The Platinum Card® from American Express is getting a major update — along with a new price tag.
After teasing new updates earlier this year, Amex is overhauling both of its most premium cards, the Platinum Card and The Business Platinum Card® from American Express.
In addition to a new, limited-edition mirror design, the revamped cards will offer brand-new annual credits, enhanced benefits, and more. Here’s everything to know, whether you’re an existing Platinum cardholder or considering whether a premium travel card fits your budget:
Here’s a closer look at what you can expect from the revamped Amex Platinum:
Amex Platinum cardholders will now pay $895 (see rates and fees) annually, making the new Amex Platinum one of the most expensive cards available.
The $200 annual fee increase is the card’s first since 2021, when the fee jumped from $550 to $695. But it’s not the only travel card with a price hike this year — the Chase Sapphire Reserve® annual fee recently increased from $550 to $795, and co-branded airline cards from both United and Southwest relaunched with higher fees.
That higher price does come with added value if you use everything the card offers. Amex previously claimed cardholders could get over $1,500 in annual value from card benefits. With the latest updates, the issuer says cardholders can access more than $3,500 in annual benefits — before even accounting for rewards.
If you’re already an Amex Platinum cardholder, the new annual fee will apply when you renew your card on or after Jan. 2, 2026.
Related: Are credit cards with annual fees worth it?
One major Amex Platinum Card feature will remain the same: rewards. You’ll still earn bonus Membership Rewards points only on the following travel purchases:
5x points on prepaid hotel purchases through Amex Travel
5x points on flights booked directly with airlines or through Amex Travel (up to $500,000 spent per calendar year)
1x points on all other purchases
Membership Rewards can be a valuable rewards currency, but you’ll need to spend a lot of money on travel each year to rack up a solid rewards bank. You should also be willing to book your travel through Amex Travel to maximize earning and redeeming rewards.
Before you apply, make sure you consider how the Platinum Card’s potential rewards compare to other premium rewards cards with more flexible bonus categories that may allow you to maximize all of your spending better.
Read more: How much are American Express Membership Rewards actually worth?
Amex Platinum cardholders already enjoyed an annual hotel credit (up to $200 per year) for select prepaid stays booked through Amex Travel.
Now, that credit is getting even better. You’ll get more than triple the previous amount — up to $600 in statement credits each year (up to $300 semi-annually) — on prepaid Fine Hotels + Resorts or The Hotel Collection bookings through Amex Travel.
You’ll also get new, complimentary Leaders Club Sterling Status from The Leading Hotels of the World (enrollment required). This can get you benefits like upgrades, free breakfast, and other perks with more than 400 independent luxury properties across the globe, like the Emerald Maldives Resort & Spa or the Malibu Beach Inn.
In addition to the new hotel credits, there are a significant number of new annual credits that can help offset the Platinum Card’s annual fee.
Up to $400 Resy dining credit: Get up to $100 in statement credits each quarter (up to $400 per year; enrollment required) for eligible Resy purchases, including dining at Resy restaurants.
Up to $300 digital entertainment credit: The digital entertainment credit was already a benefit of the Platinum Card, with up to $25 back each month (up to $300 per year; enrollment required). Previously, it applied to purchases from Disney+, the Disney bundle, ESPN+, Hulu, the New York Times, Peacock, and the Wall Street Journal. Now, you can also earn the credit on purchases with Paramount+, YouTube Premium, and YouTube TV.
Up to $300 lululemon credit: Get up to $75 in statement credits each quarter (up to $300 per year; enrollment required) for eligible U.S. purchases at lululemon in store or online at lululemon.com.
Up to $120 Uber One membership credit*: Get up to $120 in statement credits per calendar year for an auto-renewing Uber One membership in the U.S. This is in addition to the Uber Cash benefit you already get with a Platinum Card — up to $15 in Uber Cash each month plus a bonus $20 in December when you add your card to your Uber account.
Up to $200 Oura credit: Earn up to $200 in statement credits each calendar year (enrollment required) when you use your card to purchase an Oura Ring via OuraRing.com.
Luckily, none of the existing Platinum Card benefits are going away. These new credits are all adding to the long list of annual savings you can already get with a Platinum Card, including airline incidental credits, CLEAR Plus credits, Saks Fifth Avenue credits, and more.
Read our full review of the Amex Platinum Card to learn more about all the new and existing annual credits.
*To receive this benefit, you must have downloaded the latest version of the Uber App, and your eligible American Express Gold Card must be a method of payment on your Uber account. The Amex Benefit may only be used in the United States.
Despite a significant annual fee increase (see rates and fees), the Amex Platinum still has plenty to offer.
Like with the previous version, you’ll get the most value from a Platinum Card if you travel frequently. That’s the best way to take advantage of 5x rewards as well as benefits like airport lounge access, airline incidental fee credits, hotel credits, and more.
In fact, the new annual hotel credit alone is one of this card’s biggest potential savings opportunities, worth up to $600 for prepaid bookings with Fine Hotels + Resorts or The Hotel Collection. If you use the full credit each year, you can recoup a lot of the annual fee. Both collections include properties throughout the U.S. and around the globe, from the MGM Grand Hotel & Casino in Las Vegas and the Kimpton Shinjuku in Tokyo (The Hotel Collection) to the Carlyle in New York and the Mandarin Oriental in Paris (Fine Hotels + Resorts).
However, you should also consider how feasible it is that you’ll use some of the many credits offered by the Platinum Card. For example, the $400 Resy credit can offer major savings on dining if you live near a city with a lot of Resy restaurants or you travel to those cities enough to earn the quarterly credits. Otherwise, it’s not going to be very useful to you.
Other credits can be somewhat complicated to use too. The Oura credit, for example, only applies to Oura Ring purchases — but the ring offers limited information without a monthly subscription, which will cost you more. An Equinox membership may not be useful if you don’t live near an Equinox location (though you can also use your credit on an Equinox+ digital subscription).
Because much of the Amex Platinum’s value comes from its wide array of these annual credits, it’s important to remember that you’ll only get the full value of these credits on purchases that are within your budget or that you were going to spend money on anyway. Beware of overspending simply to use credits available to you — and consider whether the credits really align with your spending or if another rewards card may better fit your budget and purchases.
Finally, if you’re a newcomer to the Amex Platinum, don’t overlook the huge first-year value you can get from this card’s welcome bonus. You can find out the exact offer you qualify for when you apply, but you may be eligible for as high as 175,000 bonus points after spending $8,000 within the first six months (welcome offers vary and you may not be eligible for an offer). In addition to the credits, lounge access, rewards, protections, and other card perks, this can go a long way in helping you maximize your Platinum Card through the first year.
Related: Best rewards credit cards
The consumer Amex Platinum isn’t the only one undergoing big changes. The Business Platinum Card® from American Express also has an increased annual fee and enhanced benefits for business travelers.
For an annual fee of $895 (up from $695; see rates and fees), the new benefits include:
Up to $600 hotel credit: Get up to $600 in annual statement credits (up to $300 semi-annually) for prepaid Fine Hotels + Resorts or The Hotel Collection bookings through Amex Travel. You can also get complimentary Leaders Club Sterling Status with Leading Hotels of the World (enrollment required).
Up to $3,600 in credits for flights and One AP: When you spend $250,000 on eligible purchases in a calendar year, you can unlock up to $3,600 in annual statement credits for flights and Amex’s One AP business management tool. That includes up to $1,200 in statement credits for flights booked through Amex Travel and up to $2,400 in statement credits toward monthly fees for American Express One AP, a tool you can use to automate supplier payments. Both credits apply over the next calendar year after you meet the spending requirement.
These credits join two enhanced credits that Amex already rolled out for the Business Platinum card in July:
Up to $1,150 Dell Technologies credit: Get up to $1,150 each year in statement credits for U.S. purchases with Dell Technologies. That includes up to $150 in statement credits and an additional $1,000 when you spend at least $5,000 on eligible Dell purchases in a calendar year (enrollment required).
Up to $250 Adobe credit: Get a $250 statement credit when you spend at least $600 on U.S. Adobe purchases in a calendar year (enrollment required).
That’s not all, though; you’ll still get the same perks already offered by the Business Platinum Card, including up to $200 in annual Hilton statement credits, up to $120 in annual statement credits for wireless telephone services, up to $200 in statement credits for airline incidental fees with your chosen airline, and more.
You’ll also continue to get a 35% airline bonus when you use points to book on your chosen airline. However, you’ll only earn the bonus for fares on your selected airline (First and Business class tickets on any airline that is not your choice airline will no longer get the bonus).
Unlike the consumer Platinum Card, the Business Platinum Card’s rewards structure is getting an update. You’ll earn the same rate on eligible travel, but now get more rewards on other eligible expenses:
5x points on flights and prepaid hotels booked through Amex Travel
2x points on eligible purchases in key business categories (was 1.5x points)
2x points on purchases of $5,000 or more up to $2M a year (was 1.5x points)
1x points on all other purchases
Read our full review of the Business Platinum Card from American Express.
Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to the Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn’t include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.
