The Platinum Card from American Express just announced its biggest update yet: an annual fee increase of $200 from $695 to $895; the option of a glossy new mirror finish; and well over $1,000 in new freebies.
One of the world’s most iconic wallet companions, the Amex Platinum has long been synonymous with financial success, airport lounges, and luxury travel. First launched in 1984 with a $250 annual fee (equivalent to $777 in 2025, based on the average rate of inflation), this distinctive card became a global status symbol through the years, morphing into a sleek, weighty metal card that costs more and more with each new evolution.
Originally attainable by invitation only, the Amex Platinum became more widely available to the public in the 2000s and early 2010s. The card’s primary demographic included business travelers, as well as travel aficionados who could afford the annual fee, which had risen to $450 in 2007.
That sticker price has jumped more rapidly in recent years. The long-time $450 annual fee increased to $550 in 2017, then to $695 in 2021. And as of September 18, 2025, it now costs a whopping $895 per year, which breaks down to the equivalent of $2.45 a day.
That upward pricing trend will likely continue. In 2022, at a Goldman Sachs conference, Amex Chairman and CEO Stephen Squeri said, “Look, in Mexico, we charge $1,000 for the Platinum card. The reality is that [the fee] will go as high as the value allows us to go.”
“Coupon book” perks
The latest evolution of the Amex Platinum includes more than $3,500 in annual statement credits. But there’s a catch for using all of these benefits: Many of these credits are doled out in monthly, quarterly, or semi-annual increments instead of being usable in a lump sum each year.
“There’s a recurring joke about the Amex Platinum card being an expensive ‘coupon book,’ and the latest changes are further proof of that,” said Ariana Arghandewal, a loyalty and rewards expert who shares industry insights on Pointchaser.
The “coupon book” model to which Arghandewal is referring requires cardholders to consistently pay with the card to activate time-sensitive credits.
The $895 Amex Platinum comes with a slew of new and enhanced annual credits for cardholders. New benefits include up to $400 for Resy dining, up to $300 for Lululemon purchases; and up to $200 toward eligible Oura ring purchases. Credits for select hotel stays booked through Amex have increased from $200 to $600; and cardholders now have access to up to $300 for streaming subscriptions like YouTube Premium and Disney+, compared to $240 before. Existing annual benefits include a $209 yearly Clear Plus membership (the expedited airport security screening service); up to $155 toward Walmart+ membership (the retailer’s version of Amazon Prime); and $200 in Uber Cash.
But none of these purchases earns more than one Amex point per dollar, since the Amex Platinum only earns extra rewards on select flights and hotel purchases—cardholders earn 5 points per dollar on flights and hotels booked through Amex, as well as on flights booked directly with an airline. From a rewards earning standpoint, this makes the Amex Platinum even less valuable than common cash-back cards with no annual fee, like the Capital One Quicksilver or the Wells Fargo Active Cash card.
That being said, since the Amex Platinum is firmly cementing its position as a lifestyle card rather than a pure travel rewards card, its earning potential may not matter to cardholders who place greater value on the prestige and status of the card.
Amex Platinum cardholders now have up to $400 in Resy dining credits that they can use at buzzy restaurants like Ladder 4 in Detroit.
Courtesy of Ladder 4
Who should get (or keep) the new Amex Platinum card?
Each Amex Platinum fee increase sparks questions about who the card is truly designed to serve, and the latest jump may finally be reaching a level that feels untenable for many travelers.
The Amex Platinum is difficult to justify as a reward-earning card unless your biggest purchases are flights and hotels through Amex. On the flip side, infrequent travelers who previously eschewed the Platinum card may now jump on board to take advantage of its numerous lifestyle benefits such as monthly statement credits for Equinox and quarterly credits for Lululemon.
Jasmin Baron, a credit card expert and senior SEO editor at CardCritics, plans to keep her current Amex Platinum despite the annual fee increase.
“I already use Resy, Lululemon, and Uber One, so these new credits more than offset the higher annual fee,” said Baron, who concluded that the updates make the Amex Platinum worth keeping for her and her family. Baron points out that international travelers can find great deals by booking travel through the Amex Fine Hotels + Resorts portal—she recently found rates for the Peninsula Hotel in Manila at just $200 per night before taxes.
However, not all of the new card benefits earn Baron’s approval. “The Oura credit doesn’t really move the needle for me,” she said, pointing out that the annual credit only applies to new device purchases; it doesn’t apply to the required monthly subscription, which would be far more useful for most members. Similarly, elite status with the Leading Hotels of the World group isn’t a perk Baron will use, especially since Amex incentivizes cardholders to book hotels through Amex Travel for exclusive upgrades and benefits.
The future of travel rewards credit cards
Despite consumer pushback, experts expect the trend of high-priced lifestyle credit cards to continue.
“Coupon book-style credits are here to stay,” Baron said. “They reward travelers willing to put in the effort.” However, she points out that coupon-book credits are overly confusing for casual users because they require periodic purchases on the issuer’s timetable.
Instead, Baron would prefer to see more midtier travel credit cards offer easier-to-access perks and benefits like occasional lounge access for infrequent travelers, as well as automatic credits on eligible purchases. (A handful of entry-level credit cards like the United Explorer card and the U.S. Bank Altitude Connect do offer day passes for airport lounges each year, while the premium Chase Sapphire Reserve automatically credits any eligible purchase.)
Carissa Rawson, director of travel and marketing at Rove Miles, echoes Baron’s perspective.
“If you’re using the Amex Platinum and Chase Sapphire Reserve to the max, that’s fantastic,” said Rawson, who plans to keep her Amex Platinum card despite the fee increase because she values the $600 annual Amex Travel hotel credit. “But if you’re not able to take advantage of the benefits that the Amex Plat provides, it doesn’t make sense to keep paying for it, especially as the annual fee is increasing.”
On the other hand, Arghandewal plans to downgrade her Amex Platinum card once her increased annual fee is due.
“The card changes don’t align with my spending habits or travel goals,” Arghandewal said. “I appreciate a credit card that offers incentives beyond points, such as the ability to earn extra free nights or credit towards elite status. I also prefer cards with fewer annual credits so I have less to keep track of. That being said, I’m a sucker for a cool card design, and the new mirror variety sounds intriguing.”
Cards like those offered by Capital One now come with access to a growing network of airport lounges like the Capital One Lounge at JFK.
Photo by Ron Blunt
Amex Platinum alternatives for travelers
The Chase Sapphire Reserve—the Amex Platinum’s biggest competitor—raised its annual fee to $795 from $550 this summer, briefly eclipsing the Amex Platinum as the priciest mainstream travel rewards credit card. The one-two punch of both premium cards raising annual fees back-to-back has forced many travelers to reconsider their credit card strategy, even if they can justify the expense.
One of the best solutions is to focus on more affordable travel credit cards. People who don’t need airport lounge access can save a lot of money by switching to midtier travel cards like the Chase Sapphire Preferred and the Capital One Venture Rewards cards. Both cards offer annual credits for hotel stays, plus travel insurance benefits like lost luggage replacement funds for less than $100 a year in annual fees apiece.
Amex loyalists who want to downgrade their Amex Platinum card while keeping their points have two appealing options. Foodies can earn big with the American Express Gold Card, which earns four points per dollar on groceries and at restaurants in exchange for a $325 annual fee. Meanwhile, commuters can earn rewards for future travel by using the $150-annual-fee American Express Green Card for daily expenses; it earns three points per dollar on dining, travel, and most forms of transit.
If airport lounge access is a must-have, Rawson recommends the far more affordable Capital One Venture X, with an annual fee of $395. In exchange, Venture X cardholders get the same Priority Pass membership as the Amex Platinum and the Chase Sapphire Reserve, plus access to Capital One lounges—a small but growing network featuring beautifully designed spaces in major U.S. airports, with food curated by celebrity chef José Andrés and beverages crafted by multiple local partners.
Finally, travelers who want to leave the credit card hamster wheel altogether can benefit from alternative reward platforms like Rove Miles, where members earn miles from flight, hotel, and shopping purchases using any method of payment—no credit card needed. Those miles, in turn, can be transferred to a dozen airline and hotel partners, just like rewards from credit cards.
With the annual fee climbing to nearly $900, the Amex Platinum is no longer a card most travelers can keep on autopilot. Instead, cardholders have to decide if they use enough of the benefits to justify the expense.
As Elgie Holstein, associate director for a Washington-based consumer education group, told the New York Times in 1986 for a story about the “new” Amex Platinum, “The average consumer doesn’t need these kinds of cards. You pay for a whole range of unnecessary frills.” Nearly four decades later, that advice may still hold true.
