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The ongoing competition between the nation’s leading premium credit cards is set to intensify once more.
JPMorgan Chase revealed last week that updates to its Sapphire Reserve — a travel and dining rewards card that became popular upon its 2016 debut — are on the way.
In response, American Express announced on Monday that significant modifications are coming to its consumer and business Platinum cards later this year. While specifics were minimal, the New York-based firm mentioned that this will be its largest investment yet in a card overhaul.
“We are going to build on what we know our card members love, based on data,” stated Amex President of U.S. Consumer Services Howard Grosfield in an interview. “But even more importantly, we’re introducing numerous new and exciting benefits that will greatly outweigh the annual fee.”
American Express has been a pioneer in the premium credit card market for decades, offering cards that combine perks from airlines and hotels with access to its luxury airport lounges. However, JPMorgan made waves in 2016, prompting fierce competition among card issuers with a generous sign-up bonus and other incentives for its Sapphire card.
Industry experts predict that both companies will present increasingly extensive lists of perks related to travel, dining, and experiences, possibly accompanied by hikes in annual fees, following the trend seen in recent updates.
The Platinum card carries an annual fee of $695, whereas the Sapphire card has a $550 fee.
On platforms like Reddit, users have shared rumors suggesting that JPMorgan is planning to raise its Sapphire card’s annual fee to $795. A JPMorgan spokesperson has opted not to comment.
The revamped Platinum card is expected to debut in the fall, according to Grosfield.
