American Express has once again shaken up the landscape of premium credit cards with its latest overhaul of the Platinum Card, announced on September 18, 2025. The refresh brings a significant increase in the annual fee, new perks, and expanded statement credits, making headlines and sparking debates among current and prospective cardholders. The question on everyone’s mind: Is the new $895 price tag justified by the added benefits, or is this just another case of luxury inflation?
The Platinum Card has long been a status symbol for travelers and lifestyle enthusiasts, offering a suite of benefits that go far beyond basic rewards. But with the annual fee jumping from $695 to $895—a 29% increase—American Express is clearly betting that its customers are willing to pay more for richer perks. According to 9to5Google, this is the card’s first fee hike in four years, and it’s the most substantial update since 2021, when the fee rose from $550 to $695, accompanied by a similar expansion of credits.
Among the most notable changes is the expansion of the digital entertainment credit. Previously capped at $20 per month (or $240 annually), the credit now stands at $25 per month, totaling $300 per year. This enhancement isn’t just about the numbers—it’s about what’s included. The list of eligible services has grown to encompass YouTube Premium and YouTube TV, joining the likes of Disney+, ESPN+, Hulu, The New York Times, Peacock, Paramount+, SiriusXM, and The Wall Street Journal. For many cardholders, this means their favorite streaming platforms are now effectively subsidized, provided they charge the subscription to their Platinum Card.
"Experience the latest shows, news and recipes. Get up to $25 in statement credits each month when you use your Platinum Card® for eligible purchases on Disney+, a Disney+ bundle, ESPN+, Hulu, The New York Times, Paramount+, Peacock, The Wall Street Journal, YouTube Premium, and YouTube TV when you purchase directly from one or more of the providers. This can be an annual savings of up to $300. Enrollment required," American Express explains, as reported by 9to5Google. To take advantage, cardholders must bill their subscriptions directly to the card, and the statement credit—sometimes taking up to eight weeks to appear—will automatically offset the cost.
The entertainment credit is just one piece of a much larger puzzle. The refresh also introduces new credits for fitness, dining, and retail merchants, as well as an expanded hotel credit. The hotel credit, for example, has jumped from $200 annually to $300 every six months, giving frequent travelers up to $600 in value each year if they plan two qualifying stays. This is a substantial boost, especially for those accustomed to leveraging Fine Hotels & Resorts or The Hotel Collection properties through American Express Travel.
But not all perks are new. The Platinum Card continues to offer stalwart benefits like up to $200 in airline credits, up to $300 in Equinox gym and app credits, Global Entry or TSA PreCheck credits, up to $100 per year at Saks Fifth Avenue, up to $200 in Uber Cash, and up to $155 for a Walmart+ membership. Cardholders also retain access to Hilton Honors and Marriott Bonvoy Gold status, as well as a network of airport lounges—a perennial favorite among jet-setters.
There’s also a bit of flair: a limited-edition mirrored card design. Existing cardholders can request this new look by ordering a replacement card online, adding a touch of exclusivity to their wallets. It’s a small detail, but one that underscores American Express’s commitment to blending luxury with lifestyle.
Of course, the devil is in the details. Many of these credits require enrollment, and some are issued on a quarterly or biannual basis, meaning cardholders need to stay organized to maximize value. As The Points Guy notes, "Enrollment is required for several new and existing credits, and some credits are issued quarterly or biannually, requiring careful planning to maximize value." This complexity may deter casual users, but for those willing to put in the effort, the rewards can easily outweigh the annual fee.
Existing cardmembers get a bit of breathing room: the higher $895 fee only applies to renewals starting January 2, 2026. New cardholders, however, face the steeper price immediately. This staggered rollout gives current users a window to maximize the new credits before their next bill arrives—a clever move by American Express to soften the impact of the fee hike.
The refresh comes at a time when streaming costs and travel expenses are rising across the board. The $5 bump in the monthly digital entertainment credit is positioned as a way to "combat rising streaming costs," as The Points Guy puts it. For YouTube fans, in particular, the inclusion of YouTube Premium and YouTube TV in the list of eligible services is a welcome relief, making the card more attractive to a younger, digitally savvy audience.
But is the card still worth it? The answer depends on your lifestyle. For frequent travelers and those who can reliably use even half of the available credits, the math works out in their favor. The Points Guy suggests, "If you can reliably use even half of the credits, you'll offset the fee and then some. But if you don't travel much or can't use the lifestyle credits, this card won't make sense for you." The earning rates remain unchanged—5 points per dollar on flights booked directly or through American Express Travel (up to $500,000 per year), and 1 point per dollar on everything else—so the real value comes from the credits and perks, not everyday spending.
There are, of course, criticisms. Some cardholders lament the lack of new bonus categories, such as gas or online shopping, and wish for a more flexible Saks credit or broader airline credit. Others point out that the stack of credits, while lucrative, adds friction and complexity—what the industry calls "breakage." If you don’t plan carefully, it’s easy to leave value on the table.
For those on the fence, American Express is dangling a generous carrot: new cardmembers may be eligible for a welcome bonus of up to 175,000 points after spending $8,000 in the first six months—a haul worth up to $3,500, according to September 2025 valuations. It’s one of the highest bonuses currently available, sweetening the deal for those willing to take the plunge.
Ultimately, the refreshed Platinum Card is a reflection of the times: richer, more complex, and more expensive than ever. It’s a powerhouse for those who can navigate its maze of credits and perks, but a tough sell for the more occasional traveler. Whether it’s worth the price of admission depends on how much you’re willing to play the game—and how much value you can squeeze from every last benefit.
