American Express has once again shaken up the premium credit card landscape, announcing on October 4, 2025, a significant overhaul of its flagship Platinum and Business Platinum cards. The most eye-catching change? A hefty bump in the annual fee, which now stands at $895—a $200 increase from previous years, as reported by Yahoo Finance and confirmed by a series of industry analyses. But the fee hike comes bundled with a slew of new and expanded perks, designed to appeal to a very specific crowd: those who travel often, spend big, and crave luxury experiences both at home and on the road.
Let’s break down exactly what this means for both loyal cardholders and those considering a leap into the world of premium plastic. According to UpgradedPoints.com, which published an in-depth discussion on October 3, 2025, the move has sparked intense debate among frequent travelers and credit card aficionados alike. Senior editors Juan Ruiz, Michael Y. Park, and Stella Shon—each boasting visits to dozens of countries and U.S. states—shared their perspectives, ultimately concluding that the card’s value proposition remains strong despite the fee increase. "The discussion implies the card's value is maintained through its benefits despite the fee increase," their article states, echoing a sentiment held by many in the travel community.
So what do you actually get for $895 a year? The answer is, quite a lot—if you know how to use it. The updated Platinum Card® now boasts nearly $1,500 in new and expanded perks, according to a comprehensive review on The Motley Fool. These include a $600 annual hotel credit (up from $200), split into two $300 credits for prepaid bookings through Amex Travel at Fine Hotels + Resorts or The Hotel Collection. (There’s a catch, of course: The Hotel Collection requires a two-night minimum stay.)
Dining enthusiasts will appreciate the $400 in annual Resy credits, doled out as $100 back each quarter for eligible restaurant reservations. Fitness fans haven’t been left out either, with $300 in annual credits for Lululemon purchases—up to $75 per quarter at U.S. stores or online. Digital entertainment gets a boost too, with $300 in annual credits (up from $240), now covering services like Disney+, ESPN+, Hulu, Paramount+, YouTube Premium, and The New York Times, among others. All these credits require enrollment, so cardholders will need to stay organized to maximize their benefits.
There’s more: a $209 annual credit for CLEAR® Plus, making airport security a breeze; $120 in annual Uber One credits, which covers the cost of Uber’s premium membership; and a $200 Oura Ring credit for those interested in health tracking. The card still offers the perennial $200 airline fee credit, $300 in annual Equinox credits, $155 in Walmart+ credits, and $100 in Saks Fifth Avenue credits. It’s a dizzying array of benefits—over $3,500 in potential annual value, by some estimates.
Travel remains at the heart of the Platinum Card® experience. Cardholders earn 5X Membership Rewards® points on flights and prepaid hotels booked through American Express Travel, up to $500,000 per calendar year. All other purchases earn 1X points, with some key categories offering 2X. The card also grants access to more than 1,550 airport lounges worldwide—more than any other credit card, as of July 2025—including Centurion Lounges, Delta Sky Club (with some restrictions), Priority Pass, and other select partners. Automatic elite status with Hilton and Marriott Bonvoy is another feather in the cap, provided you enroll.
For the business-minded, the Business Platinum Card ups the ante further. Cardholders receive a $600 hotel credit and a staggering $3,600 in flight credits after spending $250,000 annually on the card. There are also increased credits of $1,150 for Dell and $250 for Adobe, sweetening the deal for those who use these services as part of their professional toolkit.
The card’s welcome bonus remains one of the most generous in the market: up to 175,000 Membership Rewards® points after spending $8,000 in the first six months. "That’s one of the most valuable welcome bonuses we’ve seen on any card," notes The Motley Fool, though they caution that eligibility rules apply—if you’ve had the Platinum Card® before, you’re likely out of luck for the bonus.
But is the Platinum Card® worth nearly $900 a year? That depends on who’s asking. For the average consumer, the sheer cost and complexity of maximizing all these credits might feel overwhelming. As Yahoo Finance puts it, "For most travelers, this may seem like a ridiculous set of expenses and hoops to jump through for the high fee associated with this card." Yet for frequent travelers, luxury seekers, and those willing to spend across Amex’s various verticals, the value can quickly add up—sometimes far exceeding the annual fee.
There’s also the status factor. The American Express Platinum Card® has long been seen as more than just a piece of plastic—it’s a status symbol, a ticket to exclusive experiences, and a marker of financial confidence. The card’s design, perks, and customer service all reinforce this sense of prestige. As The Motley Fool puts it, "The American Express Platinum Card® isn’t just a credit card — it’s a status symbol."
From a business perspective, American Express’s strategy is clear. The company is doubling down on its premium-oriented demographic, focusing on young, affluent travelers who value luxury and are willing to pay for it. This approach has paid dividends: according to Yahoo Finance, Amex’s improved stock performance post-pandemic is largely attributed to growth in this high-end segment. The company’s deep relationships with corporate America and top travel and leisure brands have only strengthened its position as a leader in the premium credit card space.
Of course, not everyone is thrilled. Some longtime cardholders who don’t regularly use the new credits may feel left out or even alienated by the changes. "Some who did have the card before that didn’t really buy products from the retailers and services from the providers in the company’s rewards network would likely not see the value in this new kind of card," notes Yahoo Finance. For these customers, the Platinum Card® may no longer make sense.
Still, for those who fit the target profile—frequent travelers, luxury spenders, and those who enjoy navigating the world of premium rewards—the Platinum Card® remains a compelling option. The key, as always, is to do the math, understand the perks, and make sure you’re getting more value than you’re paying in fees. Otherwise, that shiny metal card might just be an expensive accessory.
With its new suite of benefits, American Express is betting that enough customers will see the value—and prestige—in sticking with, or upgrading to, its Platinum Card®. Whether that bet pays off in the long run remains to be seen, but for now, the race for premium credit card supremacy just got a lot more interesting.
