American Express Platinum Card® has always stood out as one of the most benefit-rich premium cards available.

Yet with a sky-high annual fee and an ever-expanding suite of perks, it’s easy to wonder if the card is really worth keeping year after year. Now, with Amex announcing a 29% annual fee hike — paired with a slate of new lifestyle credits — many cardholders are asking: Is it time to cancel?

Not so fast. Between the timing of the fee increase to $895 (see rates and fees) and the immediate availability of new credits to existing and new cardholders, canceling right now could mean leaving hundreds of dollars in value on the table.

Here’s why.

Related: Amex Platinum refresh: Higher fee, richer perks — is it worth $895?

New benefits now, higher fee in 2026

Amex recently added a suite of new lifestyle statement credits to the Amex Platinum, along with enhancements to some existing ones, that are available immediately. Some of the highlights include:

• Digital entertainment statement credit (enhanced): Receive up to $25 per month for eligible streaming services like Disney+, Hulu and YouTube TV (up to $300 annually). This credit is an easy way to offset the rising cost of your favorite shows and movies.
• Lululemon statement credit (new): Receive up to $75 per quarter at U.S. Lululemon retail stores and online (excluding outlets; up to $300 annually). This credit is perfect for picking up workout gear or seasonal apparel — even sale and “We Made Too Much” items qualify.
• Oura Ring statement credit (new): Receive up to a $200 annual Oura Ring credit (hardware only, not memberships). This credit is great for tracking sleep, recovery and fitness with one of the most popular health wearables.
• Resy statement credit (new): Receive up to $100 per quarter at participating U.S. Resy-affiliated restaurants (up to $400 annually). This credit is a simple way to turn dining out into a mini cash-back win.
• Uber One (new): Receive up to a $120 statement credit that fully covers an auto-renewing $96 annual or $9.99 monthly membership. This credit is ideal for rides or food delivery.

Enrollment is required for select benefits.

The annual fee also received a refresh, jumping from $695 to $895, a move in line with a broader trend of premium card fee increases.

And while fee increases are never fun, this one has a silver lining.

The new (and enhanced) credits are available immediately, yet the higher $895 fee won’t take effect until your next cardmember renewal on or after Jan. 2, 2026. That creates a window to take full advantage of the new perks while still paying the previous $695 annual fee.

For example, if your annual fee last posted May 15, 2025, you’ll have several months to use the new perks before the updated fee applies.

Even better, the Platinum Card’s up to $200 statement credit on prepaid American Express Fine Hotels + Resorts or The Hotel Collection bookings (two-night minimum applies) through American Express Travel® has increased to up to $600 per calendar year (or up to $300 semiannually).

If you’ve already used your $200 credit, you’ll receive an additional $300 to spend from now until Dec. 31, 2025; if not, your benefit simply updates to the higher $300 amount. Either way, you come out ahead.

Enrollment is required for select benefits.

Related: 4 reasons to hold both the American Express Gold and Platinum

Canceling now is leaving money on the table

With the new Amex Platinum lifestyle credits active and the fee increase delayed, you could unlock more than $1,500 in value over a year without spending beyond your usual lifestyle purchases.

Even just using your fourth-quarter Lululemon statement credit (up to $75 in stores and online, excluding outlets) and fourth-quarter Resy statement credit (up to $100 for U.S.-based restaurants) could offset a meaningful portion of your old annual fee.

Adding in Uber cash (up to $15 monthly with a $20 bonus in December*), the digital entertainment statement credit (up to $25 monthly) and the Oura Ring hardware statement credit (up to $200 annually) makes the potential value even more compelling.

*Uber Cash will only be deposited into one Uber account when you add the Amex Platinum as a payment method and redeem with any Amex card.

By canceling now, you would be leaving behind perks that could offer significant value.

Remember, these new credits stack on top of existing perks like the up to $200 annual airline statement credit for incidental fees on your selected airline of choice and the up to $100 Saks Fifth Avenue statement credit (split into one up to $50 statement credit between January and June, then another up to $50 statement credit from July through December), giving you multiple ways to maximize value before the $895 fee takes effect in January 2026.

Enrollment is required for select benefits.

Related: My take on the $895 Amex Platinum: Is the price hike worth the added perks?

How to make the most of the Platinum before your next anniversary date

By acting now, you can capture hundreds of dollars in value before the higher renewal cost hits. Here’s how:

• Enroll immediately: Many credits require activation, so log in to your Amex account and opt in.
• Use quarterly and monthly credits now: Don’t let them expire — set reminders if needed.
• Stack when possible: Combine credits with shopping portals, discounts or loyalty offers for extra value.
• Track usage: Watch statements to ensure credits post correctly, and reach out to Amex if they don’t.
• Leverage existing perks: Use new credits in addition to your ongoing Amex Platinum benefits to maximize total value before the $895 fee takes effect.

Related: Why the new Amex Platinum changes are converting me to a cardmember

Bottom line

If you’re considering canceling your Platinum Card, now is definitely not the time.

With the new credits already live and the higher annual fee months away, you have the chance to claim hundreds of dollars in value while still paying the old annual fee. By taking advantage of these perks today, you can fully leverage the card before your next renewal, ensuring that when you eventually reassess, you’ve already captured maximum benefit.

To learn more, read our full review of the Amex Platinum.

Apply here: American Express Platinum Card

For rates and fees of the Amex Platinum, click here.