Magazine article American Banker

Amexco Raising Gold Card Fee

Magazine article American Banker

Amexco Raising Gold Card Fee

Article excerpt

NEW YORK -- American Express is raising the annual fee for its premium gold card from $50 to $65 effective Sept. 1.

The increase, which will apply to gold cards issued in the United States, will be accompanied by a few enhanced services, according to an American Express spokeswoman.

The fee hike, the first such change since 1981, is due to rising costs for providing service to the 3 million gold cardholders, she said.

The firm has no plans to raise the annual fee for the 10.8 million green cards in the U.S., the spokeswoman said. Its fee has been $35 since 1980.

The gold card offers more services than the green card and carries a line of bank-backed credit. Unlike the gold card, green card charges must be paid in full at the end of the monthly billing cycle.

In August, the firm will start mailing solicitations for its recently announced platinum card, which carries an annual fee of $250 and the fanciest services of any American Express card. …

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