Hey, good morning Frank. So, you know, as you know, JP Morgan disrupted the credit card industry nearly a decade ago with a Sapphire Reserve. When it came on the scene, it was so viral that they ran out of the metal for the cards.Now, the credit card company is trying to push the envelope further by going upstream up market. So, the the credit card fee, the annual fee, this is the headline that everybody caught, is it now $795, which is the highest for any mainstream credit card out there. It's 45% higher t ...

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]