Amex's new $895 Platinum card delights members as $3,500 in perks hit accounts
American Express unveiled its revamped Platinum Card on Thursday, and despite the eye-watering fee, members are buzzing with excitement — and already plotting how to max out the perks.
The annual fee has jumped from $695 to $895, but Amex says the extra perks — which appeared in customers’ apps Friday morning — more than make up for the $200 bump, and Platinum members agree.
The company says the card's benefits are worth a total of more than $3,500 a year, including lounge access, cashback credits and a limited-edition mirror card design.
Platinum card holder Andrea Smith, from New York, admitted the $895 fee 'seems steep' but said she will 'get my money's worth' from the extra perks.
'With the old card at $695 I definitely did — all the savings on food and drink in airport lounges, money off Uber every month, having Peacock and Disney for free, getting my makeup at Saks, plus the money back on flights and hotels. I even get speedy airport clearance with Clear,' she said.
'With the new card I'm most excited about splurging on new gym gear at Lululemon and using the $400 in restaurant perks to make my husband take me out for dinner. The $600 toward hotels on trips away is a huge bonus too. I'm already planning how to use every benefit.'
She added: 'Another bonus with Amex is that they help you sort out problems. When I when Uber Eats messed me around on a food delivery that never arrived — Amex stepped in and sorted it.'
To sweeten the deal, new customers are being offered as many as 175,000 points — convertible into air miles — if they sign up and spend $8,000 in the first six months.
American Express revamped its Platinum Card with all-new benefits that the company says adds up to $3,500 worth of perks
One of the new Platinum Card perks is $300 worth of Lululemon credits (Zuza Bryk is pictured wearing a Lululemon during New York Fashion Week)
One user on the r/CreditCards subreddit praised the new benefits, 'The hotel, Resy, and updated entertainment credits are amazing!!'
Another added, 'the credits aren't too time consuming to track and use, and it all fits pretty well with the ideal user's lifestyle. Nice work from Amex.'
'Wow the credits are actually somewhat useful, what a relief,' a different user said.
Premium credit cards succeed by marketing exclusivity — an idea that Amex helped define.
Amex was the first to offer features like concierge services and launched the first airport lounge for credit card holders in 2013.
Even back in 1958, when it released its first card, Amex set the annual fee at $6-$1 higher than competitors — to signal its elevated status.
'Amex sets the standard, others catch up, and then Amex has to innovate again,' Tiffany Funk, co-founder of the rewards platform point.me, told the Wall Street Journal.
Frequent travelers benefit the most from the revamp. One of the biggest new perks is a $600 hotel credit for bookings at more than 3,100 Amex-selected properties.
One of the most exciting new benefits is a $600 hotel credit for bookings at more than 3,100 hotels handpicked by Amex
The Platinum Card is perfect for travelers who will benefit from earning points on travel and using cardholder credit to pay for flights and hotels
Cardholders also get a $400 credit for Resy, the popular restaurant reservation app, usable at more than 10,000 US restaurants.
Rides and deliveries get a boost too. A $120 Uber One credit is added on top of the existing $200 Uber Cash benefit.
Entertainment options include a $300 digital credit covering subscriptions to the likes of Apple TV, Disney+, Hulu, and Peacock. Fitness and lifestyle perks include a quarterly $75 Lululemon credit and a $200 Oura wellness ring credit.
These come in addition to existing perks such as $200 toward airline fees, $100 to spend at Saks Fifth Avenue, $300 for Equinox memberships, Walmart+ coverage, $199 for CLEAR+, plus access to Amex's Centurion Lounges and partner lounges.
Amex revamps Platinum Card with $3,500 in perks
American Express has rolled out a new version of its Platinum Card, raising the annual fee from $695 to $895 — but adding a long list of perks.
New benefits include:
$600 hotel credit for bookings at over 3,100 Amex-selected properties
$120 Uber One credit (on top of the $200 Uber Cash)
$400 credit for Resy, valid at more than 10,000 US restaurants
$300 digital entertainment credit for services like Apple TV, Disney+, Hulu, and Peacock
$75 quarterly Lululemon credit ($300 annually)
$200 credit for Oura wellness rings
Existing perks remain:
$200 airline fee credit
5X Membership Rewards points on flights and prepaid hotels booked through AmexTravel.com
$100 Saks Fifth Avenue credit
$300 Equinox credit
Walmart+ membership credit ($12.95/month)
$199 CLEAR+ credit
Access to Amex's Centurion Lounges and partner lounges
Spending on the Platinum Card also earns reward points, which can be swapped for air miles, or used for hotels. It continues to earn 5X points on flights and prepaid hotels booked through Amex's travel portal.
'There is really nothing like Platinum Membership - we offer more value than ever, and with the scale of our lounge, dining and hotel programs, we make it easy for our card members to access this value,' said Amex's Howard Grosfield said.
'Platinum delivers unmatched benefits, unforgettable experiences, and world-class service – powered by our award-winning digital capabilities.'
Australian model Elle MacPherson is seen here promoting the American Express RED
When it was first introduced in 1984, the Platinum Card was available by invitation only. The company named it after the metal on the basis that it was considered 'little known but highly valuable' at the time.
Now, Americans must just have a good or excellent credit score to qualify for the card, and it has gained new generations of fans.
Grosfield added: 'It remains one of our most successful products and has become the Card for a whole new generation of Millennial and Gen Z customers.'
Amex is not the only credit card company stepping up its game.
In June, JPMorgan Chase rolled out a major update to its premium Sapphire Reserve credit card — and with it, a hefty 45 percent jump in the annual fee.
The annual cost rose to $795, up from $550.
It's the biggest fee increase since the card's launch in 2016, but the bank is betting a new suite of perks will keep cardholders on board.
Chase says the revamped card will offer more than $2,700 in value, with expanded benefits across travel, dining, and entertainment.
Platinum Card owners will also gain access to a $200 airline fee credit, and they'll now earn 5X Membership Rewards points when they book flights and prepaid hotels through AmexTravel.com
Actress Drew Barrymore is pictured with her Amex Platinum Card in 2019
'These high-rate cards aren't for everyone, that's for sure,' said KBW analyst Sanjay Sakhrani. '
'But JPMorgan and Amex believe that if the perks are valuable enough, they can build loyalty — and keep people spending.'
Meanwhile, a recent report showed how the value of credit card reward points has been gradually falling - as inflation has taken hold.
A reward point has long been worth around one cent when used to cover other purchases.
But one cent has lost around 20 percent of its purchasing power since 2018, according to the Bureau of Labor Statistics.
This means a point has also fallen in value by about the same amount.
If you built up 50,000 points with a major credit card issuer in 2020 and still have not spent them, they are now worth about 41,300.
