American Express typically does not waive annual fees entirely, but it may offer a side benefit to offset the Platinum card's $695 annual fee. Retention offers traditionally include statement credits, bonus points or spending bonuses. But make sure your account is in good standing before calling.

Generally, the American Express Platinum Card requires a high annual fee (currently $695 in the U.S.), but there are specific ways to have it waived in 2026. The most common method is for active-duty U.S. military members, who have the fee waived under the Servicemembers Civil Relief Act (SCRA). For civilians, there is no standard "no-fee" version, but you can effectively "offset" the fee using the card's roughly $1,500 in annual credits, such as the $200 hotel credit, $200 airline fee credit, and $155 Walmart+ credit. Occasionally, high-net-worth individuals or those with significant business accounts may receive a targeted "retention offer" that provides enough points or a statement credit to cover the fee for one year. Another option is the Amex Platinum Travel card in certain markets like India, which has a much lower fee (~₹5,000) but fewer "luxury" lifestyle benefits.