Overview

• American Express raised the Platinum card’s annual fee to $895, up from $450 in 2017 after increases to $550 in 2017 and $695 in 2021.
• The Live and Let’s Fly author says he downgraded two Platinum accounts and will keep only a separate Business Platinum he considers essential for his company.
• He criticizes newly expanded credits as cumbersome or redundant, citing difficulty finding value in Fine Hotels & Resorts, monthly Uber credits, quarterly $100 Resy credits, a $75-per-quarter Lululemon allowance, and entertainment credits that require direct billing.
• He highlights the new $200 Oura credit as emblematic of the problem, noting it applies only to hardware that starts at $349 and excludes the $5.99-per-month subscription needed for key features.
• Framing the move within broader fee hikes such as Chase Sapphire Reserve’s increase, he argues that widespread downgrades could nudge issuers toward richer point values, simpler benefits, or retention offers.