New Report: Premium Credit Card Showdown Looms as Amex and JPMorgan Plan Major Upgrades
The battle for dominance in the luxury credit card space is intensifying, with both JPMorgan Chase and American Express preparing major overhauls of their flagship products aimed at high-end consumers.
Last week, JPMorgan confirmed that an update to its popular Sapphire Reserve card is on the horizon, sparking immediate buzz across the travel and credit card community. In a swift response, American Express announced on Monday that its own consumer and business Platinum cards will undergo their largest refresh ever later this year.
“We’re going to double down on the benefits our card members love — and bring new perks that far exceed the annual fee,” said Howard Grosfield, President of U.S. Consumer Services at American Express. While details remain under wraps, the company emphasized that this will mark its biggest investment in a card update to date.
Amex, a pioneer in the premium card market, built its reputation on exclusive travel perks, concierge services, and access to elite airport lounges. But JPMorgan’s launch of the Sapphire Reserve in 2016 upended the landscape, offering hefty signup bonuses and rich travel and dining rewards that attracted a younger, experience-driven audience.
Now, both giants appear poised to raise the stakes once again. Industry observers expect added lifestyle benefits, expanded travel perks, and possibly increased annual fees to match — continuing a trend seen in recent years.
Currently, the American Express Platinum card carries a $695 annual fee, while the Sapphire Reserve costs $550. However, rumors circulating on forums like Reddit suggest JPMorgan could boost the Sapphire’s fee to $795, though the company has yet to confirm.
Grosfield confirmed that the revamped Amex Platinum card will debut this fall, but stopped short of specifying the new features or any potential fee adjustments.
As the luxury credit card race heats up, consumers can expect a wave of new perks — and possibly higher price tags — in the battle for affluent, benefit-hungry customers.