In a bid to attract more high-spending Millennials and Gen Z-ers, American Express (NYSE: AXP) is set to roll out significant updates to its U.S. Consumer and Business Platinum Cards later this year.

Is this the year we could see a $1,000 annual fee on a premium credit card? Possibly. American Express has confirmed changes are coming to The Platinum Card® from American Express and The Business Platinum Card® from American Express

American Express is planning the largest investment to revamp its Amex platinum cards, which are expected to be rolled out in the latter half of 2025.

JPMorgan Chase teased fans of its Sapphire Reserve premium credit card that a new 2025 version will be out this summer prompting competitors to react.

The two cards both have steep annual fees that put them in direct competition for a spot in consumers’ wallets.

If past card revamps are any indication, the annual fees on Amex Platinum and Business Platinum will almost certainly see increases as part of the planned changes. But just how high could they go?

Many banks offer credit cards with rotating bonus categories, like the Citi® Dividend Platinum Select® Visa® Card, which now offers 5% cash-back for Q3 2025.

Cardholders between their 20s and 40s make up 75% of Amex's new accounts acquired on its two premium cards, Platinum and Gold.