American Express Platinum® Always one of the most rewarding premium cards.
However, with its high annual fees and an expanding privileged suite, it’s easy to wonder if the card is really worth a year. Now, with Amex announcing an additional 29% annual fee – with a new lifestyle allocation pair – many cardholders ask: Is it time to cancel?
Not so fast. Between the timeline of the fee increased to $895 (see Fees and Fees) and the new credit limit for existing and new cardholders, canceling now could mean leaving hundreds of dollars worth on the table.
This is why.
Related: Amex Platinum Refresh: Higher Fees, Richer Privileges – Valued at $895?
New benefits now, higher fees in 2026
Amex is recently Amex Platinumand some existing enhancements, available immediately. Some highlights include:
- Digital Entertainment Statement Credit (Enhanced): Qualified streaming services such as Disney+, Hulu and YouTube TV (up to $300 per year) up to $25 per month. This credit is an easy way to offset the rising costs of your favorite shows and movies.
- Lululemon Statement Credit (New): Quarterly up to $75 per quarter for retail stores in the U.S. and online (excluding exports; up to $300 per year). This credit is perfect for picking up fitness gear or seasonal clothing – even selling, “we make too many” items that are eligible.
- OURA RING Statement Credit (New): Get up to $200 in annual OURA ring credit (hardware only, not membership). This credit is perfect for tracking sleep, recovery and fitness in one of the most popular healthy wearables.
- RESY Statement Credit (New): Up to $100 per quarter at participating in the US Resy Crosiationed Restaurant (up to $400 per year). This credit is an easy way to turn a meal into a mini cashback victory.
- Uber One (New): Received a declared credit of up to $120, which fully covers automatic updates of $9.99 per month for membership. This credit is ideal for rides or food delivery.
Selected benefits require registration.
The annual fee also received a refresh, jumping from $695 to $895, which is a consistent trend of increasing premium card fees.
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While the increase in fees has never been interesting, it is a silver lining.
New (and enhanced) points are available immediately, but the higher $895 fee will not take effect until or after January 2, 2026. This creates a window that takes full advantage of the new offer while still paying the previous $695 annual fee.
For example, if the annual fee you posted last time was released on May 15, 2025, you will need several months to use the new privilege before you renew your fee request.
Better yet, the statement credit of Platinum carded up to $200 on Prepaid American Express Fine Hotels + Resorts + Resorts or through American ExpressTravel® hotel collection bookings (minimum) increases up to $600 per calendar year (or $300 half of up to $300).
If you have used a $200 credit line, from now on you will get an extra $300 until December 31, 2025; if not, your earnings simply update to $300 for $300. Either way, you’re out.
Selected benefits require registration.
Related: 4 Reasons to Hold American Express Gold and Platinum
Cancellation is to leave the money on the table
With new Amex Platinum Lifestyle credits are valid, with increased fees delayed, and you can release over $1,500 in value in a year without spending the usual lifestyle purchase.
Even using only your fourth-quarter Lululemon statement credit (up to $75 for stores and online stores, excluding sales stores) and fourth-quarter Resy statement credit ($100 for US restaurants) may offset the meaningful portion of your old annual fee.
Increased Uber cash (up to $15 per month, get $20 in December*), Digital Entertainment Statement Credit (up to $25 per month) and OURA Ring Hardware Statement Credit (up to $200 per year) make the potential value even more compelling.
*Uber cash is deposited into only one Uber account when you redeem Amex Platinum as a payment method and redeem it with any Amex card.
By canceling it immediately, you will be left with privileges that can provide significant value.
Remember that these new points are stacked on top of existing allowances, such as the accompanying fees for your chosen airline and a SAKS Fifth Avenue statement credit of up to $100 (divided into $50 statement credit between January and June), and then get up to $50 statement credit of $50 (divided into $50) from July to December, allowing you to maximize your January maximum value with $895 efficiency on January fees and $202 efficiency for $2026.
Selected benefits require registration.
Related: My Thoughts on $895 Amex Platinum: Is the price increase worth the added privilege?
How to make the most of platinum by the next anniversary
By taking action now, you can capture hundreds of dollars in value before the higher renewal cost hits. The following are:
Related: Why the new Amex Platinum Change converts me to card man
Bottom line
If you are considering canceling your Platinum cardnow is definitely not time.
With new points already alive and higher annual fees for months, you have the opportunity to claim hundreds of dollars in value while still paying the old annual fees. By leveraging these privileges today, you can make the most of the card before your next renewal to ensure that you have captured the most profit by the end reevaluation.
To learn more, read our full review of Amex Platinum.
Apply here: American Express Platinum Card
For Amex Platinum rates and fees, click here.
