American Express (AXP) Hikes Platinum Fee to $895, Adds $3,500 in Rewards

Amex just dropped a platinum-plated bombshell—and your wallet's about to feel the squeeze.

Premium Price, Premium Pain

The iconic card jumps to $895 annually—a move that'll have finance bros sweating over their expense reports. But wait: they're throwing in $3,500 worth of new benefits. Sounds generous until you do the math on who really wins here.

Rewards or Reality Check?

Amex claims the enhanced perks justify the hike. Travel credits, lounge access, concierge services—all the trappings of luxury that make you forget you're paying for the privilege of spending money. Classic premium psychology: make it hurt just enough that customers feel elite rather than exploited.

The Cynical Take

Because nothing says 'financial innovation' like charging nearly $900 for the right to use your own money—while traditional banks still can't figure out digital wallets. Priorities, people.

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For consumer cardholders, the new perks include credits with Uber (UBER), Lululemon (LULU), and Oura. There is also a $400 dining credit through the restaurant booking service Resy, and added benefits for hotels and streaming. Business Platinum users will also receive $3,500 in annual benefits, including new hotel credits and added support for purchases with Dell Technologies (DELL) and Adobe (ADBE). Also, none of the current Platinum perks are being removed.

Meanwhile, the company is introducing a new app feature for its Platinum customers. It will help users enroll in credits and track them more easily. American Express said the aim is to make it simpler to claim the value that comes with the card.

A Competitive Market for Premium Cards

The MOVE comes as rivals also upgrade their high-end products. JPMorgan Chase (JPM) recently added new hotel perks to its Sapphire Reserve card, while Citigroup (C) has refreshed its own premium cards. In fact, announcements from these firms often come within days of one another.

Still, the higher cost of membership may cause some customers to downgrade or switch to lower-fee cards from Capital One (COF) or Citigroup. Some card users in online forums have said the setup feels like a coupon book that only pays off if the credits are used.

Current consumer Platinum cardholders will begin to see the higher $895 fee starting with renewals on January 2, 2026.

Is American Express Stock a Buy?

On the Street, American Express scores a Neutral position overall. Out of 21 analysts submitting their ratings, seven rate it a Buy, while 11 rate it a Hold. The average AXP stock price target stands at $332.82, implying a 0.95% downside from the current price.