Amex Platinum Benefits: American Express Revamps Platinum Card With $895 Fee, With Twice The Annual Benefits

American Express Co. (AXP) announced on Thursday a revamp of its Platinum card, amid growing competition in the luxury card segment targeting high spenders in the country.

For starters, the Amex Platinum card’s consumer and business versions now have an annual fee of $895, up from the existing fee of $695. To make it worthwhile for its users, American Express said its U.S. Platinum card now comes with annual lifestyle benefits worth up to $3,500.

The Amex Platinum benefits on offer have more than doubled from earlier, which amounted to $1,715 before Thursday’s update. These benefits include credits at Uber Technologies Inc. (UBER), Lululemon Athletica Inc. (LULU), Oura, and others. Buyers can also get offsets for purchases made at Dell Technologies Inc. (DELL) and Adobe Inc. (ADBE), according to the company’s official release.

American Express shares rose 0.31% in Thursday's opening trade. Retail sentiment on Stocktwits around the company trended in the ‘bullish’ territory.

The company stated that the $3,500 in annual benefits are in addition to the existing benefits offered with the Amex Platinum card. It also said that existing and new users of the card can choose from a new limited-edition mirror card design, in addition to the existing card designs.

Existing benefits of the Amex Platinum credit card include access to over 1,550 airport lounges, including 30 Centurion Lounges, Resy benefits at some of the most sought-after restaurants in the U.S., guaranteed 4 p.m. late check-out at more than 1,800 hotels and resorts booked through Amex Travel, the company stated.

“There is really nothing like Platinum Membership — we offer more value than ever, and with the scale of our lounge, dining and hotel programs, we make it easy for our Card Members to access this value,” said Howard Grosfield, Group President, U.S. Consumer Services at American Express.

AXP stock is up 14% year-to-date and 29% in the past 12 months.

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