits, travel credits, lower cost).

Each offers strong rewards without the extreme annual cost of the Platinum.

Final Verdict

So, is the Amex Platinum Card fee hike reasonable? For many, the answer will be “yes, if you use its perks well.” For others, especially those who don’t travel often or use the lifestyle credits, it may feel like paying for things you don’t really need.

If I were you and considering whether to keep Platinum or get it, here’s my take:

If you will use the travel / hotel / dining / lifestyle perks (including credits) and you enjoy the premium features, the new $895 fee can be justified, possibly even exceeded, in value.
But—if you’re getting little usage of those perks, or if you’d have to stretch to use them, the burden of managing all the credits and making sure none go to waste may outweigh the benefits.
Also, consider that perks + credits can feel like work: you have to keep track, enroll, use in specific portals, etc. If that seems tedious, a simpler card with fewer perks but also lower cost might align better with your lifestyle.

The Big News: Amex Platinum Card Fee Hike

What New Perks and Enhancements Are They Offering?