1. AXP's Platinum card annual fee increased by 29% to $895. 2. New app features aim to streamline benefits tracking for cardholders. 3. Experts warn higher fees risk alienating lower-income customers. 4. Focus on tech-savvy millennials influences app design. 5. Continued fee hikes suggest a trend towards exclusivity.
The increase in annual fees may deter existing customers, affecting retention. Historically, fee hikes lead to apprehension among users, as seen with competitors like Chase.
High annual fees may lead to customer dissatisfaction and affect AXP's market position. As competition grows, prices are becoming a crucial factor in customer choice.
Immediate reactions may affect AXP's stock as customer feedback is analyzed and assessed. If retention declines, it will show in short-term financial results.