Yes, the American Express Platinum Card charges an annual fee of $695

The American Express Platinum Card has a $695 annual fee that you pay once per year to keep the card open. This fee is not waived in your first year — you owe it as soon as the card is approved and activated. If you close the card, you do not get a refund of the annual fee for the current year.

American Express also offers the American Express Platinum Card for Business, which carries the same $695 annual fee. Both versions charge the same amount, though the benefits and earning rates may differ slightly between the personal and business cards.

The annual fee can change. American Express has raised it multiple times over the past decade. If you hold the card, American Express will notify you before any increase takes effect, and you have the option to close the card before the new fee applies.

Key Takeaways

  • The Platinum Card annual fee is $695 per year, charged when ready upon approval and every year you keep the card open.
  • The fee applies to both the personal Platinum Card and the Business Platinum Card.
  • American Express does not waive the annual fee in the first year or offer a pro-rata refund if you close the card mid-year.
  • The annual fee has increased in the past and may increase again; American Express notifies cardholders before any change takes effect.
  • You receive statement credits and other benefits that may offset part or all of the annual fee, depending on how you use the card.

What statement credits and benefits come with the annual fee

American Express includes several statement credits with the Platinum Card that can reduce the net cost of the $695 annual fee. These credits are not cash back — they reimburse you for specific purchases you make, and they expire if you do not use them within the calendar year.

The card includes a $200 annual credit toward airline fees, a $200 annual credit toward airline purchases, and a $200 annual credit toward Uber rides and Uber Eats orders. You also receive a $240 annual credit toward dining at participating restaurants through the Amex Dining Program. These credits are separate — you do not choose between them, and you must use each one within its category to receive the benefit.

Additional benefits include access to airport lounges, concierge services, travel protections, and purchase protections. These do not reduce the annual fee directly but may provide value depending on your travel habits and how often you use the card.

How the annual fee compares to other premium travel cards

The Platinum Card's $695 annual fee is higher than most other premium travel cards. The Chase Sapphire Reserve charges $550 per year. The Capital One Venture X charges $395 per year. The Citi Prestige charges $495 per year. Each card offers different benefits and credits, so the annual fee alone does not determine whether the card is worth the cost to you.

Cards with lower annual fees typically offer fewer statement credits and fewer premium benefits. Cards with higher annual fees generally include more travel credits and higher earning rates on certain purchases. The value of any premium card depends on whether you use the specific benefits it offers.

When the annual fee posts and how to avoid it

American Express charges the annual fee on your card anniversary — the date your account was approved and activated. If your card was approved on March 15, your annual fee posts on March 15 each year. The fee appears as a charge on your statement, not as a separate bill.

You cannot avoid the annual fee while keeping the card open. If you do not want to pay it, you must close the card before your card anniversary date. Once the fee posts, American Express does not refund it, even if you close the card when ready after.

Some cardholders close the Platinum Card after using the statement credits and benefits for a year, then reopen it later if they want to use it again. American Express may offer a new cardmember bonus when you explore again, though you must wait a certain period between closing and reopening (American Express's rules on this timing vary).

Whether the annual fee is worth it for your spending

The Platinum Card makes financial sense only if you use the statement credits. If you fly regularly and use the $200 airline fee credit, take Uber frequently and use the $200 Uber credit, and dine at participating restaurants and use the $240 dining credit, you can offset $640 of the $695 annual fee. That leaves a net cost of $55 per year for the remaining benefits.

If you do not fly, do not use Uber, and do not dine at participating restaurants, the statement credits provide no value to you. In that case, you are paying the full $695 annual fee for the other benefits alone — lounge access, concierge service, and travel protections. Whether that is worth it depends on how much you travel and how much you value those specific services.

The card also earns points on purchases, and the earning rate varies by category. You earn 5 points per dollar on flights booked directly with airlines and 5 points per dollar on prepaid hotels through American Express Travel. You earn 1 point per dollar on all other purchases. Whether the earning rate justifies the annual fee depends on how much you spend in those categories and how you redeem your points.

What happens if you cannot pay the annual fee

If you cannot pay the annual fee when it posts, American Express will treat it like any other charge on your account. If your balance goes unpaid, American Express may charge interest, report the late payment to credit bureaus, and eventually close your account. Closing the account does not erase the debt — you still owe the fee plus any interest and late fees that have accrued.

If you are struggling to pay the annual fee, contact American Express before the fee posts. You can close the card before your anniversary date to avoid the charge. You can also ask American Express whether they offer any temporary relief options, though they are not required to do so.

Frequently Asked Questions

Can I get the annual fee waived or reduced?

American Express does not automatically waive or reduce the $695 annual fee. Some cardholders report that calling American Express and asking to speak with a retention specialist has resulted in a one-time fee waiver or credit, but this is not may provide and depends on your account history and relationship with American Express.

Do I pay the annual fee if I close the card before my anniversary?

No. If you close the card before your card anniversary date, you do not owe the annual fee for that year. Once the fee posts to your account, you cannot get it back even if you close the card when ready after.

Is the annual fee tax deductible?

The annual fee may be tax deductible if you use the card exclusively for business purposes and meet IRS requirements for business expenses. Consult a tax professional about your specific situation, as tax rules vary by individual circumstances and business type.

What if I have the Business Platinum Card instead of the personal card?

The Business Platinum Card also charges a $695 annual fee. The statement credits and benefits differ slightly from the personal card, but the annual fee amount is the same.

Can I get a refund if I close the card mid-year?

No. American Express does not offer pro-rata refunds or partial refunds of the annual fee if you close the card before the year is over. You pay the full $695 for the year regardless of when you close the account.