American Express (AXP) has significantly increased the annual fee for its Platinum Card to $895, introducing a suite of new premium perks to justify the higher cost. The updated consumer and business cards, available immediately, now provide access to over $3,500 in annual statement credits.

New benefits include dining credits through Resy, a lululemon wellness credit, and an Uber One membership. Business users gain new credits with Dell Technologies and Adobe, alongside enhanced travel benefits.

Cardmembers can now select a limited-edition mirror card design and utilize a new feature within the Amex App to effortlessly enroll in and track their benefit usage. The refresh aims to deepen the card’s value in key spending categories like travel, dining, and wellness.

Existing cardholders will see the new annual fee take effect upon their first renewal after December 2025 for business accounts or January 2026 for consumer accounts.

The card continues to provide its signature premium experiences, including unparalleled access to over 1,550 airport lounges and late check-out at Fine Hotels + Resorts properties. This overhaul reinforces the Platinum Card’s position in the competitive premium credit card market, offering enhanced digital tools and credits tailored to modern consumer and business spending habits.