American Express Platinum Card Adds YouTube Services to Entertainment Credit

The American Express Platinum card now offers a $25 monthly entertainment credit for YouTube Premium and YouTube TV, in addition to other streaming services. The credit is automatically applied to cardholders who bill their subscriptions via their card. The card's annual fee has increased to $895 from $695.

American Express (NYSE:AXP) has recently announced a significant enhancement to its high-end Platinum card, raising the annual fee and introducing new perks to attract upscale consumers and businesses. The new annual fee for the card is $895, an increase from the previous $695. This hike comes as part of a broader trend among credit card companies to compete for big spenders by offering more perks and benefits.

The updated card includes a $400 dining out credit and a $600 hotel credit, along with new credits on eligible purchases with the restaurant app Resy, the fitness apparel retailer lululemon, and Uber One membership. Additionally, there are enhancements to existing hotel and dining entertainment credits. For business Platinum card members, new perks include travel credits, credits on eligible purchases with Dell Technologies and Adobe, and the ability to earn 2x Membership Rewards points on key business purchases. Existing card members can also enjoy a limited-edition mirror-card design.

One notable addition is a $25 monthly entertainment credit for YouTube Premium and YouTube TV, which is automatically applied to cardholders who bill their subscriptions via their card. This new benefit is part of American Express's strategy to offer more value to its cardholders, particularly in the streaming services market.

American Express's stock gained 1.5% in Thursday premarket trading following the announcement, reflecting investor confidence in the company's ability to attract high-value customers with its premium offerings. The changes come as part of a broader trend among banks to compete for big spenders by offering more perks and benefits.

The increasing annual fees for high-end credit cards are part of a broader strategy by credit card companies to generate more revenue and offset the costs of providing additional perks and benefits to their customers. As consumers become more discerning and demand more value for their money, credit card companies are responding by offering more attractive packages.

American Express's move to increase the annual fee for its Platinum card and add new perks is a strategic response to the competitive landscape in the credit card industry. By offering more value to its customers, American Express is positioning itself to attract and retain high-value customers who are willing to pay a premium for the additional benefits and perks.

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