Premium cards just got more expensive
Luxury travel perks and exclusive rewards are about to cost you a lot more. Three of the biggest U.S. credit card issuers — Chase, American Express, and Citibank — are raising annual fees on their high-end cards, signaling that premium plastic is becoming even more exclusive.
Credit cards with airport lounge access, generous travel credits, and concierge-style perks have long been a status symbol. But by the end of 2025, those same benefits will carry a significantly higher price tag.
Chase Sapphire Reserve jumps to $795
Chase has confirmed a major fee hike on its flagship Sapphire Reserve card, a favorite among frequent travelers. The card’s annual fee is rising from $550 to $795, a 45% increase.
The bank says cardholders will get more than just sticker shock in return. New features will include:
- More points on everyday purchases
- Credits for subscription services and travel expenses
While Chase argues the added value offsets the price, critics note that not all cardholders will fully use these perks — especially those who don’t regularly travel or subscribe to premium services.
American express platinum fee hike coming in late 2025
American Express has not yet released the exact new price for its iconic Platinum Card, which currently costs $695 annually, but the company has confirmed “significant updates” that will include an annual fee increase. The changes will roll out between late 2025 and early 2026.
The AmEx Platinum remains one of the most prestigious cards in the market, offering:
- Access to Centurion and partner airport lounges
- Travel credits for flights, hotels, and rideshares
- Elite benefits at luxury hotel brands
Analysts expect the fee to exceed $750, with added perks likely centered on expanded travel partnerships and exclusive event access.
Citibank strata elite now $595
Citibank is also reshaping its premium portfolio. The Citi Strata Elite card will carry an annual fee of $595 and offer an expanded benefits package, including:
- Points transfer with American Airlines
- Hotel credits for select properties
- Expense reimbursements for specific categories
- Access to VIP airport lounges
This positions Citi to compete more aggressively with Chase and AmEx, though at a price tag that still puts it firmly in the premium tier.
Why the increases?
Card issuers say the changes reflect rising demand for luxury travel benefits and exclusive services. With more Americans traveling internationally and spending heavily on experiences, these companies see an opportunity to pack cards with richer perks — and to charge more for them.
The issuers also face higher costs themselves. Partnerships with airlines, hotels, and concierge providers aren’t cheap, and competition to attract affluent customers has driven banks to keep adding value to their top-tier cards.
What it means for cardholders
For travelers who fully use benefits — such as lounge access, statement credits, and transfer partnerships — these premium cards may still pay for themselves. But for casual users, the higher fees could outweigh the rewards.
Financial experts advise reviewing your annual card spending before renewal time:
- Do you use the travel credits every year?
- Are lounge visits worth hundreds of dollars to you?
- Could a mid-tier rewards card deliver similar value for less?
The bottom line
By late 2025, carrying a premium credit card from Chase, American Express, or Citibank will cost hundreds more per year. For some, the richer perks will justify the cost. For others, it may be time to reconsider whether elite benefits are worth the elite price tag.
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