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American Express launches a new credit card for jet-setters — with a $450 annual fee

American Express has a new idea for keeping the jet set happy.

The company AXP, -1.54% announced a new card this week, the Starwood Preferred Guest (SPG) American Express Luxury Card. The card is aimed at American Express’s “most premium and often-traveling, globetrotting” customers, said Courtney Kelso, senior vice president of U.S. commercial cards at American Express. It also comes with a hefty annual fee of $450.

The new card arrives as American Express has faced some pressure from competitors, including the Chase Sapphire Reserve card JPM, -0.22% and the Citi Prestige CardC, -0.40%

In 2016, American Express had 23% of the U.S.

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