American Express unveiled long-awaited upgrades to its US Platinum cards on Thursday, adding new perks worth over $3,500 annually while raising the annual fee by $200.

The card refresh reflects a strategy AmEx has leaned on for years. Banking on the affluence of its customer base, the credit card giant routinely adds premium perks to justify its fee hikes.

The move also comes as financial giants such as Citigroup are seeking inroads into the premium credit card space. AmEx executives, however, said in July that its deep roots in the segment will allow it to outpace rivals.

The Platinum card has new perks worth over $3,500 annually while raising the annual fee by $200. AP

“We believe the refresh should serve as a long-term tailwind for financial results,” brokerage William Blair wrot

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