Talk about sticker shock: Your premium-rewards credit card might soon carry a $1,000 annual fee. At least that’s what some card and rewards experts are saying, particularly with the news that American Express AXP is planning to revamp its Amex Platinum card, which already carries a $695 fee.

American Express is teasing “major updates” to its U.S. Consumer and Business Platinum cards. The company did not provide exact details on the update, but said Monday it will be the company’s “largest investment ever in a Card refresh.

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?

Chase is taking its Sapphire Reserve card to a new level as it competes with American Express for luxury credit cardholders. The refreshed Chase Sapphire Reserve card was officially unveiled on Tuesday,