American Express Platinum Card Sapphire Reserve credit cards.

American Express’ latest update to its high-end Platinum Card, unveiled Thursday, comes with a lot more perks and a lofty annual fee of $895. The card now includes a $400 dining credit and a $600 hotel credit, up from $300, among other benefits. The $200 increase in the annual fee may pressure cardholders to decide whether to keep the Platinum Card or another high-fee card like Chase’s Sapphire Reserve. The Platinum Card remains popular, but faces competition from other high-reward cards. AmEx emphasizes the value of its perks, totaling roughly $3,500, and aims to offer benefits that exceed the annual fee.