American Express has rolled out a sweeping update to its flagship Platinum Card, introducing new perks while hiking the annual fee.
The move reflects intensifying competition in the premium credit card market, where issuers are fighting to attract high-spending corporate and affluent clients.
The refreshed benefits apply immediately to existing cardholders, while the higher fee kicks in next year.
Higher annual fee
The Platinum card’s annual fee will increase from $695 to $895—a 29% rise. Despite the jump, it remains below the Mastercard Gold Card ($995) and Amex’s own Centurion Card ($5,000).
Expanded Uber benefits
Cardholders will continue to receive $200 in annual Uber Cash, but will now also get up to $120 in Uber One credits, covering delivery fee waivers, cashback on rides and surge pricing discounts.
Increased hotel credits
Hotel credits rise significantly, from $200 annually to $600. Members will now receive up to $300 every six months for prepaid bookings made through Amex Fine Hotels & Resorts or the Hotel Collection (minimum two-night stay).
Additionally, the Platinum card will provide Leaders Club Sterling status with Leading Hotels of the World, alongside continued Hilton Gold and Marriott Gold status.
Bigger digital entertainment allowance
Annual digital subscription credits expand from $240 to $300, now covering Disney+, The Wall Street Journal, The New York Times, YouTube Premium and YouTube TV.
Dining and shopping credits
The refresh also introduces $400 in annual Resy credits (up to $100 per quarter) redeemable at more than 10,000 US restaurants.
Retail perks include $300 in annual credits for Lululemon purchases ($75 per quarter) and up to $200 in Oura Ring credits, when purchased directly through the Oura website with the Platinum card.
The changes underline Amex’s strategy to hold on to its most valuable customers by expanding lifestyle and travel perks while testing their appetite for higher fees. With rival issuers like JPMorgan upgrading their own premium cards, competition in the top tier of consumer credit continues to heat up.