American Express To Increase Fees & Cut Benefits In 2026
Higher foreign exchange fees & reduced airport lounge access
American Express will make a series of changes to its Australian credit cards in 2026, and it’s likely to be unwelcome news for many cardholders.
Foreign exchange fees will increase to 3.5%, airport lounge benefits will be scaled back, and new eligibility rules for travel insurance will be introduced. On their own, these changes may seem relatively minor. But when considered together, it’s a clear reduction in card perks.
There’s no real sugar-coating it; these updates are largely weighted towards higher costs and fewer benefits. Here’s a full breakdown of what’s changing.
1. Overseas Transaction Fee Increased To 3.5%
One of the biggest changes announced by American Express is an increase in overseas transaction fees. From 5 May 2026, Amex will increase its foreign transaction fee to 3.5%, up from the current 3%.
Foreign transaction fees are charged whenever a payment is processed in a currency other than Australian Dollars. This includes purchases made overseas, as well as online shopping from international retailers. The fee is applied after the currency conversion takes place, meaning it is an additional charge rather than being built into the exchange rate itself.
The change comes as a growing number of banks, including NAB and CommBank, offer rewards credit cards with zero foreign transaction fees. Meanwhile, many American Express cards in the US and UK already waive FX fees - but for Australians, they’re about to become even higher.
How Much More Will Amex Cardholders Pay Overseas?
While this change may seem modest at first, foreign exchange fees tend to add up quite quickly. This is especially true when you’re on an overseas holiday and spending daily. Even this small 0.5% increase can snowball into a significant cost over time. Plus, any fee increase is not welcome news.
To put the change into perspective, here are a few real-world examples. Because American Express applies its FX fee to the converted AUD amount, all figures below are shown in Australian Dollars.
How To Avoid Foreign Transaction Fees
Many Australians will struggle to justify a 3.5% fee every time they tap their card overseas. While there are a handful of rewards credit cards in Australia with 0% FX fees, the most cost-effective option is usually an everyday debit card.
There’s also no shortage of dedicated “travel money” cards, but they tend to come with higher fees and awful exchange rates. In many cases, they’re marketed to inexperienced or older travellers who don’t realise they are being ripped off.
Some of our favourite fee-free cards for travel are Up, Ubank, and Revolut. They’re the simplest to use, and even offer introductory bonuses for new users, via the links below:
- Up Bank debit card - $10 free bonus
- Revolut - $15 exclusive Flight Hacks bonus
- Ubank debit card - $30 free using code C7N1TAZ
What Are The Best Travel Money Cards?
Check out our detailed guide to the best travel money cards for Australians here 👈.
This guide breaks down the most cost-effective options for international spending, as well as some of the worst options like Qantas Pay and CommBank Travel Money.
2. Centurion Lounge Access Tightened
From 8 July 2026, American Express will introduce a series of tighter access rules for Centurion Lounge access. This change impacts all Amex cards that offer Centurion Lounge access, including Platinum, Platinum Business, Explorer, and Qantas Ultimate cards.
- Guest access reduced: from two guests to one guest (Platinum cards)
- Guest eligibility tightened: guests must be on the same flight as the primary cardholder
- Layover access restricted: entry limited to within 5 hours of departure
3. Priority Pass Cut For Additional Cardholders
From 1 October 2026, American Express will remove Priority Pass lounge access for additional and employee cardholders. This change applies to the Platinum and Platinum Business cards.
Previously, both the primary cardholder and one nominated additional cardholder would receive a complimentary Priority Pass membership. That entitled them to unlimited lounge access across Priority Pass’ extensive network of 1,800+ airport lounges.
But from October, the additional cardholder will lose access to Priority Pass lounges entirely. At the same time, Amex will offer complimentary guest access alongside the primary cardmember.
4. Plaza Premium Lounge Guest Access Reduced
From 1 October 2026, American Express will also reduce Plaza Premium lounge guest access for Platinum and Platinum Business cardholders. Currently, eligible cardholders can bring two guests into Plaza Premium lounges, but under the new rules, this will be reduced to one complimentary guest per visit.
5. New Restrictions For Platinum Business Travel Insurance
From 8 July 2026, American Express will update the eligibility requirements for travel insurance on its Platinum Business Credit Card.
Under the new rules, complimentary travel insurance is only accessed when cardholders pay for their return trip using their Platinum Business Card. If the trip is booked using another card, the cover will no longer apply.
Although it removes a layer of flexibility, this change is relatively reasonable. The insurance on offer is strong, and it’s fair for American Express to require cardholders to use the card to activate the benefit.
Bottom Line: Has Amex Gone Too Far?
We value what American Express offers, particularly its strong Membership Rewards program, and are proud partners of the brand. However, these changes are clearly negative and difficult to frame in a positive light.
Typically, when sweeping updates like this are announced, there’s at least some upside for consumers. In this case, that’s largely missing, making the overall direction harder to ignore.
