"The biggest financial conundrum for me lately is my American Express Platinum card. I wrote about Gen Z's love for Amex last year and in the process sold my skeptical millennial self on the whole deal, despite the $695 annual price tag. Now, Amex Platinum's yearly fee is going up to a whopping $895."
"Sure, the black cards are ultra-elite, but they also come with an ultra-elite annual fee of thousands of dollars. The more accessible Amex and Chase cards have a champagne taste on a beer budget feel to them, explains Ted Rossman, a senior credit cards industry analyst at Bankrate. "As far as the mass market, these are at the high end," Rossman says. "I'm questioning if this is even mass market anymore.""
American Express Platinum's annual fee increased from $695 to $895, prompting users to reassess its value. The card is a longstanding premium rewards product alongside Chase Sapphire Reserve, offering elite perks and airport lounge access. High fees place such cards at the top end of the consumer market and risk alienating everyday customers who do not maximize points. Analysts question whether these premium cards remain mass-market. Fancy rewards cards function as status symbols and provide exclusive deals and perks. The steep fee increase intensifies doubts about whether the benefits justify the cost for typical cardholders.
Read at Business Insider
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