Headline: Amex Platinum Fee Soars: Benefits Check
Amex Platinum Card’s annual fee jumps to ₹1.55 lakh in India. New lounge rules & credits analyzed—is the premium travel card still worth it?
The iconic American Express Platinum Card just became India’s most expensive premium credit card, with its annual fee skyrocketing 66% to ₹1.55 lakh (plus taxes). This massive hike, effective June 2024, has affluent travelers and finance experts debating: Do the elite travel benefits and lifestyle perks justify the cost? (67 words)
Sticker Shock: The New Fee Structure
- Old Fee: ₹93,000 + GST (₹109,860 total)
- New Fee: ₹1,55,000 + GST (₹1,82,900 total)
- Effective Date: June 2024 renewals/new applications
(Source: American Express India official communication, June 2024)
This positions the Amex Platinum far above rivals like the Axis Atlas (₹5,000 + GST) and HDFC Infinia (₹12,500 + GST).
Enhanced Benefits: What You Gain
Amex defends the hike with added/renewed credits:
- ₹43,000 Taj Vouchers (up from ₹30,000)
- ₹33,000 Oberoi Vouchers (new)
- ₹28,000 International Dining Credit (via Culinaire)
- ₹24,000 Airport Spends Credit
- ₹10,000 BookMyShow Credits
Total Annual Credits: ~₹1.38 lakh (before GST)
Lounge Access Crackdown & Restrictions
A major pain point emerges with stricter airport lounge access:
- Priority Pass: Reduced from unlimited to 10 free visits/year.
- Centurion Lounges: Free unlimited access only for primary cardholders. Guests now cost $50 each.
- Domestic Lounge Access: Limited to 4 visits/quarter via DreamFolks.
Frequent flyers call this a “devaluation,” especially for family travel.
The Elite Status Perks
The card retains its premium positioning through exclusive hotel and travel statuses:
- Marriott Bonvoy Gold & Hilton Honors Gold status
- Radisson Rewards Premium status
- Car rental privileges with Avis, Hertz, and Europcar
- Global Dining Access by Resy reservations
Competing Premium Cards Offer Alternatives
Rivals leverage Amex’s hike to attract users:
- Axis Atlas: Earns 4,500 miles on ₹1.5 lakh monthly spend (worth ~₹9,000 in flights).
- HDFC Infinia: 5X rewards on flights, 3.3% reward rate.
- SC Ultimate: No fee, unlimited lounge access.
Analysis: For non-luxury spenders, alternatives offer better value.
Verdict: Who Should Keep the Card?
The math works only for specific users:
✅ Frequent international travelers using all credits
✅ High-spenders at Taj/Oberoi hotels
✅ Status seekers valuing Platinum concierge services
🚫 Domestic travelers or infrequent flyers will find better options.
Future Outlook: Luxury Card Wars Intensify
Amex bets on India’s growing ultra-premium segment, but rivals may counter:
- Fee Waivers: HDFC/Bank of Baroda already offer first-year free on competing cards.
- Enhanced Partnerships: Expect more hotel/airline tie-ups.
- Lounge Expansions: Centurion Lounge in Delhi/Mumbai could soften access blow.
As spending power rises, the battle for India’s elite cardholders just entered a costly new phase.