The long-standing competition between the nation’s leading premium credit cards is about to intensify once more.
JPMorgan Chase announced last week that a refreshed version of its Sapphire Reserve card — the travel and dining rewards card that gained viral popularity when it launched in 2016 — is on the way.
In a direct response, American Express revealed on Monday that it plans to implement “major” updates to its consumer and business Platinum cards later this year. While the company has yet to release specifics, the New York-based credit card issuer stated that the changes would mark its most significant 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 Amex President of U.S. Consumer Services Howard Grosfield in 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 the original pioneer of the premium credit card market, introducing cards that paired travel and hotel perks with access to its own luxury airport lounge network.
However, JPMorgan disrupted the landscape in 2016 when it launched the Sapphire Reserve, spurring intense rivalry among issuers with its generous sign-up bonus and travel-focused benefits.
Industry analysts anticipate that both companies will continue to expand their benefit offerings in areas such as travel, dining, and exclusive experiences. At the same time, they may also increase annual fees, continuing a trend observed in recent card updates.
Currently, the Platinum card carries a $695 annual fee, while the Sapphire Reserve is priced at $550.
Speculation has been circulating on Reddit and similar platforms that JPMorgan plans to raise the Sapphire Reserve’s annual fee to $795. When asked for comment, a JPMorgan spokesperson declined to respond.
According to Grosfield, the newly updated Platinum card is scheduled to launch in the fall.
