Renewed Competition as Credit Card Giants Revamp Offers

The enduring competition between the nation’s leading premium credit card providers is set to intensify. Last week, JPMorgan Chase revealed plans to revamp its renowned Sapphire Reserve card—famous for its travel and dining perks since its splashy debut in 2016. Not to be outdone, American Express announced on Monday that it plans significant updates to both its consumer and business Platinum cards later this year. Although details remain scarce, the New York-based company hinted that this would be their most substantial investment in a card overhaul to date. “We plan to capitalize on the features our cardholders cherish,” said Howard Grosfield, Amex President of U.S. Consumer Services, during an interview. “Moreover, we are set to introduce an array of new and thrilling benefits and values that will greatly surpass the current annual fee.”

For decades, American Express has led the premium credit card market, offering perks at airlines and hotels along with exclusive access to its elite airport lounges. However, in 2016, JPMorgan disrupted the industry with the launch of its Sapphire card, offering an alluring sign-up bonus and benefits that pushed other issuers to up their game. Experts predict that both companies will continue to expand perks related to travel, dining, and unique experiences—potentially also raising their annual fees, reflecting recent trends. Presently, the Platinum card carries a $695 annual fee, while the Sapphire card has a fee of $550. Rumors on platforms like Reddit suggest that JPMorgan may increase the Sapphire’s annual fee to $795, though a company spokesperson declined to comment. Grosfield confirmed that the newly updated Platinum card is expected to launch in the fall.