The competition between premium credit cards is escalating as JPMorgan Chase announced a refresh of its Sapphire Reserve card, a popular travel and dining rewards card launched in 2016. In reaction, American Express revealed plans for significant updates to both its consumer and business Platinum cards later this year, labeling it the largest investment in a card refresh in their history.
Howard Grosfield, Amex’s President of U.S. Consumer Services, emphasized the intent to enhance customer experience by building upon successful features while introducing exciting new benefits that offer value exceeding the annual fee. Amex has a long history of innovating in the premium card sector, providing perks tied to airlines and hotels alongside exclusive access to high-end airport lounges.
The rivalry intensified in 2016 when JPMorgan’s Sapphire card introduced lavish sign-on bonuses, raising the stakes for card issuers. Experts anticipate that both companies will expand their lists of perks related to travel, dining, and unique experiences, likely increasing annual fees in the process. Currently, the Platinum card carries a $695 annual fee, while the Sapphire card has a $550 fee.
Rumors on forums suggest JPMorgan may raise the Sapphire’s fee to $795, although a spokesperson did not confirm. The revamped Platinum card from American Express is set to launch in the fall, further igniting the competition in the premium credit card market. As both companies prepare to unveil their updates, consumers can expect a new wave of enhanced benefits and offerings in the premium card landscape.
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