A major change is coming to one of the most popular premium cards in the country, and it will hit wallets soon.

Starting September 18, the annual fee will rise from $695 to $895—a $200 increase that has cardholders weighing whether the perks are still worth the price.

The company says this is its “largest investment ever in a card refresh,” promising to bring more value in travel, dining, and lifestyle benefits.

But with some credits also being reduced, many are asking if the trade-off really adds up.


American Express has a long history of “refreshing” its Platinum cards, often pairing higher fees with new perks. This time, the company is calling it its “largest investment ever in a card refresh.” But what does that mean for you?

1. The $895 Question: What Do You Get for the Money?​

• $400 Dining Credit: One of the most buzzed-about additions is a $400 annual dining credit, specifically for US Resy restaurants. If you’re a foodie or love dining out, this could help offset the fee—provided you use it.
• Expanded Hotel Credit: Amex is beefing up its hotel credits, making it easier to get value back if you travel frequently. Details are still emerging, but expect more options and higher potential savings.
• Centurion Lounge Access: The Platinum card’s airport lounge access has always been a major draw. Amex is opening three new Centurion Lounges (Newark, Salt Lake City, and Tokyo), bringing the total to 32 worldwide. If you’re a frequent flyer, this is a serious perk.
• Tock Reservation Access: Thanks to Amex’s acquisition of the Tock reservation platform, cardholders will soon have access to 7,000 more restaurants and venues for reservations—great for those who love exclusive experiences.
• Hundreds of New Hotel Partners: Amex’s hotel collection is expanding, with hundreds of new properties in popular destinations. More choices mean more ways to use your credits and points.

2. What’s Going Away or Getting Trimmed?​

• Reduced Flight Rebates: For Business Platinum cardholders, the 35% point rebate on business and first-class flights booked through Amex Travel is being reduced. This could sting if you’re a big points redeemer.
• Updated Dell and Adobe Credits: These business-focused credits have already been tweaked earlier this year, so check your benefits if you rely on them.

3. A New Look for a New Era​

In addition to the benefits shakeup, Amex is giving the Platinum card a facelift. The classic metal design is being swapped for a mirror-finish aesthetic. Whether this is a permanent change or a limited edition is still under wraps, but it’s sure to turn heads at the checkout counter.


Also read: The credit card that could save you hundreds on groceries in 2025

Let’s be honest: $895 is a lot of money for a credit card. But if you maximize the perks, the math can work in your favor. Here’s how to think about it:

1. Do you travel often? Lounge access, hotel credits, and travel protections can easily add up to more than the annual fee if you’re a frequent flyer.
2. Do you dine out regularly? The new $400 dining credit is a game-changer for food lovers.
3. Do you use the card’s other perks? Don’t forget about things like Uber credits, Saks Fifth Avenue credits, and streaming service discounts (on some Amex cards).

If you’re not using these benefits, the higher fee may be hard to justify. But for those who do, the Platinum card remains one of the most rewarding options out there.


Also read: Is your bank about to charge you $15 a month? Wells Fargo’s new fee kicks in soon

Amex isn’t the only issuer raising fees and adding perks. The Chase Sapphire Reserve, for example, charges a $550 annual fee, while the Capital One Venture X comes in at $395.

Both offer travel credits and lounge access, but Amex’s Platinum card is still the king of luxury perks—if you’re willing to pay for them.

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Credit Score Check: Are You Eligible?​

If you’re considering applying for the Platinum card (or any premium card), your credit score matters. Here’s a quick refresher:

• FICO Score: Good (670-739), Very Good (740-799), Exceptional (800+)
• VantageScore: Good (661-780), Excellent (781-850)

Most premium cards require a good to excellent credit score, so check yours before applying.

Read next: Are you missing out? This little-known rewards card could cut your streaming bills by $275 a year!
Are you planning to keep your Amex Platinum card after the fee hike? Do the new perks make up for the extra cost, or is it time to shop around for a new card? Have you found creative ways to maximize your card’s benefits?