SOME CARD INFO MAY BE OUTDATED
This page includes information about these cards, currently unavailable on NerdWallet. The information has been collected by NerdWallet and has not been provided or reviewed by the card issuer.
The annual fee on the American Express Platinum Card® just went up, and I know what you're thinking. Another premium credit card jacking up its price and piling on more hard-to-use credits?
But while I broke up with the Chase Sapphire Reserve® over its messy annual fee increase to $795 earlier this year, I’m not even rolling my eyes at the American Express Platinum Card® annual fee hike from $695 to $895, a change that will hit existing cardholders in 2026 (see rates and fees).
Why? The $200 annual fee bump comes with some serious new value adds. And for me, at least, these new benefits are relatively easy to use and worth way more than $200 per year.
Those new perks include:
- $600 in annual hotel credits on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through AmEx Travel™ (up from $200) each calendar year, broken out into a semi-annual $300 credit.
- A $400 annual Resy dining credit, broken out as $100 in statement credits each quarter (enrollment required).
- A $300 annual Lululemon credit, broken out as $75 in statement credits each quarter for eligible purchases at Lululemon stores or Lululemon.com in the U.S. (enrollment required).
- Up to $300 in digital entertainment credits (up from $240) each calendar year, with an expanded lineup of partners (enrollment required).
- A $200 Oura Ring statement credit each calendar year when you purchase an Oura Ring through Ouraring.com (enrollment required).
- Terms apply.
Those are on top of a slew of other existing statement credits that go a long way in justifying the card’s annual fee, which include $50 statement credits twice per calendar year at Saks Fifth Avenue, up to $200 annually in Uber Cash and a $200 airline fee credit* at one qualifying airline of your choice. Enrollment required. Terms apply.
OTHER PERSPECTIVES
The new statement credits I love
Yes, the American Express Platinum Card® is still fundamentally a bougie coupon book — and it’s now nearly 30% more expensive than it used to be. But for me, these new credits make it more valuable.
$400 annual Resy dining credit
Take the new $400 Resy dining credit, which is divided into quarterly $100 credits. This isn't limited to some obscure collection of restaurants in major cities that can be tough to even get a reservation for.
Resy has thousands of participating restaurants across the U.S., and they're places I actually want to eat. Resy has both the Michelin-starred establishments and fine dining, as well as affordable weeknight eateries, like casual after-work bars and my neighborhood Thai spot.
Compare that to Chase's $150, twice-a-year credit for "Sapphire Reserve Exclusive Tables" restaurants, which is limited mostly to upscale restaurants that I don’t frequent. Resy’s breadth makes this dining credit easier to use.
By signing up, you will receive newsletters and promotional content and agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
$300 annual Lululemon credit
I first discovered Lululemon in the most premium cardholder way possible: I was heading into an Equinox class (using another AmEx credit, naturally) when I realized I'd forgotten my sports bra. Rather than bail on my workout, I ducked into the shop inside the gym which — perhaps not coincidentally — sold Lululemon.
I dropped four times more than usual on a sports bra, but between the fabric and the fit, I was hooked and realized the quality justified the price.
Of course, everyone’s different. Some cardholders might need to change their shopping habits to make the most of this credit. But personally, it’s one that I see myself maxing with almost no effort.
AmEx’s Centurion Lounge network remains unmatched
For me, the card’s clearest value is something that existed long before this fee increased: the airport lounges.
Though Capital One Lounges and Chase Sapphire Lounges are quickly creating serious competition for American Express, the issuer's Centurion Lounge network is still — in my opinion — the gold standard for domestic airport lounges. The food and drinks are restaurant quality, the spaces are a welcome reprieve from loud airport terminals, and amenities like complimentary showers feel genuinely premium.
When I'm traveling for work to Las Vegas or Phoenix, I know there's going to be a Centurion Lounge where I can actually get work done in a civilized environment. Compare that to the overcrowded Priority Pass lounges where you're fighting for a seat and eating stale sandwiches.
With more than 1,550 lounges in its network — more than any other card issuer — AmEx has built something that's truly useful for frequent travelers. Whether I'm connecting through a major hub or stuck in a secondary airport, the odds are high that there's a quality lounge option available.
The statement credits I’m less excited about
$200 Oura Ring credit
Other credits don’t really get me going. The Oura Ring, a ring that doubles as a health tracker, has a cult following among entrepreneurs, executives and wellness enthusiasts.
And while I’m serious about my sleep, diet and exercise, all the data and optimization fixation gives me anxiety. No shade to Oura Ring lovers, but I am not one of them.
Up to $120 Uber One credit
The up to $120 Uber One membership credit falls into the "nice to have" category for me. I don't use ride-sharing frequently enough to justify the membership on its own, but if I’m getting it through this card, I might end up using it anyway.
And if I use it, great. If I don't, I'm not leaving massive value on the table.
Why $895 actually makes sense for an annual fee
Here's the math that matters: between the new Resy credit ($400), and the Lululemon credit ($300), and all the existing credits I actually use (including up to $200 toward Uber and $200 toward airlines), I'm looking at well over $1,100 in annual value — and that’s before even factoring other benefits like lounge access and travel insurance. Enrollment required.
Even if I only use half of these credits efficiently, the card’s $895 annual fee is paying for itself.
This new version of the American Express Platinum Card® feels like a natural evolution of what made it great in the first place. It's still a status symbol, still offers unparalleled lounge access and it still provides the kind of service that makes you feel valued as a customer. And sure, AmEx may now be charging more, but they're also delivering more.
*More from American Express
American Express relies on airlines to submit the correct information on airline transactions to identify incidental fee purchases. If you do not see a credit for a qualifying incidental purchase on your eligible Card after 8 weeks, simply call the number on the back of your Card. Qualifying airlines are subject to change. See terms & conditions for more details
To view rates and fees of the American Express Platinum Card®, see this page.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are some of the best travel credit cards of 2026:
- Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card
- No annual fee: Wells Fargo Autograph® Card
- Flat-rate travel rewards: Capital One Venture Rewards Credit Card
- Bonus travel rewards and high-end perks: Chase Sapphire Reserve®
- Luxury perks: American Express Platinum Card®
- Business travelers: Ink Business Preferred® Credit Card
Explore more on
Article sources
NerdWallet writers are subject matter authorities who use primary,
trustworthy sources to inform their work, including peer-reviewed
studies, government websites, academic research and interviews with
industry experts. All content is fact-checked for accuracy, timeliness
and relevance. You can learn more about NerdWallet's high
standards for journalism by reading our
editorial guidelines.
