Card upgrades are critical for new-card acquisition and fees to fuel Amex’s revenue growth targets. Amex raised its Platinum card annual fee to $695 in July 2021, when it also added $200 in annual hotel credits. Since then, the New York-based company has faced intensifying competition for premium credit-card customers, including from JPMorgan Chase’s Sapphire Reserve card and Capital One’s Venture X Rewards card.
