American Express now offers new credit card for jet-setters at $450 annual fee

Jet-setting individuals or those persons who love to travel have reasons to smile today.

American credit card giant, American Express is set to release in August a new card that will benefit greatly those persons who love to travel.

American Express will soon release the Starwood Preferred Guest (SPG) American Express Luxury Card which has a hefty annual fee of $450.

What makes this credit card special is its annual perks which allows you one free hotel stay at participating SPG and Marriott Rewards MAR, -0.10% hotels on the anniversary of the day the customer opened their account.

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Also the car has a $300 statement credit each year, which cardholders can use for any purchases at participating SPG and

Marriott Rewards hotels, such as dining, spa treatments and merchandise sold at those properties.

The soon to be released credit card also allow cardholders to automatically get American Express “Gold Elite” status and can earn “Platinum Elite” status if they spend $75,000 on the card in a calendar year.

While the card is seen as great reward to credit card users, some analysts say this is a way for American Express stay ahead of their competitors.

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Based on a report from Wall Street Journal the U.S. market share by credit-card purchase volume of American Express has declined from 26% in 2011 to 23% in 2016.

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Sarah Kaplan is an award-winning journalist with more than 9 years of experience. She is the Editor-in-Chief of TheOofy.com. She has worked for international media companies as a reporter and correspondent. She has been awarded by Article 19. She has worked for  The Guardian Foundation/ P24 Knowledge Right Project. She has participated in See Media Observatory in Macedonia. She was Research Fellow at Friedrich Ebert Foundation in Germany.  She has been writing about technology, the latest trends in business. You can reach out to her via kaplan@theoofy.com. Also, you can connect with her at Linkedin.