The American Express Platinum Cards Are Getting an Update—and a Higher Annual Fee

American Express has updated its popular Platinum card—and lifted its annual fee to nearly $900.

It’s the latest move by a big credit-card issuer to rejigger the offerings of a popular high-end card and to lift the fee users pay to get them.

American Express (AXP) in June teased “major updates” to its Platinum Card lineup. That announcement came one day before rival JPMorgan Chase (JPM) introduced changes to its premium card, the Chase Sapphire Reserve, including an increase in its annual fee to $795 from $550. Citigroup (C) last month introduced its own option.

The U.S. consumer and business versions of its Platinum cards previously had annual fees of $695. Earlier today, AmEx spelled out the changes, which included a $200 bump in the annual fee, to $895.

The company says users “can unlock $3,500+ in annual value” with the card, including at least $850 in access to its lounge network and up to $600 (or up to $300 semi-annually) for certain prepaid hotel credits booked through Amex Travel.

The personal card includes up to $400 in Resy restaurant credits (up to $100 quarterly) and up to $300 in Lululemon (LULU) credits (up to $75 quarterly). The business card includes up to $1,150 in credits with Dell Technologies (DELL) and $250 with Adobe (ADBE).

Successful applicants can select “a limited-edition mirror” or “classic Platinum” design, and earn a welcome bonus of up to 175,000 Membership Rewards points on the personal card if they spend at least $8,000 within the first six months, and up to 250,000 points on the business card if they spend at least $20,000 in six months.

American Express was the top-performing stock in the Dow Jones Industrial Average yesterday with a 2.7% rise. Shares were rising further in premarket trading today.