Amex CEO Gives Hints About Platinum Card Changes: What We Know So Far

During its Q2 2025 earnings call, American Express shared some staggering numbers: record-breaking quarterly revenue of $17.9 billion and 1.5 million new U.S. cards issued.

The financial giant isn’t hitting the brakes anytime soon. Major updates to 2 of its flagship U.S. products, The Platinum Card^® from American Express and The Business Platinum Card^® from American Express, are confirmed for later this year.

Both premium cards are set to undergo changes that include a “moderation in card fee growth,” which is corporate speak for an annual fee hike. However, CEO Stephen Squeri alluded to several confirmed updates during this call.

Here’s what we know so far — and what we can anticipate is coming for these cards.

Higher Annual Fees Are Inevitable

Squeri noted that competition in the premium and luxury card space has intensified over the past decade, but he positioned American Express as the clear industry leader for more than 40 years.

“Affluent consumers are shifting away from no-fee and cash-back products in favor of offerings that deliver partner-driven value, exclusive access, memorable experiences, and standout customer service,” Squeri said in the earnings call.

The Amex Platinum card charges a $695 annual fee (rates & fees), as does the Amex Business Platinum card ($695 annual fee; rates & fees). While we don’t know the exact amount, we can reasonably expect anywhere between a $100 to $300 increase — though we hope it’s closer to the lower end.

For instance, a $100 increase would put the Amex Platinum card on the same level as the recently refreshed Chase Sapphire Reserve^® with a $795 annual fee. (Chase Bank also introduced its first-ever premium business card, the Sapphire Reserve for Business℠ recently.)

The Platinum cards have a huge competitive edge with their more extensive airport lounge access, as the issuer has had a much longer presence in the premium travel space compared to competitors.

Realistically, the annual fee will likely inch closer to the $1,000 mark — hopefully without crossing it. As Squeri emphasized that affluent consumers make up a significant portion of Amex’s customer base, the assumption is that they’ll continue to see the value and be willing to pay the higher fee … even as it approaches that threshold.

More ‘Coupons’ Coming to Amex Platinum Cards

Squeri also shared that the issuer is focused on its younger customer base, which will ultimately draw in loyalty over the years. But what kind of benefits can we expect to see for this higher price point?

The refresh strategy involves “our ability to attract a growing number of premier partners who fund offerings to gain access to our large scale high spending customer base.”

In recent years, premium cards from American Express and competitors like Chase and Capital One have increasingly leaned into coupon-style credits. This trend shows no signs of slowing down, as these credits allow banks to layer on more “benefits,” which are often subsidized by partner brands. This enables banks to keep their own costs in check, as they rely on consumers not taking advantage of every perk.

New Potential Amex Perks

At the time of writing, both the Amex Platinum card and the Amex Business Platinum card come loaded with statement credits (some require enrollment). However, many of these perks must be used on a monthly or biannual basis and come with fine print — often leaving cardholders feeling like managing their benefits is just another task on their to-do list.

We can expect new credits to come from a diverse list, not just in travel but also in lifestyle, entertainment, and dining, as these sectors have become increasingly important.

One likely addition is a Resy credit, tied to Amex’s restaurant reservation platform after a 2019 acquisition. A similar perk was introduced during a refresh of the Delta SkyMiles card lineup and a revamp of popular American Express^® Gold Card in 2024, so it wouldn’t be a surprise us to see it extended to the Platinum card portfolio as well.

A Ticketmaster credit also seems plausible, given Amex’s ongoing partnership with the company for cardholder-exclusive presale access to live events.

On the business side, Amex’s recent acquisition of Center (an expense management platform) could signal another opportunity. While the software itself is free, Center charges a flat fee per trip for corporate travel bookings. That could lead to a potential related statement credit aimed at Amex Business Platinum cardholders.

Coupon Book Model Is Here To Stay

Squeri confirmed on the call that consumers can expect to see the same formula with this upcoming refresh but emphasizes, once again, the potential value.

“While not every consumer will use 100% of the value … we have enough disparity in the price and the value that you don’t need to use all the value to get the value out of the product … not every card member uses every benefit,” Squeri said. “But that’s okay because it gives people the opportunity to pick and choose, but they do use enough of the services and the benefits that it more than outweighs whatever fee they’re gonna pay.”

Unfortunately, this likely means that any new credits on the horizon will definitely come with added requirements, whether it’s limited redemption windows, minimum spending thresholds, required enrollment, or a combination of all 3.

That said, we hope the core benefits existing cardholders know and love remain intact. As a cardholder of both products, these are a couple of my favorites because they’re user-friendly compared to the rest of the bunch:

• Amex Platinum card: Airline fee credit, prepaid hotel credit, and CLEAR Plus credit
• Amex Business Platinum card: Airline fee credit, Dell Technologies credit, CLEAR Plus credit, and U.S. wireless telephone services credit

Remember that many of these perks require enrollment before using them.

Amex Business Platinum Card Changes Already In Effect

We’ve already seen a few changes rolled out to the Amex Business Platinum card this year — some good and some negative.

As of July 1, 2025, the Dell Technologies credit changed. Previously, you could earn up to $200 in the first half of the year and up to $200 in the second half of the year on U.S. purchases made directly with Dell. Now, you only get up to $150 in Dell credits, though the timeframe now applies to the whole calendar year, and you can get an additional $1,000 in credits after spending $5,000 or more with Dell.

The Adobe credits became slightly easier to use as any Adobe purchases count toward the statement credit, whereas only very specific purchases used to count. The statement credit did change from up to $150 per year to up to $250 per year, but it requires you to spend at least $600 on direct Adobe purchases.

The Amex Business Platinum card also has a popular Pay With Points rebate that’s changing, too. Starting September 18, 2025, the Pay With Points rebate will no longer apply to first- and business-class tickets on any airline booked through AmexTravel.com — only flights booked in any cabin with your designated qualifying airline, which you must choose in advance.

This is a huge disappointment. Previously, you could reliably get 1.54 cents in redemption value for first- and business-class tickets on any airline without having to hunt for award space.

Hot Tip:

It will be interesting to see how American Express continues to distinguish between the Amex Platinum card and the Amex Business Platinum card. For a very specific group of travelers, having both can be worthwhile — especially since the current benefits are distinct enough to justify it. But the question remains: Will that still hold true with the upcoming changes?

‘May the Best Company Win’

The last major update to both cards came in 2020, at the height of the pandemic, when the company shifted toward more lifestyle-oriented perks to align with changing consumer needs.

Despite growing competition in the premium card space recently, Squeri remains confident that the upcoming refresh will be a positive move for Amex — and is vital for the company to avoid being “complacent” in an ever-growing consumer base.

“I think since our last refresh, we’ve pretty much doubled our base,” Squeri said. “I think what the industry has proven is that consumers will pay for value.”

He also shared an interesting tidbit about value. As both cards continue to offer strong value, younger generations like Gen Z and Millennials will be well-equipped to evaluate for themselves whether Amex products deliver the meaningful benefits they’re looking for.

“And if they don’t feel they get the value from the Platinum card, they can look at the Gold card and they get that,” Squeri said.

Amex Platinum Card and Amex Business Platinum Card Overview

Thankfully, the annual fee increases for both cards won’t officially roll out until early 2026, giving existing consumers plenty of notice to assess whether they want to keep, cancel, or downgrade.

Historically, when Amex introduced new credits or benefits, existing consumers immediately got access. We could be wrong for this refresh, but if it follows this pattern, applying now for the Amex Platinum card or the Amex Business Platinum card could be a strategic move.

By applying now, you can lock in the current annual fee for a full year before any expected increase takes effect. Historically, when Amex has refreshed its cards, new cardholders could lock in their original annual fee before the annual fee increase (which wouldn’t happen until their card anniversary date the following year) and receive some (if not all) of the updated perks right away.

In other words, there’s the potential for a “double dip” opportunity on certain credits, as you’ll effectively earn them twice in the first year of card membership (for the rest of 2025, then new credits in 2026).

Amex Platinum Card

NEW OFFER

Terms Apply / Rates & Fees

The Platinum Card^® from American Express

U.P. Rating 

The rating for this card has been determined by our own industry experts who know the ins and outs of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

The Amex Platinum reigns supreme for luxury travel, offering the best airport lounge access plus generous statement credits, and complimentary elite status.

Apply Now(at Amex's secure site)

Apply With Confidence

Know if you're approved with no credit score impact

If you're approved and accept this Card, your credit score may be impacted.

The Platinum Card^® from American Express

The Amex Platinum reigns supreme for luxury travel, offering the best airport lounge access plus generous statement credits, and complimentary elite status.

Welcome Offer

You may be eligible for as high as 175,000 Membership Rewards^® Points after spending $8,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer.

As High As 175,000 Points. Find Out Your Offer.

UP's Offer Valuation*:

Up to $3,850

Annual Fee

$695

APR

See Pay Over Time APR

Credit Recommended

Upgraded Points credit ranges are a variation of FICO^®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.

Good to Excellent

Why We Like This Card

When it comes to cards that offer top-notch benefits, you’d be hard-pressed to find a better card out there than The Platinum Card^® from American Express.

Make no mistake — the Amex Platinum card is a premium card with a premium price tag. With amazing benefits like best-in-class airport lounge access, hotel elite status, and tremendous value in annual statement credits, it can easily prove to be one of the most lucrative cards in your wallet year after year.

Pros & Cons

Pros

• The best airport lounge access out of any card (by far) — enjoy access to over 1,400 worldwide lounges, including the luxurious Amex Centurion Lounges, Priority Pass lounges (enrollment required), Plaza Premium Lounges, and many more!
• 5x points per dollar spent on flights purchased directly with the airline or with AmexTravel.com (up to $500,000 per year)
• 5x points per dollar spent on prepaid hotels booked with AmexTravel.com

Cons

• $695 annual fee (rates and fees)
• Airline credit does not cover airfare (only incidentals like checked bags)

Read Full Review

Card Highlights

• You may be eligible for as high as 175,000 Membership Rewards^® Points after you spend $8,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
• Earn 5X Membership Rewards^® Points for flights booked directly with airlines or with American Express Travel^® up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards^® Points on prepaid hotels booked with American Express Travel^®.
• $200 Hotel Credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts^® or The Hotel Collection bookings through American Express Travel using your Platinum Card^®. The Hotel Collection requires a minimum two-night stay.
• $240 Digital Entertainment Credit: Get up to $20 back in statement credits each month on eligible purchases made with your Platinum Card^® on one or more of the following: Disney+, a Disney+ bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required.
• Enjoy the benefits of the Global Lounge Collection, with over $500 of annual value if you visit Centurion Lounges and each of our partner lounges including Delta Sky Club^® lounges when flying an eligible Delta flight (subject to visit limitations) , select Lufthansa lounges when flying Lufthansa, Plaza Premium lounges and Escape Lounges, and enroll in Priority Pass Select. See terms.
• A Walmart+ membership can get you free shipping with no order minimum on eligible items shipped by Walmart. Use your Platinum Card^® to pay for a monthly Walmart+ membership (subject to auto-renewal) and receive one statement credit for up to $12.95 (plus applicable taxes. Plus Ups not eligible) each month. Free Shipping excludes most Marketplace items, freight & certain location surcharges. Paramount+ Essential plan only, separate registration required.
• $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Platinum Card^® Account. American Express relies on airlines to submit the correct information on airline transactions to identify incidental fee purchases. If you do not see a credit for a qualifying incidental purchase on your eligible Card after 8 weeks, simply call the number on the back of your Card. Qualifying airlines are subject to change. See terms & conditions for more details.
• $200 Uber Cash: Platinum Card^® Members can ride or dine in style with $15 in Uber Cash each month, plus a bonus $20 in December after adding their Card to their Uber account. Use your Uber Cash on rides and orders in the U.S. when you select an Amex Card for your transaction.
• $199 CLEAR^® Plus Credit: CLEAR^® Plus helps get you to your gate faster by using unique facial attributes to verify you are you at 50+ airports nationwide. Receive up to $199 in statement credits per calendar year after you pay for your CLEAR Plus Membership (subject to auto-renewal) with the Platinum Card^®.
• Receive either a $120 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for a TSA PreCheck^® (through a TSA official enrollment provider) application fee, when charged to your Platinum Card^®. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.
• Shop Saks with Platinum: Get up to $100 in statement credits annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card^®. That's up to $50 in statement credits semi-annually. Enrollment required.
• Use Global Dining Access by Resy to access premium dining experiences. Receive Priority Notify and unlock insider access to some of the world's most sought-after restaurants with Global Dining Access by Resy. Download the Resy iOS app or log into Resy.com and add your Platinum Card^® to your Resy profile to take advantage of your special benefits and discover restaurants near you.
• $695 annual fee.
• Terms Apply.

Financial Snapshot

• APR: See Pay Over Time APR
• Foreign Transaction Fees: None

Rewards Center

American Express Membership Rewards

Hot Tip: Apply and find out if you’re eligible for a welcome bonus offer of as high as 175,000 points with the Amex Platinum. Welcome offers may vary and you may not be eligible for an offer.

Amex Business Platinum Card

Terms Apply / Rates & Fees

The Business Platinum Card^® from American Express

U.P. Rating 

The rating for this card has been determined by our own industry experts who know the ins and outs of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

This card is ideal for business travelers who enjoy luxury travel and are looking for a card loaded with benefits!

Apply Now(at Amex's secure site)

The Business Platinum Card^® from American Express

This card is ideal for business travelers who enjoy luxury travel and are looking for a card loaded with benefits!

Welcome Offer

Earn 150,000 Membership Rewards^® points after you spend $20,000 in eligible purchases on the Card within the first 3 months of Card Membership.

150,000 points

UP's Offer Valuation*:

Up to $3,300

Annual Fee

$695

APR

18.49% - 29.24% Variable

Credit Recommended

Upgraded Points credit ranges are a variation of FICO^®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.

Good to Excellent

Why We Like This Card

The Business Platinum Card^® from American Express is a premium travel rewards card tailored toward business owners who are frequent travelers with a high number of annual expenses.

When you factor in the large number of perks that the card offers like the best airport lounge access at over 1,400 lounges, along with tons of annual credits, it’s easy to see why this card can is a top option for frequent traveling business owners.

Pros & Cons

Pros

• 5x Membership Rewards points per $1 on flights, prepaid hotels, and short-term rentals and prepaid flight and hotel packages booked through Amex Travel
• Access to over 1,400 worldwide airport lounges as part of the American Express Global Lounge Collection (as of 10/2024).
• Get 50% more Membership Rewards points (1.5 points per $1) on eligible purchases in key business categories, as well as on purchases of $5,000 or more (on up to $2 million per calendar year)

Cons

• High annual fee of $695 (rates & fees)
• Airline fee credit does not cover airfare, only incidentals like checked bags

Read Full Review

Card Highlights

• Welcome Offer: Earn 150,000 Membership Rewards^® points after you spend $20,000 in eligible purchases on the Card within the first 3 months of Card Membership.
• The American Express Global Lounge Collection^® can provide an escape at the airport. With complimentary access to more than 1,400 airport lounges across 140 countries and counting, you have more airport lounge options than any other credit card issuer on the market as of 10/2024.
• Unlock over $2,000 in statement credits with business and travel benefits annually* on the Business Platinum Card. Terms apply. Learn more. *After meeting qualifying spend thresholds
• New! Enroll and get up to $150 in statement credits on U.S purchases directly with Dell Technologies on the Business Platinum Card and an additional $1,000 statement credit after you spend $5,000 or more on that same Card per calendar year.
• New! Enroll and get a $250 statement credit after you spend $600 or more on U.S. purchases directly with Adobe per calendar year on the Business Platinum Card.
• Fly like a pro with a $200 Airline Fee Credit. Select one qualifying airline to receive up to $200 back per year on baggage fees and other incidentals.
• Make the Business Platinum Card^® work even harder for you. Hilton For Business members get up to $200 back per calendar year when you make an eligible purchase at Hilton properties across the globe. Benefit enrollment required.
• 5X points on flights and prepaid hotels booked on AmexTravel.com
• 1.5X points (that’s an extra half point per dollar) on purchases at US construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on each eligible purchase of $5,000 or more, up to $2 million of these purchases per calendar year. Purchases eligible for multiple additional point bonuses will only receive the highest eligible bonus.
• 1X points on other eligible purchases
• Use the Business Platinum Card^® and get up to $209 back per calendar year on your CLEAR^® Plus Membership (subject to auto-renewal).
• $695 Annual Fee.
• Terms Apply.

Financial Snapshot

• APR: 18.49% - 29.24% Variable
• Foreign Transaction Fees: None

Rewards Center

American Express Membership Rewards

Hot Tip: Check to see if you’re eligible for a welcome bonus offer of up to 250,000 points with the Amex Business Platinum card. The current public offer is 150,000 points. (This targeted offer was independently researched and may not be available to all applicants.)

Final Thoughts

There’s no question that American Express plans to roll out new credits and benefits alongside higher annual fees for its most premium cards. The company claims it has taken customer feedback into account — and if that’s truly the case, we can only hope the upcoming benefits offer real, meaningful value without requiring cardholders to navigate a maze of requirements to use them.