Luxury Credit Card Face-Off: Amex and JPMorgan Prepare Major Card Revamps
The long-standing rivalry between two of the nation’s top premium credit card issuers — JPMorgan Chase and American Express — is intensifying once again.
Last week, JPMorgan Chase announced that a refreshed version of its popular Sapphire Reserve card is on the horizon. First launched in 2016, the Sapphire Reserve gained cult status for its generous travel and dining rewards, and the upcoming update is expected to build on that success.
In a direct response, American Express revealed on Monday that “major” upgrades are coming to both its consumer and business Platinum Cards later this year. While full details are still under wraps, Amex President of U.S. Consumer Services, Howard Grosfield, described it as the company’s largest-ever investment in a card refresh. “We’ll double down on what our members already love, and introduce an entirely new suite of benefits that far exceed the annual fee,” he said.
American Express, a pioneer in the luxury card space, originally set the bar with exclusive airport lounge access and travel perks. But JPMorgan disrupted the status quo in 2016 with a Sapphire card that offered a massive sign-up bonus and strong reward structures — igniting a competitive race in the premium card segment.
Industry experts expect the upcoming updates to bring even more high-end perks across travel, dining, and entertainment, though likely with higher annual fees. Amex’s Platinum currently costs $695 annually, while the Sapphire Reserve is at $550 — though online speculation hints JPMorgan may raise that to $795. A JPMorgan spokesperson declined to confirm.
Amex says its new Platinum offering will officially debut this fall.
