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The premium credit card landscape has just been fundamentally reshaped. In its most significant overhaul since 2021, American Express has transformed its iconic Platinum Card, pushing the annual fee to a jaw-dropping **$895** while packing it with a re-engineered suite of high-value, lifestyle-focused benefits. This leaves everyone asking: is the new Amex Platinum worth it? This is our definitive analysis of the changes and whether the card still holds the crown among the best travel credit cards.
We will dissect every new and enhanced perk, weigh it against the formidable new cost, and provide a clear, data-driven verdict. This isn’t just a review; it’s a financial audit to determine if this iconic card still delivers on its promise of premium value.
Full Comparison: What’s New in the 2025 Amex Platinum Refresh
This is a complete restructuring of the card’s value. The strategy is to lean heavily into lifestyle perks while enhancing travel benefits. Here are the key changes, as confirmed by The Points Guy.
| Benefit Category | Previous Version | Refreshed Version (2025 Update) | Analysis |
|---|---|---|---|
| Annual Fee | $695 | $895 per year (Effective now for new applicants; after Jan 2, 2026 for renewals) | A massive increase that firmly positions the card in an ultra-premium, “super-card” tier. |
| New Lifestyle Credits | None | New credits (enrollment required):
| A huge injection of lifestyle value, targeting a younger, wellness and dining-focused demographic. |
| Enhanced Hotel Credit | Up to $200 annually | Up to $600 annually: Delivered as a $300 statement credit every six months for prepaid Fine Hotels + Resorts or The Hotel Collection bookings. | Massive Improvement. The value of this single benefit has tripled, making it a cornerstone of the card’s value. |
| Enhanced Digital Entertainment Credit | Up to $20 monthly | Up to $25 monthly ($300 annually), with Paramount+, YouTube Premium, and YouTube TV added as eligible services. | A welcome boost that better reflects the rising costs of streaming services. |
| Unchanged Credits | The following annual credits remain unchanged: $200 airline fee, $300 Equinox, $100 Saks, $200 Uber Cash, and the Walmart+ credit. | The card is now even more of a “coupon book,” adding new perks without removing old ones. | |
Category Winners: Who Should Get the New Amex Platinum?
This refresh clearly targets a specific type of high-spending individual who values lifestyle perks as much as travel benefits.
The “All-In” Lifestyle Maximizer
Winner: The New Amex Platinum
For the organized user who lives a lifestyle that naturally includes Lululemon, high-end dining via Resy, and streaming services, the value is simply undeniable. This card is now a comprehensive lifestyle tool.
The “Value Above All” User
Winner: Capital One Venture X
With its straightforward credits that can result in a “negative” annual fee, the Venture X remains the undisputed champion for those who want premium perks without a premium price tag. The new Amex Platinum fee makes this contrast even starker.
The “Simple Luxury” Traveler
Winner: Chase Sapphire Reserve®
For those who find the quarterly and monthly credit system on the Amex Platinum overwhelming, the Sapphire Reserve’s simple, flexible travel credit remains a top-tier, hassle-free benefit, despite its own recent refresh.
The Math: Justifying the New $895 Annual Fee
The value proposition of the new Amex Platinum is a game of numbers. Can you realistically use enough of the new and existing credits to come out ahead? Let’s analyze the potential value.
The Occasional Traveler’s Math
You travel a few times a year but don’t use the new lifestyle credits.
- Annual Fee: -$895
- Hotel Credit (used once): +$300
- Airline Fee Credit (used for bags): +$200
- Uber Cash (used occasionally): +$150
- Total Value Used: $650
- Effective Annual Fee: $245
In this case, you’re paying nearly $250 for lounge access. This might be justifiable, but it’s not a clear win.
The Target User’s Math (Winner)
You travel, dine out, and fully utilize the new and existing credits.
- Annual Fee: -$895
- $600 Hotel Credit: +$600
- $400 Resy Dining Credit: +$400
- $300 Lululemon Credit: +$300
- $200 Airline Fee Credit: +$200
- $200 Uber Cash Credit: +$200
- $300 Digital Entertainment Credit: +$300
- Total Value from Main Credits: +$2,000
- Net Value (Before Lounges/Other Perks): +$1,105
For this user, the card is immensely profitable. It pays you over a thousand dollars to hold it, making the world-class lounge access and other perks effectively free.
The “Break-Even” Traveler
You use the main travel and dining credits but skip the niche lifestyle ones.
- Annual Fee: -$895
- Hotel Credit: +$600
- Resy Dining Credit: +$300 (assuming you use most of it)
- Total Value Used: $900
- Net Value: +$5
Here, the card essentially pays for itself. You get the world’s best lounge access and elite status for a negligible net cost.
Gotchas You Shouldn’t Ignore
The refreshed Amex Platinum is more rewarding but also carries more complexity. Be aware of these potential pitfalls.
- Benefit Overload is Real: The card’s value is now spread across even more specific “coupon book” credits that require enrollment. The Lululemon and Resy credits are **quarterly**, the hotel credit is **biannual**, and the digital entertainment credit is **monthly**. You must be organized to track and use them.
- The $895 Fee is Charged Upfront: You will be billed the full $895 on your first statement. This is a significant immediate cost that you must be prepared for.
- Portal Restrictions Apply: The new $600 hotel credit is only for prepaid bookings made through AmexTravel.com for Fine Hotels + Resorts or The Hotel Collection properties.
- It’s a Benefits Card, Not a Spending Card: The card’s earning rates on everyday purchases remain low (1x on most purchases). Its value comes from using the benefits, not from the points you earn on spending. This makes it one of the most specialized of the best travel credit cards.
How We Picked
Our analysis of the newly refreshed Amex Platinum is based on a “net value” calculation that incorporates the latest benefits announced for 2025. We evaluated the new credits against the substantially increased annual fee to determine if the card’s position as a leader among the best travel credit cards is maintained. The core methodology involves assessing the real-world usability of each new statement credit and weighing that against the concrete cost, providing a clear verdict on who should get this card now. For a look at how this card’s points can be used, see our guide to maximizing points and miles.
FAQ
What are the biggest changes to the Amex Platinum card for 2025?
The five biggest changes are: 1) The annual fee increased to $895. 2) The hotel credit was tripled to $600 ($300 biannually). 3) A new $300 Lululemon credit ($75 quarterly) was added. 4) A new $400 Resy dining credit ($100 quarterly) was added. 5) The digital entertainment credit was boosted to $25 per month.
When does the new $895 annual fee take effect?
For new card members, the new annual fee is effective immediately. For existing cardholders with a renewal date before Jan. 2, 2026, they will pay the old $695 fee. The new $895 fee will apply to all renewals on or after Jan. 2, 2026. You can check your renewal date in your online account summary on the official American Express website.
Are the new credits easy to use?
They are easier in the sense that their value is clear, but they require organization. The Lululemon and Resy credits are “use it or lose it” each quarter, and the hotel credit is biannual. You must enroll in most benefits and remember to use them within the correct time window to get the value.
Should I upgrade or apply for the refreshed Amex Platinum?
If you are an existing cardholder, you get access to the new benefits immediately while paying the old fee until your 2026 renewal, which is a great deal. If you are a new applicant, you should only apply if you have a clear plan to use the new hotel, dining, and lifestyle credits. Otherwise, a different premium card might be a better fit. You can see how this card fits into a broader strategy in our Ultimate Guide to Stacking Credit Card Offers.
