American Express raises Platinum Card annual fee while adding new perks

According to American Express, the changes are intended to provide "a more dynamic web of customer perks." The company states that larger hotel and travel-related credits could offset the cost of the higher annual fee for some customers. Expanded digital service credits and access to Uber One are designed to appeal to consumers who use a wide variety of services. Reports published by Yahoo Finance indicate that these changes allow consumers to derive value from everyday spending beyond traditional travel benefits.

However, industry observers note that maximizing these rewards may require significant spending across specific retailers or platforms within American Express’s network. This could limit the appeal of the new offering primarily to frequent travelers or those already inclined toward premium lifestyle expenses.

American Express aims these changes at younger travelers who prioritize luxury vacations and high-end experiences. While this strategy may attract new customers from this demographic, it could also alienate existing cardholders who do not regularly use services included in the rewards network.

The company continues its focus on serving a premium-oriented market segment—a strategy that has supported its market share growth since the pandemic. American Express is recognized as one of the largest providers of corporate cards worldwide, maintaining strong relationships with luxury brands in travel and leisure sectors. Analysts attribute recent improvements in stock performance partly to growth among high-spending customers seeking exclusive benefits from their payment cards.