American Express is quietly trimming benefits from the Platinum Card, and if you're paying $895 annually, you need to know exactly what's changing. The card just lost its Saks Fifth Avenue credit for new applicants, Events by Amex is disappearing in June, and Uber VIP status is getting downgraded in May. Here's what happened, why it matters, and whether this premium travel card still justifies its hefty price tag.

Key Points

• The $100 annual Saks Fifth Avenue credit has been eliminated for new Platinum cardholders as of March 26, 2026, while existing cardholders retain access until June 30, 2026.
• Events by Amex will be discontinued on June 10, 2026, removing dedicated presale ticket access and exclusive cardholder experiences.
• Uber VIP status is being replaced with "Signature Support for Amex" on May 7, 2026, downgrading from ride priority to basic customer service.

What's Actually Changing on the Amex Platinum Card

Let's break down each change and what it means for your wallet.

The Saks Fifth Avenue Credit Is Dead (For New Cardholders)

The $100 annual Saks credit, split into two $50 increments every six months, has been removed for anyone who applied for the Platinum Card after March 26, 2026. If you were already a cardholder before that date, you'll keep the benefit through June 30, 2026.

This isn't surprising. Saks Global filed for Chapter 11 bankruptcy in January 2026, weighed down by its acquisition of Neiman Marcus and declining sales. The writing was on the wall when inventory on Saks.com became noticeably thin. Finding something useful under $50 had already become a challenge, with cardholders reporting chronic stock-outs of practical items.

The real question: will Amex replace it? Historical precedent suggests yes. When benefits get cut, particularly high-profile ones worth $100 annually, American Express typically announces a replacement. We're likely to see a new merchant credit announced later in 2026, but there's no guarantee it'll be more useful than Saks was.

What this costs you: $100 in annual value (though realistically, many cardholders struggled to use both $50 credits each year).

Events by Amex Gets the Axe

On June 10, 2026, the dedicated "Events by Amex" benefit disappears. This perk gave Platinum cardholders access to presale tickets, exclusive experiences, and invitation-only events across sports, concerts, and entertainment.

Amex says cardholders will still have access to "special tickets, unique offers and exclusive card member experiences," but that's corporate-speak for "we're no longer guaranteeing anything specific." When a named benefit with clear parameters gets replaced by vague promises of "access," accountability vanishes with it.

This matters more than it looks on paper. Events by Amex wasn't just about buying tickets early. It was about status signaling and the feeling of exclusive access that justified the Platinum Card's premium positioning. Every time Amex removes these "soft" benefits, the card's aspirational identity takes another hit.

What this costs you: Hard to quantify in dollars, but high-value for anyone who regularly attended concerts, sporting events, or exclusive experiences through the platform.

Uber VIP Status Becomes Generic Priority Support

Starting May 7, 2026, Uber VIP status is being replaced with "Signature Support for Amex." Instead of VIP ride access and priority matching, you'll get priority customer service within the Uber app.

The $200 annual Uber Cash benefit isn't going anywhere (broken down as $15 monthly plus a $20 December bonus, usable on Uber rides and Uber Eats). But VIP status included benefits like better driver matching and priority support during high-demand periods. Signature Support is essentially just a faster customer service line.

What this costs you: Marginal, but it's another example of Amex converting tangible perks into watered-down "support" features.

The Real Value Calculation After These Changes

Here's what the Amex Platinum Card still offers for its $895 annual fee:

Statement Credits (up to $1,059 if fully utilized):

• $200 Uber Cash annually
• $200 airline fee credit (baggage, seat selection, lounge passes)
• $200 hotel credit via Fine Hotels + Resorts or The Hotel Collection
• $189 CLEAR Plus credit
• $100 Resy credit (for dining reservations)
• $100 Equinox credit (or $25 monthly toward other fitness apps)
• $84 Walmart+ credit
• $120 entertainment credit ($10 monthly for subscriptions)

Access Benefits:

• Centurion Lounge access (plus two guests)
• Priority Pass Select lounge network
• Delta Sky Club access when flying Delta
• Escape Lounge and Plaza Premium Lounge access
• Amex Global Lounge Collection

Travel Protections:

• 5x points on flights booked directly with airlines or through Amex Travel
• $200,000 travel accident insurance
• Baggage insurance and trip delay protection
• No foreign transaction fees

Does it still make sense? Only if you actually use the credits. If you're maxing out Uber, hotel credits, CLEAR, and Resy, plus regularly accessing Centurion Lounges, the math still works. But if you were leaning on that Saks credit and Events access to justify the fee, you just lost $100-plus of annual value with no confirmed replacement.

What Cardholders Should Do Now

If you're an existing cardholder: Use your final Saks credit before June 30, 2026. Order something practical now while inventory still exists, even if it's basic (think quality basics or accessories that won't expire).

If you're considering applying: Wait. If you were on the fence about the Platinum Card, these cuts make the value proposition weaker for new applicants. Watch for Amex to announce a Saks replacement before you commit to an $895 annual fee.

If your renewal is coming up: Run the numbers on your actual usage. Pull up your statement and calculate how much of each credit you've used in the past 12 months. If you're not clearing at least $700-800 in annual value from credits and lounge access, you're overpaying. Learn more about evaluating annual fees.

Consider these alternatives:

• Chase Sapphire Reserve: $550 annual fee with a $300 travel credit, Priority Pass Select, and transferable points at 1.5 cents per point when booking through Chase Travel
• Capital One Venture X: $395 annual fee with a $300 travel credit, Capital One lounge access, and 10,000 anniversary bonus miles
• American Express Gold Card: $325 annual fee with superior earning rates on dining (4x) and groceries (4x), plus $120 in dining credits

Why This Pattern Should Concern You

This isn't the first time Amex has quietly chipped away at Platinum benefits. The pattern is clear: increase the annual fee (from $695 to $895 over the past few years), then slowly remove perks while relying on cardholders' inertia and the card's prestige to retain customers.

The shift from tangible benefits (Saks credit, VIP status, dedicated event access) to vague promises of "support" and "access" is telling. It's easier for Amex to cut costs on backend customer service than to negotiate with retail partners or maintain exclusive event partnerships.

This matters because the Platinum Card's entire value proposition rests on two pillars: quantifiable statement credits and exclusive access. When "access" becomes "we'll try to help you," the only thing left justifying the fee is whether you personally use enough credits to break even.

The Bottom Line

The Amex Platinum Card is still worth holding if you're a frequent traveler who maxes out statement credits and regularly uses Centurion Lounges. But if you were counting on Saks, Events by Amex, or Uber VIP to justify that $895 fee, you just lost meaningful value.

Watch for Amex to announce a Saks replacement benefit, likely sometime in late spring or summer 2026. Until then, existing cardholders should squeeze every dollar from their remaining credits, and prospective applicants should hold off unless the welcome bonus is exceptionally strong.

The real question isn't whether the Platinum Card is dead. It's whether American Express will continue eroding value to protect margins, or recognize that premium cardholders expect premium benefits, not corporate doublespeak about "evolving offerings."

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