American Express unveiled updates to its Platinum card, raising the annual fee to $895 but offering $3,500 in annual benefits. Competing with JPMorgan and Citigroup, the card includes perks like credits at Uber and Lululemon. Wealthy Americans are driving spending, but some may seek lower-tier options due to rising costs.

Despite the increased annual fee, the Platinum card offers benefits such as dining and Lululemon credits. Users must enroll online for perks, but a new app aims to simplify the process. Existing customers will face the higher fee starting Jan. 2. American Express aims to cater to high spenders amid industry competition.

Read more at CNBC: American Express Platinum Card Refresh 2025: $895 fee, $3,500 perks