American Express and Chase have set a new precedent for credit card fees, setting the stage for similar increases from their competitors. When a market leader raises prices without losing customers, it often resets the industry's ceiling for an entire industry. This is particularly true in the wireless phone space, where T-Mobile dropped contracts in 2013 and AT&T and Verizon followed. American Express raised the fees for its Platinum card from $695 to $895 in late-2025 and not seeing any decrease in adoption, may pave the way for rival credit card companies to do the same. The company defended the price increase, arguing that it provides more value for consumers than it does for them.