In June, Chase refreshed its Sapphire Reserve card with a whopping new $795 annual fee and a slew of new coupons. Suddenly, the Platinum card was no longer the most expensive and most couponized mainstream rewards card in the U.S. This was clearly unacceptable to American Express. So, Amex rushed out an announcement stating that it would soon resolve this situation with a major Platinum card refresh. That time is now. In addition to introducing a new mirrored finish, Amex has increased the Platinum annual fee to $895 ($100 more than the Sapphire Reserve), and they’ve altered and added credits to fight Chase coupon by coupon. Overall, despite the hefty new annual fee, the refreshed consumer Platinum card is exceptionally compelling. Here’s everything you need to know about the refreshed American Express Platinum Card®.
This post is specifically about changes to the consumer American Express Platinum Card® and its co-brand siblings, including: American Express Platinum Card® for Schwab; and American Express Platinum Card® Exclusively for Morgan Stanley.
Details about the refreshed Business American Express Platinum Card® can be found here.
Overview
As predicted and feared, American Express has increased the annual fees on its Platinum cards from $695 to $895. That’s the bad news. The good news is that they’ve enhanced existing perks and added valuable new ones. Even better, none of the consumer card’s old perks have gone away. I believe many cardholders will find that the card’s new and enhanced coupons more than offset the extra $200 per year in fees.
For card members who opened accounts before September 18th, new benefits are available immediately, but the new annual fee won’t go into effect until their next renewal dates on or after January 2, 2026 (or December 2, 2025 for Business Platinum cards).
Consumer Platinum card authorized user fees remain unchanged at $195 per year. The annual fee for Business Platinum employee cards is now $400 (up from $350).
Enhanced Perks
The following are enhancements to perks previously available to consumer Platinum cardholders:
$600 Hotel Credit
Earn up to $300 back in statement credits semi-annually (January through June, and July through December) on prepaid Fine Hotels + Resorts® or 2+ nights with The Hotel Collection booked through Amex Travel™.
- What changed? Previously, this benefit was limited to $200 and was valid for the entire calendar year.
- Transition for existing cardholders: From now to the end of 2025, you will be able to earn up to $300 back even if you have already earned cash back since July of this year. If you have not already earned cash back this half-year, you will be limited to $300 total cash back.
$300 Digital Entertainment Credit
Earn up to $25 back per month on select digital subscriptions: Paramount+, YouTube Premium, YouTube TV, Disney+, a Disney+ bundle, ESPN+, Hulu, The New York Times, Peacock, The Wall Street Journal.
- What changed? Monthly credit has increased from $20 to $25. Also, Amex added Paramount+, YouTube Premium, and YouTube TV to the list of eligible services.
- Transition for existing cardholders: Any eligible new charges between now and the end of September can qualify under the new rules. If you’ve made qualifying charges in September before September 18th, the amount rebated (up to $20) will reduce the amount of entertainment credit you have left this month. For example, if you spent $30 on Hulu on September 17th, you can expect to get $20 back from that charge and you’ll have $5 of additional credit available for other qualifying streaming purchases.
New Perks
$400 Resy Dining Credit
Earn up to $100 back each quarter after making eligible purchases directly with Resy or for dining purchases at any U.S. Resy restaurant. Enrollment required.
$120 Uber One Membership Credit
Earn up to $120 in statement credits each calendar year with an auto-renewing Uber One membership in the U.S. This complements the card’s existing monthly Uber credits.
$300 lululemon Credit
Earn up to $75 back each quarter in statement credits for eligible purchases at Lululemon stores or Lululemon.com in the U.S. Enrollment required.
$200 Oura Credit
Earn up to $200 back each calendar year in statement credits when purchasing an Oura Ring through Ouraring.com. Enrollment required.
Leading Hotels of the World (LHW) Sterling Status
Enroll to get Leaders Club Sterling Status from The Leading Hotels of the World®. Details about Sterling Status benefits can be found here.
Coupon war: Platinum vs. Sapphire Reserve
I find it interesting to see how Amex has taken on Chase by offering more compelling coupons:
- Luxury hotel credits: Chase offers up to $500 per year towards stays booked with The Edit by Chase Travel℠. Amex now provides up to $600 per year towards stays booked with Fine Hotels & Resorts or The Hotel Collection. Amex’s solution is far superior: $100 more total value; many more eligible properties; and Fine Hotels & Resorts can be booked for just one night, whereas Chase requires at least 2. Possibly in response to Amex’s changes, Chase has announced that, starting in 2026, its credits will be usable any time of the year (rather than once every 6 months). Even with this change, I think that Amex’s luxury hotel credits are significantly better than Chase’s. Winner: Amex.
- Fine Dining credits: Chase offers up to $300 per year towards spend at restaurants in their very limited Sapphire Reserve Exclusive Tables collection. Amex now provides up to $400 per year towards spend at restaurants on Resy. Chase’s advantage is that the credits are broken up into semi-annual buckets ($150 per 6 months) rather than Amex’s quarterly buckets ($100 per quarter). That said, Chase’s list of eligible restaurants is absurdly small and hard to find, whereas Amex includes all restaurants that appear on the Resy platform. Winner: Amex.
- Rideshare credits: Chase offers a monthly $10 Lyft credit. Amex offers $15 monthly ($35 in December) Uber / Uber Eats credit, plus they now also throw in an Uber One membership. Winner: Amex.
- Food delivery credits: Chase offers DoorDash perks, including a complimentary DashPass membership, one monthly $5 restaurant discount, and two monthly $10 non-restaurant discounts. Amex’s solution is wrapped up in its rideshare solution (above). Amex offers a free Uber One membership plus a monthly $15 credit ($35 in December) that can be used with Uber or Uber Eats. I far prefer the flexibility of Amex’s solution. Winner: Amex.
- Digital Entertainment credits: Chase offers free subscriptions to Apple TV+ and Apple Music. Amex offers up to $25 per month towards your choice of subscriptions: Paramount+, YouTube Premium, YouTube TV, Disney+, a Disney+ bundle, ESPN+, Hulu, The New York Times, Peacock, The Wall Street Journal. Winner: Amex.
- Fitness credits: Chase offers $10 per month towards a Peloton membership. Amex offers $300 per year towards an Equinox digital or club membership. Here, it’s hard to pick a winner. Peloton is probably a much more popular service, but Chase offers smaller credits. No winner.
- Shopping credits: Surprisingly, Chase didn’t step into this domain. Amex continues to offer $100 in Saks 5th Avenue credits ($50 per 6 months) and has added $300 ($75 per quarter) in lululemon credits. Winner: Amex.
There are a couple of areas where Chase’s coupons are significantly better than Amex’s:
- Travel credits: Chase offers $300 back per year for any travel spend. It doesn’t get any easier than this. Amex, meanwhile, continues to limit its $200 travel credits to incidental fees paid only to your selected airline. Winner: Chase.
- Event credits: Chase offers $300 per year ($150 per 6 months) in StubHub & viagogo credit. Surprisingly, Amex didn’t counter this one. Winner: Chase.
My Take
I’m shocked to find that I’m a fan of Amex’s consumer Platinum changes despite the annual fee skyrocketing to $895! Amex kept all of the consumer card’s existing valuable perks (airport lounge access, $200 airline fee reimbursement, $200 in Uber credits, etc.), improved some existing credits, and added valuable new credits. Here are my quick thoughts about each of the changes and additions:
My favorite enhancements
- $600 Hotel Credit: This is a big win for those who like to book Fine Hotels & Resorts or The Hotel Collection stays. Even if you only book once per year, this is an increased benefit (from $200 to $300). But if you can use the full $600 in credits each year, that’s terrific. Amex has recently added many new eligible hotels to its platform, making it even easier to use these credits than before!
- $300 Digital Entertainment Credit: The addition of Paramount+, YouTube Premium, and YouTube TV makes it more useful than ever. Since I already subscribe to YouTube TV, I can easily max out the full $300 each year without thinking about it.
- $400 Resy Dining Credit: I’m disappointed that this is divided into quarters ($100 per quarter), but otherwise, this is a great addition. I realize that not everyone has easy access to Resy restaurants, but Resy’s footprint is a bajillion (give or take) times bigger than Chase’s Sapphire Reserve® Exclusive Tables. The nice thing for me is that there are a few excellent Resy restaurants in Ann Arbor (where I live). I’ll have to make a point of dragging my Platinum card to those restaurants at least once per quarter. My wife and I tend to eat out a lot anyway, so this is not a hardship.
- $120 Uber One Membership Credit: This is great for me since I was already subscribed to Uber One! I was getting Uber One for free, for a limited time, thanks to my Delta Platinum card (see this post for details), but I’ll be happy to switch to the Platinum card’s ongoing Uber One benefit.
Let’s say that I use only $300 per year in hotel credits and fully use the other credits listed above. Further, let’s ignore the Uber One membership since I currently get it for free through my Delta card. Still, that all comes to $1,000 cash back per year. In reality, I think I’m very likely to use all $600 of the hotel credits, though, for a total of $1,300 cash back each year, just from the above benefits alone.
Enhancements I like, but with less enthusiasm
- $300 lululemon Credit: Since I’m not already a lululemon shopper, this perk won’t save me money, but it will mean that I can get free stuff each quarter. That’s a nice perk, but not one that I’d assign a dollar value to.
- Leading Hotels of the World (LHW) Sterling Status: I was initially excited about this one, but after researching the benefits of Sterling status compared to base-level Club status (found here), I became less enthusiastic. Base-level club status gives you almost all of the same perks (including upgrades and a daily continental breakfast for two). Still, I’m always happy to get a higher-level status for free.
Enhancements I’m not interested in
- $200 Oura Credit: The Oura ring is a device that looks like a regular ring, but it monitors your health and sleep. To get the most out of your ring, you need to pay for a membership ($5.99 USD/month or $69.99USD/annually before tax). It appears that this credit is only good for the purchase of the ring and won’t rebate membership fees. If it turns out that membership fees are rebated, I would be more interested in this credit.
My take, overall
As I described above, I should easily earn $1,000 or more back each year just from some of the consumer Platinum card’s new and enhanced perks. Considering I also benefit from perks like the card’s $200 airline incidental fee credits and $200 in Uber credits, it’s clear the consumer Platinum card is a winner… for me. As always, I recommend that everyone do the math themselves. Which credits are you really likely to use? Would you be spending more to use them? If so, is that really a win? Soon, I’ll update my post and spreadsheet “Which Premium Cards are Keepers?” That will help you understand how much you truly value this card’s perks.
Complete list of consumer Platinum perks
| Benefit | Benefit Description |
|---|---|
| 5X on flights | Earn 5x on flights booked directly with airlines (with Business Platinum cards, you must book through Amex Travel to earn 5x) |
| $400 Resy Dining Credit | Enrollment required. Earn up to $100 back each quarter after making eligible purchases directly with Resy or for dining purchases at any U.S. Resy restaurant. |
| $120 Uber One Membership Credit | Earn up to $120 in statement credits each calendar year with an auto-renewing Uber One membership in the U.S. |
| $200 in Uber / Uber Eats Credits | Get $15 in Uber credits per month ($35 in December) simply by adding your Platinum card number to your Uber account as a payment method. This benefit also includes Uber VIP status. Important: when requesting a ride, select Uber Cash for payment to use your credits. |
| $300 Digital Entertainment Credit | Enrollment required. Earn up to $25 back each month after paying for select digital subscriptions: Paramount+, YouTube Premium, YouTube TV, Disney+, a Disney+ bundle, ESPN+, Hulu, The New York Times, Peacock, The Wall Street Journal. |
| Free Walmart+ Subscription | Get back the full cost, including taxes, for a Walmart+ monthly subscription. In addition to its standard benefits, Walmart+ also includes your choice of Paramount+ Essential or Peacock Premium streaming, at no extra cost. |
| $300 lululemon Credit | Enrollment required. Earn up to $75 back each quarter in statement credits for eligible purchases at Lululemon stores or Lululemon.com in the U.S. Enrollment required. |
| $100 Saks Fifth Avenue Credits | Enrollment required. Earn up to $50 back each January through June, and July through December for purchases at Saks Fifth Avenue online or at locations in the US and US Territories. |
| $300 Equinox Credit | Enrollment required. Earn up to $300 back per year in statement credits for a digital or club membership at Equinox. |
| $300 SoulCycle Credit | Must join Equinox first. Charge the full price of a SoulCycle at-home bike and get $300 back in statement credits. |
| $200 Oura Credit | Enrollment required. Earn up to $200 back each calendar year in statement credits when purchasing an Oura Ring through Ouraring.com |
| Active Military Fee Waiver | Amex will waive consumer card fees (including annual fees) for US active military personnel. Call the number of the back of your card and tell them you are serving on active duty military and had heard that AMEX offers to handle your account in accordance with the Military Lending Act (MLA). This may work to waive authorized user fees too. |
| Flight & Airport Benefits | Benefit Description |
|---|---|
| 5X through American Express Travel® | Earn 5X points for prepaid hotel and airline bookings via American Express Travel® |
| $200 airline fee credit | Registration required. Amex will automatically reimburse up to $200 per calendar year for airline fees for your selected airline only. Eligible fees include: baggage fees, flight-change fees, in-flight food and beverage purchases, and airport lounge day passes. For tips on using this benefit, please see: Amex airline fee reimbursements. What still works? |
| International Airline Program | Save money when booking select premium cabin international flights originating in the US or Canada. This benefit is also available to Platinum authorized users. |
| Airport Lounge Access: Centurion Lounges | The cardholder is allowed free entry. Guests are charged $50 per adult, or $30 per child aged 2 through 17. After $75K of eligible spend in a calendar year, the cardholder is permitted 2 complimentary guests per visit. This benefit is also available to Platinum authorized users. |
| Airport Lounge Access: Airspace Lounges, Escape Lounges, Plaza Premium Lounges | Cardholder plus two guests are allowed free entry. This benefit is also available to Platinum authorized users. |
| Airport Lounge Access: Delta Sky Clubs | Cardholder is allowed 10 Sky Club visit-days per year. After $75K of eligible spend in a calendar year, the cardholder is permitted unlimited visits through the end of the following calendar year. This benefit is also available to Platinum authorized users. |
| Airport Lounge Access: Priority Pass Lounges | Registration is required to obtain your Priority Pass card. Member plus 2 guests are allowed free entry. This version of Priority Pass does not cover Priority Pass restaurants. This benefit is also available to Platinum authorized users. |
| Airport Lounge Access: select Lufthansa Lounges | Free access to Lufthansa Business Lounges (with confirmed ticket) or to Senator Lounges (with Business Class ticket) in the satellite building of Terminal 2 at Munich Airport and in Terminal 1, Departure Area B, at Frankfurt Airport. Valid only when flying Lufthansa, SWISS or Austrian Airlines. This benefit is also available to Platinum authorized users. |
| CLEAR® Plus credit | Get up to $209 per year reimbursed for CLEAR® Plus subscriptions. See also: 5 ways to get CLEAR® Plus for less. |
| Global Entry or TSA Pre fee credit | Get reimbursed for the cost of Global Entry once every 4 years or TSA Pre once every 4.5 years. This benefit is also available to authorized users. |
| Hotel Benefits | Benefit Description |
| Fine Hotels & Resorts | Book high-end hotels through Amex Fine Hotels & Resorts and get: room upgrade, daily breakfast for 2, 4 pm late checkout, noon check-in, free wifi, and a unique property amenity. Also: Earn 5X Membership Rewards for prepaid bookings. This benefit is also available to Platinum authorized users. |
| $600 Hotel Credit | Up to $300 back in statement credits semi-annually on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through Amex Travel™. The Hotel Collection bookings require stays of 2 nights or longer. |
| Hilton Honors Gold Status | Registration required. Hilton Gold members receive food & beverage waivers or free breakfast, room upgrades when available, and other perks at Hilton hotels. This benefit is also available to authorized users. |
| Marriott Gold status | Enrollment required. Gold members receive a welcome gift (bonus points) with each stay, room upgrades when available, 2 pm late checkout, and other perks (details here). This benefit is also available to authorized users. |
| Leading Hotels of the World (LHW) Sterling Status | Enrollment required. Enroll to get Leaders Club Sterling Status from The Leading Hotels of the World® |
| Other Travel Benefits | Benefit Description |
| Emergency Medical Transportation Assistance | Call the Premium Global Assist Hotline: 1-800-333-Amex (toll free), or 1-715-343-7977 (direct-dial collect). This benefit is also available to Platinum authorized users. |
| National Car Rental Executive status | Registration required (Enroll here). Book midsize cars and select any car from the Executive Aisle for no extra charge. This benefit is also available to Platinum authorized users. |
| Hertz Rental Car Privileges | Registration required (Details and enrollment form found here). Privileges include President's Circle Status, discounts, plus a four-hour grace period for rental car returns. This benefit is also available to Platinum authorized users. |
| Avis Preferred status | Registration required (Details and enrollment form found here). Preferred status offers priority service at the counter, discounts, and a one-car class upgrade for groups C-E (Intermediate, Standard, and Full size). This benefit is also available to Platinum authorized users. |
| Cruise Benefits | Pay for your cruise with your Platinum card and receive $100 to $300 per stateroom shipboard credit plus additional amenities unique to each cruise line. This benefit is also available to Platinum authorized users. |
| Miscellaneous Other Benefits | Benefit Description |
| Cell Phone Protection | No need to enroll. Pay your cell phone bill with your Platinum card. Max $800 per claim, $50 deductible. This benefit is also available to Platinum authorized users. |
Want to learn more about miles and points? Subscribe to email updates or check out our podcast on your favorite podcast platform.
Benefits listed as “available to Platinum authorized users” are available only to paid Additional Card holders, not free Companion Card holders. Both are authorized users. The exception is GE/PreCheck credit, which is available to both.
For Lululemon $75 credit, the offer details specifically calls out “not valid on gift cards”. Has anyone validated if it is valid on in-store gift cards?
In the related Podcast, @greg & @Nick Reyes mentioned I think $75 infatuation credit for CSP. However, I don’t see it. In fact, TheInfatuation.com website mentions CSR for $300 credit but not CSP. Any insights?
It’s a temporary promotion. We published about it here: https://frequentmiler.com/chase-sapphire-preferred-cardholders-can-save-75-on-150-dining-spend-with-the-infatuation/
Thanks, Nick. Your prompt responses are very much appreciated!
@Nick Reyes Thanks for the FM link for the offer, which also has direct link for theInfatuation.com site for Chase Preferred. However, I cannot find any link on Chase Preferred site for this 75 on 150 promo…. Do you know where can I find that on Chase.com site?
If I spend Q3 benefit before Sept 30, do we still get Q3 credits next year IF I cancel card next year on Sept 30? I am trying to figure the difference between quarterly credit and then there is a $400 limit (for Resy) or $300 (limit for LuLu). Does it work strictly on Calendar year basis?
Yes, you would still get Q3 next year. You should definitely take advantage of quarterly credits before September 30th. I don’t recommend waiting until September 30th, especially if you’re buying online from Lululemon, as many retailers don’t finalize the charge until they ship. Order now. Resy restaurants Or Lululemon purchases made in person should work through the 30th.
Thanks, Nick. On it :-). So, these credits are quarterly, even though AMEX says $$ annual limit (4x weekly), you can technically take 5 credits if you hold the card for 1 full year (depending on dates, say Sept 15, 2025, thru Sept 30, 2026).
Your prompt responses are very much appreciated!
Yes, that’s correct.
Two questions: 1) are there any more actual data points on whether the Lululemon credit can be used to purchase a gift card from the website, and 2) Looks like my regular Amex Plat only gives $75/quarter Resy dining credit. How do you get the $100/quarter credit mentioned in the article? Thanks.
I don’t know what you’re talking about with the $75 per quarter resy dining credit. It’s a $100 credit for the consumer Platinum card.
Pains me to say this because I hate more coupons, but Amex killed this refresh. Plus, with an October renewal, the Consumer Platinum is definitely a keeper for me. Canceling my Business Platinum tho…
If you are a Schwab account holder, their Amex Platinum offering is superior. 125,000 Amex points bonus (same time period to spend), identical benefits to the Amex Platinum, and an annual Schwab Appreciation Bonus ($100-$1000, depending on your Schwab account balance).
The Schwab version can be the right choice, but there are a couple of other factors to consider as well. For instance, if you regularly refer a player 2, keep in mind that the Schwab version of the card typically only offers a $100 referral bonus, whereas the “vanilla” version frequently offers referral bonuses of anywhere from 20,000 to 45,000 points per referral. Make one referral every couple of years and you are potentially ahead.
On the flip side, the Schwab version gives you the chance to redeem points for brokerage deposits at 1.1 per point. And as you mentioned, you can get a credit depending on your total balances with Schwab:
$250,000 or more = $100 credit
$1 million or more = $200 credit
$10 million or more = $1,000 credit
It does take a substantial amount of assets to get those credits, but if you have that with Schwab or can move it to Schwab, you’re right that it might make more sense.
Here is my personal updated valuation for the card based on a very conservative analysis of what I would prepay for the credits:
Digital entertainment credit: $150
Airline fee credit: $100 (I tweaked down from $150 when Southwest credits started expiring)
Equinox: $20 ($100 for P2)
Clear: $150
Saks: $40
Walmart+: $20
Hotel credit: $200 (up from $50 for old credit because there are more options for 1-night stays before flights)
Resy: $200
Lululemon: $50 (my wife and daughter will use this, so I might bump higher)
Uber and Uber One: $100
TSA Precheck: $0
Oura: $0
So this is a keeper for me even before I count Delta Lounge access, medical evacuation insurance, and $200 off through Schwab. I’m not crazy about coupons, but the value is good enough I can deal with them.
If Amex had tanked my value in this card I might have made the effort to use the CSR credits so I could keep the excellent CSR insurance. But I can’t use the credits on both cards and Amex comes out ahead for my spending patterns. Hopefully I can get the SUB on the CSP after I cancel my CSR.
Not credits I’m looking for in particular. Might have lost its luster for me, but I guess thereare 2 calendar year cycles to extract the coupon benefits before a downgrade. Will need an Amex Lounge strategy. Didn’t see the AU fee. Updated?
Will buying a LULU Lemon gift card trigger the credit?
Yes, but only if you buy in-store. Not from their website.
Well, the offer details specifically says, “not valid on gift cards”. So, have you or anyone seen a data point as to whether it is valid on in-store gift cards?
Yes many data points but also heard that the word is out and lulu is no longer selling them per Amex. But many people got them in store and got the credit this month.
So far used $98 Uber, joined Uber 1, used $300 hotel credit and $75 LULU credit. Using RESY next week. Renewal in November, I think I will keep the card for another year. Thanks AMEX.
for the oura credit, it says $200 reimbursed for buying an oura ring. but they have other products they sell like ring chargers and glucose monitors. wonder if those will still trigger the credit.
something is up with the Airline credit — when I looked earlier today, it showed I had $100 left to use (not true, used all $200 in January). Now I cannot find the benefit listed anywhere on the site or in the app. It somehow got messed up with this changeover? And they took it down to fix it? Anyone else seeing (or not seeing) this?
Also can’t find it on my app or web
thanks, thought I was losing my mind for a sec
Congratulations, you’ve received $200 of your Airline Fee credit benefit this year! Shows in benefits.
There has been some weirdness today because the Equinox credit disappeared for a while but now is back. (Not that I would have lost sleep over that one.) I see the $200 airline credit listed for my cards.
As usual these ‘credits’ are just interest-free prepayments to American Express, these retailers and dining establishments weren’t ones you previously frequented, rooms you wouldn’t have previously booked anyway, and that you’re not getting face value back (see: Uber wallet price discrimination), Lifestyle creeps, just in time for Halloween!
They are definitely interest-free prepayments and the value is going to vary widely from one person to the next. I place a high value on credits I will use anyway versus the ones where I have to change behavior. For example, I haven’t typically placed much value on the hotel credit because they aren’t hotels I am likely to stay at without the credit. But the Resy credit is worth more to me because I eat at Resy restaurants anyway. Some people will get a lot of value out of the Apple Music and StubHub credits from CSR if they spend on those things anyway, although for me they aren’t worth much.
I rarely value any coupon-like credits at more than 50% of face value, and quite a lot less for some of them. One thing I appreciate about this blog is that it frequently reminds us to take a hard look at value and think of coupons in terms of what we would prepay for them.
Pretty much this. In my opinion, there were already too many hoops to jump through prior to the refresh. I’m happy to go out of my way for a card a few times per year, but the level of effort outweighs the benefits for me. And for what? To get on a waitlist for a centurion lounge? No thanks.
Are there any exclusions for the resy credit, such as alcohol?
No.