Premium Credit Card Rivalry Heats Up with Major Updates

New York, NY — The competition among the top premium credit cards is intensifying. Last week, JPMorgan Chase announced a significant refresh of its Sapphire Reserve card, which has become known for travel and dining rewards since its launch in 2016.

In response to this move, American Express revealed on Monday that it will introduce major changes to its consumer and business Platinum cards later this year. The New York-based financial services company described this update as its largest investment in a card refresh to date.

“We are going to double down on the things we know based on the data that our card members love,” said the President of U.S. Consumer Services at American Express during an interview. “But more importantly, we’ll bring a whole bunch of new and exciting benefits and value that will far, far, far exceed the annual fee.”

American Express was a pioneer in the premium credit card space, offering perks like access to high-end airport lounges and benefits with airlines and hotels. However, the introduction of JPMorgan’s Sapphire card in 2016 disrupted the market with its generous sign-on bonuses and incentives.

Experts predict that both companies will expand their lists of travel, dining, and experience perks, even if it means raising their annual fees. The current annual fee for the Platinum card is $695, while the Sapphire card charges $550.

Rumors are circulating on platforms like Reddit that JPMorgan may increase the annual fee for its Sapphire product to $795, although a spokesperson for the company declined to comment.

The new Platinum card from American Express is set to launch in the fall, according to a company executive.