Would you pay $900 for the Amex Platinum Card?

I’ve been thinking a lot about premium credit cards of late. Just a few days back, we saw the relaunch of the ‘new’ Chase Sapphire Reserve card. Over the years, we’ve seen a trend, which was started by Amex, later copied by others. I call it the three step trick. Firstly, increase the annual fee on a card, Secondly, offer credits split across different time frames via partner brands. Thirdly, market the card as “up to $2,000 in value” to give the illusion of outsized value. Now, it seems like the Amex Platinum Card may be doing a one up on the Sapphire Reserve by raising their fee to $895. The question is, would you still be willing to pay?

Also Read: Changes coming to Amex’s Platinum Cards this Fall

Massive Amex Platinum Card Annual Fee On the Way

Amex plans to refresh both versions of their coveted Platinum cards this Fall. We’ll see Amex come up with new refreshed versions of the personal and business Platinum cards. We’ve already seen credible rumors  pointing towards a massive annual fee of $895. Wow! It almost seems impossible to believe that when I initially got the card, the annual fee was a paltry $450. That $450 annual fee rose to $550 in 2017, then to $695 in 2021. Now in 2025, we’ll see a massive $895 annual fee. So, if you’re like me and got the Amex Platinum Card before 2017, then your fee has doubled in less than 9 years of holding the card.

Justifying the Fee

Obviously, we have to wait until the changes are announced and many may find the new credits suitable. However, I think that the premium credit card space has lost its allure. It’s no longer about exclusivity or access. It’s about coupons that you can clip every month. I wrote this piece explaining why I stepped aside from the all the buzz around the Chase Sapphire Reserve and opted not to go for it.

Tail Wagging the Dog

When it comes to miles and points, I like to follow certain first principles. One of my core principles is whether it’s the tail wagging the dog. In essence, I don’t want to get a card just for the heck of it, just because it’s offering an amazing welcome bonus. Also, I don’t want to get a card and then alter my buyer behavior to justify the fee.

My first principle is to start with my travel goal. My credit card strategy starts downstream from there. In my case, I primarily love using miles and points for international travel. Therefore, I don’t have a single co-branded credit card from a US based airline. Also, I have co-branded Marriott and Hilton cards which give me elite status and help me cover stays in almost all major cities around the world.

In short, even if Delta or United come out with an amazing offer on one of their cards, I tend to pass.

Why is this example relevant? When it comes to premium credit cards, I see many people fall prey to the tail wagging the dog syndrome. People get the card for the 150k bonus or higher and then say but I can always switch from brand A to B, but I can always do X instead of why, but but …. That’s precisely my point. Everyone has their own preference, but I choose to keep it simple. I don’t want to alter my buyer behavior simply to get a monthly credit on a credit card.

The Pundit’s Mantra

So, that brings us to the moot question, would you be willing to pay almost $900 for the Amex Platinum Card? Or for that matter, any card? As fees keep rising, issuers are also looking to lock in customers who want one single premium credit card. The annual fees are so high now that most customers will have to make a choice, as carrying multiple premium credit cards each priced at $800-$900 per year would simply become way too expensive for most people in the long run.

Are you paring down your stash of premium credit cards, choosing one ecosystem over the other? As annual fees continue to rise, what does your strategy look like going forward? Tell us in the comments section.

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New Credit Card Offers

Chase Sapphire Cards

• Earn 100,000 bonus points and a $500 statement credit with the Chase Sapphire Reserve Card
• Earn 200,000 bonus points with the Chase Sapphire Reserve Card for Business

Co Branded Hilton Honors Cards

• Earn 100,000 bonus points and a $100 statement credit with the Hilton Honors American Express card
• No fee for the first year, earn 130,000 bonus points with the Hilton Honors American Express Surpass card
• Earn 175,000 bonus points with the Hilton Aspire card, in addition to 1 free night certificate each year
• Earn 175,000 bonus points with the Hilton Business Card

Co-branded Delta SkyMiles cards

• No annual fee for the first year, earn 80,000 bonus miles with the Delta SkyMiles Gold American Express Card
• Earn 90,000 bonus miles with the Delta SkyMiles Platinum American Express Card
• Earn 100,000 bonus miles with the Delta SkyMiles Reserve American Express Card
• No fee for the first year, earn 90,000 bonus miles with the Delta SkyMiles Gold Business American Express Card
• Earn 100,000 bonus miles with the Delta SkyMiles Platinum Business American Express Card
• Earn 110,000 bonus miles with the Delta SkyMiles Reserve Business American Express Card

Marriott Credit Cards

• Earn 60,000 points and 1 free night with the Marriott Bonvoy Bold Card by Chase
• Earn 5 free nights with the Marriott Bonvoy Boundless Card

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