These 5 Perks Make the Amex Platinum's New $895 Fee Worth It

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Yes, American Express Platinum Card® has been refreshed, and it's now more expensive than ever. But it has more than enough new perks to make up for it.

The Platinum Card® now has an $895 annual fee (see rates and fees), one of the highest on the market. But it also added almost $1,500 in value with new and expanded statement credits, meaning it's easy to justify the price hike if you can use just one or two of the new perks.

Here are five great new perks to help you maximize your refreshed Platinum Card®.

1. $600 a year in hotel credits

First, the Platinum Card®'s hotel credit has jumped from $200 a year to $600 (terms apply).

You'll now get up to $300 back twice a year on prepaid bookings through Amex Travel at Fine Hotels + Resorts or The Hotel Collection. (Note that there's a two-night minimum stay for The Hotel Collection.)

The $400 increase here means you can cover the annual fee increase twice over. If you're a frequent traveler, it shouldn't be too difficult to get hundreds of dollars in value here.

2. $400 a year in Resy credits

Here's a new one: The refreshed Platinum Card® offers up to $100 back each quarter on eligible purchases with Resy (terms apply; enrollment required). Resy is an online reservation platform that lets users book tables at thousands of restaurants worldwide.

If you're a big foodie, the Platinum Card® is definitely a card to consider. You'll also continue to get Global Dining Access by Resy, which gives you access to "exclusive reservations" at restaurants when you use your card.

3. $300 a year in lululemon credits

Another new addition: The Platinum Card® now offers $75 back per quarter on eligible purchases at lululemon in the U.S. (terms apply; enrollment required).

This is one of the better lifestyle-related perks of the updated Platinum Card®. If you're in the market for new exercise gear, your Platinum Card® can help.

4. $120 in annual Uber One Credits

The Platinum Card® will now also cover the cost of Uber's premium membership, Uber One, which comes with perks like discounted rides, $0 delivery fees with Uber Eats, and more (terms apply).

That comes alongside the card's existing $200 in annual Uber Cash credits. If you're a big rideshare user, it's now even easier to get value out of the Platinum Card®.

5. $200 a year in Oura Ring credits

Here's another new one: You'll now get up to $200 back a year when you buy an Oura Ring, the popular health-tracking accessory (terms apply; enrollment required, and you must purchase online).

I can't imagine most will use this one every year, but it's a valuable one-off. My mom loves her Oura Ring to track her sleep, stress, heart rate, and more.

Is the updated Platinum Card® worth the annual fee?

It depends on your lifestyle -- namely, how often you travel and how much you spend with new partners like Oura and lululemon.

If you couldn't justify the old Platinum Card®, it'll be difficult to justify the updated version. Frankly, most people are still better off with a mid-tier or no-annual-fee card.

But for big spenders and frequent travelers, the refreshed Platinum Card® offers hundreds more a year in value. It's still the reigning premium travel card champ.

Ready for over $3,000 in lifestyle and travel perks? Read our full review of the Platinum Card® to apply today.

Our Research Expert