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

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American Express’s flagship credit card now costs $200 more annually, but Amex Platinum benefits have more than doubled.

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.

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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.

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