The American Express Platinum

Was it a 'Refresh'?

by: RICH with POINTS, September 23, 2025

American Express has launched what they're calling a "refresh" of their flagship Platinum card, hiking the annual fee to a market-leading $895 while adding an array of new credits and benefits. But after diving deep into the numbers, this feels less like a comprehensive refresh and more like strategic inflation with a coupon book attached. The data reveals a card that can deliver exceptional value—but only for those willing to master the complex art of credit optimization and transfer partner redemptions.

Card Overview

The American Express Platinum card's latest iteration, announced September 18, 2025, represents the most expensive widely available premium card on the market, surpassing the Chase Sapphire Reserve's $550 fee by a substantial margin. However, calling this a "refresh" feels generous when compared to true overhauls like the Chase Sapphire Reserve's 2016 launch, which revolutionized earning categories, benefits, and card design simultaneously.

Key Card Features

• Sign-Up Bonus (and Limited-Time Offers if Applicable): Standard offer of 175,000 Membership Rewards points after spending $8,000 in 6 months, though savvy applicants can find elevated offers up to 200,000+ points through targeted promotions, referral links, or private browsing sessions. Never settle for the standard offer—higher bonuses are consistently available with minimal effort.
• Annual Fee: $895—the highest among cards you can actually apply for (excluding invitation-only cards like Centurion at $5,000+). This represents a $200 increase from the previous $695 fee, effective for renewals starting January 2, 2026 (consumer) or December 2, 2025 (business).
• Has Foreign Transaction Fee?: No foreign transaction fees, making it suitable for international spending.
• Has Access to a Travel Portal for Redemption?: Yes, Membership Rewards points can be redeemed through Amex Travel at 1 cent per point baseline value.
• Has Access to Transfer Partners for Better Value on Points Redemption?: Yes, with 21 transfer partners (18 airlines + 3 hotels) offering potential redemption values of 2+ cents per point when used strategically—this optimization is absolutely critical for the card's value proposition.

Spending Categories

The Platinum's earning structure reveals why it shouldn't be classified as a traditional travel card:

• 5x points on airfare (both direct bookings and through Amex Travel portal, up to $500,000/year)
• 5x points on hotels when booked through Amex Travel portal only
• 1x points on all other purchases

These categories highlight the card's fundamental weakness: it's terrible for everyday spending and even most travel-related purchases. The 1x earning rate on restaurants, gas, groceries, and general travel expenses makes it a poor daily driver compared to specialized cards in those categories.

Effective Earnings

Using The Points Guy's September 2025 valuation of 2 cents per point for Membership Rewards (achievable through strategic transfer partner redemptions), the effective earning rates become:

• Airfare: 10% effective return (5x at 2cpp)
• Hotels (portal only): 10% effective return (5x at 2cpp)
• Everything else: 2% effective return (1x at 2cpp)

However, this 2 cents per point valuation is crucial—without achieving this through transfer partners, the card becomes dramatically less competitive. At travel portal redemption rates (1 cent per point), you're looking at just 5% on airfare/hotels and 1% elsewhere, which is mediocre at best for an $895 annual fee card.

Card Benefits

The refreshed Platinum's benefit structure is where American Express attempts to justify the premium fee through an expanded credit system, totaling over $3,500 in potential value:

New Credits

• $600 Fine Hotels & Resorts (FHR) Credit: $300 semiannually for hotel stays booked through Amex's luxury hotel program (FHR or Hotel Collection, 2-night minimum for latter). The most significant addition but challenging for some to utilize fully.
• $400 Resy Credit: $100 per quarter for dining reservations through Resy platform, appealing to food enthusiasts in major U.S. metropolitan areas.
• $300 Lululemon Credit: $75 per quarter for U.S. purchases, targeting the athleisure market.
• $200 Oura Ring Credit: Health technology credit (enrollment required), reflecting Amex's push into wellness.

High-Value, Easy-to-Use Credits

• $300 Digital Entertainment Credit: Up to $25/month for Disney+, ESPN+, Hulu, The New York Times, Paramount+, Peacock, Wall Street Journal, YouTube Premium, and YouTube TV. This expanded list makes the credit highly accessible for most households.
• $200 Airline Fee Credit: Applies to baggage fees, seat upgrades, and incidental charges with a selected airline. Relatively straightforward for frequent flyers.
• $155 Walmart+ Credit: $12.95/month to cover membership (enrollment required), useful for families and includes Paramount+ Essential streaming.
• Global Entry/TSA PreCheck Credit: $120 every 4 years (effectively $30 annually), standard but valuable for travelers.

Other Credits

• $300 Equinox Credit: Gym membership credit for fitness enthusiasts (enrollment required).
• $200 Uber Cash: $15/month + $20 December bonus for rideshare services or Uber Eats.
• $120 Uber One Credit: Covers membership fees for Uber's subscription service.
• $100 Saks Credit: $50 semiannually for luxury shopping.

Status and Access Benefits

• Centurion Lounge Access: Unlimited visits; $50 per guest (up to 2 guests free after $75,000 annual spend, plus Delta Sky Club access).
• Priority Pass Select: Access to 1,300+ airport lounges worldwide.
• Hotel Elite Status: Instant Hilton Honors Gold and Marriott Bonvoy Gold Elite status (enrollment required).
• Car Rental Privileges: Status with Avis, Hertz, and National.
• Travel Insurance: Comprehensive trip protection, car rental coverage, and cell phone protection.

Application Rules

Take these with a grain of salt—application rules vary, and community data points are valuable for understanding current enforcement:

• Amex 1/10 Rule: One bonus per specific card per lifetime, though "no lifetime language" offers occasionally circumvent this restriction.
• Amex 2/90 Rule: Declined if applying for a third Amex credit card within 90 days (charge cards like Platinum exempt).
• Amex Family Rule: Having the Platinum may disqualify you from welcome bonuses on Gold or Green cards (and vice versa).
• No 5/24 Restriction: Unlike Chase, Amex doesn't impose hard limits based on recent credit inquiries, making approval more predictable for established applicants.

Points System

Membership Rewards form the backbone of Amex's value proposition, but only when properly optimized:

• Travel Point Value: 2+ cents per point via transfer partners (requires research and strategic booking).
• Cash Value: 0.7 cents per point (avoid this redemption method).
• Travel Portal Value: 1 cent per point (minimum acceptable redemption).
• Gift Card Value: 1 cent per point (acceptable but not optimal).

Points cannot be transferred to spouses or friends, but all Amex Membership Rewards cards pool points automatically within the same account.

Transfer Partners

The 21 transfer partners offer the key to maximizing value:

• Airlines (18): Aer Lingus Avios, Aeromexico Rewards, Air Canada Aeroplan, ANA Mileage Club, Avianca LifeMiles, British Airways Avios, Cathay Pacific Asia Miles, Delta SkyMiles, Emirates Skywards, Etihad Guest, Flying Blue (Air France/KLM), HawaiianMiles, Iberia Plus, JetBlue TrueBlue, Qantas Frequent Flyer, Qatar Privilege Club, Singapore KrisFlyer, Virgin Atlantic Flying Club.
• Hotels (3): Hilton Honors (often 1:2 bonus), Marriott Bonvoy, Choice Privileges.

Expert Tip: Wait for transfer bonuses when moving points to Hilton (typically 1:2 ratios rather than standard 1:1) since Hilton points are generally valued at ~0.5 cents each.

Related Cards in the Same Points System

• Consumer Cards: Centurion (invitation-only), Gold, Green, Blue Business Plus.
• Business Cards: Business Platinum, Business Gold, Business Green, Centurion Business.
• Investment Versions: Charles Schwab Platinum and other investment account variants.

Card Comparisons

Premium Card Showdown: Annual Fee Optimization

Comparing three premium cards' ability to offset their annual fees through benefits alone (using realistic credit utilization):

With aggressive optimization (including FHR, Resy, and Lululemon credits), the Platinum can reach an effective annual fee as low as $0, but this requires significant lifestyle adjustments and spending commitments.

Quadfecta Wallet Comparisons

When comparing full wallet setups using a typical family spending profile, the data reveals surprising insights:

Chase Quadfecta vs. Amex Quadfecta (Annual Net Value)

• Chase (Reserve + Preferred + Freedom Unlimited + Flex): ~$2,400+ net value
• Amex (Platinum + Gold + Green + Blue Business Plus): ~$1,900+ net value

Chase maintains its advantage even after the Platinum refresh, primarily due to:

1. Lower combined annual fees across the wallet (~$800 vs. ~$1,200).
2. More practical earning categories (3x dining on Sapphire Preferred vs. 1x on Platinum).
3. Easier-to-achieve point valuations (1.5-2x portal redemptions vs. requiring transfer partner mastery).

Critical Finding: When Membership Rewards redemptions drop to travel portal rates (1 cent per point), the gap widens dramatically—Chase pulls ahead by $3,000+ annually, making transfer partner proficiency absolutely essential for Amex viability.

Final Thoughts

The Bottom Line: The American Express Platinum refresh isn't the comprehensive overhaul Amex claims—it's strategic inflation dressed up with an expanded coupon book. But here's the counterintuitive truth: for the right cardholder, it can deliver exceptional value.

Stop Calling It a Travel Card: The Platinum earns a measly 1x points on restaurants, gas, ground transportation, and most travel expenses. It's not a travel card—it's a premium status and lifestyle benefits card that happens to have strong airfare earning. Think of it as a $895 annual membership to an exclusive club that comes with a credit card, not the other way around.

The 2 Cents Per Point Imperative: This cannot be overstated—if you cannot consistently achieve 2+ cents per point value through transfer partners, avoid this card entirely. Without transfer partner mastery, you're paying $895 for a mediocre earning structure that loses to 2% cash back cards on most purchases.

Who Should Apply:

• Frequent flyers who book airfare regularly and can maximize the 5x earning.
• Travelers who can utilize the FHR hotel credit twice annually.
• Urban dwellers who can leverage Resy dining credits.
• Status seekers who value lounge access and elite hotel status.
• Points enthusiasts who enjoy optimizing transfer partner redemptions.

Who Should Avoid:

• Anyone seeking simplicity in their credit card strategy.
• Casual travelers who prefer straightforward value propositions.
• Those uncomfortable with the complexity of transfer partner redemptions.
• Budget-conscious consumers who can't justify the high annual fee.

The Platinum can work brilliantly—but only if you're willing to treat credit card optimization like a part-time job. For everyone else, the Chase Sapphire Reserve or a simple 2% cash back card will deliver better value with far less effort.

Expert Tip: If you're determined to enter the Amex ecosystem, consider starting with the Gold card to learn transfer partner optimization before committing to the Platinum's premium fee structure. The fundamental skills transfer, but the financial stakes are much lower.