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The long -standing rivalry between the best premium credit cards in the country is about to warm up.
JPMorgan Chase announced last week that a refreshment of its sapphire reserve – the travel and catering awards card which became viral when it arrived in 2016 – was imminent.
In response, American Express said on Monday that “major” changes came to his consumption and platinum cards later this year. Although it lacks details, the card company based in New York said that its update would be its most important investment ever in a card refreshment.
“We will double the things we know according to the data that members of our cards love,” said Amex, president of American consumer services Howard Grosfield, in an interview. “But more importantly, we will bring a whole bunch of new and exciting advantages and value which will exceed the annual costs by far.”
The new Platinum card will be launched in the fall with improved advantages around fairs, restaurants and events, said Grosfield.
American Express was the pioneer of the premium credit card space decades ago with cards that brought together advantages in airlines and hotels with access to its own network of high -end airport salons. But JPMorgan shook the industry in 2016, triggering strong competition between card issuers with a sumptuous connection bonus and other incentives for its sapphire card.
The expectation among industry experts is that the two companies will offer lists of even longer advantages in travel, restaurants and experiences such as concerts, while increasing their annual costs, as was the model with recent updates.
The Platinum card has annual fees of $ 695, while the Sapphire has costs of $ 550.
On Reddit and other forums, card users have circulated rumors that JPMorgan hiked annual costs on his Sapphire product at $ 795. A JPMorgan spokesperson refused to comment.