By American Express

Copyright indiatimes

Photo credit X : American Express(A snapshot from the video posted by American Express on X)

American Express (AmEx) announced a big upgrade to its U.S. Platinum credit cards on Thursday. The upgrade adds new perks worth more than $3,500 each year while increasing the annual fee by $200, from $695 to $895, say reports.AmEx has a long history of raising fees and adding premium benefits, relying on wealthy customers who are willing to pay for luxury perks. The upgrade comes as other banks like Citigroup and JPMorgan are competing for premium card users, as reported by Reuters. AmEx executives say their long-standing presence in the premium market will help them stay ahead of competitors. A note from brokerage William Blair said the refresh could boost AmEx’s financial results in the long term.AmEx Platinum card benefitsThe new perks for consumer Platinum cardholders include dining credits through Resy (restaurant reservation platform), credits at Lululemon, Uber One memberships, and expanded hotel and entertainment benefits. Howard Grosfield, AmEx’s U.S. consumer services president, said the benefits exceed the $895 annual fee and are easy to use. Analysts say younger cardholders see annual fees as subscription-like payments and are happy to pay for travel, dining, and entertainment perks, as per the reports. Live EventsPlatinum Business cardholders will get new credits for Dell and Adobe purchases, a $600 hotel credit, and up to $3,600 in statement credits for big spenders. Raymond Joabar, group president of global commercial services, said travel perks like hotel upgrades, late checkout, and airport lounges are very popular among cardholders, as stated by Reuters report.Annual fee of Platinum cards increaseThe consumer and business Platinum cards now cost $895 per year, up from $695. Consumer cardholders can access $3,500 in benefits mostly through credits that offset purchases, more than double what was offered before. Business card users also get $3,500 in benefits, including hotel credits and Dell/Adobe purchase offsets, as per the report by CNBC.Howard Grosfield confirmed that none of the card’s existing benefits have been removed. The upgrade highlights the “arms race” among banks to attract wealthy U.S. consumers. JPMorgan and Citigroup have recently updated or released new premium cards. Wealthy Americans in the top 10% of incomes accounted for about half of all U.S. spending in the second quarter, the highest in over 30 years, according to Moody’s Analytics.Why users are switching cardsSome users are downgrading to cheaper cards or switching to Capital One or Citigroup due to higher fees, says Bankrate analyst Ted Rossman. Some online users complain about the “coupon book” style benefits, which require careful use to get full value. AmEx has added a new app feature to make enrolling and using benefits easier for Platinum cardholders. Existing consumer Platinum cardholders will see the higher $895 fee start with renewals from January 2 onward, as stated in the report by CNBC.FAQsQ1. How much is the new AmEx Platinum card fee?The annual fee for AmEx Platinum cards is now $895, up from $695.Q2. What new perks come with the upgraded AmEx Platinum card?Cardholders get $3,500 in benefits, including dining credits, Uber One, hotel perks, and Lululemon or Dell/Adobe credits.Add as a Reliable and Trusted News Source Add Now!
(You can now subscribe to our Economic Times WhatsApp channel)

Read More News onamex platinum benefitsamex platinum refresh annual feenew amex platinumamerican expressamerican express platinum card changesAmEx Platinum card upgradeamex platinum annual feeAmEx PlatinumamexU.S. Platinum credit cards

(Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates….moreless

(You can now subscribe to our Economic Times WhatsApp channel)Read More News onamex platinum benefitsamex platinum refresh annual feenew amex platinumamerican expressamerican express platinum card changesAmEx Platinum card upgradeamex platinum annual feeAmEx PlatinumamexU.S. Platinum credit cards(Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates….moreless

Explore More Stories123