AmEx Raises Platinum Card Fee to $895, Adds $3,500 in Perks

NEW YORK – American Express has refreshed its Platinum credit card, raising the annual fee from $695 to $895 while more than doubling the advertised value of benefits.

The company said both consumer and business versions now include up to $3,500 in annual perks, largely in the form of statement credits. For personal cardholders, that includes credits with Uber, Lululemon, Oura, Resy, hotels, and streaming services. Business card perks feature new hotel credits plus offsets for Dell and Adobe purchases.

American Express stressed that none of the existing Platinum benefits have been cut.

The move comes amid a heated competition for high-income spenders, with JPMorgan Chase and Citigroup also rolling out enhanced premium cards. AmEx and JPMorgan unveiled new perks within days of one another, underscoring the rivalry.

High earners are driving a record share of U.S. consumer spending — the top 10% of households accounted for half of all purchases last quarter, according to Moody’s Analytics.

While the Platinum’s rewards appeal to frequent travelers and diners, some critics say the growing “coupon book” structure forces users to jump through hoops to maximize value. AmEx said a new app feature would simplify tracking and enrollment.

The new $895 annual fee will take effect for existing cardholders starting January 2.