Another Fee Hike is Coming

We’ve been warning travelers for months, and now American Express is making it official: The bank just announced another major “refresh” is coming for its flagship travel card, *amex platinum* … and *biz platinum*, too. And in the world of credit cards – and especially Amex – the word “refresh” is code for raising annual fees.

We’ll have to wait a while to see exactly what changes are in store: Amex isn’t sharing many details yet – including when the big changes will occur. All the bank has said is that it’s coming sometime this fall. In addition to mixing up the cards’ benefits, Amex is also hinting at a brand-new look for its flagship cards.

But it’s hardly a surprise. Amex has been on a tear lately, overhauling many of its cards with the same playbook: Raising annual fees while adding a laundry list of new money-saving credits and perks. With the last big round of changes to the Platinum Card falling way back in 2021 – when its annual fee increased from $550 to the current $695 per year (see rates & fees) – it was only a matter of time. 

Still, it’s hard not to laugh at the timing of it all. Less than a week after Chase announced changes were coming to its top-tier *chase sapphire reserve*, American Express is now firing a warning shot, letting travelers (and investors) know its top cards will soon be getting a makeover, too. This line from Howard Grosfield, Amex’s president of U.S. consumer services, from the company’s statement says it all.

“We’re going to take these Cards to a new level, not only in what they offer in travel, dining and lifestyle benefits, but also in how they look and feel, to meet the evolving needs of our customers,” Grosfield said in a statement.

It’s too early to tell what’s in store … but you can bet they’ll follow a similar playbook to the one the bank has been using for years: Higher fees, new statement credits, and perks – adding to the already frustratingly long list of annual, bi-annual, and monthly perks that practically require a spreadsheet and a Ph.D in “Extreme Couponing” to keep track of.

Let’s start with the card’s annual fee. The card currently costs a whopping $695 a year, making it the most expensive card for everyday consumers on the market. Unfortunately, it can – and almost certainly will – go even higher this fall. 

I hate to even say it, but I think we’re going to see an annual fee that flirts with four figures: I’m talking something in the neighborhood of $1,000 per year. That sounds crazy (and it is), but that’s the direction premium travel cards are heading.

In its press release, Amex shared no specifics beyond promising “major updates” and “the biggest investment American Express has ever made in a card refresh.”

I wouldn’t expect them to completely blow the cards up and rebuild from scratch, but it’s clear something significant is coming. I assume core benefits like American Express Centurion Lounge access and statement credits for TSA PreCheck® or Global Entry aren’t going anywhere … but what about some of the card’s other third-party credits and perks? 

CEO Steve Squeri recently told investors The Platinum Card is morphing into more of a “lifestyle” card with heavy travel benefits. Odds are, that transformation will only continue when the revamped Platinum Card is ready for prime time.

Just last year, the refreshed *amex gold* gained new statement credits for purchases at Resy-participating restaurants and a few bucks a month for Dunkin’ Donuts coffee, while raising the annual fee to $325 (see rates & fees). Seeing Amex add a similar Resy credit to a new-look Platinum Card would make total sense. Considering the Gold Card still includes monthly Uber Cash, I’d expect that benefit to continue on the Platinum Card as well. 

In other recent rounds of changes, Amex has leaned on internal partners like Hilton to add new credits to its core products. Could we see a new quarterly Hilton credit coming to the personal Platinum Card to match the one on the business card? Only time will tell…

As for the Business Platinum, Amex has been signaling major changes were on the horizon for a while now. Over a year ago, it looked like a couple of the card’s biggest business credits would be coming to an end. They were eventually extended for another six months but have since been restructured, making them less valuable for most. 

One thing both cards would benefit from is a shakeup to how cardholders earn points. Outside of the 5x points you earn on flights (up to $500,000 per year) booked directly with airlines or through American Express Travel® and 5x on prepaid hotel bookings through Amex Travel, the Amex Platinum only earns 1x points on all other eligible purchases. The business version’s spending categories are slightly different, but no less weak. 

Seeing Amex add new bonus categories to both of these cards would help keep them top-of-wallet for more travelers’ day-to-day spending. 

Bottom Line

Big changes are coming to the Amex Platinum and Business Platinum cards this fall – and if history is any guide, that probably means higher annual fees, more lifestyle-focused perks, and a few new credits.

Details are still under wraps, but Amex seems eager to one-up Chase and redefine what it means to hold a “premium” card. Just be ready to pay for it.