E-Paper
American Express hikes Platinum card fee by $200; adds $3,500 in new travel, dining perks. Details here
Platinum and Business Platinum cardholders will pay more starting this fall as AmEx unveils new travel and dining perks in its biggest card refresh yet.
American Express (AmEx) has confirmed that it is increasing the annual fee on its Platinum and Business Platinum cards by $200, bringing the total to $895 a year, up from the previous $695. The credit card giant says the higher cost will be matched by new benefits worth up to $3,500, making it one of the biggest upgrades in the card’s history, as per The Sun.
The company first announced plans to refresh the cards back in June, but did not share details at the time. Now, AmEx has officially unveiled new lifestyle and travel credits, a new card design, and a wider network of lounges and dining options.
“We’re going to take these cards to a new level, not only in what they offer in travel, dining and lifestyle benefits, but also in how they look and feel, to meet the evolving needs of our customers,” said Howard Grosfield, President of U.S. Consumer Services at American Express, in a statement to CNBC.
New travel and dining benefits
Cardholders will receive a $600 credit for stays booked through the Fine Hotels + Resorts program. They will also get a $400 dining credit at U.S. Resy restaurants. According to AmEx, these new perks will make the Platinum card more rewarding for frequent travelers and food lovers.
Business Platinum cardholders are also set to receive a $600 hotel credit, new Dell and Adobe purchase credits, and up to $3,600 in additional statement credits for high spenders.
Also read: American Express plans 'largest investment ever’ in platinum credit card
New design and expanded access
AmEx revealed on X (formerly Twitter) that the Platinum cards will sport a new mirror-finish look, replacing the traditional metal design. The company has not confirmed whether this new design will be permanent or a limited edition.
The financial services company also plans to open three new Centurion Lounges in Newark (New Jersey), Salt Lake City (Utah), and Tokyo (Japan) over the next year, expanding the total number of lounges to 32. Through its 2024 acquisition of Tock, AmEx will also offer access to 7,000 more restaurants and venues worldwide.
Strategic move
This is not the first time AmEx has raised its fees. In 2021, it increased the annual fee from $550 to $695. Industry experts say the move is a direct response to JPMorgan Chase’s recent revamp of its Sapphire Reserve Card, intensifying competition among luxury credit cards.
“We believe the refresh should serve as a long-term tailwind for financial results,” William Blair wrote in a note ahead of the upgrade.
FAQs:
1. How much is the new annual fee for American Express Platinum cards?
The annual fee for AmEx Platinum and Business Platinum cards will increase from $695 to $895 - a $200 hike, starting this fall.
2. What new benefits are included with the AmEx Platinum refresh?
Cardholders will get $600 in Fine Hotels + Resorts credits, $400 in dining credits, expanded Centurion Lounge access, a new mirror-finish card design, and more lifestyle perks. Business cardholders also receive Dell and Adobe credits and up to $3,600 in extra statement credits.
3. Why is AmEx increasing its Platinum card annual fee?
American Express says the fee increase matches its biggest-ever investment in new travel, dining, and lifestyle benefits, offering up to $3,500 in added value to keep the Platinum card competitive against rivals like Chase Sapphire Reserve.
