India, Oct. 13 -- American Express (AmEx) has confirmed that it is increasing the annual fee on its Platinum and Business Platinum cards by $200, bringing the total to $895 a year, up from the previous $695. The credit card giant says the higher cost will be matched by new benefits worth up to $3,500, making it one of the biggest upgrades in the card's history, as per The Sun.

The company first announced plans to refresh the cards back in June, but did not share details at the time. Now, AmEx has officially unveiled new lifestyle and travel credits, a new card design, and a wider network of lounges and dining options.

"We're going to take these cards to a new level, not only in what they offer in travel, dining and lifestyle benefits, b...