NEW YORK—American Express customers are sticking with its Platinum card even after the company decided to ratchet up the annual fee.
AmEx earlier this year reworked many of the rewards on its Platinum product–from adding $200 in annual hotel credits to offering deals for chartering private jets–as part of a broad revamp of the card.
It also increased the annual fee to $695 from $550.
“With more consumers getting back to traveling and dining out, banks have been rolling out new cards and offering special perks to try to attract some of that spending to their products,” Bloomberg noted.
“The numbers of new cards that we’re acquiring with that higher fee, but the expanded range of benefits, is actually up from the pace we were running at prior to the refresh,” Chief Financial Officer Jeffrey Campbell told Bloomberg.