Luxury Card Battle Escalates as Amex, JPMorgan Plan Premier Updates

New York - The competition among high-end credit card issuers is intensifying as JPMorgan Chase and American Express prepare major updates to their flagship products.

JPMorgan confirmed last week that a refresh of its Sapphire Reserve card is imminent. In response, American Express on Monday revealed that "major" changes are coming to its Platinum consumer and business cards later this year, calling it the largest-ever investment in a card update.

“We’re going to double down on what our members love,” said Howard Grosfield, President of U.S. Consumer Services at Amex. “And introduce new benefits that far exceed the annual fee.”

Perks May Expand, Fees Could Rise

Industry analysts expect both issuers to offer expanded travel, dining, and lifestyle benefits. However, this may come with higher annual fees, continuing a trend seen in recent years.

• Amex Platinum currently charges $695 annually

• Chase Sapphire Reserve has a $550 annual fee, but rumors suggest a potential hike to $795. JPMorgan declined to comment.

Amex’s revamped Platinum card is scheduled to launch this fall, with more details expected in the coming months.

The renewed rivalry signals a broader push by major card issuers to retain high-spending customers by offering elite-level perks amid growing competition in the travel and luxury experience space.