There are some big changes coming to the The Platinum Card® from American Express including a $200 annual Uber credit, 5x points on hotels, and a new metal card, however these new benefits come with a caveat; the annual fee will be increasing $100 to $550 annually. You can view the full changes online here.

With all of this, I recently wrote Why I Switched to the Amex Business Platinum Card, since the fee is still $450 but offers a few added perks, so you may want to consider doing the same.

Taking a look at the new benefits:

• $200 Uber Credit: Cardholders will receive an annual $200 fee credit for Uber. If you are a Uber user, as long as you link your Platinum Card to your Uber account, you’ll actually get a $15 ride credit each month culminating with a $35 credit each December. This is in addition to being granted Uber VIP status, which can score you the highest Uber drivers.
• 5X Points on Hotels: Similar to the current benefit of earning 5X Points on airfare, you’ll now earn 5X points on hotels, however this is only valid for hotels booked through the amextravel site. In addition, Fine Hotels and Resorts bookings do not earn the added points.
• New Metal Card and Complimentary Gold Authorized Users: Taking after the Chase Sapphire Preferred, cardholders will now be issued metal cards with a new design. Additionally, authorized users will receive complimentary Gold cards before requiring a $45 fee.

With all these new perks, there is a caveat, the annual fee will be increasing to $550 annually. Note that all these changes including the increased annual fee take place on March 30. However, additional Platinum Cards will remain at $175 for up to 3 additional cards.

Bottom Line

The Platinum Card® from American Express is a great card offering a slew of benefits including lounge access to Delta Sky Clubs (when flying the airline), Amex Centurion Lounges, Priority Pass, Airspace and more. Cardholders also get Global Entry fee waivers, Fine Hotels and Resorts bookings and more.

The new perks are value added especially the Uber credit if you use Uber. You’re essentially getting an extra $200 of value annually for an additional $100. If you’re a cardholder I wouldn’t go ahead and cancel your card as I do think there is added value here.

However, the good news is now is the time to get The Platinum Card® from American Express if you don’t have it already since you’ll be charged the current annual fee of $450 as long as you sign up before March 30th.

You can see the latest offers here.