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,

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.