There have been rumors for months about an increase in the annual fee for the American Express Platinum card, which is based in the United States. It is believed that this will happen on July 1, according to many.Doctor of Credit has discovered a valid and active link between Amex and a cardmember agreement. It outlines the price as of July 1, 2021. However, the updated price has not yet been posted on the website. The benefits are clearly visible.The website still shows the current/old rate, but it offers new benefits that Ill describe below. This presents an unique opportunity: You would get all the benefits up to $1400 plus 100,000 Membership Rewards points. (After spending $6000, offer varies).This is the $550 annual charge until they update the price, which could happen later today.The U.S. Amex Platinum Card can be found here. If you know someone who can, that's a great way to find out if the offer is correct.The Doctor of Credit posts about the new fee. Someone has also posted a link that contains a PDF with the new cardmember agreement.Download (PDF, 649KB).This agreement includes the US$695 annual fees. You can now find the card on the website.Equinox: $300 with Equinox - Get $25 each month in Equinox statement credit Use your Platinum Card to pay Equinox All Access, Destination or E by Equinox monthly membership fees or Equinox+. Each month, you will receive a $25 statement credit when you pay select Equinox membership fees and Equinox+. To enroll, visit https://platinum.equinox.com/ Register below to receive up to $20 per month in statement credits when you use your platinum card to subscribe to one or more of these: Peacock (Audible), SiriusXM, The New York Times, and The New York Times. This could save you up to $240 annually. Hotel Credit: Enjoy your next memorable trip with more than 1,700 hotels, each carefully selected with high standards. You can save $200 each year when you book prepaid Fine Hotels + Resorts and The Hotel Collection with American Express Travel. You can also book Fine Hotels + Resorts through American Express Travel and receive an average value of $550 in perks, such as daily breakfast for two and 4pm check out. Resy benefit: When you add your Platinum Card as a Resy account, you will have special access to top-rated restaurants around the world. The Resy app gives you access to exclusive reservations, top-quality dining experiences, Priority Notify and many other benefits. Private jet program now available: Make your private flight experience more memorable. Platinum Card members are eligible for a 20% discount on Wheels Up Connect memberships and a 40% discount when they join Wheels Up Core. You can also get either a $500 credit or $2000 credit to your Wheels Up account for your first flight, depending on which Wheels Up membership you have. $179 Clear Credit CLEAR uses biometrics for a touchless ID that allows you to speed through security at select stadiums across the U.S. After you have paid for CLEAR with your Platinum card, you can get up to $179 per year in statement credits.This card will offer the following:$15 UBER Cash per Month with an additional $20 Bonus in DecemberGlobal Entry Credit of $100 / $85 TSA PriorCheck$100 Saks Fifth Avenue Credit (50 dollars per half-year)$200 per calendar year credit for airline feesPriority Pass MembershipI am sure that this substantial increase in annual fees, currently $550 to $695, will cause many to reconsider their Amex Platinum membership, especially considering the low points earning potential of this card.American Express clearly missed the opportunity to make the card more appealing by improving the points earning structure. Except for Amex offers and airline tickets, I don't use the Platinum card to make any daily purchases.The earning potential of even the Gold Card, and particularly the Green Card is much higher than that of the Platinum Card. So are cards from the competition like the Chase Sapphire Reserve.Amex clearly wants to market this card to a lifestyle-oriented audience. The increased value may not be applicable to everyone. Equinox's $25/month Equinox credit might seem like a small amount considering that Equinox memberships cost several hundred dollars per month.The Entertainment Credit should also be extended to streaming and online services. Peacock, Audible and SiriusXM are the only ones that cover this. It was disappointing to say the very least. It's almost pointless. I suppose I'll just sign up for an online subscription to the NYT just so I can.This $200 credit to the hotel is truly what saves the day. It can be used with FHR, and I use FHR bookings quite often so $200 will be just as good as cash. This $145 increase in annual fee will put me slightly ahead ($50) since it will be effective from May 2022, the anniversary of my card.ConclusionAmerican Express USA will likely raise the annual fee for its Platinum Card to $695 from $550. This is the Amex Platinum fee at its lowest level, if any, worldwide.Some will be benefited and some may be upset by the expansion of the benefits. This is something I view in a mixed light. You don't have to take advantage of every benefit. I'm happy with my card as long as I get credit for a portion of my annual fees. I also have a second card that I use daily. The $200 hotel credit is a positive change in my opinion.It is possible to still get the Platinum card at the $550 rate for the moment, but they may change the price in the future.
