The American Express Platinum Card has long been a favorite among frequent travelers and heavy spenders, thanks to its premium rewards and lifestyle perks. American Express recently refreshed the card, adding new benefits valued at up to $3,500 a year.
But those perks are paired with a fee increase; American Express increased the current annual fee of $695 to $895 per year.
For some cardholders, the new and expanded perks make the fee increase worth it, but for others, the Platinum Card is no longer the great value it once was.
Breaking down the new benefits
The Platinum Card includes new and expanded benefits across dining, travel, wellness and entertainment categories. Beginning September 18, 2025, cardholders will enjoy new benefits, including:
Dining and Resy credits. Platinum Card® holders can earn up to $100 in statement credits each quarter (up to $400 annually) when they use their card at U.S. Resy restaurants or for other eligible Resy purchases. Cardholders also get access to Platinum Nights by Resy, which offers exclusive reservations at select in-demand restaurants. To take advantage, simply add your eligible card to your Resy profile and enroll to unlock Platinum Nights reservations near you.
Expanded hotel credits and luxury travel perks. Get up to $300 in statement credits semi-annually on prepaid Fine Hotels + Resorts® or The Hotel Collection* bookings through American Express Travel® using the Platinum Card®. *The Hotel Collection requires a minimum two-night stay.
Lifestyle and wellness benefits. The new perks include up to $120 in statement credits each year for auto-renewing Uber One memberships when paid with the Platinum Card® (enrollment required). Cardholders can also receive up to $300 in Lululemon credits annually (up to $75 per quarter) for eligible purchases made at U.S. Lululemon stores or online, excluding outlet locations. In addition, Platinum Card members who purchase an Oura Ring through ouraring.com using their card can earn up to $200 in statement credits each calendar year — though the credit applies only to the ring itself, not to subscription or membership fees.
Digital entertainment credits. Cardholders can also receive numerous credits for digital entertainment subscriptions. Subscribers to Disney+, ESPN+, Hulu, The New York Times, Paramount+, Peacock, The Wall Street Journal, YouTube Premium and YouTube TV can receive up to $25 in statement credits each month when they use their Platinum Card to make eligible purchases.
Lounge access and status perks are still in place. American Express will be expanding its Centurion Lounge Network to include a Haneda Airport in Tokyo, Japan, and a Salt Lake City International Airport in Utah. Cardholders can access more than 1,550 airport lounges.
The math on $3,500 in perks
In total, the $895 Amex Platinum Card offers up to $3,500 in annual perks. If you’re able to use the full amount, the higher annual fee could be worthwhile. But in reality, most cardholders will capture only a portion of that value.
For example, a casual spender might take advantage of the $300 Lululemon credit and, in their first year, the $200 Oura Ring credit. Add in the $155 Walmart+ benefit and a few digital entertainment credits, and their total value may just meet — or slightly exceed — the $895 fee. Still, it’s unlikely those perks will deliver significant value beyond the cost of the card.
By contrast, a frequent traveler could come out far ahead. They might use the $600 in hotel credits, the $120 Uber One benefit, and the $400 Resy dining credit, on top of earning 5X points on flights and prepaid hotels. Combine those with upgrades and Centurion Lounge access, and the Platinum Card’s value can easily outweigh its $895 price tag.
When evaluating the perks that you might get from the card, pay close attention to the requirements for each perk. For example, some credit card perks, like the digital entertainment credit, require you to enroll to receive the reward.
Other perks require quarterly use; the Resy credit is issued in up to $100 statement credits each quarter. The Lululemon credit is also issued quarterly when you make in-store purchases. You’ll need to read the fine print to make sure you’ll get the most value from the credit card perks.
Who comes out ahead
The American Express Platinum Card offers the greatest value to cardholders who are frequent travelers, diners and lifestyle spenders. Individuals who have multiple streaming subscriptions, who frequently book flights and hotel stays and who shop at retailers like Walmart+ and Lululemon are best positioned to take advantage of the card’s perks.
Cardholders who aren’t large spenders or who don’t frequently travel will use fewer perks and may find it harder to justify the higher annual fee.
Our take on the new Platinum
The American Express Platinum Card refresh delivers some appealing benefits, but they come at a cost. The Uber One, Resy and hotel credits are particularly appealing to travelers, while the digital entertainment and Lululemon credit are enticing lifestyle additions that many cardholders may be able to use.
That said, the Platinum Card is a top-tier rewards credit card, and its fee increase is steep. Cardholders will see that the fee increase goes into effect at their next renewal date on or after January 2, 2026, for consumers. (The increase will take effect on or after December 2, 2025, for business cardholders.)
If you’re considering applying or renewing the Platinum Card, you’ll need to carefully consider how much value you’re likely to get from it, and whether that value outweighs the annual fee.