Summary:
Major ‘Refresh’ Announced: Amex confirms big changes for its Platinum and Business Platinum cards arriving this fall.
Higher Fees Likely: With a current $695 annual fee, experts predict a jump close to $1,000.
More Perks, More Complexity: Expect new credits, a redesign, and expanded lifestyle benefits, but likely at the cost of added confusion.
The latest news is that American Express is preparing a significant revamp of its Platinum and Business Platinum credit cards, set to roll out this fall. Though official details remain limited, the announcement confirms long-rumored updates that are expected to bring both new benefits and a higher price tag.
The current $695 annual fee already makes the Platinum Card one of the most expensive for consumers, but industry observers predict the upcoming “refresh” could push that figure near $1,000 per year. Historically, Amex has used such updates to justify fee hikes by adding a mix of new lifestyle perks and travel credits.
In a statement, Amex President of U.S. Consumer Services Howard Grosfield said the company will take its Platinum cards “to a new level,” with updates spanning travel, dining, and lifestyle categories. That also includes a new physical design for the card itself.
Amex has followed a consistent strategy in recent years: raising fees while layering in statement credits for services such as Uber, streaming platforms, and high-end dining via Resy. These perks offer value, allowing cardholders to utilize them effectively, but have also been criticized for creating a web of small, recurring benefits that are difficult to track.
The Platinum Card currently earns 5x points on flights and prepaid hotels but just 1x on most other purchases. Many expect Amex to add new bonus categories to make the card more competitive for everyday use. Meanwhile, perks like Centurion Lounge access and TSA PreCheck®/Global Entry credits are likely to remain intact.
The Amex Business Platinum Card is also due for an overhaul. Some of its business-focused credits were restructured in the past year, and new additions could help justify the inevitable increase in fees.
While specifics remain under wraps, Amex is touting this as its “biggest investment ever” in a card update, whether that translates to meaningful value or just more hoops for cardholders to jump through remains to be seen. Either way, premium cardholders should expect to pay a higher price to stay in the game
