Don't expect the already steep annual fees for premium credit cards to stay put for much longer.

American Express (AXP) 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.

"We're going to take these Cards to a new level, not only in what they offer in travel, dining and lifestyle benefits, but also in how they look and feel, to meet the evolving needs of our customers," Howard Grosfield, group president of American Express' U.S. Consumer Services.

The move comes days after JPMorgan Chase (JPM), whose Chase Sapphire Reserve is the chief rival to the Platinum in the premium credit card market, teased changes coming this summer—including a business version of the Sapphire Reserve—with an Instagram post featuring model Claudia Schiffer. The Sapphire Reserve has an annual fee of $550, but bloggers who cover the points-and-miles industry expect it to rise sharply once the changes go into effect.

Consumers With Premium Cards Prefer Points to Cash Back

Last week, a Bank of America survey of 2,000 Americans found that 70% said the best perk a credit card can offer is cash back. However, among consumers with premium cards—defined as those with an annual fee of at least $250—just 33% valued cash back most, while 52% had more appreciation for card points, the survey said.

Those who are willing to spend a lot on the premium cards can get large welcome points bonuses in return. The personal version of the American Express Platinum card currently offers up to 175,000 Membership Rewards Points if you spend $8,000 on purchases in six months, while the business card offers up to 250,000 points spend $20,000 on eligible purchases in three months. The Chase Sapphire Reserve offers a welcome bonus of 60,000 Ultimate Rewards points you spend $5,000 on purchases in the first three months.