Platinum Is Now the Priciest Luxury Card

American Express is hiking the annual fee on its flagship Platinum Card, raising it from $695 to $895—a 29% increase that puts it atop the list of priciest premium cards on the US market. The change introduced Thursday comes with a revamped rewards package Amex says now exceeds $3,500 in annual value, up from the previous $1,500, the Wall Street Journal reports. New perks include $400 in restaurant credits and $600 for hotels, but redeeming these benefits often requires attention to detail, as credits are distributed in increments throughout the year.

The fee hike is part of a broader industry trend. Major US issuers like JPMorgan Chase, Citigroup, and Capital One are all courting affluent cardholders with richer perks while issuing fewer cards to those with lower credit scores. The strategy banks on the idea that wealthier customers are willing to pay more for exclusive benefits. CNBC notes that the country's wealthy account for a growing share of overall spending in the US. According to Moody's, the wealthiest 10% accounted for around half of spending in Q2.

Amex, a pioneer in selling exclusivity—having introduced features like concierge services and airport lounges—adds high-value credits that are often underwritten in part by partner merchants, though the Journal notes that it sometimes requires "the meticulousness of an accountant" to fully use them. For example, the Platinum's hotel and dining credits are spread over multiple transactions, and a $200 Uber credit is capped at $15 per month, with a December bonus. Competitors like Chase Sapphire Reserve and Citi Strata Elite offer similar perks. Chase raised its annual fee from $550 to $795 in June, making it the priciest in its category before Amex's fee hike.