Amex Goes Nuclear: Both Platinum Cards Now $895 with Wildly Different Approaches

Well, the wait is over. Amex just dropped their biggest Platinum refresh in years, and both the personal and business versions are now hitting us with an $895 annual fee. But here’s where it gets interesting, they took completely different approaches to justifying that price tag. One feels focused, the other feels like they raided a mall directory. Let me break down what actually matters for both cards.

The Tale of Two Platinums

Personal Platinum: The Lifestyle Coupon Book

The consumer Platinum went full lifestyle mode, and I mean FULL lifestyle. We’re talking:

$400 Resy dining credit (quarterly, $100 each)
$300 Lululemon credit (quarterly, $75 each)
$200 Oura Ring credit (yes, the sleep tracker)
$120 Uber One membership credit (new)
$600 hotel credit via FHR/Hotel Collection (up from $200)
$300 digital entertainment credit (up from $240)

Look, I get what Amex is doing here. They saw Chase throw StubHub credits at the Sapphire Reserve and decided to double down on the “affluent millennial” strategy. But seriously, an Oura Ring credit? That’s peak 2025 Silicon Valley energy right there.

The Resy credit is legitimately useful, 10,000 restaurants nationwide, no special hoops to jump through. Just dine at a Resy restaurant and pay with your Platinum. The $400 annual value easily covers the fee increase on its own.

But Lululemon? Unless you’re refreshing your athleisure wardrobe quarterly (and hey, maybe you are), this feels forced. At $75 per quarter, you’re basically getting one pair of overpriced leggings or a tank top. Use it or lose it quarterly makes it even more annoying.

Business Platinum: Actually Thinking Like a Business

Meanwhile, the Business Platinum took a refreshingly different approach:

$600 Fine Hotels + Resorts credit (semi-annually, $300 each)
Leaders Club Sterling Status with Leading Hotels of the World
2x points on purchases over $5,000 (huge for B2B spend)
2x points on shipping, electronics, software categories
$3,600 in additional credits for $250k+ spenders

See the difference? The business card focused on what business travelers actually need hotel credits and better earning on large purchases. No yoga pants required.

The Welcome Bonuses Are Legitimately Strong

Both cards are throwing around their best public offers:

Personal: 175,000 points for $8k spend in 6 months
Business: 200,000 points for $20k spend in 3 months

That business bonus is particularly compelling. At a conservative 2 cents per point, you’re looking at $4,000 in value. I’ve turned similar hauls into multiple business class flights to Asia on ANA or Star Alliance partners.

The Math on That $895 Fee

Let’s be real about value here.

Personal Platinum “Easy” Credits:

$400 Resy (if you dine out regularly)
$600 hotel (two stays per year at nice hotels)
$200 airline fee credit
$209 CLEAR
Total: $1,409

Business Platinum “Easy” Credits:

$600 hotel (FHR properties)
$200 Hilton credit
$200 airline fee credit
$209 CLEAR
Total: $1,209

Both cards mathematically work if you can use just the core travel credits naturally. Everything else (Lululemon, Dell, Adobe, Oura Rings) is gravy.

The High Roller Kicker Nobody’s Discussing

Here’s something flying under the radar: spend $250,000 on the Business Platinum in 2025, and you unlock $3,600 in additional credits for 2026:

$1,200 Amex Travel flight credit
$2,400 One AP statement credit

That flight credit is basically free money for any business with serious expenses. Compare that to the personal card, which offers… nothing extra for heavy spenders.

What Stayed the Same (Thank God)

Both cards kept their core benefits:

Centurion Lounge access (still unlimited… for now)
Priority Pass and Delta Sky Club access
Marriott Gold and Hilton Gold status
Global Entry/TSA PreCheck credit
No foreign transaction fees

The Earning Structure Gap

Here’s where things get awkward for the personal Platinum. It STILL only earns:

5x on flights booked directly or through Amex Travel
5x on prepaid hotels through Amex Travel
1x on everything else

Meanwhile, the Business Platinum now earns:

2x on purchases of $5,000+
2x on select business categories
5x on flights and Amex Travel hotels
1x on everything else

For a card pushing toward $900, the personal Platinum’s earning structure is embarrassing. The Amex Gold earns 4x on dining and groceries. The Chase Sapphire Reserve earns 3x on dining and travel. But the “premium” Platinum? One measly point per dollar at restaurants, despite adding a $400 dining credit.

Who Should Actually Get These Cards

Personal Platinum Makes Sense If:

You’re already maxing out hotel and airline credits
You genuinely shop at Lululemon regularly (not forcing it for the credit)
Resy restaurants are your regular spots
You value Centurion Lounge access highly
You want the prestige (let’s be honest, it matters to some)

Skip the Personal If:

You need to change spending habits to use credits
You want a card that actually earns points on dining
The Business Platinum is an option for you

Business Platinum Makes Sense If:

You have legitimate business travel expenses
Large vendor payments or equipment purchases are common
You can use hotel credits naturally through business travel
The 2x on big purchases matters to your bottom line

Skip the Business If:

Your business spending is mostly small, frequent purchases
You already have the personal Platinum for lounge access
Travel isn’t a significant business expense

The Timing Play for Current Cardholders

Existing cardholders, pay attention: if you opened your account before September 18, 2025, your fee doesn’t increase until your renewal date on or after December 2, 2025 (personal) or January 2, 2026 (business).

You get all new benefits immediately but keep paying $695 for up to another year. That’s the best of both worlds.

My Verdict

Amex took two very different paths to justify the same $895 price point, and honestly, the Business Platinum feels like the more thoughtful refresh. It knows what it is, a premium business travel card and doubled down on that.

The personal Platinum, meanwhile, feels like it’s having an identity crisis. Is it a travel card? A dining card? A fitness lifestyle card? The Resy credit suggests dining focus, but the earning structure says otherwise. The hotel credit says travel, but then we’re buying Oura Rings and Lululemon gear.

Here’s my hot take: if you qualify for the Business Platinum, get that instead. Better earning structure, more focused benefits, and you can still buy your Lululemon with the 2x points on purchases over $5,000.

For those stuck with the personal option, the math can still work, but you’ll need to be intentional about maximizing those lifestyle credits. Set calendar reminders for quarterly credits, add your card to Resy now, and actually use that Lululemon credit instead of letting it expire while complaining on FlyerTalk.

Bottom line: $895 is a lot for any credit card. But if you’re already living the life these cards are designed for frequent travel, regular dining out, premium hotels, the value is there. Just don’t kid yourself about changing your lifestyle to chase credits. That’s how Amex wins and you lose.