Higher annual fees are coming this fall
American Express has officially confirmed that its Platinum and Business Platinum cards will see a $200 increase in annual fees, starting later this fall. The popular cards, which currently cost $695 a year, will soon jump to $895 annually.
This change follows months of speculation after AmEx first hinted at a “refresh” for its top-tier cards back in June. At that time, the company promised new features but didn’t share details or a timeline. Now, cardholders know what to expect — higher fees, yes, but also more travel, dining, and lifestyle benefits that AmEx says are worth the extra cost.
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New lifestyle and travel credits
To justify the $200 bump, AmEx is rolling out a series of new credits that together could be worth up to $3,500 in total value.
Platinum cardholders will soon enjoy a $600 Fine Hotels + Resorts credit, which can be used toward stays at luxury hotels in AmEx’s exclusive network. This perk adds to the card’s already strong travel rewards.
Another standout addition is a $400 dining credit for use at U.S. Resy restaurants. This perk mirrors similar benefits offered on the AmEx Gold and Delta SkyMiles cards, giving food lovers more ways to enjoy high-end meals while earning rewards.
For business travellers, the Business Platinum card will feature a matching $600 hotel credit, plus new statement credits for Dell and Adobe purchases, and up to $3,600 in annual credits for high spenders who use the card often.
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A new look for the Platinum card
Along with these benefit upgrades, American Express is giving its Platinum cards a visual makeover. The company revealed on social media that the new cards will have a mirror-finish design, replacing the familiar brushed metal look.
AmEx hasn’t said whether this shiny new design is permanent or just a limited edition, but it’s clear that the company wants its cards to look as premium as they feel in your wallet.
Competing in the luxury credit card space
This isn’t the first time AmEx has raised fees. The company last increased the Platinum card’s annual fee from $550 to $695 back in 2021. Despite those hikes, membership has continued to grow, with many loyal users believing the card’s perks outweigh the cost.
Howard Grosfield, AmEx’s president of U.S. consumer services, said the new upgrades are part of a long-term strategy. “We believe the refresh should serve as a long-term tailwind for financial results,” he noted in a recent statement.
Financial analysts at William Blair added that AmEx’s decision reflects its strong position in the high-end credit card market, where luxury benefits and lifestyle experiences matter as much as points and miles.
New lounges, restaurants, and hotel perks
In addition to card-specific perks, AmEx is investing heavily in travel and dining experiences around the world. The company announced plans to open three new Centurion Lounges—exclusive airport spaces known for their fresh meals, premium cocktails, and cosy seating—in Newark, Salt Lake City, and Tokyo by next year.
AmEx also plans to expand restaurant and venue reservations by adding 7,000 new locations through its recent acquisition of Tock, a popular reservation platform.
Its hotel network is also growing fast. The Fine Hotels + Resorts collection will soon include hundreds of new properties in top destinations, offering more options for travellers to use their new hotel credits.
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Competing with the Chase Sapphire Reserve
The announcement came just days after JPMorgan Chase revealed its own refresh of the Sapphire Reserve Card, one of AmEx’s main rivals in the luxury travel space. With both companies racing to offer more rewards and experiences, cardholders may soon have to decide which premium card gives them the best bang for their buck.
