AmEx Raises Platinum Card Annual Fee to $895, Unveils Expanded Perks

American Express announced on September 19 that it is increasing the annual fee for its flagship Platinum Card from $695 to $895 while rolling out new travel, dining and lifestyle credits. Existing cardmembers will see the higher fee upon renewal on or after January 2, 2026; new applicants pay $895 immediately.

The fee hike comes alongside enhancements designed to deliver more than $3,500 in annual value, reinforcing AmEx’s strategy to position the Platinum Card as an ultra-premium subscription for affluent travelers and consumers.

Expanded Credits and Benefits

Hotel Credit: Up to $600 annually (split into $300 every six months).
Dining Credit: $400 per year for reservations made via Resy.
Retail Credit: $300 annual statement credit at lululemon.
Digital Entertainment: $20 monthly credit toward streaming services and news subscriptions.

Why It Matters

With competitors like Chase and Citi boosting their own premium offerings, AmEx is doubling down on high-end perks to justify a nearly 30% fee increase. Cardmembers who maximize these statement credits can more than offset the additional cost, but infrequent travelers or diners may find the card’s value proposition diminished.

Additional Highlights

Limited-edition mirrored metal card design available to new cardmembers.
Earning rates unchanged: 5x points on flights and prepaid hotels; 1x on all other purchases.
Authorized user fee remains $195.
Enrollment required for most credits; benefits begin immediately for new and existing cardmembers as of September 18.

American Express’s premium segment has seen robust demand, and this revamp underscores the trend of credit cards evolving into subscription-style services offering lifestyle experiences rather than simple rewards programs.