American Express has long held the gold standard for premium credit cards, and for years, the Platinum Card has been the flagship of its fleet. Known for its lavish travel benefits, from airport lounge access to hotel elite status, the card has been a must-have for frequent travelers and luxury enthusiasts. But the world of premium credit cards is more competitive than ever, and in response, Amex has once again reinvented its most famous card.
The latest refresh of the Platinum Card, announced on September 18, 2025, brings with it a host of new perks and a significantly higher annual fee. The question on everyone’s mind: Is it worth it?
The New Math: What’s Changing?
The most noticeable change is the annual fee, which has jumped from $695 to a hefty $895 for the U.S. Consumer Platinum Card. This increase puts the card’s fee ahead of its closest rival, the Chase Sapphire Reserve, which recently raised its own fee to $795.
To justify the price hike, American Express is introducing several new credits and enhancing existing ones. The company states that the card now offers “over $3,500 in annual value” if you can take full advantage of the perks.
Here’s a breakdown of the most significant changes:
- Expanded Hotel Credit: The semi-annual hotel credit is being boosted from $200 to $600. Cardholders will now get up to $300 in statement credits twice a year on prepaid Fine Hotels + Resorts or The Hotel Collection bookings through Amex Travel.
- Resy Dining Credit: A new benefit for foodies, this credit offers up to $400 annually, in the form of $100 in statement credits each quarter, on eligible purchases at U.S. Resy restaurants.
- Lululemon Credit: This new wellness-focused credit gives cardholders up to $300 annually, with a $75 credit available each quarter on eligible Lululemon purchases in the U.S.
- Oura Ring Credit: Another new addition, this credit offers up to $200 back annually on a purchase of an Oura Ring.
- Uber One & Digital Entertainment: The card now offers a new credit of up to $120 for an Uber One membership. The existing digital entertainment credit has also been enhanced, increasing to up to $300 annually ($25/month) with new partners like Paramount+, YouTube Premium, and YouTube TV.
The good news for existing cardholders is that beloved benefits, such as the $200 airline fee credit, Saks Fifth Avenue credit, and extensive lounge access, are all remaining in place.
The Verdict: Is It Still a Platinum Card?
For many, the $895 annual fee is a tough pill to swallow. However, for those who can maximize the new and existing credits, the card’s value proposition is stronger than ever.
The key to justifying the cost lies in a simple question: Will you use the new credits? If you frequently travel and can utilize the new $600 hotel credit and the expanded lounge network, the card may still be a no-brainer. If you’re a regular at Resy restaurants or a Lululemon shopper, the new lifestyle credits add significant value.
For those who travel less or won’t be able to consistently use the quarterly credits, the new fee may be a signal to explore other options. The card’s “coupon book” approach, as some in the industry call it, requires active management to get your money’s worth.
The new annual fee will take effect for existing U.S. Consumer Platinum cardholders at their next renewal date on or after January 2, 2026. For new applicants, it is effective immediately. Amex is also offering a new, limited-edition “mirror finish” card design, further leaning into the card’s status symbol identity.
In the end, the Amex Platinum card remains a powerhouse of a product. Its latest evolution simply requires cardholders to be more deliberate in their usage. If you can harness its full suite of benefits, the new, higher fee will be a small price to pay for the access and luxury it provides.
