The competition among top-tier credit cards is intensifying as American Express and JPMorgan Chase both prepare significant updates to their flagship premium offerings.
The announcements suggest that the rivalry between the companies is entering a new phase, with expanded perks and potentially higher fees on the horizon.
Last week, JPMorgan confirmed that a refresh of its popular Chase Sapphire Reserve card is imminent. The card, which made a splash in 2016 with its generous sign-up bonuses and travel rewards, has become a staple among frequent travelers and dining enthusiasts.
In response, American Express revealed on Monday that “major” enhancements are coming to both the consumer and business versions of its Platinum card later this year. While details remain limited, Amex characterized the changes as the company’s “largest investment ever” in a card refresh.
“We are going to double down on the things we know based on the data that our card members love,” said Howard Grosfield, President of US Consumer Services at Amex. “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.”
The Platinum card currently carries a $695 annual fee, while the Sapphire Reserve charges $550. Amid speculation that JPMorgan may increase its annual fee to as much as $795, a company spokesperson declined to comment.
According to analysts, both companies are expected to add new benefits tied to travel, dining, and exclusive experiences, following trends in the luxury credit card market. Updates may include expanded access to airport lounges, lifestyle perks, and concierge services.
Amex, which pioneered the premium card segment decades ago, continues to compete aggressively with JPMorgan and other players like Capital One’s Venture X Rewards. The 2021 refresh of Amex’s Platinum card included added hotel credits and new lifestyle benefits, but competition has only grown since.
Grosfield noted that the new Platinum card will launch in the fall and that the changes will not only affect the card’s benefits but also its physical design and user experience.
While the companies have not yet released full details, both announcements indicate a continued shift toward offering broader lifestyle and travel-focused value, even as consumer expectations rise. As benefits expand, so too may the cost of carrying these luxury cards.
Industry observers suggest this strategy could help the companies retain high-spending customers but warn it may also test how much cardholders are willing to pay in annual fees.
