American Express Platinum Card Fee Increases to $895 with $3,500 in New Perks

The American Express Platinum Card has increased its annual fee to $895, but added new benefits worth up to $3,500. The new perks include dining and Resy credits, expanded hotel credits and luxury travel perks, lifestyle and wellness benefits, and digital entertainment credits. The increased fee may not be worth it for all cardholders, but for others, the new benefits make the card a great value.

American Express (NYSE:AXP) has announced a significant update to its high-end Platinum card, increasing the annual fee to $895 while introducing new benefits worth up to $3,500 annually. This move comes amidst growing competition among major credit card issuers vying for high-spending consumers American Express boosts annual fee for Platinum card as it packs in more perks^[1].

The new annual fee is a substantial increase from the previous $695. However, American Express has bolstered the card's value by offering a range of new perks. These include dining and Resy credits, expanded hotel credits, and luxury travel perks. Additionally, the card now provides lifestyle and wellness benefits, as well as digital entertainment credits American Express boosts annual fee for Platinum card as it packs in more perks^[1].

For business cardholders, the new perks include credits at Dell Technologies and Adobe, along with enhanced hotel benefits and the opportunity to earn 2x Membership Rewards points on key business purchases. Existing members will incur the new, higher annual fee on renewal dates starting January 2, 2026 American Express boosts annual fee for Platinum card as it packs in more perks^[1].

The increased fee may not be worthwhile for all cardholders, but for those who frequently use the card's benefits, the new perks make it a strong value proposition. American Express' strategy aligns with broader industry trends, as banks compete for wealthy consumers who account for a significant share of overall spending American Express unveils refreshed Platinum card with $895 annual fee, upping the ante in luxury cards^[2].

American Express' move follows recent updates from JPMorgan Chase and Citigroup, which have also introduced new premium cards with higher fees and enhanced benefits. This "arms race" highlights the growing importance of catering to high-spending consumers in the credit card market American Express unveils refreshed Platinum card with $895 annual fee, upping the ante in luxury cards^[2].

While some customers may find the increased fee a deterrent, American Express has emphasized its efforts to make the new benefits easy to access and maximize. A new app for Platinum users will facilitate the setup and use of these perks American Express unveils refreshed Platinum card with $895 annual fee, upping the ante in luxury cards^[2].