Is the new American Express Platinum card worth it?

The credit-card points race just got a little hotter.

American Express AXP, -2.22% announced Thursday it’s amping up rewards for its Platinum credit card. With that, it’s also increasing its annual fee by 22% to $550 from $450, the first time the fee has increased since 2007. The company had faced pressure from Citi’s C, -1.48% Prestige card and Chase’s JPM, -1.56% Sapphire Reserve. “American Express is paying attention to the competition,” Zach Honig, the editor in chief of the rewards and loyalty site The Points Guy, said.

The new offerings are attractive, but experts say the increased annual fee may scare off some customers.

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