Good news if you are a holder of a luxury credit card! The fight for the top of the market is on once again, and this means good news for additional benefits, additional rewards, and additional prestige. Let me run through all the details—just for you—and inform you what these heavyweights are doing.
The credit card battle starts again
The battle between America’s two giants—JPMorgan Chase and American Express—is only about to get much more intense. Do you recall back in 2016 when Chase caught everybody off guard by debuting its Sapphire Reserve card, replete with a massive sign-up bonus coupled with excellent travel rewards? It was revolutionary.
American Express, which had long held the crown in the premium credit card market with its Platinum Card, felt the pressure immediately. The competition forced Amex to up its game and add more benefits to match the appeal of the Sapphire Reserve. Now, nearly a decade later, we’re about to see the next big showdown.
What’s coming from Chase’s Sapphire Reserve?
JPMorgan has recently said it’s “refreshing” the Sapphire Reserve. That means we can expect a new lineup of rewards and benefits, one designed to put it on par with the revamped Platinum. Though the bank isn’t revealing all just yet, chatter on Reddit and other forums already is making the rounds about whether the yearly fee will rise to $795 from $550.
This kind of move typically signals a more extensive range of benefits—possibly more points on dining, travel, and hotels; greater lounge access; and lifestyle incentives—to justify the price. So if you’re a Sapphire Reserve cardholder, this is a perfect time to reassess whether the card’s benefits match your lifestyle.
American Express’s platinum card update
In the meantime, American Express isn’t relenting. It’s working on its biggest-ever Platinum Card redesign—a “significant” overhaul this fall. The objective, according to Amex U.S. Consumer Services President Howard Grosfield, is to “double down on the things we know members love” and add an entire portfolio of “new and exciting benefits.“
Grosfield says the refresh will more than pay for the $695 annual fee. That adds more valuable lounge access, better dining rewards, hotel loyalty perks, and possibly lifestyle memberships—all to fit the way you travel, shop, and celebrate.
Why does it matter to you
This competition is great news for you, whether you already hold these cards or are considering applying. The issuers are competing with each other for your loyalty, and that means more points, more rewards, and more prestige. The annual fees may go up, but the issuers are counting on offering more value in return.
So keep a close eye over the coming months. The fight between these two premium cards is going to get into its second round—and you, the cardholder, are the big winner.
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