Amex Platinum 2025 Refresh: Is the $895 Fee Worth It, or Should You Downgrade?

Business Platinum Changes: A Mixed Bag

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The Business Platinum Card® from American Express (See Rates & Fees) received the same $200 annual fee increase, but with different benefit changes that may not appeal to everyone.

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New Business Platinum Benefits

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Hotel Credit: New $600 annual credit ($300 every six months) for Fine Hotels & Resorts and Hotel Collection bookings (previously had no hotel credit)

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Enhanced Earning: 2x points on purchases of $5,000+ (up from 1.5x), and 2x points on select business categories, including electronic goods retailers, software & cloud providers, construction materials, and shipping (up to $2M per year)

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High-Spender Perks: Spend $250K in a calendar year and get $1,200 in Amex Travel flight credits plus $2,400 in Amex One AP credits the following year

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What Business Platinum Lost

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35% Points Rebate: The valuable 35% rebate on business class flights is now limited to your selected airline only (previously applied to any airline)

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Existing Business Credits (Unchanged)

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• Airline Fee Credit: Up to $200 annually with your selected airline

• Hilton Credit: Up to $200 annually ($50 quarterly)

• Wireless Credit: Up to $120 annually ($10 monthly)

• Indeed Credit: Up to $360 annually ($90 quarterly)

• Dell Credit: Up to $150 annually, plus up to $1,000 off when you spend $5,000+

• Adobe Credit: Up to $250 annually when you spend $600+

Earning Structure: The Same for Both Cards

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The earning structure remains unchanged for both cards: 5X points on flights booked directly or through Amex Travel, 5X on prepaid hotels through Amex Travel, and 1X on everything else.

Your Amex Platinum Alternatives: A Complete Breakdown

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Facing the $200 fee increase, you have three main options. Here's how they stack up:

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Option 1: Keep Your Platinum Card

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Best for: Frequent travelers who can use most of the credits to offset the steep annual fee

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Consumer Platinum math: If you can realistically use the hotel credit ($600), Resy credit ($400), and a few other benefits, you're already ahead of the $895 annual fee.

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Business Platinum consideration: The value proposition is trickier here. The loss of the flexible 35% airline rebate is significant, but the new hotel credit and enhanced earning on large purchases could compensate, depending on your spending patterns.

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Consider this if you:

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• Travel frequently and value lounge access

• Stay at luxury hotels 2+ times per year

• (Consumer) Shop at Lululemon or want an Oura Ring

• (Business) Make large purchases or spend heavily in the new 2x categories

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Option 2: Downgrade to the Amex Gold

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Best for: Foodies who want strong everyday earnings without the premium travel perks

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Annual fee: $325

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Key benefits: 4x points on dining and groceries, 3x on flights, various dining and entertainment credits

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What you lose: Lounge access, hotel elite status, and many of the premium travel protections

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The Amex Gold consistently ranks as one of the best cards for everyday spending, especially if you eat out frequently or buy groceries regularly.

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Option 3: Switch to a Competitor

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Several premium cards offer compelling alternatives:

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Chase Sapphire Reserve® ($795 annual fee)

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• 3X on dining and travel, 1X elsewhere

• $300 flexible travel credit

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Capital One Venture X Rewards Credit Card ($395 annual fee)

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• 2X on everything, 5X on hotels/rental cars through the Capital One travel portal

• $300 annual travel credit (effectively making the annual fee the same as the Capital One Venture Rewards Credit Card at $95)

• Priority Pass lounges + Capital One lounges

• Simple, no-category earning structure

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Test Drive Before You Decide: Stop Guessing About Card Value

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Here's where most people make expensive mistakes: they choose credit cards based on marketing promises or generic advice instead of their actual spending patterns. With our newest Test Drive feature, you can see exactly how much any credit card would earn you before applying, using your real spending data, not hypothetical scenarios.

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How Test Drive Works

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1. Browse any credit card you're considering (including the new Amex Platinum or alternatives) on our Explore Tool
2. Click "Test drive this card in my wallet"
3. Get instant calculations showing your potential earnings, category breakdowns, and net value after fees

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No applications, no credit pulls, no commitments. Just real numbers based on your actual transaction history. You might discover that despite the Amex Platinum's impressive credit list, a simpler card like the Capital One Venture X would actually earn you more money based on how you spend.

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Or you might find that keeping the Platinum makes perfect sense because you'd use $1,000+ worth of credits annually. This takes the guesswork out of one of your most important financial decisions.

The Hidden Challenge: Tracking All These Credits and Benefits

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Here's where it gets complicated. Premium cards like the Amex Platinum come with so many credits and benefits that most cardholders don't take advantage of their full value. According to our data, the average cardholder leaves at least $300+ worth of credit card benefits unused every year. With quarterly credits (Lululemon, Resy), semi-annual credits (hotel), monthly credits (digital entertainment), and various enrollment requirements, keeping track becomes a full-time job.

How Kudos Solves the Credit Card Complexity Problem

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This is exactly why we built Kudos with our free Hidden Perks feature. Instead of maintaining spreadsheets or setting phone reminders, Kudos automatically:

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• Tracks all your credit card benefits across multiple cards

• Alerts you to unused credits before they expire

• Suggests the optimal card for each purchase to maximize rewards

• Identifies underperforming cards that might not justify their annual fees

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For example, if you have the new Amex Platinum, Kudos will remind you when your quarterly Lululemon credit resets, alert you if you haven't used your Resy credit, and even suggest when other cards might earn you more rewards for specific purchases.

Making the Smart Decision for YOUR Situation

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The "right" choice depends entirely on your spending patterns and travel habits. Here's a simple framework:

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Keep the Platinum if:

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• You can realistically use $800+ worth of credits annually

• You travel frequently enough to value lounge access

• You're already spending on hotels, dining, and the other credit categories

• (Business) You make large purchases or spend heavily in the enhanced 2x categories

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Downgrade to Gold if:

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• You want strong, everyday earnings without travel complexity

• You spend significantly on dining and groceries

• You prefer simpler cards with fewer hoops to jump through

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Switch to a competitor if:

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• You want more flexible earnings or redemption

• The Platinum's credits don't match your spending patterns

• You're looking for better value at a lower price point

• (Business) The loss of the flexible 35% airline rebate significantly impacts your value

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Cancel premium cards if:

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• You rarely travel or use premium benefits

• You prefer the simplicity of flat-rate cash back cards

The Bottom Line

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The refreshed Amex Platinum can absolutely be worth its $895 fee, but only if you'll actually use its credits and benefits. Don't let the impressive list of credits fool you into thinking it's automatically a good deal. The Consumer Platinum's changes are largely additive and valuable for the right person. The Business Platinum's changes are more mixed. They can be of significant value for high spenders, but the loss of the flexible airline rebate may push some users toward alternatives. Before making any decision, take an honest look at your spending over the past year.

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Would you have used these new credits? Are you currently maximizing your existing card benefits? We can help you decide whether it's worth keeping the card or replacing it with another one in your wallet. With tools like Kudos handling the complexity of tracking benefits across multiple cards, you can focus on what matters most: choosing the card strategy that genuinely saves you money and earns you the most rewards based on how you actually spend. The credit card game is evolving, and the winners are those who match their cards to their lifestyles, not the other way around.

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^{Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.}