Amex raises Platinum fee to $895 and builds its coupon book

American Express has raised the annual fee on its Platinum Card to $895 from $695, effective 18 September 2025, while advertising more than $3,500 in annual value, including $400 in dining credits (via Resy) and $600 in hotel credits split into two $300 periods, reports the Wall Street Journal. The overhaul intensifies competition among premium issuers targeting affluent cardholders, as rivals from JPMorgan Chase, Citi, and Capital One expand benefits even as they tighten underwriting.

The Platinum now carries the highest fee among mass-premium cards; Chase’s Sapphire Reserve is $795, Citi Strata Elite $595, and Capital One Venture X $395. Capital One says it has no plans to raise Venture X’s fee. Issuers increasingly rely on merchant-subsidized statement credits—often metered monthly or quarterly—which lowers issuer costs but raises “breakage” risk for cardholders who don’t track benefits. For example, Amex’s $200 Uber credit posts in monthly increments, and dining and retail credits are quarterly.