American Express just dropped a bombshell on Platinum cardholders: the annual fee is jumping from $695 to $895 starting in 2025. That's a whopping 29% increase, making it more expensive than the recently refreshed Chase Sapphire Reserve's $795 fee.

But here's the thing – Amex didn't just raise the price and call it a day. They've added a stack of new benefits and boosted existing ones. The question every cardholder is asking: Is the refreshed Platinum worth an extra $200 per year?

After diving deep into the changes, we'll give you our honest take on whether this premium card still delivers value or if it's time to consider alternatives.

The Bottom Line Up Front

Keep it if: You travel frequently, can use $600+ in hotel credits annually, and regularly shop at Lululemon or dine at Resy restaurants.

Skip it if: You're an occasional traveler who can't justify using multiple quarterly credits, or if the Chase Sapphire Reserve better matches your spending patterns.

For new applicants: This is now clearly positioned as an ultra-premium lifestyle card for frequent travelers willing to actively manage multiple benefits.

What's New in the 2025 Refresh

The Fee Increase

• Before: $695 annually
• Now: $895 annually (29% increase)
• Timing: Immediate for new cardholders, January 2, 2026 for existing cardholders
• Context: Now $100 more than the Chase Sapphire Reserve's $795 fee

Four Brand New Statement Credits

1. Lululemon Credit

• Value: Up to $75 quarterly ($300 annually)
• How it works: Automatic statement credit on Lululemon purchases
• Our take: Great if you're already a Lululemon shopper, but the quarterly structure means unused credits expire

2. Oura Ring Credit

• Value: Up to $5 monthly ($60 annually)
• How it works: Statement credit for Oura Ring membership fees
• Our take: Niche benefit that won't appeal to most cardholders

3. Resy Credit

• Value: Up to $25 monthly ($300 annually)
• How it works: Statement credit when dining at U.S. Resy-affiliated restaurants
• Our take: Excellent for frequent diners in major cities where Resy is popular

4. Uber One Credit

• Value: Up to $120 annually
• How it works: Covers Uber One membership costs ($96 annually or $9.99 monthly)
• Our take: Solid value if you use Uber regularly for rides or Uber Eats

Enhanced Existing Benefits

Hotel Credit Boost

• Before: Up to $200 annually
• Now: Up to $300 every six months ($600 annually)
• Requirements: Must book through Amex Travel (Fine Hotels & Resorts or The Hotel Collection)
• Our take: This is the refresh's standout improvement – tripling hotel credits makes luxury travel more accessible

Digital Entertainment Credit Increase

• Before: Up to $20 monthly
• Now: Up to $25 monthly ($300 annually)
• Our take: The $5 boost helps offset rising streaming costs, especially useful for YouTube Premium or YouTube TV

Clear Plus Credit Bump

• Before: Up to $199 annually
• Now: Up to $209 annually
• Our take: Minor increase that matches Clear's current pricing

How to Maximize the New Benefits

For Current Cardholders: Act Before Year-End

Since existing cardholders get the new benefits immediately but won't pay the higher fee until 2026, there's a golden opportunity to front-load value:

Use Q3 2025 Credits Before September 30:

• Lululemon: Browse the "We Made Too Much" sale section and stack with shopping portals like Rakuten
• Resy: No reservation required – just pay your bill at any U.S. Resy restaurant

Plan Two Hotel Stays Annually:We recommend booking either:

• Two nights at Hotel Collection properties (more budget-friendly)
• One night at Fine Hotels & Resorts (premium option)
• Pro tip: Since stays must be prepaid, book 1-2 nights using this period's credit and another 1-2 nights in January using the next period's credit

Activate New Benefits:

• Enroll for all new credits in your Amex account
• Consider signing up for Uber One if you use their services regularly

Smart Credit Stacking Strategies

The $600 Hotel Credit Strategy:

1. Use first $300 for a luxury weekend getaway
2. Use second $300 for a business trip or holiday travel
3. Focus on properties offering additional perks like resort credits or breakfast

Monthly Credit Management:

• Resy: Aim for $25/month in dining (about one nice dinner)
• Digital Entertainment: Switch your streaming services to this card
• Uber One: Use for both rides and food delivery to maximize value

How Does It Compare to Competitors?

Amex Platinum vs Chase Sapphire Reserve

Here's how the two premium cards stack up: The Amex Platinum now costs $895 annually compared to Chase's $795 fee. Amex offers $600 in hotel-specific credits while Chase provides $300 in flexible travel credits. Both cards offer excellent lounge access, with Amex providing Centurion lounges and Chase offering their own branded lounges, plus Priority Pass for both. The Platinum adds $375 in quarterly lifestyle credits (Lululemon and Resy) that Chase doesn't match, while Chase counters with a 50% point boost when booking through their travel portal versus Amex's 5x on flights.

Winner: Depends on your travel style. Choose Amex if you love luxury hotels and can use lifestyle credits. Pick Chase if you want flexibility and simpler benefits.

Alternative Amex Cards to Consider

American Express Gold Card

• Annual fee: $250
• Best for: Dining and grocery rewards (4x points each)
• Consider if: You want Amex Membership Rewards without the premium price

Amex Business Platinum

• Annual fee: $695
• Best for: Business travelers who need premium benefits
• Consider if: You can justify business use and want similar perks for less

Who Should Get the Refreshed Platinum?

Perfect For:

• Frequent luxury travelers who can use $600+ in hotel credits annually
• Urban professionals who dine out regularly at Resy restaurants
• Premium gym/wellness enthusiasts who already shop at Lululemon
• Uber power users in major metropolitan areas
• Lounge lovers who value Centurion access over Chase lounges

Skip If You're:

• Occasional traveler who takes 1-2 trips per year
• Budget-conscious and prefer simple, straightforward benefits
• Rural/suburban resident where Resy and Uber aren't prevalent
• Already happy with your current Chase ecosystem
• Credit optimizer who prefers flexible travel credits over hotel-specific ones

Read our full Amex Platinum Card Review for more details.

The Real Annual Fee Calculation

Here's how the math works for different user types:

Heavy User (Uses All Benefits):If you can realistically use the hotel credits ($600), Resy dining ($300), Lululemon shopping ($300), digital entertainment ($300), and Uber One ($120), you're looking at $1,620 in total value. After the $895 fee, that's a net benefit of $725 – excellent value for premium card benefits.

Moderate User (Uses 60% of Benefits):More realistic usage might include hotel credits ($400), some Resy dining ($150), digital entertainment ($300), and Uber One ($120) for $970 in total value. After the annual fee, you'd still come out ahead by $75 – barely breaking even but still worthwhile.

Light User (Uses 30% of Benefits):If you only use the hotel credits occasionally ($200) and digital entertainment ($200), you're getting $400 in value against an $895 fee. That's a net cost of $495, making this card a poor value proposition for light users.

Our Recommendation: Three Scenarios

Scenario 1: Keep the Platinum If...

You travel frequently for business or pleasure, stay at luxury hotels at least twice per year, and can realistically use $300+ in quarterly lifestyle credits. The refreshed benefits align with your spending patterns.

Scenario 2: Switch to Chase Sapphire Reserve If...

You want premium travel benefits without lifestyle credit management. The $300 flexible travel credit and 50% Chase portal bonus might deliver better value for your travel style.

Scenario 3: Downgrade to Amex Gold If...

You love Membership Rewards but don't need premium travel perks. The Amex Gold card offers excellent dining and grocery rewards for $250 annually.

Maximizing Your First Year Strategy

For New Applicants:

1. Time your application to maximize the welcome bonus (up to 175,000 points)
2. Plan two luxury hotel stays to use the full $600 hotel credit
3. Enroll in all benefits before making purchases
4. Front-load quarterly credits early in the year

For Existing Cardholders:

1. Use current benefits before the fee increase hits
2. Plan 2025 travel around the enhanced hotel credits
3. Evaluate usage after 12 months to decide on renewal

What We'd Like to See Improved

While the refresh adds value, there are still gaps:

• Earning rates remain weak – 1x on everything except flights
• No new bonus categories like gas or online shopping
• Quarterly credits expire unused, creating "breakage"
• Hotel credits are restrictive compared to Chase's flexible travel credit
• Too many credits to manage for casual users

Frequently Asked Questions

Q: Can I downgrade my Platinum to avoid the fee increase?A: Yes, you can product change to the Amex Gold or Green card. Call the number on your card to discuss options.

Q: Do the quarterly credits roll over if unused?A: No, quarterly credits expire at the end of each quarter. You must use them or lose them.

Q: How does the hotel credit compare to Chase's travel credit?A: Amex's $600 is higher but restricted to hotels booked through Amex Travel. Chase's $300 applies to any travel purchase, offering more flexibility.

Q: Is the welcome bonus changing with the refresh?A: Welcome bonuses vary by applicant and can be as high as 175,000 points. Check your personalized offer before applying.

Q: Can I get the new benefits with other Amex cards?A: Some benefits like Resy credits may be available on other premium Amex cards, but the full package is Platinum-exclusive.

Q: How do I activate the new credits?A: Log into your Amex account and enroll in each benefit before making purchases. Credits won't trigger automatically without enrollment.

Final Thoughts: Evolution or Revolution?

The refreshed Amex Platinum represents evolution, not revolution. American Express has doubled down on their lifestyle credit strategy, betting that cardholders will extract value from an increasingly complex benefit structure.

For the right user – someone who travels frequently, dines out regularly, and doesn't mind managing multiple credits – this card can deliver exceptional value. The tripled hotel credit alone makes luxury travel significantly more accessible.

But for casual travelers or those seeking simplicity, the $200 fee increase makes this a harder sell. The Chase Sapphire Reserve suddenly looks more appealing with its flexible $300 travel credit and simpler benefit structure.

Our verdict: The refreshed Platinum is worth it if you're willing to treat it as a high-maintenance lifestyle card that rewards active management. If you prefer set-it-and-forget-it benefits, look elsewhere.

The card has officially graduated from "aspirational travel card" to "premium lifestyle management tool." Whether that's worth $895 depends entirely on how you travel and live.

Ready to apply or want to check your welcome bonus offer? See current Platinum Card offers – you might be eligible for up to 175,000 bonus points.

Looking for alternatives? Check out our detailed comparison of the Amex Gold vs Platinum cards or explore the Chase Sapphire Reserve if you prefer flexible travel credits.