American Express Raises Platinum Card Annual Fee to $895

Summary

American Express has increased the annual fee for its Platinum card to $895, effective January 2, 2026, for existing cardholders. This follows a previous increase from $550 to $695 in 2021. The company introduced a premium app theme and additional benefits, including $300 for Lululemon and $400 for Resy restaurants.The Verge

Impact Analysis

So basically, American Express is doubling down on its strategy to target affluent customers by increasing the annual fee for its Platinum card to $895, effective January 2, 2026. This follows a previous hike from $550 to $695 in 2021. The new fee comes with added perks like $300 for Lululemon and $400 for Resy restaurants, along with a premium app theme featuring a black design.The Verge The interesting part isn’t just the fee hike but the timing and the added benefits. This move seems aimed at justifying the higher fee by offering more value, but it also signals a focus on retaining high-spending customers who can leverage these perks. Analysts are divided; some see this as a positive long-term strategy to boost revenues, while others are skeptical about its impact on customer loyalty and differentiation from competitors like Chase and Citi.Tip Ranks+ 2 I’d read this as a calculated risk by Amex to enhance its premium positioning, but the real test will be in customer retention and whether these new perks are enough to offset the higher fee.