Luxury credit card rivalry heats up as Amex, JPMorgan tease updates to their premier cards

Core Insights - The competition between JPMorgan Chase and American Express in the premium credit card market is intensifying with both companies planning significant updates to their offerings [1][2][4] Group 1: JPMorgan Chase - JPMorgan Chase is set to refresh its Sapphire Reserve card, which gained popularity since its launch in 2016 [1] - There are rumors circulating that JPMorgan may increase the annual fee for the Sapphire card from $550 to $795, although the company has not confirmed this [5] Group 2: American Express - American Express announced that it will implement "major" changes to its consumer and business Platinum cards, marking its largest investment in a card refresh [2] - The new Platinum card is expected to launch in the fall with enhanced benefits focused on lounges, dining, and events, aiming to provide value that exceeds the annual fee of $695 [3][5] - American Express plans to leverage data on card member preferences to introduce new benefits while maintaining popular existing features [3] Group 3: Industry Trends - Industry experts anticipate that both JPMorgan and American Express will expand their lists of perks related to travel, dining, and experiences, potentially leading to higher annual fees [5] - The competitive landscape has shifted since JPMorgan's Sapphire card introduction in 2016, which disrupted the market and prompted other issuers to enhance their offerings [4]