JPMorgan and American Express Announce Big Changes
The competition between top luxury credit cards is set to intensify. Last week, JPMorgan Chase revealed that a major update to its Sapphire Reserve card — famous for its travel and dining rewards — is coming soon. This card, which gained massive popularity after its 2016 launch, will now receive a refresh aimed at offering new benefits.
In response, American Express (Amex) has announced that significant changes are also on the way for its Platinum consumer and business cards later this year. Although specific details remain limited, Amex describes this as its biggest-ever investment in updating a card.
Amex Promises Exciting New Benefits
According to Howard Grosfield, President of U.S. Consumer Services at Amex, the upcoming changes will focus on what cardholders already love — while adding “new and exciting benefits” that will deliver more value than the cost of membership.
“We are going to double down on the things our members love, and add benefits that will far exceed the annual fee,” Grosfield said in an interview.
A Long-Running Rivalry in Premium Credit Cards
American Express has long been a leader in the premium credit card market, offering perks like airport lounge access, hotel upgrades, and exclusive travel benefits. However, when JPMorgan Chase launched the Sapphire Reserve in 2016, it disrupted the market with a generous sign-up bonus and attractive travel perks, triggering fierce competition.
Now, both companies are expected to expand their offerings, with more travel, dining, and exclusive experiences, while possibly raising annual fees — a trend seen in recent years.
Possible Fee Increases on the Horizon
Currently, the Amex Platinum card carries a $695 annual fee, while JPMorgan’s Sapphire Reserve charges $550. Rumors circulating on forums like Reddit suggest that JPMorgan may soon raise its annual fee to $795, though the company has not officially confirmed any increase.
The new Amex Platinum card is scheduled to launch in the fall of 2025.
Industry Experts Predict Bigger Perks
Credit card analysts believe both companies will compete to offer longer lists of benefits such as luxury travel services, fine dining deals, and exclusive event access. While these added perks may come with higher membership costs, they are aimed at delivering unmatched value to cardholders.
Summary
As JPMorgan Chase and American Express prepare to roll out major updates, the battle for high-end credit card users is reaching new heights. Cardholders can expect more perks, higher fees, and exclusive experiences as both companies work to dominate the premium market.
