Amex Platinum Card will give customers over $3,500 in annual benefits, including $400 in dining credits, $600 for hotels, $300 at Lululemon, and $200 for Uber|@AmericanExpress|X
American Express is increasing the annual fee on its Platinum Card by 30% from $695 to $895 yearly, starting Thursday.
In return, cardholders will get over $3,500 in annual benefits, including $400 in dining credits, $600 for hotels, $300 at Lululemon, and $200 for Uber.
The company said the card remains focused on customers seeking premium perks.
This move comes as major issuers, including Chase, Citi, and Capital One, compete for affluent cardholders.
Chase recently lifted its Sapphire Reserve fee to $795, while Citi’s Strata Elite costs $595; Capital One’s Venture X remains at $395. Amex now holds the title of priciest premium card.
Wealthier households remain the focus. According to Moody’s, the top 10% of earners accounted for nearly half of US consumption in the second quarter—the highest share since 1989.
While premium cards promise high-value benefits, issuers increasingly use statement credits, which can be harder to fully redeem, instead of straightforward rewards.