American Express Raised Its Platinum Annual Fee to $895. Here's What the 29% Hike Means for Card-Fee Revenue.

American Express increased its Platinum card annual fee from $695 to $895, a 29% hike and the first increase since 2021. The fee increase is expected to meaningfully boost card-fee revenue, which already accounts for over 14% of total revenue. Despite the price increase, retention rates remained stable near 100%, and the company's subscription-based fee model provides recurring, reliable income independent of spending patterns.