What's Happening?
The American Express Business Platinum Card has increased its annual fee from $695 to $895, effective from 2025, with existing cardholders experiencing the change upon renewal in 2026. This fee hike has led some cardholders to reconsider the value of
the card, especially after changes to benefits such as the Dell credit. Previously, the Dell credit offered up to $400 annually, but now requires a $5,000 spend to receive a $1,000 statement credit, effectively reducing its value for many users. Despite the card still offering over $895 in value through various credits, some cardholders find it hard to justify the fee given the overlap with benefits from other cards they hold.
Why It's Important?
The increase in the annual fee and changes to benefits could impact the decision-making of business owners and frequent travelers who rely on the card for its perks. The card's value proposition is shifting, potentially leading to a decrease in its attractiveness compared to other premium cards. This could influence the competitive landscape of business credit cards, as cardholders may seek alternatives that offer similar benefits without the increased cost. The decision to cancel or switch cards could affect American Express's market share and customer loyalty.
What's Next?
Cardholders are exploring alternatives to the Amex Business Platinum Card, such as the Hilton Aspire Card and the Amex Platinum Card, which offer similar benefits at lower fees. The decision to switch cards will depend on individual needs, such as lounge access and CLEAR+ membership. American Express may need to reassess its fee structure and benefits to retain customers and remain competitive in the premium card market.
