American Express Co AXP has announced significant upgrades to its U.S. Platinum cards, adding new perks worth over $3,500 annually while increasing the annual fee by $200.
Amex Revamps Platinum Perks, Raises Annual Fee to $895
The updated perks will feature credits for dining via Resy, shopping at Lululemon LULU, and Uber One memberships, along with enhanced hotel and entertainment benefits, reported Reuters. Platinum Business cardholders will gain new credits for Dell DELL and Adobe purchases ADBE, a $600 hotel credit, and as much as $3,600 in extra statement credits for top spenders, reported Reuters.
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These new perks will come at an increased annual fee of $895, up from $695. The company believes that the refresh will serve as a long-term boost for its financial results.
Howard Grosfield, Amex’s group president of U.S. consumer services, said, “We are giving our customers more than $3,500 of value that’s easy to access and far exceeds the annual fee.”
Targets Big Wins With Exclusive Resy Dining Perks
Amex cardholders get priority access to reservations at top restaurants through the Resy network, which includes Michelin-starred spots like Le Bernardin and Alinea.
Restaurants partner with Amex because its customers tend to spend more—opting for pricier meals and wines, or charging corporate expenses. Since the 2024 launch of Resy benefits on Amex cards, cardholders have spent 25% more at participating U.S. restaurants, making them highly attractive to these venues.
“It’s simple, because the Amex cardholder will order the more expensive bottle of wine or order the steak or it’s going to be a corporate cardholder on an entertainment budget,” Squeri told Fortune.
Amex Bets on Millennials, Gen Z To Drive Premium Growth
The card refresh mirrors Amex’s long-standing strategy of targeting its affluent customer base. The company regularly adds premium perks to justify fee hikes. This move is expected to be a long-term financial boost for Amex.
Millennials and Gen Z, who constitute a significant portion of Amex cardholders, are reportedly comfortable with credit card fees, viewing them as subscription-like products that provide value through travel, dining, and entertainment experiences.
Amex’s CEO, Steve Squeri, has been actively targeting these younger generations, who account for 35% of all U.S. consumer spending for Amex, up from 19% in 2019. The company’s Q2 earnings in 2025 also saw a record increase in card fees, indicating a strong trend of customer spending and willingness to pay for premium card benefits.
According to Benzinga Edge Stock Rankings, American Express has a growth score of 71.87% and a momentum rating of 76.71%. Click here to see how it compares to its peers.
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