What the 2025 Platinum Card Refresh Tells Us About the Future of American Express

In September 2025, American Express made significant changes to its flagship card, the Platinum Card^® from American Express.

The issuer added more value in the form of statement credits and perks (some requiring enrollment to use them), all while not removing any of its previous benefits. At the same time, American Express increased the annual significantly to $895 (rates & fees).

Many cardmembers, including myself, considered these changes a net positive. This is because the credits added are relatively easy to use and at partner brands that many Amex Platinum cardholders already shop with. The fact that no existing benefits were removed or devalued was icing on the cake.

But these changes are more than just a card refresh. The recent changes to the Amex Platinum card likely shows us the future of American Express and how its card portfolio will evolve.

The major takeaway? Amex is now homing in on an increasingly key demographic in the credit-card wars and making a gradual shift away from being a bank and toward being a high-end lifestyle brand. Here’s what the future might look like.

Amex Platinum Card Overview

First, let’s look at the Amex Platinum card changes. Some are travel-focused, and many are lifestyle-focused. The new (or improved) statement credits include:

• Up to $600 hotel credit: This comes as up to $300 from January to June, and up to $300 July to December. This credit is valid on prepaid Fine Hotels + Resorts and The Hotel Collection stays booked through AmexTravel.com, though the latter requires a 2-night minimum stay.
• Up to $400 Resy credit: This comes as up to $100 each quarter, valid at any U.S. restaurant on the Resy platform.
• Up to $300 lululemon credit: This comes as up to $75 each quarter, valid at U.S. stores and online.
• Up to $120 Uber One membership credit: The credit is valid on a monthly or annual Uber One subscription.
• $300 digital entertainment credit: This benefit adds up to $60 in value to the former up-to-$240 credit, and the credit is now valid at Disney+, ESPN+, Hulu, Paramount+, Peacock, The New York Times, The Wall Street Journal, YouTube Premium, and YouTube TV.
• $200 Oura Ring credit: This can be used for Oura Ring purchases on Ouraring.com.

Enrollment is required for many of these benefits.

Existing benefits Amex include extensive airport lounge access, a $200 airline incidental fee credit, the $100 Saks Fifth Avenue credit, and others. But as mentioned in the introduction, the Amex Platinum card’s annual fee went up substantially to $895.

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Platinum Card^® from American Express

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

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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

$895

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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 card application.

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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 1,550 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

• $895 annual fee (rates and fees)
• Airline credit does not cover airfare (only incidentals like checked bags)

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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.
• Get more for your travels with 5X Membership Rewards^® points on all flights and prepaid hotel bookings through American Express Travel^®, including Fine Hotels + Resorts^® and The Hotel Collection bookings. You earn 5X points on flights purchased directly from airlines or through American Express Travel^® on up to $500,000 on these purchases per calendar year.
• More Value! With over 1,550 airport lounges - more than any other credit card company on the market* - enjoy the benefits of the Global Lounge Collection^®, over $850 of annual value, with access to Centurion Lounges, 10 complimentary Delta Sky Club^® visits when flying on an eligible Delta flight (subject to visit limitations), Priority Pass Select membership (enrollment required), and other select partner lounges. * As of 07/2025.
• More Value! $200 Uber Cash + $120 Uber One Credit: With the Platinum Card^® you can receive $15 in Uber Cash each month plus a bonus $20 in December when you add your Platinum Card^® to your Uber account to use on rides and orders in the U.S when you select an Amex Card for your transaction. Plus, when you use the Platinum Card^® to pay for an auto-renewing Uber One membership, you can get up to $120 in statement credits each calendar year. Terms apply.
• More Value! $300 Digital Entertainment Credit: Get up to $25 in statement credits each month after you pay for eligible purchases with the Platinum Card^® at participating partners. Enrollment required.
• More Value! $600 Hotel Credit: Get up to $300 in statement credits semi-annually on prepaid Fine Hotels + Resorts^® or The Hotel Collection* bookings through American Express Travel^® using the Platinum Card^®. *The Hotel Collection requires a minimum two-night stay.
• New! $400 Resy Credit + Platinum Nights by Resy: When you use the Platinum Card^® to pay at U.S. Resy restaurants and to make other eligible purchases through Resy, you can get up to $100 in statement credits each quarter with the $400 Resy Credit benefit. Plus, with Platinum Nights by Resy, you can get special access to reservations on select nights at participating in demand Resy restaurants with the Platinum Card^®. Simply add your eligible Card to your Resy profile to book and discover Platinum Nights reservations near you, enrollment required.
• More Value! $209 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. You can cover the cost of a CLEAR Plus Membership* with up to $209 in statement credits per calendar year after you pay for CLEAR Plus with the Platinum Card^®. *Excluding any applicable taxes and fees. Subject to auto-renewal.
• $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees, such as checked bags and in-flight refreshments, are charged by the airline to the 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.
• Start your vacation sooner, and keep it going longer. When you book Fine Hotels + Resorts^® through American Express Travel^®, enjoy noon check-in upon arrival, when available, and guaranteed 4PM check-out.
• New! $300 lululemon Credit: Enjoy up to $75 in statement credits each quarter when you use the Platinum Card^® for eligible purchases at U.S. lululemon retail stores (excluding outlets) and lululemon.com. That’s up to $300 in statement credits each calendar year. Enrollment required.
• $155 Walmart+ Credit: Receive a statement credit* for one monthly Walmart+ membership (subject to auto-renewal) after you pay for Walmart+ each month with the Platinum Card^®.*Up to $12.95 plus applicable local sales tax. Plus Ups not eligible.
• $100 Saks Credit: Get up to $100 in statement credits annually for purchases at Saks Fifth Avenue or saks.com on the Platinum Card^®. That’s up to $50 in statement credits from January through June and up to $50 in statement credits from July through December. No minimum purchase required. Enrollment required.
• Whenever you need us, we're here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
• $895 annual fee.
• Terms Apply.

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Beyond credits, American Express also added Leading Hotels of the World Leaders Club Sterling elite status (upon enrollment) and Platinum Nights by Resy, which helps cardmembers make reservations at sought-after restaurants in select U.S. cities.

City-Dwelling Millennials and Gen Z Are Now Amex’s Priority

Looking at the merchants, one thing is abundantly clear: The new statement credits are geared toward millennials and Gen Z cardholders living in big cities. Looking at the lululemon and Oura Ring benefits in particular, these groups heavily patronize these brands, with CNN reporting that lululemon’s demographic has shifted younger in recent years.

Resy is another good example. The American Express-owned restaurant reservation platform is home to some of the trendiest restaurants in the U.S., including influencer favorites like Carbone and Monkey Bar in New York City, Bavette’s in Chicago, and Baroo in Los Angeles.

So how does this relate to American Express’ Gen Z and millennial focus? Data from Investopedia notes that Gen Z dines out most often, while millennials spend the most at restaurants. Meanwhile, both generations love trendy restaurants. Millennials pioneered the Instagrammable food trend, while Gen Z turns to TikTok and YouTube for restaurant recommendations. Resy and the trendy restaurants on its platform tick all these boxes.

American Express isn’t the only issuer shifting its focus toward Gen Z and millennials — but it’s the issuer doing it best. The Amex Platinum card’s main competition, the Chase Sapphire Reserve^®, also got a big refresh this year, with its own suite of new travel and lifestyle benefits clearly aimed at a younger audience.

It received new lifestyle benefits, like $300 in annual StubHub credits and $300 in annual dining credits at Sapphire Reserve Exclusive Tables, which can be booked through OpenTable. These are nice perks, but I think they miss the mark comparatively.

American Express’s focus on trendy brands like Resy and lululemon over legacy brands like StubHub makes it more recognizable and in line with the generations these cards are now targeting.

In the future, we can expect American Express to refresh more of its cards with perks that cater to this younger audience. Given that purchasing power is increasing for both generations, this is a wise move for American Express. Conversely, millennials and Gen Z are saddled with high debt and housing costs, making a premium card feel unattainable for many in these generations, which is something Amex and its rivals need to keep in mind as their strategies unfold.

Travel Is Still Core, but Lifestyle Is More Important Than Ever

Similarly, these changes show that American Express is quickly positioning the Amex Platinum card as more than just a tool for frequent flyers. These days, the Amex Platinum card is a lifestyle tool that can help you upgrade your workout gear and get you into desirable restaurants around your city. Even when you’re at home, the card’s refreshed streaming credit keeps you entertained.

But that’s not to say that travel isn’t core to the Amex Platinum card. It improved the hotel credit, moving from a single up-to-$200-per-year credit to 2 up-to-$300 biannual credits. Like in the past, you can use this credit at American Express’ The Hotel Collection and Fine Hotels + Resorts partner properties. Plus, as mentioned, all of the card’s existing travel benefits were left unchanged.

This is another smart move from American Express. People can only travel so much, and the bank wants its customers to pay increasingly high annual fees for their cards. As such, they need to provide benefits that go beyond the airport.

These changes make the Amex Platinum card a part of your daily life, and I expect the bank to do that with more of its cards the next time they are refreshed.

Annual Fees Will Continue To Rise Across the Board

American Express is no stranger to regularly raising annual fees. We’ve seen it numerous times over the years with the Amex Platinum card — the card’s annual fee was $450 from 2007 to 2017 and has incrementally risen to $895.

Likewise, the American Express^® Gold Card now has a $325 annual fee (rates & fees) and even the Delta SkyMiles^® Reserve American Express Card has a much larger $650 annual fee (rates & fees).

With such a drastic annual fee increase on the Amex Platinum card this year, it’s safe to assume that other American Express cards will continue to hike their annual fees. In return, we can expect more statement credits and other benefits to be added.

Amex Wants To Drive Revenue Through Its Own Channels

Finally, the Amex Platinum card’s new Resy statement credits and improved prepaid hotel statement credits make it clear that American Express wants to increase revenue and awareness of its in-house services. Remember, Resy is owned by American Express, and the refreshed prepaid hotel credit must be used toward Fine Hotels + Resorts or The Hotel Collection bookings made through AmexTravel.com.

What this could look like in the future largely depends on what other services American Express builds in-house or acquires. The company has its base covered with restaurant reservations, hotel bookings, and airport lounges. But what if it expanded to gyms or high-end retail? We could see unique card benefits like gym passes or access to personal shoppers.

We could see American Express make another acquisition soon. Looking at its Q2 2025 investor call, it reported record net revenue numbers that were up roughly 9% year over year. Despite its net income declining slightly (approximately 4%), its cash and cash equivalents remained strong, showing a 10% increase from the prior quarter.

All this is to say that American Express most likely has cash on hand to make an acquisition. If it does this, it would make sense for it to be a company or service it can integrate as a benefit of the Amex Platinum card or another card in its portfolio.

Of course, none of this is confirmed — it’s all my speculation. But given how American Express has positioned its in-house services as true card benefits with the recent Amex Platinum card refresh, it only makes sense for the company to continue to build a broader travel and lifestyle ecosystem that keeps revenue to itself and provides value to its customers as a card benefit.

Final Thoughts

The recent refresh of the Amex Platinum card is more than just new perks and statement credits. Instead, it’s a look at the future of American Express as a whole.

Millennials and Gen Z have increasing purchasing power, and we should expect the company to continue revamping its rewards cards to reflect the wants and needs of this audience. Though we’ll likely see higher annual fees on American Express cards as a result, these may come with interesting new statement credits to compensate.