American Express is making significant changes to its U.S. Platinum cards, introducing new benefits that collectively offer over $3,500 in value each year. This move, however, also brings an increase in the annual fee from $695 to $895. The company anticipates these enhancements will provide a substantial long-term boost to its financial performance, reinforcing its focus on the premium market segment.
The updated Platinum cards will now offer various new credits, including those for dining through the Resy platform, purchases at Lululemon, and Uber One memberships. Furthermore, cardholders can expect improved benefits related to hotel stays and entertainment experiences. Business Platinum cardholders will also receive specific credits for purchases made at Dell and Adobe, a $600 credit for hotel bookings, and up to $3,600 in additional statement credits for those with higher spending habits. These comprehensive additions are designed to justify the increased cost and maintain the card's appeal to its target demographic.
Howard Grosfield, Amex’s group president of U.S. consumer services, emphasized that the value provided by these new perks significantly surpasses the annual fee, making it an attractive proposition for customers. A key highlight of these benefits is the exclusive access to top-tier restaurants through the Resy network. This partnership allows Amex cardholders priority reservations at renowned establishments, including Michelin-starred venues like Le Bernardin and Alinea, enhancing their dining experiences.
Restaurants actively seek partnerships with Amex due to the spending habits of its cardholders, who tend to opt for more expensive meals, fine wines, and often use corporate expense accounts. This collaboration has proven mutually beneficial, with cardholders reportedly spending 25% more at participating U.S. restaurants since the introduction of Resy benefits in 2024. This trend underscores the strong purchasing power and preferences of Amex's customer base, making them highly desirable patrons for these venues.
American Express is strategically targeting Millennials and Gen Z with these premium offerings. These younger generations, who now account for 35% of Amex's U.S. consumer spending—a notable increase from 19% in 2019—are comfortable with credit card fees, often perceiving them as a subscription model for valuable services. They appreciate benefits related to travel, dining, and entertainment experiences, aligning perfectly with the enhanced perks of the Platinum card. The company’s CEO, Steve Squeri, has actively pursued these demographics, recognizing their growing influence in the market. This strategy is supported by the record increase in card fees reported in Amex's Q2 2025 earnings, indicating strong customer engagement and a willingness to invest in premium card benefits.
These strategic upgrades reflect American Express’s commitment to reinforcing its position in the premium segment by continuously enhancing its offerings. The company aims to provide substantial value that not only justifies the increased annual fee but also strengthens customer loyalty, particularly among the affluent segments of Millennials and Gen Z. By integrating exclusive benefits like Resy dining and targeted business credits, Amex continues to cater to the evolving needs and spending patterns of its cardholders, ensuring sustained growth and a competitive edge in the market.