American Express Platinum Card gets pricier and adds new perks, including a $400 dining credit

Core Insights - American Express has updated its Platinum Card, introducing new perks and increasing the annual fee to $895, up from $550 five years ago [1][4]. Summary by Sections Card Features and Benefits - The revamped Platinum Card includes a $600 annual hotel credit (up from $300), a new $400 credit for dining through AmEx's Resy platform, $300 for Lululemon, and an increased digital entertainment credit of $300 for streaming services [3][4]. - The total value of the new perks is approximately $3,500, which is positioned to justify the $200 increase in the annual fee [4][5]. Market Context and Competition - The update reflects a trend among major credit card issuers, potentially pressuring cardholders to choose between high-fee cards like the Platinum Card and Chase's Sapphire Reserve Card [2]. - The popularity of the Platinum Card has grown significantly, with millions of Americans willing to pay for premium benefits tied to loyalty programs [7]. Customer Perspective - Industry experts believe the new benefits are substantial enough to justify the annual fee, with amenities like lounge access and hotel credits providing significant value [5][6]. - The card's design has also been updated to feature a high-gloss, mirrored stainless steel finish, enhancing its appeal [6].