NEW YORK–The battle in the premium credit cards space continues, with American Express announcing plans to introduce a Platinum card redesigned in stainless steel that will carry a $550 annual fee. Among the benefits: $200 in free Uber rides.
New cardholders will pay the $550 annual fee beginning March 30, while current cardholders will see the increase when they renew after Sept. 1. American Express said it’s the first time the company has raised the annual fee in a decade; it’s currently priced at $450 annually.
In addition to the credit for using Uber, users will be able to earn five-times rewards points at eligible hotels booked through the lender’s website, while the list of Airport lounges that can be entered by using the card is expanding.
As CUToday.info has reported, competition in the so-called luxury card space has been increasing. JPMorgan Chase & Co., for instance, has seen strong response to its Sapphire Reserve Card, which featured a sign-up bonus of 100,000 points. That offer drew so many applicants it temporarily ran out of card stock.