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The Platinum Card® from American Express is now even more exclusive.
This charge card comes with luxurious perks, such as a $200 annual travel credit, complimentary airport lounge access, the red carpet treatment at over 1,300 hotels and resorts around the world and a $100 NEXUS application or renewal fee credit—but access to those privileges has become pricier.
As of September 26, 2023, the Platinum Card’s already steep annual fee went from $699 to $799 per year on your next card anniversary. It also costs more to add a supplementary Platinum Card to an account with the fee rising from $175 to $250 at the same time.
To lessen the impact of the increase in cost, American Express added a $200 annual dining credit to the card that starts the same day. To receive the credit, you’ll have to spend a minimum of $200 (at one time) at any of the eligible restaurants listed. The restaurants include famous fine dining establishments across the country, including Joe Beef in Montreal, Lee in Toronto and Blue Water Café in Vancouver. The complete list of eligible restaurants can be found here.
A one-time enrollment is required for the $200 Annual Dining Credit through Amex Offers.
However, even the $200 dining benefit doesn’t come without strings attached, as cardholders will earn fewer Membership Rewards points on dining purchases. After October 26, (giving cardholders an extra month at the previous earn rate) dining and food delivery purchases within Canada decreased from 3 points per dollar to 2 points per dollar, matching the existing earn rate for travel purchases. Meanwhile, all other purchases will still earn 1 point per dollar.
Featured Partner Offers
1
The Platinum Card®
Annual Fee
$799
Welcome Bonus
Up to 100,000 Membership Rewards®
Regular APR
30% due in full or 21.99% (flexible payment option)†
2
Business Platinum Card® from American Express
Annual Fee
$799
Welcome Bonus
Up to 120,000 bonus Membership Rewards® points
Regular APR
30% ‘Due In Full’ balance, 21.99%-28.99% (flexible payment option)
Changes to the Business Platinum Card from American Express
If you thought cardholders with the Business Platinum Card® from American Express would be immune to price increases, think again. On the same day the annual fee and supplementary card fee increased on The Platinum Card, the same fees went up on the Business Platinum Card as well.
As of September 26, 2023, the Business Platinum annual fee jumped from $499 to match the personal Platinum Card at $799—an increase of $300. Meanwhile, adding a second Business Platinum Card to an account went from $199 to $250 each year—a comparatively lower increase of $51.
The Bottom Line
If you have The Platinum Card from American Express in your wallet, while the fee increases might sting, at least you can enjoy a substantial dining benefit to offset the increase. Hopefully, new benefits will come to the Business Platinum Card in the very near future.
Related: How Much Is The American Express Platinum Foreign Transaction Fee?