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Update: The information contained in this post may be outdated or no longer accurate. For the most current details regarding the Platinum Card® and Business Platinum changes, please refer to this post.
$600 hotel credit offered with American Express Platinum Card® applies to prepaid Fine Hotels + Resorts® or The Hotel Collection bookings made via American Express Travel®. The Hotel Collection requires a minimum two-night stay.
The American Express Platinum Card® has always been a favorite, and not just because the card looks super sick. Thanks to its amazing benefits and perks, the card has long been known for its value. Despite the hefty annual fee, the Platinum Card® is one that cardholders continue to keep because these perks more than outweigh the cost of membership.
Beginning July 1, 2021, the Platinum Card® is being revamped to add a slew of credits, including some really fantastic offers. But it's not all good news. American Express is increasing the annual fee up to an incredible $895! (Rates & Fees)
In this post, we’ll dig through the changes and help you decide if the updated Platinum Card® makes sense for you.
Summary of Platinum Card® Changes
Additions:
- $200 annual hotel credit
- $300 annual Equinox Credit (Starting in 2023, statement credits for the $300 Equinox Credit benefit will be provided on an annual basis of up to $300 per year and will no longer be provided on a monthly basis of up to $25 back per month.)
- $199 annual CLEAR® statement credit
- $240 annual digital entertainment credit ($20 per month)
Enrollment is required for select Amex benefits. Cashback is earned in the form of a statement credit unless otherwise noted.
Downside:
- Annual fee increase from $550 to $695
Platinum Card® Annual Fee Increase
Let's knock out the bad news first. The annual fee on the American Express Platinum Card®is going up from $550 to $695. This $145 increase kicks in on July 1, 2021, for new accounts. The fee for existing Platinum Card® cardholders will change on January 1, 2022.
This is a massive increase and the highest annual fee of any similar card on the market. But, let's see what Amex is offering and if it's enough to make up for the increase.
- You may be eligible for as high as 175,000 Membership Rewards® points after you spend $8,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you're approved and find out your exact welcome offer amount - all with no credit score impact. If you're approved and choose to accept the Card, your score may be impacted.
- Get more for your travels with 5X Membership Rewards® points on all flights and prepaid hotel bookings through American Express Travel®, including Fine Hotels + Resorts® and The Hotel Collection bookings. You earn 5X points on flights purchased directly from airlines or through American Express Travel® on up to $500,000 on these purchases per calendar year.
- More Value! With over 1,550 airport lounges - more than any other credit card company on the market* - enjoy the benefits of the Global Lounge Collection®, over $850 of annual value, with access to Centurion Lounges, 10 complimentary Delta Sky Club® visits when flying on an eligible Delta flight (subject to visit limitations), Priority Pass Select membership (enrollment required), and other select partner lounges. * As of 07/2025.
- More Value! $200 Uber Cash + $120 Uber One Credit: With the Platinum Card® you can receive $15 in Uber Cash each month plus a bonus $20 in December when you add your Platinum Card® to your Uber account to use on rides and orders in the U.S when you select an Amex Card for your transaction. Plus, when you use the Platinum Card® to pay for an auto-renewing Uber One membership, you can get up to $120 in statement credits each calendar year. Terms apply.
- More Value! $300 Digital Entertainment Credit: Get up to $25 in statement credits each month after you pay for eligible purchases with the Platinum Card® at participating partners. Enrollment required.
- More Value! $600 Hotel Credit: Get up to $300 in statement credits semi-annually on prepaid Fine Hotels + Resorts® or The Hotel Collection* bookings through American Express Travel® using the Platinum Card®. *The Hotel Collection requires a minimum two-night stay.
- New! $400 Resy Credit + Platinum Nights by Resy: When you use the Platinum Card® to pay at U.S. Resy restaurants and to make other eligible purchases through Resy, you can get up to $100 in statement credits each quarter with the $400 Resy Credit benefit. Plus, with Platinum Nights by Resy, you can get special access to reservations on select nights at participating in demand Resy restaurants with the Platinum Card®. Simply add your eligible Card to your Resy profile to book and discover Platinum Nights reservations near you, enrollment required.
- More Value! $209 CLEAR® Plus Credit: CLEAR® Plus helps get you to your gate faster by using unique facial attributes to verify you are you at 50+ airports nationwide. You can cover the cost of a CLEAR Plus Membership* with up to $209 in statement credits per calendar year after you pay for CLEAR Plus with the Platinum Card®. *Excluding any applicable taxes and fees. Subject to auto-renewal.
- $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees, such as checked bags and in-flight refreshments, are charged by the airline to the Platinum Card® Account*. 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.
- Start your vacation sooner, and keep it going longer. When you book Fine Hotels + Resorts® through American Express Travel®, enjoy noon check-in upon arrival, when available, and guaranteed 4PM check-out.
- New! $300 lululemon Credit: Enjoy up to $75 in statement credits each quarter when you use the Platinum Card® for eligible purchases at U.S. lululemon retail stores (excluding outlets) and lululemon.com. That's up to $300 in statement credits each calendar year. Enrollment required.
- $155 Walmart+ Credit: Receive a statement credit* for one monthly Walmart+ membership (subject to auto-renewal) after you pay for Walmart+ each month with the Platinum Card®. *Up to $12.95 plus applicable local sales tax. Plus Ups not eligible.
- $100 Saks Credit: Get up to $100 in statement credits annually for purchases at Saks Fifth Avenue or saks.com on the Platinum Card®. That's up to $50 in statement credits from January through June and up to $50 in statement credits from July through December. No minimum purchase required. Enrollment required.
- Whenever you need us, we're here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
- $895 annual fee.
- Terms Apply.
- Rates & Fees
- Earn 5X points for flights booked directly with airlines or with American Express Travel® (up to $500,000 in purchases per calendar year).
- Earn 5X points on prepaid hotels booked with American Express Travel®.
- Earn 5X points on Fine Hotels + Resorts® and The Hotel Collection bookings.
$200 Amex Travel Hotel Credit
American Express has offered a $200 airline incidental credit for ages. Although the credit is not as easy to use as most of us would like, it's still a fantastic perk. And thankfully, it's not going away on the Platinum Card®.
Instead, Amex is upping its travel perks and adding an annual hotel credit. Each year, cardholders receive a $200 allowance towards hotels when booking with American Express Travel® at Fine Hotels + Resorts® or The Hotel Collection properties. You can read more about these programs here.
$300 Equinox Credit
At-home workout streaming services have exploded in popularity as more and more people are ditching the gym for the safety and comfort of their own homes. But there are still plenty of people hitting the gym, as well.
Equinox brings the best of both worlds together. It offers brick-and-mortar locations — known as “Clubs” — with a variety of classes and other health and fitness services. Equinox also offers an online streaming service where you can access workouts, fitness trackers, and more. Now, Amex is giving Platinum Card® cardholders the chance to experience it all.
Platinum Card® cardholders can receive a $300 annual credit when using their Platinum Card® to pay for their Equinox subscription. Eligible memberships include the following:
- Equinox All Access Destination — Access all Equinox clubs except for E Clubs
- E by Equinox — Access to all clubs, including E Clubs
- Equinox+ — Online streaming service, available with your on-demand fitness app
You can learn more about Equinox subscriptions here.
$199 CLEAR Credit
Airports have always been crowded. However, with the dam bursting from the pent-up travel demand, it's getting crazier than ever. Enter services like CLEAR that allow you to speed through security by using your biometric data to confirm your identity. CLEAR is available at 50+ airports and other venues in the U.S.
Related: I Just Registered For CLEAR, Should You?
The Platinum Card® will include access to CLEAR membership in the form of a statement credit. A CLEAR membership runs $199 annually. So, the fee is completely covered by Amex each year. Up to 3 family members can be added for an additional $50/year for each person.
$240 Digital Entertainment Credit
In 2020, American Express offered temporary perks — including giving cardholders a $10 to $20 (depending on the card) monthly statement credit towards streaming services. Now, this credit is returning to the Platinum Card®. At least kinda.
Cardholders will be able to use their Platinum Card® to pay for eligible services and receive a $20 statement credit each month. Enrollment is required, so don't forget to do that first. The list of eligible merchants includes:
- Disney+ or a Disney+ Bundle
- ESPN+
- Hulu
- The New York Times
- Peacock
- The Wall Street Journal
Global Dining Access by Resy
Resy gives you access to popular restaurants around the globe. Just add your Platinum Card® to your Resy profile and receive access to reservations, dining experiences, and more. You can sign up for a free Resy account here.
Platinum Card® Benefits That Aren't Changing
- up to $200 in annual Airline Fee Credits
- Centurion Lounge Access (check out the updated guest policy) and other lounges in Amex's Global Lounge Collection®
- up to $200 in annual Uber Cash credits ($15 per month and plus an additional $20 in December)
- up to $100 in annual statement credits for Saks purchases (enrollment required)
- 5X points on up to $500,000 of airfare each calendar year when purchased from Amextravel.com or direct with the airline (then 1X)
- 5X points on prepaid hotels booked on amextravel.com
Amex Disclosure: To receive the Uber Cash benefit, you must add American Express Platinum Card® to your account in the Uber app. Please see full terms for more details.
Is the Platinum Card® Worth It?
We know that value is highly subjective and varies from person to person. But, there's a good chance that if you were able to find the Platinum Card® worth it at $550, you'll be able to continue to extract value out of the card despite the increase.
The digital entertainment credits are probably the perk that can make the most sense to the majority of the population. Most of us are spending money each month on various subscriptions. If this knocks off $20 a month on subscriptions you're already paying for, this alone can make the difference for the increased annual fee.
Other perks and their value will vary significantly from person to person. Personally, I find zero value from the Equinox subscription. The CLEAR credit is also not worth much to me. But, if you can take advantage of these then that's another ding in the annual fee.
If you are still on the fence, remember that Amex offers some other amazing benefits beyond these credits that can make the annual fee nearly negligible. If you're lucky, American Express also occasionally sends out promotions for adding authorized users.
Final Thoughts
Seeing that Amex has increased the annual fee on the Platinum Card® to nearly $700 is a hard pill to swallow. But Amex has also added a lot of value to a card that already had tons of great benefits.
For rates and fees of the cards mentioned in this post, please visit the following links: American Express Platinum Card® (Rates & Fees)
The comments on this page are not provided, reviewed, or otherwise approved by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
