The issuer said that The Platinum Card® from American Express and The Business Platinum Card® from American Express will be receiving a full revamp later this year. Chase and Capital One are also updating their premium cards, so the competitive landscape may shift quickly.

American Express on Monday announced "major updates" are coming "later this year" to the U.S. Consumer and Business versions of its popular Platinum cards, which have annual fees of $695.

American Express teased updates coming later this year to its travel-focused Platinum credit cards, announcing what it called its “largest investment ever” in a credit-card refresh. “We’re going to take these cards to a new level,