Credit Card Annual Fee History: How Premium Fees Keep Climbing

By Bryce Casson, Founder · Cardocrat · Updated June 2026

The short answer: Premium annual fees have risen sharply, the Amex Platinum from $450 to $895 and the Chase Sapphire Reserve from $450 to $795 in under a decade, usually justified by adding statement credits. The catch is that those credits are often coupon-book style and hard to fully use, so the headline value rises faster than the value you actually capture. Here is the fee history, and how to judge your card today.

The premium fee surge

Premium travel cards have nearly doubled their fees in a few years. The Amex Platinum went from $450 to $550 in 2017, to $695 in 2021, and to $895 in 2025. The Chase Sapphire Reserve launched at $450 in 2016, rose to $550 in 2020, and jumped to $795 in 2025. Even the mid-tier Amex Gold climbed from $250 to $325 in 2024. A decade ago a $450 card was the premium ceiling; now it is closer to the floor.

Why fees keep rising

Issuers justify each hike by adding statement credits, so the card technically offers more dollars of value than before. But two things undercut that. The credits are increasingly sliced into monthly or merchant-specific increments that are easy to forfeit, and the perks behind them, especially lounge access, have been quietly cut at the same time. The result is an arms race where the headline value climbs faster than the value a normal person actually captures. See why cash back rarely covers a fee.

Annual fee history of major cards

How the fees on popular cards have moved over time. Stable no-annual-fee and mid-tier cards are included for contrast.

Card	Older fee	Now	The climb
Amex Platinum	$450	$895	$550 in 2017, $695 in 2021, $895 in 2025
Chase Sapphire Reserve	$450	$795	$550 in 2020, $795 in 2025
Amex Gold	$250	$325	Raised to $325 in October 2024
Citi Prestige	$450	Discontinued	Rose to $495, then pulled from new applicants in 2021
Capital One Venture X	$395	$395	Unchanged since its 2021 launch
Chase Sapphire Preferred	$95	$95	Unchanged

How to judge whether the new fee is worth it

When a fee jumps, re-run the math from scratch rather than assuming the card still pays off. Count only the credits you will genuinely use, the rewards you earn above a free 2 percent card, and the perks you would otherwise pay for, then subtract the new fee. The welcome bonus does not count, because you only earn it once. If the honest total is negative, downgrade to a no-fee version or cancel. See are annual fees worth it, the per-card worth-it breakdowns, and when to downgrade or cancel.

Frequently asked questions

How much has the Amex Platinum annual fee increased?

It has nearly doubled, from $450 to $550 in 2017, $695 in 2021, and $895 in 2025. Each increase was paired with added statement credits, though many are now sliced into monthly or merchant-specific pieces that are harder to fully use.

How much is the Chase Sapphire Reserve annual fee now?

It is $795, up from its $450 launch price in 2016 and $550 from 2020. The 2025 increase to $795 added credits but also moved several into segmented formats, so the usable value did not rise as much as the headline.

Why do credit card annual fees keep going up?

Issuers add statement credits to justify each hike, but the credits are often split into easy-to-forfeit increments and the underlying perks, like lounges, have been trimmed. It is a competitive arms race in headline value that outpaces the value most cardholders actually capture.

Is my premium card still worth the higher fee?

Re-check it whenever the fee rises. Add up only the credits you truly use, the rewards above a flat 2 percent card, and the perks you would buy anyway, then subtract the fee, ignoring the one-time welcome bonus. If the result is negative, downgrade or cancel rather than pay out of habit.