American Express quietly rolled out several changes to The Platinum Card from American Express in early 2026, and unlike the massive 2021 refresh, these are cuts, not additions. If you're wondering whether the card still justifies its $695 annual fee after losing perks worth hundreds of dollars, here's what you need to know.

Key Points:

• Four major benefits are being removed or downgraded between March and October 2026, with existing cardholders losing up to $300 in annual value.
• The Saks Fifth Avenue credit ($100 annually) is gone for new cardholders immediately and disappears for existing holders June 30, 2026 following Saks' bankruptcy filing.
• These changes don't affect the card's core value propositions, but frequent Lufthansa flyers and Events by Amex users should reconsider their strategy.

What's Actually Changing (And When)

American Express announced these modifications between March and October 2026, with different effective dates for each benefit:

Saks Fifth Avenue Credit EliminatedThe $100 annual Saks credit vanished for new applicants on March 26, 2026. Existing cardholders keep it through June 30, 2026, then it's gone permanently. This change came after Saks Global filed Chapter 11 bankruptcy in January 2026, making the credit increasingly difficult to use as stores closed.

The practical impact? Most cardholders struggled to extract full value from this benefit anyway. The credit required two $50 purchases (one per half-year), and Saks' limited product selection at accessible price points meant many people bought things they didn't actually want just to use the credit.

Events by Amex Discontinued
June 10, 2026 marks the end of Events by Amex, which provided presale tickets, exclusive experiences, and invitation-only events. American Express says "some form of special access" will continue, but the dedicated benefit with its own portal and curated experiences is being sunset.

This was genuinely valuable for cardholders in major markets who actively used it for concert presales, sporting events, and dining experiences. If you're outside New York, Los Angeles, or a handful of other major cities, you probably didn't benefit much anyway.

Uber VIP Status DowngradedStarting May 7, 2026, Uber VIP status disappears and gets replaced with "Signature Support for Amex," which is basically priority customer service within the Uber app. The $200 annual Uber Cash credit stays unchanged, you just lose the queue-jumping perks.

For context, Uber VIP meant priority airport pickups, better driver matching, and dedicated support. The replacement "Signature Support" hasn't been fully detailed yet, but it sounds like a downgrade from actual VIP treatment to slightly faster customer service responses.

Lufthansa Lounge Access RemovedOctober 1, 2026 is when American Express cardholders lose access to Lufthansa Business Lounges. This primarily affects people transiting through Frankfurt, Munich, or other major Lufthansa hubs without Star Alliance status or a qualifying business class ticket.

The good news? Most Platinum cardholders rely on Centurion Lounges, Priority Pass locations, or Delta Sky Clubs (when flying Delta) anyway. Lufthansa lounge access was a nice backup option, but it's not typically a primary benefit people used regularly unless they're frequent Star Alliance flyers.

New Platinum Member Airfares IntroducedThis is the one addition in a sea of subtractions. American Express launched a revamped airfare booking program that now includes select domestic economy tickets, expanding beyond the previous international-only focus.

The program provides access to premium fares with potential value through Amex's travel portal. Based on early reports, it can occasionally deliver solid deals, particularly on last-minute bookings or specific routes where American Express has negotiated rates.

The Real Math: How Much Are You Actually Losing?

Let's calculate the actual value loss for a typical Platinum cardholder:

Annual Value Removed:

• Saks credit: $0-$100 (most people got $50-80 in actual value)
• Events by Amex: $0-$500+ (highly variable, depended on your location and usage)
• Uber VIP: $25-$100 (estimated value of perks like priority pickups)
• Lufthansa lounges: $0-$200 (only if you regularly transit Star Alliance hubs)

Realistic Impact for Average User: $75-$250 in annual value lost

The Saks credit was hard to maximize, Events by Amex required living in major markets and active participation, Uber VIP was nice but not gamechanging, and Lufthansa lounges were situational at best.

Should You Still Keep the Amex Platinum After These Changes?

Here's the honest assessment: These changes hurt, but they don't fundamentally break the card's value proposition for most users.

Keep the card if you:

• Regularly use Centurion Lounges (still the best domestic lounge network)
• Fly internationally multiple times per year and value Priority Pass + lounge access
• Take advantage of the $200 airline fee credit, $200 hotel credit, and other major perks
• Earn significant Membership Rewards points through spending or transfer partners

Consider alternatives if you:

• Primarily used Events by Amex and live in a major city (Capital One Venture X offers similar experiences)
• Fly Lufthansa frequently without Star Alliance status (get Star Alliance Gold through credit card status matches)
• Don't travel enough to justify $695 annually (Chase Sapphire Preferred at $95 might be better)
• Can't maximize the remaining credits ($200 Uber, $200 hotel, $200 airline fees)

The Chase Sapphire Reserve ($550 annual fee) and Capital One Venture X ($395 annual fee) are both compelling alternatives if these Amex changes pushed you over the edge. Both offer strong lounge access, similar travel credits, and competitive earning rates without the recent benefit cuts.

What About New Applicants?

If you're considering applying for The Platinum Card from American Express in 2026, these changes make the value calculation slightly less favorable, but the card still works if you:

1. Travel internationally at least 3-4 times annually
2. Can use Centurion Lounges regularly (they're in 30+ airports worldwide)
3. Will maximize the hotel collection credit and airline fee reimbursement
4. Value Membership Rewards flexibility for transfer partners like Aeroplan, Virgin Atlantic, or Avianca LifeMiles

The welcome bonus (currently 80,000-125,000 points depending on offer) still provides $1,000-$2,000 in value through transfer partners. That first-year value can outweigh the annual fee even with reduced benefits.

How This Compares to Competing Premium Cards

With these cuts, here's how the Amex Platinum stacks up against its main competitors:

Chase Sapphire Reserve ($550 annual fee):

• $300 annual travel credit (easier to use than Amex's multiple credits)
• Priority Pass + Chase lounges in select airports
• No recent benefit cuts
• Better value if you prioritize simplicity over Centurion Lounge access

Capital One Venture X ($395 annual fee):

• $300 annual travel credit
• Priority Pass + Capital One Lounges
• Anniversary 10,000 bonus miles ($100 value)
• Significantly lower annual fee after credits

Both alternatives maintain their core benefits while Amex is cutting. If you're primarily keeping the Platinum for lounge access and you don't live near a Centurion Lounge, these cards deserve serious consideration.

The Bottom Line

American Express made strategic cuts to benefits that either had limited usage (Saks, Lufthansa lounges) or faced external pressures (Saks bankruptcy, Events program costs). For cardholders who relied primarily on Centurion Lounges, Priority Pass, and the core credits, these changes sting but don't fundamentally alter the card's value.

The bigger question is whether American Express will continue trimming benefits while keeping the annual fee at $695. If you're on the fence about renewal, calculate your actual benefit usage over the past year. If you're not getting $700+ in value from lounge access, credits, and points earning, it might be time to explore alternatives.

These changes take effect throughout 2026, giving current cardholders time to extract final value from disappearing benefits and decide whether to stick with the Platinum or pivot to a different premium travel card.

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