The Amex Platinum's Fee Just Went Up by $200 -- but the New Perks Are Worth Over $1,400

American Express Platinum Card® has long been the poster child for luxury travel rewards. But with its latest refresh, Amex just raised the bar -- and the price.

The annual fee has officially increased to $895, up from $695 (see rates and fees). That makes the Platinum Card® one of the most expensive rewards cards on the market, outpacing even premium competitors like the Chase Sapphire Reserve® ($795) and Capital One Venture X Rewards Credit Card ($395).

The annual fee might have gone up by $200. But there's over $1,400 in added value introduced through new and expanded perks.

What's new and what's improved

Amex didn't just raise the fee and call it a day. This refresh adds a hefty lineup of new lifestyle perks, plus upgrades to existing benefits that people already love.

Here's a look at the newly added or expanded perks:

• $600 Hotel Credit -- Previously $200 annually, this credit now gives you up to $300 back twice a year on prepaid bookings through Amex Travel at Fine Hotels + Resorts or The Hotel Collection (two-night minimum stay for The Hotel Collection).
• $400 Resy Credit -- Up to $100 back each quarter on eligible dining reservations via Resy.
• $300 lululemon Credit -- Up to $75 back per quarter on eligible purchases at lululemon in the U.S.
• $300 Digital Entertainment Credit -- Previously $240, you now get up to $25/month for eligible streaming and news services when you pay with your Platinum Card®.
• $209 CLEAR® Plus Credit -- Covers your CLEAR® Plus membership to speed through airport security (was previously $199).
• $200 Oura Ring Credit -- Get up to $200 back annually when you buy an Oura Ring, the popular health-tracking wearable.
• $120 Uber One Credit -- Covers the cost of Uber's membership program. This is in addition to the monthly Uber Cash credits of $200 annually.
• Terms apply; enrollment may be required

Factoring in just the new credits and additional increase on existing credits, you're looking at about $1,490 in added value (not including other perks like free breakfasts, late checkouts, and status upgrade benefits at select hotels).

In any case, it's pretty clear that the $200 fee increase can be easily offset by even one or two of the new perks alone.

And for anyone who passed on the Platinum Card® before, these new perks might give them a good reason to reconsider. Read our full Platinum Card® review here and apply today.

The legacy benefits still hold major value

Good news for existing cardmembers: None of the Platinum Card®'s core benefits are getting slashed.

You still get premium lounge access, elite hotel status, and all the travel protections that made this card a favorite for years.

• 5X points on flights booked directly with airlines or with American Express Travel® up to $500,000 on these purchases per calendar year
• 5X points on prepaid hotels booked with American Express Travel®
• $200 Airline Fee Credit for incidentals like baggage and seat selection
• Global Lounge Collection® access -- Including Centurion Lounges, Priority Pass™ Select, and Delta Sky Club® lounges (when flying Delta, subject to visit limitations), and more
• Fine Hotels + Resorts perks -- Like guaranteed 4 p.m. checkout, daily breakfast, and room upgrades when available
• $155 Walmart+ Credit -- Covers the cost of a Walmart+ membership
  $100 Saks Credit -- $50 semi-annually for Saks purchases
• Premium Global Servicing -- Dedicated customer support with 24/7 access
• Terms apply; enrollment may be required

Plus, you'll get elite status perks at select hotel brands like Hilton and Marriott, travel insurance protections, and exclusive access to dining and entertainment events (terms apply; enrollment may be required).

Is it worth $895?

This isn't a set-it-and-forget-it card. If you're not actively using the credits and perks, the fee probably won't make sense.

But if you're intentional about using the credits and perks throughout the year, and your current lifestyle matches the services and lifestyle brands within the benefits pack, it can be an incredible deal.

People that will get the most value are regular travelers who stay in luxury hotels, dine at nicer restaurants, and use services like Uber, Resy, or streaming subscriptions.

If you're someone who can say yes to at least a few of these bigger perks, odds are good you'll come out ahead.

Compare all the top premium travel cards here and find the one that best fits your lifestyle.