Amex Platinum Card Changes

The Amex Platinum card is getting its biggest update ever—here’s a breakdown of the new fee and benefits to see if the American Express Platinum is still worth it for you.

American Express just dropped a press release promising a “major refresh” for both the personal and business versions later this year. They’re calling it their “largest investment ever” in a card.

When a company like Amex uses language like that, it’s code for two things: new perks and a higher price tag.

You’re probably thinking what I’m thinking. The card already costs $695 a year. How much higher can it go? And will the new benefits be good enough to justify it?

I’ve carried an American Express Platinum card for years. It’s been a powerful tool for travel, but it’s also become a complicated beast. This refresh could either fix its biggest problems or make them worse. Let’s break down what’s happening, what the rumors are saying, and create a plan so you can decide if the new Amex Platinum card is right for you.

What We Know About the Amex Platinum Changes

Right now, the details are thin. Amex is playing its cards close to the vest. But their announcement gave us some serious clues.

They talked a lot about travel, dining, and lifestyle benefits. They specifically mentioned their global lounge network—which is already best-in-class—and hinted at new Centurion Lounges coming to Newark (EWR), Salt Lake City (SLC), and Tokyo (HND). This tells me lounge access will remain the untouchable core of the card’s value.

But here’s the real kicker. The announcement came just days after their main rival, Chase, started teasing a massive overhaul of the Chase Sapphire Reserve card, including a brand-new business version.

This isn’t a coincidence.

This is a heavyweight fight for the wallets of premium customers. Amex isn’t just updating the Platinum card in a vacuum; they’re responding to competitive pressure. For years, the debate has been Platinum vs. Sapphire. Now, both champs are heading back to training camp, and we’re all waiting to see who comes out stronger.

Why is Amex Changing the Platinum Card Now?

To understand why this is happening, you have to look at who Amex is trying to impress.

In their own press release, Amex pointed out that Millennials and Gen Z made up 35% of their U.S. consumer spending last quarter. That’s a huge number. These generations don’t just want “stuff”; they want experiences. They value access over ownership. Think about it—they grew up with subscriptions like Netflix and Spotify. Paying a monthly or annual fee for a premium service is second nature.

This is why Amex is doubling down on benefits like Resy (for impossible-to-get dinner reservations) and exclusive event access. They’re selling a lifestyle, not just a payment method.

At the same time, Amex knows it has a problem. I call it benefit fatigue. The current Amex Platinum card is often called a “coupon book.” You get a credit for Saks Fifth Avenue, a credit for Equinox, a credit for digital entertainment, a credit for Uber… the list goes on. It’s a pain to track.

This creates a psychological burden. Having a benefit you don’t use feels like losing money. It’s a cognitive bias known as loss aversion—the pain of losing is psychologically twice as powerful as the pleasure of gaining. If you don’t use the $300 Equinox credit, it doesn’t feel like a missed opportunity; it feels like you threw $300 in the trash.

A successful refresh will streamline these benefits, making them easier to use and feel more valuable, which will help justify the inevitable fee hike.

Is the Amex Platinum Annual Fee Going Over $1,000?

Alright, let’s talk about the elephant in the room. The annual fee. It’s currently $695. There is almost a 0% chance it stays there.

So how high could it go?

Looking at history gives us a clue. In 2017, the fee was $450. It jumped to $550, then to $695 in 2021. The increases are getting bigger. Some experts are predicting a new fee of around $895. Others think it could easily push past $950 and get dangerously close to four figures.

My prediction: The new annual fee will land somewhere between $895 and $945.

Going over $1,000 feels like a psychological barrier that Amex might not want to cross just yet. But make no mistake, this card is cementing its status as a super-premium product. The days of it being an “affordable luxury” are long gone. It’s now a serious financial commitment.

Predicting the New Amex Platinum Benefits

If we’re going to pay more, we need to get more. The entire value of the refreshed Amex Platinum card will depend on the new suite of benefits. Based on the official announcement and industry rumors, here’s what I think we can expect.

A Shift from “Coupon Book” to Streamlined Credits?

The biggest hope for the Amex Platinum changes is a simplification of the credits. The current system is a mess. You get $50 for Saks from January to June, and another $50 from July to December. You get $15 in Uber Cash each month, with a bonus in December. Who can keep track of all this?

The smartest thing Amex could do is consolidate these into broader, more flexible spending categories.

The Predicted New Amex Platinum Credits (and what they might replace)

$300 Resy/Dining Credit: Amex bought the restaurant reservation platform Resy for a reason. They’ve already added Resy benefits to other cards. A dining credit seems like a no-brainer. I predict this will be structured as a monthly credit, maybe $25 per month, at restaurants on the Resy platform. This would be a powerful new perk that most people could actually use.
$300 Lifestyle/Wellness Credit: This is another strong possibility. Imagine if the hyper-specific $300 Equinox credit was replaced by a broader “wellness” credit. You could use it at any gym, for a spa treatment, or on wellness apps like Calm or Headspace. This would be a massive improvement and would appeal directly to that younger, experience-focused demographic.
$200 Flight Credit: The current $200 airline incidental fee credit is one of the most annoying perks in the credit card world. It only covers things like baggage fees or seat selection on one pre-selected airline. It’s a pain. A much better system would be a simple, direct credit for airfare. I predict Amex will switch to a quarterly credit, maybe $50 every three months, that you can use on any flight purchase. Easier to use, but you have to remember to use it each quarter.
$240 Rideshare Credit: The Uber-only credit is fine, but a general rideshare credit would be better. This would allow you to use it for Lyft or other services. It would likely stay as a monthly credit, probably increasing to $20 per month to make the math look better ($240 a year).

Will Earning Points Get Any Better?

This is the weak spot of the Amex Platinum card. You earn an amazing 5 points per dollar on flights booked directly with airlines or through Amex Travel. You also get 5x on prepaid hotels via Amex Travel.

On everything else? A measly 1 point per dollar.

For a card this expensive, that’s terrible. Cards with no annual fee offer better rewards on everyday spending. Unfortunately, I don’t think this is going to change. Amex wants the Platinum to be your card for booking travel, not for buying groceries. They see the card’s value in the perks and benefits, not the points-earning structure. It’s a shame, but it’s likely the reality.

The Unchanging Cornerstones: What Perks are Here to Stay?

Some things are too good to change. These core benefits are the foundation of the Platinum experience and are almost certainly safe.

The Global Lounge Collection: This is the card’s killer feature. Access to Centurion Lounges, Delta Sky Clubs (when flying Delta), and a Priority Pass membership is invaluable for a frequent traveler.
Hotel Elite Status: You’ll still get automatic Gold status with Hilton Honors and Marriott Bonvoy. This gets you perks like room upgrades, bonus points, and late checkout.
Fine Hotels + Resorts (FHR): The FHR program is fantastic. When you book through it, you get elite-like benefits like free breakfast, a property credit (usually $100), and a guaranteed 4 p.m. late checkout.

Is the Amex Platinum Card Still Worth It?

So, with a higher fee and new benefits, how do you decide if the card is worth it for you? It comes down to simple math. You need to get more value out of the card than you pay for the annual fee.

Forget the marketing. Forget what other people say. Pull out a pen and paper (or a spreadsheet) and use this framework.

Step 1: Audit the Credits You’ll Actually Use

Be honest with yourself. Don’t value a credit at its full sticker price unless you would have spent that money anyway.

Airline Credit: Will you use the full (predicted) $200? If you fly twice a year, maybe value it at $100.
Hotel Credit: The card offers a $200 credit on FHR or The Hotel Collection bookings. Do you stay at these kinds of high-end hotels? If not, this credit is worth $0 to you.
Rideshare Credit: Do you spend at least $20 a month on Uber or Lyft? If so, value this at the full $240. If you only use it occasionally, maybe it’s worth $100.
Digital Entertainment Credit: This $240 credit covers services like Disney+, Hulu, and The New York Times. If you already subscribe, it’s worth the full amount.
New Dining/Lifestyle Credits: If the rumored credits appear, how much are they worth to your spending habits?

Add up the real-world value of the credits you will realistically and easily use.

Step 2: Value the “Soft” Perks

This is harder, but just as important. How much are the intangible benefits worth?

Lounge Access: How many times will you visit an airport lounge in a year? A single visit can cost $50-$75. If you travel 10 times a year, this perk alone could be worth over $500.
Hotel Status: What’s a room upgrade or free breakfast worth to you? It’s not cash, but it improves your travel experience. Give it a conservative value, say $50-$100 per stay where you use it.
Travel Insurance: The card comes with excellent trip cancellation, trip delay, and car rental insurance. This can save you hundreds if something goes wrong.

Step 3: Do the Math – Your Personal Breakeven Point

Now, add it all up.

(Value of Credits) + (Value of Soft Perks) = Your Total Annual Value

If that number is significantly higher than the new annual fee (say, $900), then the card is likely a great deal for you. If it’s lower, or just barely above, you should probably walk away.

My Lessons from a Decade with Premium Cards

I’ve learned a few hard lessons about these high-fee cards over the years. These are the things I wish someone had told me when I started.

Credits are only valuable if they don’t change your behavior. If you find yourself buying a $50 shirt at Saks just to use a credit, you didn’t save $50. You spent $50 you wouldn’t have otherwise. The goal is to get rewarded for your existing spending, not to create new spending to justify a fee.
NEVER carry a balance. This is the golden rule. The interest rates on these cards are brutal, often over 20%. Carrying a balance for even one or two months will wipe out any rewards you’ve earned for the entire year. If you can’t pay your bill in full every single month, this card is not for you.
The game is about value, not status. It’s easy to get caught up in the prestige of having a metal card. But at the end of the day, it’s just a financial tool. If it’s not providing overwhelming positive value to your life, it’s a liability, not an asset. Don’t pay for status.

Your Amex Platinum Action Plan: A Checklist Before the Changes Hit

The Amex Platinum news is still developing. Here’s what you can do right now to prepare.

[ ] Review Your Current Usage: Look at your last year with the card. How many credits did you actually use? How many times did you visit a lounge? Do the breakeven math for the card as it exists today. This will be your baseline.
[ ] Consider Applying Now (Maybe): There’s a debate here. If you apply now, you lock in the current $695 fee for the first year. You’ll likely get the new benefits when they launch without paying the new, higher fee until your first renewal. This could be a smart move. The downside is that welcome offers sometimes get better after a refresh. It’s a gamble.
[ ] Check Your Credit Score: You’ll need a good to excellent credit score (think 720 or higher) to even be considered for this card. Know where you stand before you apply.
[ ] Set a Calendar Reminder: Find the date your annual fee is due. Set a reminder for one month before that date. That’s when you’ll make your final keep-or-cancel decision based on the official new benefits and fee.

The Amex Platinum card is at a crossroads. This refresh will determine its path for the next five years. It will become more expensive, but it also has the potential to become more valuable and easier to use.

For the right person—the frequent traveler who values comfort and can use the lifestyle credits organically—it will likely remain the undisputed champion of premium cards. For everyone else, it will become an expensive luxury that’s harder than ever to justify.

The key is to ignore the hype, run the numbers, and decide for yourself.

Frequently Asked Questions About Amex Platinum Card Changes

What are the major Amex Platinum changes coming in 2025?

American Express announced their largest card refresh ever for both personal and business Amex Platinum cards. While specific details haven’t been released, the company confirmed major updates to travel, dining, and lifestyle benefits coming in fall 2025. The annual fee will almost certainly increase, likely to $895-$995 range, with enhanced credits and perks to match.

How much will the new Amex Platinum card annual fee cost?

The American Express Platinum annual fee currently sits at $695, but industry experts predict it will jump to $895-$995 after the refresh. This follows the pattern of previous increases — the card was $450 in 2017 and jumped to $695 in 2021. A $200-$300 increase would be typical for a “major refresh” in the premium card market.

When will the Amex Platinum changes take effect?

Amex Platinum changes are scheduled for fall 2025, though American Express hasn’t provided an exact date. Based on previous card refreshes, expect the announcement in September or October 2025, with new benefits starting January 2026. Current cardholders will likely keep their existing benefits until renewal.

What new benefits might come with the Amex Platinum card refresh?

Predicted new benefits include:

$300 Resy Restaurant Credit (replacing limited dining access)
$300 Broader Wellness Credit (expanding beyond Equinox)
$240 Universal Rideshare Credit (covering Uber, Lyft, and others)
Enhanced flight credits (more flexible than current airline fees)
Three new Centurion Lounges (Newark, Salt Lake City, Tokyo)

Is the Amex Platinum card worth it with higher annual fees?

The Amex Platinum card can still provide excellent value even with fee increases. Current benefits total over $1,100 annually, while the fee is $695. If new benefits scale proportionally with fee increases, the value proposition remains strong for frequent travelers who actually use the credits.

How does the Amex Platinum compare to Chase Sapphire Reserve?

Key differences between Amex Platinum and Chase Sapphire Reserve:

Amex Platinum: Better lounge access, more transfer partners, higher annual fee ($695 vs $550)
Chase Sapphire Reserve: Better dining rewards (3x points), more flexible travel credit, lower current fee
Both cards are increasing fees in 2025, making them more expensive but potentially more valuable

Should I apply for the Amex Platinum card before the changes?

Applying before fall 2025 means you’ll get the current benefit structure for at least one full year. This strategy works best if you prefer the existing benefits or want to avoid higher fees initially. However, the new benefits might be more valuable for your spending patterns, so consider waiting if dining and wellness credits appeal to you more than current perks.

What Amex Platinum benefits are likely to be removed?

Benefits that might disappear or change:

$100 Saks credit (could become general retail credit)
$300 Equinox-only credit (likely expanding to broader wellness)
Uber-only rideshare benefits (probably becoming multi-platform)
Airline incidental fee credit (may become flexible flight credit)

How can I maximize my current Amex Platinum card benefits?

To get maximum value from your American Express Platinum card:

Set monthly reminders for $20 digital entertainment credit
Use $15 Uber cash every month (plus $35 in December)
Book hotels through Fine Hotels + Resorts for automatic upgrades
Transfer points to airline partners instead of redeeming for cash
Use Centurion Lounges when traveling for premium experience

Will existing Amex Platinum cardholders be grandfathered into old benefits?

Typically, existing cardholders transition to new benefits at renewal, though American Express sometimes phases changes in gradually. You won’t likely keep old benefits permanently, but you may have several months to adjust before changes affect your account. Product changes usually apply to all cardholders within 12-18 months.

What credit score do you need for the Amex Platinum card?

You typically need excellent credit (700+ FICO score) to qualify for the Amex Platinum card. American Express also considers your income, existing relationship with Amex, and overall financial profile. The card targets high-income individuals who can maximize premium benefits and handle the substantial annual fee.

Are the Amex Platinum changes worth it for business owners?

The Business Platinum Card refresh will focus on helping companies grow, according to American Express. Business-specific improvements might include:

Enhanced expense management tools
Increased rewards on business categories
Better employee card benefits
Expanded business lounge access

Business owners who travel frequently and use corporate benefits will likely find the refresh valuable despite higher fees.

How do Amex Platinum points compare to other rewards programs?

Membership Rewards points are among the most valuable because of extensive transfer partners. You can get 1.25-2+ cents per point value by transferring to airlines like Delta, Emirates, or hotels like Hilton. This beats most cash back cards and provides flexibility that Chase Ultimate Rewards also offers.

What’s driving these premium credit card fee increases?

Several factors are pushing annual fees higher:

Increased competition between Chase and American Express
Rising operational costs for lounges and benefits
Consumer willingness to pay for premium experiences
Focus on high-value customers rather than mass market
Inflation affecting travel and hospitality costs

Should I switch from Amex Platinum to a different card?

Consider switching if:

You use fewer than $400 in credits annually
You rarely travel or use lounges
The fee increase strains your budget
You prefer simple cash back rewards

Stay with Amex Platinum if:

You’re a frequent traveler who values lounges
You consistently use $500+ in credits
Hotel elite status matters to you
You have significant Membership Rewards points

What are the best alternatives to the Amex Platinum card?

Top alternatives include:

Chase Sapphire Reserve: Lower fee, better dining rewards
Amex Gold Card: Better for dining, lower annual fee ($250)
Capital One Venture X: $395 fee, good travel benefits
Chase Sapphire Preferred: $95 fee, solid travel rewards
Citi Prestige: Premium benefits, potentially lower cost

How will Gen Z and Millennial focus affect Amex Platinum benefits?

American Express noted that Gen Z and Millennials account for 35% of spending, driving the refresh toward experience-based benefits. Expect more emphasis on:

Dining and entertainment credits
Wellness and lifestyle perks
Digital-first experiences
Sustainability-focused benefits
Social media and sharing-worthy experiences

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