Amex Platinum Refresh: — Is It Worth the $895 Fee?

American Express has officially refreshed its flagship Platinum Card®, and the changes are… significant. The annual fee is climbing to $895, but a wave of new perks is coming along with it. If you’re already a Platinum cardholder (or considering one), you’re probably wondering: is the card still worth it?

Let’s break it down.

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The New $895 Annual Fee

The Platinum’s fee has always been steep, but this refresh pushes it close to the $900 mark. With that kind of price tag, American Express is clearly betting that cardholders will extract serious value from the revamped benefits package.

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What’s New: The Added Perks

According to trusted leaks, here are the major new perks expected in the refresh:

• $300 Lululemon Credit ($75 per quarter)
• All legacy credits remain, including:
  • $200 Airline Fee Credit
  • Walmart+ Credit
  • Entertainment Credit
  • Saks Fifth Avenue Credit
  • Equinox Credit
  • CLEAR / Global Entry / TSA PreCheck Credit

That’s a lot of stacked credits — but as always with Amex, the catch is whether you’ll actually use them.

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The Value Equation

Here’s how the math might look for a typical cardholder:

• Airline Fee Credit: $200
• Lululemon Credit: $300
• Saks Credit: $100
• CLEAR/Global Entry: $100–$189 value every 4–5 years
• Entertainment Credit: $240
• Walmart+ Credit: $155 (retail value)

Potential total: $1,000+ in annual value.

But — and it’s a big but — most people won’t fully use every single credit. Some perks (like Walmart+ or Equinox) may not fit your lifestyle. Others are capped quarterly, which makes them easy to forget.

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Travel Benefits Still Shine

Despite the focus on lifestyle credits, the Platinum remains a top travel card:

• Lounge Access via Centurion, Priority Pass (enrollment required), Delta Sky Clubs when flying Delta, and more
• 5x Points on Flights booked through Amex Travel or directly with airlines
• Hotel perks through Fine Hotels + Resorts and The Hotel Collection

For frequent travelers, these benefits alone can outweigh the high annual fee.

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So… Is It Worth It?

If you’re able to reliably use at least half the credits (airline, Lululemon, Saks, entertainment), the $895 fee can easily justify itself — especially with the card’s unrivaled lounge access and premium travel perks.

However, if you struggle to keep track of quarterly credits or don’t shop at the specific retailers, the card starts to feel like a very expensive coupon book.

Bottom line:

• Great value if you’re a frequent traveler and maximize the lifestyle credits.
• Not worth it if you just want a simple rewards card without juggling multiple perks.

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Final Thoughts

The Amex Platinum refresh cements the card’s place as a luxury lifestyle and travel tool rather than a straightforward rewards card. The $895 price tag is steep, but for the right cardholder, the perks more than cover the cost.

If you’re considering applying, weigh how many of the credits actually fit your lifestyle. That will determine whether the refreshed Platinum card is a keeper — or if it’s time to look elsewhere.