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Credit card increases annual fee to $150
Cleveland.com • • business
Key Points:
- The Citi/AAdvantage Platinum Select World Elite Mastercard has increased its annual fee from $99 to $150, though a $0 introductory fee applies for the first 12 months.
- The card now offers enhanced benefits, including travel protections, Global Entry or TSA PreCheck credit, new bonus earning categories, and a complimentary Walmart+ membership valued at $98.
- Credit card fees overall are rising, with the Consumer Financial Protection Bureau reporting over $31 billion in fees incurred by cardholders in 2024, driven by higher late and annual fees.
- Despite fewer consumers paying annual fees between 2022 and 2024, the average annual fee amount increased, leading to a record $8.7 billion in total annual fees charged in 2024.
- American Express notes that annual fees help support the card’s account and benefits, which can justify the cost for users who take advantage of the perks offered.
