American Express Co. is upping the ante to acquire extra premium-card shoppers.

The credit-card large is incorporating a raft of new perks to its Platinum product—from $200 in yearly resort credits to discounts for chartering non-public jets—as part of a wide revamp of the well known top quality card. The changes come with a cost: The loan company will raise the annual Platinum fee to $695 from $550.

“We’re heading to keep all the advantages that cardmembers adore today—we’re not using anything away, and we’re heading to enhance them,” mentioned Howard Grosfield, AmEx’s government VP of U.S. customer and world wide high quality products and services. “That genuinely is the litmus test: Are we in a position to provide considerably far more value—well, nicely in surplus of the once-a-year cost? And we imagine we shipped on that entrance.”

The new perks come as the U.S. reopens just after months of COVID-19 shutdowns, with buyers eager to get back to touring, shopping and eating out. That’s spurring credit-card organizations to add new rewards to entice that investing to their cards.

The card enterprise put in substantially of the previous yr adding temporary benefits to the Platinum card, these types of as benefits tied to investing on streaming and wireless solutions and credits for purchases manufactured with PayPal Holdings.

All those moves look to have worked: AmEx has found Platinum card retention and fulfillment concentrations soar to a history all through the pandemic, Grosfield explained.

“The investments we designed all through Covid, they resonated with our cardmembers,” he reported. “We’re refreshing this products arguably during 1 of the most productive instances for the Platinum solution in its virtually 40 decades.”

Teams at AmEx have put in months working on refreshing the Platinum card, working with the inside code name “Project Pentagon.”

With some of the adjustments, AmEx is shifting from its longtime aim on journey and dining perks. The firm, for instance, will now offer you Platinum cardholders $20 a thirty day period to use for sure electronic amusement items, this sort of as SiriusXM or Audible subscriptions. Consumers also will acquire $25 a thirty day period towards membership with Equinox, acknowledged for its large-end fitness clubs and eucalyptus-scented towels.

“It feels right that we’re partnering with AmEx on this,” Peter Giorgi, main internet marketing officer for Equinox, mentioned in an interview. “If you have at any time been to a Centurion Lounge, it’s extremely good in a way you by no means want to depart. So to come across a further brand name that feels similarly obsessive about the experience you make and how your brand will come to daily life for your associates is really significant.”

Regardless of the shift away from eating, AmEx is introducing a new restaurant characteristic by means of its reservation platform Resy. World wide Dining Access will mail quality cardholders priority notify alerts to get seats at in-desire destinations throughout the country, like Carbone Miami and Through Carota and Pastis in New York.

When current cardholders will have immediate entry to the bevy of new benefits, they will not be charged the $695 once-a-year cost until finally their card renews just after Jan. 1, AmEx claimed in a assertion.

The enterprise also is scheduling to include some of the new perks—such as a $179-a-12 months assertion credit score for utilizing Distinct membership to get via airport protection a lot more quickly—to its business enterprise Platinum card.

–Bloomberg Information