American Express is preparing a major refresh of its most popular premium products. 

During the Q2 2025 earnings call, the company confirmed that Platinum card changes are on the horizon – affecting both The Platinum Card® from American Express and The Business Platinum Card® from American Express. 

These updates include higher annual fees, new statement credits, and expanded lounge access. 

While full details will arrive later in 2025, we now have a clear picture of what is coming.

Here is what travelers need to know.

Annual Fee Increase: What to Expect

Amex executives confirmed that a Platinum card fee increase is planned for early 2026. 

The current $695 annual fee will likely jump to around $1,000, based on hints from the Q2 earnings call and expert predictions. 

According to CFO Christophe Le Caillec, Amex will “moderate” fees through the end of 2025, but changes are on track for next year as part of a scheduled refresh.

This update affects both the personal and business versions of the Platinum card. CEO Stephen Squeri emphasized that the increase is not a reaction to competitors, but part of a long-term strategy to improve the card’s value proposition.

Still, the timing follows broader trends in the premium card space. 

Chase recently unveiled a revamped Sapphire Reserve, complete with a higher annual fee and new travel benefits. Like Amex, Chase is betting that premium users will continue paying more – as long as the perks keep up. 

This signals a wider move among top issuers to raise fees while competing on luxury travel, lifestyle partnerships, and personalized value.

Key Takeaway: If you are considering applying, you may want to do so before the refresh to lock in the current fee for one more year. This could also allow you to benefit from both the current credits and the upcoming additions.

New Credits Coming To The Business Platinum Card® from American Express

The Business Platinum Card® from American Express is expected to receive several new credits designed to support entrepreneurs and small business owners. 

While Amex did not list exact brands, the call suggested additional offers for software, hardware, and business travel tools. These could include enhanced Dell and Adobe credits, as well as expanded airline fee credits.

This aligns with the broader company goal to provide more targeted value based on how different cardmembers spend.

Amex Lounge Access Expansion And Overcrowding Fixes

If you hold a Platinum card for the Centurion Lounge benefits, you are not alone – and Amex knows it. 

One of the most discussed Platinum card changes involves lounge overcrowding. CEO Stephen Squeri acknowledged the problem during the Q2 2025 earnings call and outlined the plan to address it.

The company is investing in:

• Expanding the size of existing Centurion Lounges
• Adding “satellite” or “sidecar” lounges
• Partnering with airports to create new premium spaces

These improvements aim to increase capacity while preserving the luxury experience cardmembers expect.

Strong Q2 Performance Funds The Refresh

Amex reported $17.9 billion in Q2 revenue, up 9% year-over-year. Net income reached $3.1 billion, with earnings per share (EPS) of $4.08, beating Wall Street expectations.

This strong financial position gives Amex the confidence to roll out ambitious changes to its top-tier cards. In fact, card fees alone contributed over $2 billion this quarter – up more than 20% from last year.

Lifestyle Credits And “Coupon Book” Strategy

The Platinum refresh is expected to bring even more lifestyle perks. Think restaurant credits, entertainment offers, and maybe a new twist on the digital coupon-book model. 

These credits will likely mirror those seen on other Amex products like the American Express® Gold Card and Delta SkyMiles® Reserve American Express Card.

One likely addition? A Resy restaurant credit, offering statement credits for dining reservations booked through the Amex platform.

This direction reflects a growing trend: giving cardholders flexibility and personalized value beyond just travel.

What This Means For You

These Platinum card changes may sound exciting, but they will not be free. 

If the annual fee does approach $1,000, or more, cardholders will need to take a closer look at the benefits and determine if the value outweighs the cost.

Here are a few tips:

• Apply before 2026 to lock in the lower fee and double-dip on old and new benefits
• Track your spending categories to see if new credits align with your habits
• Compare cards like the Chase Sapphire Reserve® or Capital One Venture X Rewards Credit Card – or even the new Citi Strata Elite – if the new fee is too steep

Final Thoughts

The upcoming Platinum card changes will mark one of the biggest overhauls in Amex history. 

With a blend of higher fees, expanded travel perks, and broader lifestyle credits, the refresh aims to keep the Platinum series at the top of the premium card market.

Cardholders should start preparing now – review your current benefits, calculate your annual card value, and be ready to pivot if the new offerings do not fit your needs.

Kevin Zanes