American Express has announced an upgrade to its Platinum card, introducing $3,500 in annual perks while increasing the annual fee by $200. This move is significant as it enhances the value proposition for cardholders, offering more benefits that could justify the higher cost. With perks like travel credits and exclusive access to events, the upgraded card aims to attract new customers and retain existing ones, making it a noteworthy development in the competitive credit card market.

American Express has revamped its Platinum Card, now the most expensive in its category with a fee of $895. This change highlights the evolving landscape of premium credit cards and how they compete for affluent customers. Understanding these shifts is crucial for consumers looking to maximize their benefits and for competitors aiming to keep pace.