Dear AmEx Platinum, We Need to Talk

To The Platinum Card® from American Express —

I’ve been seeing you all over the news. You’ve changed a lot, and I wanted to check in.

When we were together, you were that simple, sleek, silvery platinum color that caught people's attention. Now you’re dressed like a mirror that reflects a never-ending line to the Centurion Lounge. Not to mention your other changes, which include:

• An increased annual fee from $695 to $895 — a 29% increase (see ).

• Hundreds of dollars in new coupon-style credits to even more merchants (which still aren’t automatic or easy to use).

• Hotel status with a brand I’ve never heard of.

You’ve always been bougie and expensive, but this is taking it to a new level.

I know you didn’t like it when I left you for the Chase Sapphire Reserve® in 2019, but your coupon-like credits were hard to manage, even back then. Now, I’d need caffeine and a color-coded spreadsheet to keep up with you.

I know it’s been a while, but we’ve always been honest with each other. I just wanted to reach out and make sure you know what people are saying.

Credits to… where?

Back in 2017, it seemed reasonable when you started adding merchant and category credits to justify an annual fee increase from $450 to $550. Every six months, I could remember to buy a new belt or underwear from Saks Fifth Avenue to take advantage of that semi-annual $50 credit, even if they were slightly fancier than what I’d usually buy. Enrollment required. Terms apply.

Fast forward to 2025 and your list of credits and when they renew is unwieldy. To maximize your value, I’d have to:

• Buy a new Oura Ring, a fitness tracker that retails for more than $300, once a year.

• Grab men’s leggings at Lululemon four times a year (...no). 

• Book an overpriced prepaid hotel twice a year.

• Use Uber monthly. 

• Terms apply.

And that’s not even half of the credits!

All that hassle isn’t worth an $895 annual fee to me, for the potential to save a little bit more throughout the year. Those credits take a lot of mental bandwidth to track, and they force cardholders to shift their spending habits. I would rather spend where I want, when I want. If I end up paying a few more bucks at the end of the day, I’m cool with it.

» Learn more: The guide to the AmEx entertainment/streaming credit

Elite perks with… who?

Now, no one is saying you don’t offer significant benefits. For example, you come with elite status to more hotels and car rental companies than the Chase Sapphire Reserve® or Capital One Venture X Rewards Credit Card. I’ve even received free room upgrades at Hilton and Marriott because of the status you provide. Enrollment required. Terms apply.

But now, you’ve increased your annual fee and added premium hotel status for the Leading Hotels of the World. I’ve never heard of this 400-property collection of luxury hotels, so this status likely won’t do me any good.

I also used to really enjoy swinging by the Centurion Lounge. But these days, your lounges often feel crowded and dated. If my choice is between an overly crowded lounge where I have to arm wrestle someone at the buffet for the last cheese cube or a quiet corner of the terminal where I can eat and drink what I want, I’ll usually pick the latter.

Let’s talk about your rewards

Beyond the credits and benefits, I don’t value your rewards very highly. You only offer bonus rewards on select travel purchases, and AmEx Membership Rewards points are harder to extract value from than Chase Ultimate Rewards® or Citi ThankYou points.

For example, I can transfer Chase Ultimate Rewards® points to Hyatt or United Airlines, or Citi points to American Airlines, but these partners are nowhere to be found with AmEx Membership Rewards. To maximize value, most people have to learn the ins and outs of more obscure international airline loyalty programs that partner with AmEx.

Sure, Delta Air Lines is an AmEx partner, but Delta doesn’t offer the best redemption rates, and you have to pay a fee every time you transfer points from AmEx to a domestic airline.

» Learn more: The guide to American Express transfer partners

By comparison, the Chase Sapphire Reserve® and Citi Strata Elite℠ Card earn bonus rewards on select travel purchases and three points per dollar at restaurants. Not only are the rewards easier to use on those cards, but they both have a lower annual fee.

And if you’re like me and want even less to track, the Capital One Venture X Rewards Credit Card has the lowest annual fee of any premium travel card ($395) and lets you earn two miles for every dollar you spend.

» Learn more: Capital One Venture X Rewards Credit Card vs. Chase Sapphire Reserve®

I’m moving on

It’s been a stressful year for my wallet. In June, I broke up with the Chase Sapphire Reserve®, when that card increased its annual fee to $795 and began to emulate the coupon-book value of The Platinum Card® from American Express.

Since then, the Capital One Venture X Rewards Credit Card gets the most attention in my wallet. That card is younger, simpler and I don’t have to play mental gymnastics to determine its value.

For a $395 annual fee, I get a $300 annual travel credit when I book through Capital One’s travel portal and 10,000 bonus miles (worth $100) every year. That’s an easy $400 in value that eclipses the annual fee. Plus I get all the other benefits, like Capital One Lounge access and flexible redemption options including transfer partners or a statement credit for travel purchases.

We had some great times, but seeing you like this reminds me why I left you to begin with. I’m sure someone out there can’t wait to show off their new Lululemon leggings and Oura Ring while they tell their friends how much value you bring to their life.

But that someone can’t be me.