American Express hikes Platinum card annual fees to $895, unveils new benefits — Here's what cardholders will get

American Express Co. (Amex) has increased the annual fee for its Platinum consumer credit card to $895, reportedly a $200 rise, effective from December 2, 2025, and January 2, 2026, depending on the user. In addition to the fee increase, the lender announced the latest perks to customers.

“The new annual fee for each of the U.S. Consumer and Business Platinum Cards is $8952. For Card Members who opened accounts before September 18, 2025, the new annual fee will go into effect at their next renewal date on or after December 2, 2025 (U.S. Business Platinum) or January 2, 2026 (U.S. Consumer Platinum),” Amex said in a statement issued on Thursday, September 18.

What are the new benefits?

According to the statement, the Platinum card allows Amex customers to access more than $3,500 in value.

The latest benefits include $400 a year of dining credits at Resy restaurants, up to $300 to expenses at Lululemon Athletica Inc. and $200 toward the purchase of health-focused Oura rings.

For bookings through its Fine Hotels & Resorts collection, the lender is increasing the maximum annual credit to $600, up from $200. It's also boosting its digital-entertainment credit to $25 a month and offering $120 in statement credits each calendar year for an auto-renewing Uber One membership, in addition to its existing $200 Uber Cash benefit.

Platinum cardholders will also qualify for complimentary “sterling status” at the Leading Hotels of the World collection, which would normally require a minimum of $5,000 in annual spending across one or more of those approximately 400 luxury properties.

Amex has confirmed that all existing benefits will continue to exist or be improved after the overhaul. Business Platinum cardholders will also benefit from enhanced perks, including a generous $600 hotel credit.

The lender is keeping several existing perks, including credits for Clear Plus, airline fees, Walmart memberships, and a $50 gift card for Saks Fifth Avenue offered semi-annually.

The 29% fee hike places Amex Platinum in the highest tier of premium consumer credit cards, surpassing the $795 price announced by JPMorgan Chase & Co. in June for its Sapphire Reserve card, along with Amex’s own Delta SkyMiles Reserve card, which costs $650 annually.

Wealthy customers represent a considerable portion of spending in the US. The top 10% of earners contributed to over 49% of total expenditures last quarter, according to a Bloomberg report citing an analysis by Mark Zandi, chief economist for Moody’s Analytics.