TWO major banks are hitting consumers with new fees up to $895.
One of these fees took effect on September 18 while the next one is set to take begin on October 26.
Amex’s fee increase has already begun, forcing card users to fork over an additional $200 for an annual fee.
Amex announced a heightened annual fee for its U.S. Consumer and Business Platinum Cards, now coming in at $895.
The institute said for card members who opened their account prior to September 18, 2025, they will be charged the new fee at their next renewal date on or after December 2, 2025 for the Business Platinum card and January 2, 2026 for the Consumer Platinum card.
Chase Bank similarly announced an annual fee increase on its Chase Sapphire Reserve card.
The annual fee is now $795, up from its previous $550 fee, per NerdWallet.
The increase also comes with a $195 annual fee for authorized user cards.
Chase used to charge $75 for additional cardholders.
FEES SURGING
Consumers who applied for cards before June 23, 2025 will face the new annual fee on their next anniversary date after October 26.
While these annual fees may seem steep, credit cards that charge annual fees typically offer more “desirable” features or larger rewards, according to NerdWallet.
Chase announced new benefits alongside the fee increases.
The bank said the Chase Sapphire Reserve now offers over $2,700 in value annually to its cardholders.
The card allows access into the growing lounge network across major U.S. airports like LaGuardia Airport, John F Kennedy International Airport, Boston Logan International Airport and San Diego International Airport, among others.
ADDITIONAL PERKS
Chase increased its point value system, replacing its 5x points on flights and 10x points on hotels and car rentals with an overall 8x points on all Chase Travel purchases.
Card members can now receive a $300 annual dining credit and “primetime” reservations at Sapphire Reserve Exclusive Tables.
What’s a good credit score?
FICO rates credit scores on a scale of poor to exceptional based on the average score range of 300 to 850.
FICO Ratings:
- Poor: Less than 580
- Fair: 580-669
- Good: 670-739
- Very Good: 740-799
- Exceptional: Over 800
With the annual fee increase, Amex announced additional perks to its cards.
Consumer Platinum Card users can now semi-annually earn up to $300 back on prepaid traveling through Fine Hotels + Resorts or The Hotel Collection bookings through Amex Travel.
Card members can experience other opportunities to get money back from places like Lululemon and subscription services like Uber One, Paramount+ YouTube TV and YouTube Premium.
Similarly, Chase added a $250 annual value to complimentary subscriptions to Apple Music and Apple TV+ and a $120 annual in-app credit for Lyft for its Sapphire Reserve cardholders.
Chase is also now offering $300 annually in monthly DoorDash promotions and a complimentary DashPass membership valued at $120 each year.
Additional benefits were added to the Amex Business Platinum card such as hotel credits, premium hotel status and increased membership reward points opportunities.
