Amex Platinum Fee Increasing to $695 July 1st

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The American Express Platinum Card is set to increase its annual fee $145 from up $550 to $695 as of July 1, 2021. The card is expected to offer a refresh of benefits with new statement credits for cardholders.

You can view the updated cardholder agreement on the American Express site, with a date of July 1, 2021. I’d expect a formal announcement tomorrow with the increased fee and new benefits. Current cardmembers will see the increased annual fee take effect for renewal dates starting January 1, 2022

We’ll be sure to have full coverage on this change once we receive official confirmation from American Express, along with the new offerings of the card.

Rumored new benefits include a monthly $30 Equinox credit, an annual $179 CLEAR credit, and a new $200 travel credit. There’s also talks of a one year $100 Rest credit. We’ll have a lot more details tomorrow.

We’ve seen Outrageous: Centurion Lounges 45+ Minute Wait Times, so I believe one of the reasons of increasing the fee is decrease the number of cardholders slightly in order to reduce crowding in the Centurion lounges. At this time, there is no mention of an increase for additional cardholders.

What are your thoughts on the American Express Platinum card increasing its annual fee to $695? Do you plan to remain a cardholder after the fee increase? 

Hat Tip: Doctor of Credit

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Comments

  1. Cancelled my Canadian version of the Platinum American Express last year after many years of carrying it. They dropped the Fairmont Platinum Presidents Club program among other perks and did not have several of the US card perks. Oh, but—-I received a metal credit card and a deck of AMEX playing cards as a token of their esteem. Enough said—many better card options out there!

  2. DO they really need to GOUGE their customers that much….Especially when the rewards points needed can be over 500,000 to get a BIZ class seat!!

  3. 300 for a credit to.a gym few have access to not there. Anyone who travels doesn’t pay 179 a year for clear they pay $99.00 if that so many of the new benefits discussed can’t be used or not the value they speak. Disappointing sounds more of a discount card.

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