American Express on Thursday announced updates to its flagship credit card as competition intensifies for the United States market’s high-spending customers.

The company said the redesigned Platinum card, available in both consumer and business versions, now carries an $895 annual fee, up roughly 29% from the previous $695.

Meanwhile, the company stated that its Platinum card now offers up to $3,500 in annual benefits, more than double the previous amount, primarily through credits that offset card purchases, according to CNBC.

Consumer perks include credits for Uber, Lululemon, Oura, the restaurant booking platform Resy, and enhanced hotel and streaming benefits.

Business cardholders also receive $3,500 in annual benefits, including new hotel credits and purchase offsets for Dell Technologies and Adobe products.

President of U.S. consumer services at American Express, Howard Grosfield, confirmed that all existing card benefits remain intact.

The update highlights the growing competition to attract affluent U.S. consumers.

Recently, JPMorgan Chase and Citigroup have launched new or upgraded premium cards packed with perks for high spenders, frequent travelers, and diners.

Interestingly, American Express and JPMorgan have timed announcements close to each other’s releases.

In June, American Express revealed its largest-ever card refresh, shortly before JPMorgan rolled out its latest Sapphire Reserve updates, with JPMorgan following up on Wednesday by enhancing the card’s hotel perks.