"Amex unveiled its revamped Platinum card on Thursday, which offers expanded benefits in categories like dining, hotels, and wellness. A $200 fee hike will also go into effect at the next renewal date for existing consumer cardholders on or after January 2, 2026, and on or after December 2, 2025, for business cardholders. The new Platinum card offers $3,500 worth of annual benefits, according to a press release."
"Anthony Cirri, Amex's executive vice president of US consumer cards, told Business Insider ahead of the release that they designed new benefits based on consumer spending data and feedback. Platinum Business cardholders get their own suite of benefits, including credits with Dell and Adobe. "It's about the price value, and I think we got that right," Cirri said, adding that he doesn't anticipate pushback to the new fee."
"The amount Americans pay in credit card fees has ballooned in recent years, going from $3.0 billion in 2015 to $6.4 billion in 2022, according to a 2023 report from the Consumer Financial Protection Bureau. Amex cited "continued strong card fee growth" and "strong" demand for its premium products in its second-quarter earnings. Cirri said Amex didn't change its plans for Platinum after Chase announced its updates in June, adding that the revamped card has been in the works for around 18 months."
American Express raised the annual fee for the Platinum card to $895 and will apply a $200 renewal increase for consumer cardholders on or after January 2, 2026, and for business cardholders on or after December 2, 2025. The card includes expanded dining, hotel, and wellness benefits, an updated app, and claims $3,500 worth of annual benefits. Platinum Business cardholders receive separate credits with Dell and Adobe. Amex cited strong demand and fee growth while designing benefits from consumer spending data and feedback. A limited-edition mirror design will be available for six months or until supplies last.
Read at Business Insider
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