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American Express on Thursday unveiled updates to its flagship credit card amid heightened industry competition over the country's high spenders.

The company said consumer and business versions of its refreshed Platinum card now carry an $895 annual fee, about 29% higher than the current fee of $695.

But consumers can now tap $3,500 in annual benefits , according to American Express, mostly in the form of credits offsetting purchases made on the card, more than twice the previous level.

The perks include credits at Uber , Lululemon , Oura, the restaurant booking platform Resy, and enhanced hotel and streaming benefits, the card issuer said. Business card users will also see $3,500 i

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