If past card revamps are any indication, the annual fees on Amex Platinum and Business Platinum will almost certainly see increases as part of the planned changes. But just how high could they go?

The move could pave the way for Amex to increase pricing "meaningfully," with media reports suggesting the Platinum card fee could rise to $895 or even cross $1,000, BofA analysts said. Amex is expected to unveil its own "major" refresh this fall, in what it calls the largest investment ever in a card revamp.

The price jump is part of an ongoing shift for credit card companies and airlines toward premium rewards and high-end travelers.