What's Happening?
American Express has increased the annual fee for its Platinum Card to $895, effective from January 2, 2026. This move follows a similar fee hike by Chase for its Sapphire Reserve card. The Platinum Card offers a range of travel-related perks, including access to over 1,400 airport lounges and various credits that can total over $3,500. These credits include $400 for Resy restaurant reservations, $320 for Uber rides, and $300 for digital entertainment. The card is targeted at frequent travelers who value luxury travel benefits.
Why It's Important?
The increase in the annual fee for the American Express Platinum Card reflects a broader trend among premium credit cards to enhance their offerings while also raising costs. This development is significant for consumers who rely on these cards for travel benefits, as they must assess whether the perks justify the higher fees. The competition between American Express and Chase highlights the evolving landscape of travel rewards cards, where companies are striving to offer more value to retain and attract high-spending customers.
What's Next?
Cardholders will need to evaluate the new benefits and decide if they align with their spending habits and travel needs. The increased fee may prompt some users to switch to other cards if they find the benefits insufficient. Meanwhile, American Express may continue to innovate and introduce new perks to maintain its competitive edge in the premium card market.
