Earlier this month, American Express unveiled changes to its wildly popular Platinum Card. While changes have been expected for some time, we now know exactly what customers can expect from the card.
American Express Platinum Card Annual Fee Increases to $895
American Express has announced that it is upping the annual fee for its popular Platinum Card from $695 to $895 annually. While we all knew the annual fee would be increased, some speculated that the card would be the first travel focused card to break the $1000 annual fee mark.
While the annual fee has increased, the authorized user fee will stay at $195 per additional card, though this is a more recent change from the 3x authorized users for $195 that was the norm until recently.
American Express Unveils Platinum Card Changes
The American Express Platinum Card has had a coupon book reputation as of late, but that doesn’t mean that there isn’t still outsized value available for cardholders.
Hotel Credit Increases From $200 to $600
One of my favorite perks of the old Platinum Card was the $200 Fine Hotels and Resorts credit (which could also be used with The Hotel Collection properties). While gusts used to receive a $200 annual credit, they will now receive two $300 credits split between the first and second half of the year.
This credit can be used on prepaid Fine Hotels and Resorts or The Hotel Collection bookings made through American Express Travel. Hotel Collection, stays must be at least two nights while single night stays can be used for FHR properties.
Digital Entertainment Credit Increase
While this change may appear to be a minor one, American Express has made a few changes to its digital entertainment credit. The credit goes from $240 annually to $300 annually, split evenly across twelve months. This is a slight increase from $20 to $25 per month.
The exciting part about this is the number of expanded partners that can be used under the credit. Cardholders can use the monthly credit on Disney+, ESPN+, Hulu, The New York Times, Paramount+, Peacock, The Wall Street Journal, YouTube TV, and YouTube Premium.
As someone with entirely too many subscriptions, this is welcome news to me. Also, the addition of YouTube should make this credit more attractive to cardholders who weren’t able to fully utilize the old list of partners.
$400 Resy Credit Added
As part of the updated benefits, cardholders now get $400 in Resy dining credits annually. These credits are broken up into $100 statement credits per quarter. While the card doesn’t have a great value proposition on dining (the American Express Gold Card gets 4x points per dollar on dining) this is definitely a valuable credit for those who eat out with any regularity.
You have to enroll in this benefit online and use your card when paying the bill at participating restaurants. I’ve seen reports of this credit taking a bit of time to be applied, so don’t be alarmed if it takes a few days to be reflected in your account.
$300 Lululemon Credit Added
Like the Resy credit, a $300 per year Lululemon credit has been added to the updated Platinum Card. After registering online, you’ll receive a $75 statement credit towards Lululemon purchases each quarter. Unfortunately for those shopping on a budget, purchases at Lululemon outlets don’t qualify.
$200 Oura Ring Credit Added
While I personally don’t have much interest in a smart ring (I love data but enough of my stuff is being tracked) they have exploded in popularity in recent years. As part of the Platinum Card changes, a $200 Oura Ring annual credit has been added.
This credit is valid when you purchase an Oura Ring using your Platinum Card from ouraring.com. Enrollment is required in order to utilize this offer.
$120 Uber One Credit Added
American Express is expanding its partnership with Uber as part of the Platinum Card refresh. In addition to the $200 in annual Uber Cash benefits, the updated card now comes with $120 in Uber One credits annually. This is valid when you purchase an auto-renewing Uber One membership with your Platinum Card.
Complimentary Leaders Club Sterling Status Added
While met majority of the refresh revolved around new statement credits, the card does pick up an additional hotel status offer. Leading Club Sterling Status, from Leading Hotels of the World, joins Hilton Honors Gold status and Marriott Bonvoy Gold status for Platinum Card holders.
My Thoughts
When Chase announced sweeping changes to its popular Sapphire Reserve card earlier this year, I knew that American Express would have to make some significant updates in order to retain its current market share. I’m happy to say that AmEx delivered on this one.
I was considering making the switch over to the CSR from the Platinum based on the annual fee rumors that had been circulating but, once I saw the improvements, it was a no-brainer. The Additional $400 hotel credit and the addition of the $400 Resy credit were more than enough to justify the annual fee increase to $895.
While the card did become more of a coupon book, I find that it is easy enough to track the major benefits of the card that allow me to get enough value out of it. If you have a hard time keeping track of all of your offers, services like CardPointers can keep track of them for you and notify you when to use them.
Summary
American Express recently announced changes to its popular Platinum Card. While the card’s annual fee has increased to a staggering $895, the increase in benefits should be more than enough to justify the increase for most cardholders. Plus, there’s a cool mirrored finish option available now and mine is already in the mail!