American Express raises annual fee for its Platinum card to $895, marking the first hike since 2021 and boosting recurring revenue.
American Express increased its Platinum card annual fee to $895 from $695, a 29% jump. The move marks the first fee hike since 2021, when the charge rose from $550 to $695. Card fees represent a significant portion of Amex’s recurring revenue, targeting affluent consumers with perks valued at $3,500 if fully utilized.
The company’s fee-based model has grown, with 73% of the 3.1 million new cards issued in Q1 2026 carrying annual charges. Amex focuses on high-income earners, who accounted for 49.2% of spending in Q2 2025, the highest share since tracking began in 1989.
Second-quarter earnings will be reported on July 24, with investors likely monitoring the impact of the fee increase on cardholder retention and revenue growth.