MW Ready to pay $1,000 a year for a premium credit card? New Amex, Chase offers could raise fees, experts say.

By Charles Passy

High-fee premium credit cards can still be a good deal if you can work the right perks and upgrades.

Talk about sticker shock: Your premium rewards credit card might soon carry a $1,000 annual fee.

At least that's what some card and rewards experts are saying, particularly with the news that both American Express $(AXP)$ and JPMorgan Chase $(JPM)$ are planning to revamp their high-end rewards offerings - namely, the Amex Platinum and Chase Sapphire Reserve cards.

Both cards already carry hefty annual fees - $695 for Amex, $550 for Chase - but the expectation is that those fees will increase with the respective refreshes. That is, the cards may offer more perks than ever before, but for a higher entry point.

Representatives for Amex and JPMorgan Chase wouldn't provide specifics about changes to the programs or the fees. An Amex spokesperson said changes will be announced later this year. As for Chase, it has teased out a new look for the Sapphire Reserve card as part of a social-media campaign featuring supermodel Claudia Schiffer.

But beyond any physical changes to a card's design, what could an upgraded premium card offer? In their present form, both cards come with a bevy of benefits that range from airport lounge access to credits on everything from hotel stays to ride-share services. The idea is that if you add up the benefits, the dollar value should surpass the annual fee.

Experts anticipate the revamped programs will simply broaden the benefits in some way, shape or form -say, with new credits for dining out. But could the fee really reach as high as $1,000 in return?

Clint Henderson, travel editor for The Points Guy platform, thinks that's a definite possibility for the Amex Platinum program. He believes part of what could drive that increase is Amex's desire to position the card as the ultimate one on the market: In effect, the high fee is as much a marketing strategy as a reflection of any upgraded benefits.

"They probably feel they can gloss up the brand by making it the most expensive and exclusive," Henderson said.

The question, of course, is whether cardholders - new or established - will pay such a hefty fee.

For Adam Levy, a longtime Amex Platinum cardholder, it's all about whether the value of the benefits will truly justify shelling out any additional dollars.

"I have no problem spending $1,000 on a card if I'm going to get $2,000 back," Levy said.

Indeed, Ted Rossman, senior industry analyst with Bankrate.com, said consumers will really need to look closely at the benefits - and how likely they are to take advantage of them - before they decide to pay even more for a premium card.

"For some people it might be worth it," Rossman said. "Everybody's situation is a bit different."

Still, for other cardholders, the possibility of a four-figure annual fee is a bit much to bear.

Melissa McNeese, another Platinum cardholder, says if the cost goes up that much without some incredible added benefit, she might switch to a more basic Amex card.

"If it doesn't come with a car, I'll go back to the Green Card," McNeese said, referring to a classic, entry-level Amex offering.

-Charles Passy

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June 16, 2025 18:03 ET (22:03 GMT)

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