Two of the biggest names in premium credit cards are asking customers to pay more. American Express has raised the annual fee on both its U.S. Consumer and Business Platinum Cards to $895, while JPMorgan Chase lifted the fee on its Sapphire Reserve to $795, up from $550.
“There is really nothing like Platinum Membership — we offer more value than ever, and with the scale of our lounge, dining and hotel programs, we make it easy for our Card Members to access this value,” said Howard Grosfield, Group President of U.S. Consumer Services at American Express. “Platinum delivers unmatched benefits, unforgettable experiences, and world-class service — powered by our award-winning digital capabilities.”
The changes mark one of the most aggressive pricing shifts in the market. Chase’s 45% increase came in June; Amex’s new rate takes effect immediately for new cardholders and at renewals beginning December 2, 2025 for Business Platinum and January 2, 2026 for Consumer Platinum.
With such steep fees, cardholders are now under growing pressure to extract full value. Issuers are responding by layering in more credits, travel perks, and lifestyle benefits — but the math becomes critical.
Raymond Joabar, Group President of Global Commercial Services at Amex, stressed that the Business Platinum card “reflects how business owners work today, offering easy-to-use cash flow management tools and No Preset Spending Limit designed to help them run and grow their companies with confidence.”
Higher Fees, More Perks
To support the $895 price tag, Amex highlights expanded travel and dining credits, new business tools, and its extensive lounge network. U.S. Consumer and Business Platinum Card Members have access to more than 1,550 airport lounges, including 30 Centurion Lounges, plus Resy benefits at top restaurants and guaranteed late check-out at over 1,800 Fine Hotels + Resorts properties.
Chase is also reworking its Sapphire Reserve benefits. Beyond the higher fee, it is adding new credits and perks in dining, hotels and travel while adjusting bonus earning rates and authorized user fees. The bank says the expanded package is designed to deliver significantly more value for frequent travelers.
Chase says the redesigned Sapphire Reserve includes over $2,700 in annual value, with enhanced point multipliers on travel purchases, a more flexible $500 annual “The Edit” hotel credit, a $250 hotel credit for select prepaid bookings, continued access to lounge networks, and new lifestyle perks such as $300 in dining credits and expanded entertainment benefits. Authorized user fees will climb from $75 to $195, and new applicants will pay $795 immediately.
What Cardholders Should Consider
The fee hikes push these cards firmly into the ultra-premium category, making it essential for cardholders to maximize every credit and perk to offset the cost. For heavy travelers or small-business owners, the richer packages may still pencil out. For occasional users, the new pricing underscores the need to reassess whether these cards fit their spending habits.
Other issuers are also tweaking benefits. Earlier this year, Capital One announced that starting in February customers using its $395 Venture X Rewards and Venture X Business cards will no longer be able to bring guests to lounges free of charge.
As premium cards edge closer to $900 annual fees, the pressure is on for issuers to keep delivering tangible value — and for consumers to use it.
