Popular Amex Cards Could Soon See Fee Hikes. Here's Why

Many American Express cards charge fees, and sometimes those fees are very high. The Platinum Card® from American Express, for example, comes at an annual cost of $695 (see rates and fees). The cost of being a card member may be about to get higher, though.

Some recent statements by Amex CEO Steve Squeri -- combined with the fact that several cobranded cards have already seen price increases -- suggest that some of the most popular cards in Amex's lineup could soon be more expensive.

Here are the details about why a price increase could be on the horizon.

Evidence suggests fee hikes are imminent

Unfortunately for current and future Amex customers, there's plenty of evidence that some popular cards will soon come at a higher cost. First and foremost, the CEO has signaled price increases are coming down the line.

In a recent quarterly earnings call with investors, Squeri made clear that making changes to cards in its lineup are a top priority -- and those usually include fee hikes. Squeri stated "refreshes" are a key part of the company's business strategy because they help increase demand for Amex cards, and they have "been a strategy that has worked very, very well for us."

While Squeri didn't say which cards are next on the line for changes, there are a few top possibilities.

Which cards could be impacted?

One contender for a fee hike is the popular The Platinum Card® from American Express. The last time it was overhauled was the summer of 2021, and the company has a history of making modifications to this card around every three to four years, so it's due.

The last time the The Platinum Card® from American Express was updated, its annual fee was increased from $550 to $695. It's likely a fee increase will happen again when the card gets a facelift, especially since the CEO signaled he believes there's a lot of room for the price to grow. At the end of 2022, he made clear the cost would "go as high as the value allows us to go," and pointed out that the fee in Mexico for the The Platinum Card® from American Express was $1,000.

The American Express® Gold Card may be another prime target, as it hasn't seen a major refresh since 2018, and its annual fee has stayed steady at $250 for years (see rates and fees).

While these cards are among the most likely to see prices rise, they probably aren't the only ones that will see a rate increase in the near future. Squeri told investors that most or all of Amex's 40 cards would see refreshes. As the recent changes to Delta cobranded cards show, those changes usually include price increases.

The Delta SkyMiles® Reserve American Express Card saw its fee bumped by $100 when new perks were added, including new credits for hotel stays, ride-hailing services, and Resy. The other five Delta cards in Amex's lineup also saw fee hikes, including the lowest-tiered Delta SkyMiles® Gold American Express Card. This card saw a $51 annual fee increase, going from $99 to $0 introductory annual fee for the first year, then $150 (See rates and fees.) Squeri said the shift went really well, even exceeding the company's expectations, so it's clearly a strategy the company will implement again.

Will Amex cards still be worth it?

If American Express does raise fees on popular rewards cards, past history has shown most consumers will stick with the company. In fact, the company is raking in the cash from annual fees, reporting a 16% increase in revenue from those fees in the first quarter of 2024.

But whether you should keep your card or not depends on your personal situation. You'll need to look at how high the new fee is, what perks you'll actually take advantage of, and whether the costs outweigh the benefits. If they do, you'll have to pony up and pay. If they don't, there are plenty of other great credit cards out there worth considering.