With Amex Platinum changes coming, is the $1,000 annual fee upon us? – The Points Guy

Monday, American Express revealed it would be “making its largest investment ever” in a card refresh, with major changes coming to The Platinum Card® from American Express and The Business Platinum Card® from American Express later this year. If past card revamps are any indication, the annual fees on these cards will almost certainly see increases as part of the planned changes. But just how high could they go?

With both cards already sporting annual fees of $695 (see rates and fees-Amex Platinum) and (see rates and fees-Business Platinum) there’s not a whole lot of room left for Amex to make annual fee hikes before entering four-figure range — especially since in the last few years, we’ve seen annual fees on premium credit cards on both the consumer and business sides skyrocket by $200 or more. Take the Marriott Bonvoy Brilliant® American Express® Card, whose fee climbed from $450 to $650 (see rates and fees) back in late 2022, or the United Club Business Card, whose fee leapt $245 — from $450 to $695 — this past March.

The information for the United Club Business has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

As for the Amex Platinum, its last annual fee increase was smaller at $145, with the price tag on the card rising from $550 to $695 in 2021. But going back to 2017, when the fee was just $450, reveals that over a four-year span, the fee jumped by a cumulative $245 or 54%. And considering that Platinum changes are set to take effect this fall — four years since the last fee increase — changes that big wouldn’t be unprecedented. Adding another $245 to the current fee would bring it to $940, while a 54% increase would come to $1,070.

The bigger question is how much businesses and, in particular, consumers are willing to pay to keep a premium card in their wallet, particularly in these uncertain economic times. With 2025 already bringing wild fluctuations in the stock market and widespread layoffs across several business sectors, a premium card will likely stop making sense for some people, no matter how many elite status benefits and statement credits come along with it.

For now, we’ll have to wait to see what Amex has in store, although upcoming changes to the competing Chase Sapphire Reserve® (see rates and fees)could give us a clue as to where annual fees are headed. Chase recently announced it would overhaul the card, which currently bears a $550 annual fee, sometime “this summer,” meaning news could come as early as later this month.

Related reading:

For rates and fees of the American Express Platinum, click here.

For rates and fees of the Amex Business Platinum, click here.

For rates and fees of the Amex Bonvoy Brilliant Card, click here.