Last month, American Express hastily announced it would “refresh” its flagship *amex platinum* this fall – just as Chase unveiled a revamp of its own premium travel card, the *chase sapphire reserve*. The timing felt strategic, but while Amex teased changes, the details were vague … at best.
But after the company’s latest earnings call, a clearer picture is coming together … and it’s about what we expected.
In remarks to investors, Amex CEO Steve Squeri hinted that the new Platinum will follow the same playbook as other recent card overhauls: more premium partnerships, more use-it-or-lose-it benefits, and yes, likely a higher annual fee. His exact words?
“As we look ahead to our Platinum launches, you can expect to see the same formula … more world-class partners joining us to offer cardmembers more value that substantially exceeds the annual fee,” Squeri said.
That fee already sits at a hefty $695 a year (see rates & fees) and is all but guaranteed to go up. And while the current Platinum Card is already loaded with partnerships – some related to travel, like CLEAR® Plus and Uber, while others like Walmart+, Saks Fifth Avenue, and a handful of popular streaming services are decidedly not – Amex seems convinced there’s room to add more.
So what’s coming next? While there’s no official word yet, history gives us a pretty good idea of what to expect. With the caveat that we have no concrete intel, here's our best guess at what the “refreshed” Amex Platinum could look like – and whether it’ll be worth the added cost.
Related Reading: Is Now the Best Time to Apply for The Platinum Card® from American Express?
Current Benefits of The Platinum Card® from American Express
Before we start speculating about what a refreshed Platinum Card will look like, let's go over what the card looks like today. By and large, this current structure will likely serve as a general framework for whatever changes are coming this fall.
Here's a rundown of everything you get with the current version of the Platinum Card.
- Welcome Offer: bonus_miles_full
- Earn 5x points per dollar on airfare purchased directly with any airline or through the American Express Travel® on up to $500,000 spent each year.
- Get the best lounge access from any credit card with complimentary entry to the Amex Centurion Lounges, Delta Sky Clubs® (10 visits per year from Feb. 1 – Jan 31, when flying Delta), Plaza Premium Lounges, Priority Pass Lounges, and more.
- Up to $200 in annual airline fee credits to use with one U.S. airline of your choice each year on fees like checked bags, change or cancellation fees, seat assignments, and more.
- Up to $200 in annual Uber Cash that is split into monthly credits of $15, with an extra $20 in December. You can use this on Uber rides or Uber Eats orders in the U.S.
- Up to a $120 application fee credit for Global Entry or TSA PreCheck®, covering the cost of enrollment in either program.
- Up to $100 in annual credits for Saks Fifth Avenue, split into two semi-annual $50 credits.
- Instant Hilton Honors Gold™ & Marriott Bonvoy™ Gold Elite Status just for holding the Platinum Card (enrollment required).
- Trip delay & cancellation coverage if you pay for your round-trip flight with the Platinum Card (or put the taxes and fees from an award flight on it).
- Up to $209 in annual credit for CLEAR® Plus.
- Up to $240 in annual credits for select entertainment services, split into monthly installments of $20. However, this only applies to purchases or subscriptions with The Wall Street Journal, Peacock, the New York Times, and more.
- Up to a $200 annual credit for prepaid Fine Hotels + Resorts® or The Hotel Collection bookings (The Hotel Collection bookings require a two-night minimum stay).
- Up to a $12.95 credit per month for Walmart+
- Annual Fee: annual_fees (see rates & fees)
Learn more about *amex platinum*.
What's Ahead for the Platinum Card?
American Express is staying tight-lipped about what changes are in the works. Here are our best guesses.
A Higher Annual Fee
How high will Amex push the Platinum card's annual fee? That is the million thousand dollar question.
There's speculation it could settle in at $895 – not so coincidentally, $100 more per year than the recently refreshed Chase Sapphire Reserve. But Amex's CEO bills the bank as “the industry leader in premium cards” and it wouldn't be shocking to see the refreshed Platinum be the first card to flirt with a $1,000 annual fee.
Add in the fact that there are rumors of a new premium Delta co-branded card coming – which Amex likely wants to price just below its flagship Platinum – and we could be in for a big number.
Either way, the card is about to get more expensive. Whether Amex can deliver on adding real “value” that offsets such a high price tag remains to be seen.
Resy Dining Credits
Squeri promised new “world-class partners” are being added to the refreshed Platinum Card – and you probably don't need to look too far to figure out which ones the bank plans to tap next.
Recent refreshes of the *amex gold* and suite of Delta co-branded cards saw the addition of a new semi-annual (or monthly) credit for purchases at U.S. restaurants available through Resy. Amex execs have already admitted that the Platinum Card is morphing into more of a “lifestyle card,” so adding a new dining credit that helps fit that niche makes good sense. Not to mention, American Express acquired Resy back in 2019 and the bank has slowly been integrating the platform into its cards and services ever since.
Tossing in a new credit of $50, $100, or even more toward Resy credit every six months would be an easy way to further appeal to the growing cohort of Millennial and Gen Z customers the bank is after, while justifying an increased annual fee.
Splitting Up Airline Credits
The Platinum Card currently comes with an annual airline fee credit of up to $200 … but putting this credit to use isn't as easy as simply booking a ticket. It's designed to cover ancillary fees like baggage and seat assignment – not actual airfare. There are still some crafty ways to squeeze value out of these credits – including for booking flights – but every year it gets harder and harder.
It wouldn't be surprising to see Amex scrap this credit altogether in favor of a new quarterly flight credit.
Why? That's exactly what Amex did with Hilton's top co-branded card when it got revamped last year. Instead of giving cardholders up to $200 in airline fee credits, you now get up to $50 per quarter to use on any purchase that codes as airfare – be it a plane ticket, seat assignment, checked bag fee … you name it.
While this added flexibility is great, it comes at a cost: These are use-it-or-lose-it benefits, so every quarter you forget to use it would mean you'd lose $50.
There's a term for this in the world of accounting and finance: breakage. From the perspective of the banks, breakage basically means: “How can we make it harder to use these perks … so that fewer people actually use them?”
And American Express is the undisputed king of breakage.
Changes to Fine Hotels + Resorts® Credit
Fine Hotels + Resorts (FHR) is an exclusive collection of luxury hotels within American Express Travel®, restricted to those with a personal or business Platinum Card – as well as the invitation-only Centurion Card, commonly known as the Amex Black Card.
Not only does Amex Fine Hotels + Resorts get you access to some of the best, most luxurious hotels around the world, but these bookings also come with added perks like room upgrades, late checkout, free breakfast, and an on-property credit to use during your stay. It's like being a hotel elite guest, without even needing status.
One of the current Platinum Card's biggest benefits is a credit for up to $200 annually to use on these FHR bookings. That's pretty great as is, but we'd be shocked if Amex didn't double down on this credit in its upcoming changes. The recently relaunched Sapphire Reserve now comes with an annual $500 credit (split up into two $250 chunks available in each half of the year) to use for Chase's “The Edit” hotel collection – a near carbon copy of Amex's Fine Hotels + Resorts.
Having your biggest competitor go after your luxury hotel collection is bad enough, but now the credit Chase is offering dwarfs what you get with the Amex Platinum. We wouldn't be surprised to see Amex move this to a semi-annual benefit of $200 or even $250 every six months … and likely implement an annoying two-night stay requirement like Chase.
Lifestyle Credits
This one is a bit of a wildcard, but time and time again we've heard American Express reference “exclusive access to live events” as a benefit for premium cardholders. In fact, Amex already gives cardholders extra perks at select stadiums and arenas that are a part of its “Venue Collection” – but we're betting something more is in the works here.
Considering the Sapphire Reserve now comes with up to $300 per year ($150 semi-annually) in StubHub credit, it wouldn't be shocking to see Amex partner up with the likes of Ticket Master or someone else to provide cardholders with a credit for purchasing tickets to live events like concerts, sporting events, theater, and more.
If this new credit comes to fruition, it's anyones guess what dollar amount Amex will assign it but I have a feeling Chase's model will serve as inspiration.
What Credits Could Be Going Away?
It's tough to say with any certainty … but if you ask us, there are a few candidates that could be lost in the shuffle.
The Amex Platinum currently comes with an annual $240 digital entertainment credit that gets you up to $20 back each month on purchases for Disney+, a Disney+ bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal.
While this benefit is generally pretty useful – especially if you'd otherwise be paying for any of these services – it was added during the thick of the COVID-19 pandemic, when no one was traveling. With travel back to pre-pandemic levels and then some, this credit might not resonate the same way it once did.
Another credit that could be on the way out is the up to $100 annually ($50 semi-annually) for purchases at Saks Fifth Avenue. And to be honest, this one wouldn't hurt a bit – at least not for me personally.
Finding reasonably priced items at Saks is already hard enough, and then they added in a new $300 minimum order requirement for free shipping, further reducing the value of this credit. I've spent far too much time trying to find something to buy online at Saks just to use this credit that it would actually be a relief if this one go the axe.
Finally, there's the card's monthly Walmart+ benefit which gets you up to a $12.95 statement credit back each month after you pay for a monthly Walmart+ membership. I know this is going to sound crazy, but I really hope this benefit doesn't go away. After laughing at the juxtaposition of Amex's premium travel card coming with a monthly credit for the discount big box store for years, I've recently become a full blown evangelist.
The best part about this credit is that it saves you from actually going into a Walmart store, offering free shipping with no order minimums on most items, a complimentary Paramount+ subscription, and much more. It's essentially Walmart's version of Amazon Prime … and I've found it very useful lately.
Bottom Line
American Express is planning a major refresh of its Platinum Card this fall, and all signs point to the same familiar formula: more statement credits and a higher annual fee.
While the exact changes are still under wraps, Amex's CEO confirmed the strategy mirrors past revamps, likely shifting benefits toward lifestyle perks like dining and entertainment while phasing out harder-to-use credits. Whether those changes will deliver enough real value to justify an even steeper price tag remains to be seen.
