In a bid to attract more high-spending Millennials and Gen Z-ers, American Express (NYSE: AXP) is set to roll out significant updates to its U.S. Consumer and Business Platinum Cards later this year.

The annual fee for the Sapphire card will jump 45% to $795. Amex did not say if there would be a fee increase.

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.