New Amex Platinum Card Now Costs $895 Yearly; Comes With 175,000 Rewards Points Offer, $3.5K of Benefits

The annual fee for The Platinum Card from American Express has increased to $895 (£662) from $695 (£514). However, Amex has packed in more benefits, such as new statement credits and lifestyle perks, along with lounge access and a range of hotel benefits.

Those who already had the card before 18th September will see an increase in the annual fee at their next renewal date on or after 2nd January, 2026.

The first thing that cardholders are likely to notice is the lucrative 175,000 membership rewards points welcome offer, which they might be eligible to avail of by making $8,000 (£5,920) in purchases within the first six months. They will also receive 5X points for flights or prepaid hotels booked via American Express Travel and 1X points for all other eligible purchases.

Benefits Range From Entertainment, Travel, to Dining

The credit card offers up to $600 (£444) in annual statement credits, with a maximum of $300 (£222) semi-annually, on prepaid Fine Hotels + Resorts or The Hotel Collection stays booked through American Express Travel using your Platinum Card. Note that The Hotel Collection requires a minimum two-night stay.

If you love to dine out and seek hassle-free reservations, bookings made through the Resy restaurant management app using your Platinum card can earn you $400 (£296) in Resy credits annually, with a maximum limit of $100 (£74) in statement credits every quarter for eligible purchases.

Meanwhile, Uber users will receive $15 (£11) in Uber Cash each month for eligible purchases with Uber Eats and rides in the US, plus an additional $20 (£14) bonus in December. The total benefit comes to $200 (£148) annually for purchases made with the Platinum Card. There's more. Cardholders stand to receive up to $120 (£88) in statement credit annually if they buy an auto-renewing Uber One membership.

Benefits for flyers include up to $200 in annual statement credits when eligible fees, including checked baggage or in-flight refreshments, are charged to the Platinum card. Note that the charges must be linked to one qualifying airline of your choice.

You can also make annual savings in the form of statement credits of up to $300 or $25 (£18) per month for using the Platinum card for eligible purchases on digital channels like Disney+, ESPN+, Hulu, The New York Times, The Wall Street Journal, Peacock, Paramount+, and YouTube Premium.

The card offers decent savings of $300 annually on apparel shopping at Lululemon. The statement credit limit is $75 (£55) every month at Lululemon retail stores and on lululemon.com. You can also save up to $155 (£114) on a Walmart+ membership using your card, as you will get back $12.95 (£9.5) plus applicable taxes on the membership each month.

There are several other benefits, including $209 (£154) in statement credits with a Clear Plus membership and up to $100 in Saks credits annually.

Is the Annual Fee Hike Worth It?

Overall, the $200 annual fee hike is substantial. While current cardholders may face a tough decision on whether the new benefits are worth paying 30% more annually, the value proposition remains strong for new applicants who can maximise benefits and fully utilise the welcome bonus. Amex said that the annual value of the benefits exceeds $3,500 (£2,590), and believes the fee hike can be offset fairly easily.