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American Express and JPMorgan Chase Revamp Premium Credit Cards

The two issuers are racing to attract Millennials and Gen Z with enhanced travel, dining and lifestyle benefits in their next-generation cards.

File photo: an American Express card.
Amex is meeting younger cardmembers where they want to be—like at a Coachella party in Palm Springs in 2025.
The annual fee for the Chase Sapphire Reserve card will soon increase to $795.
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Overview

  • American Express plans its largest-ever Platinum card overhaul this fall, applying updates to both consumer and business versions with upgraded airport lounges, dining credits and exclusive event access.
  • JPMorgan Chase will refresh its Sapphire Reserve this summer, including a new business variant and a potential annual fee increase that has not been confirmed.
  • The Platinum card carries a $695 fee versus Sapphire Reserve’s $550 today, and industry observers expect both fees to rise alongside the incoming benefit enhancements.
  • Amex strengthened its dining perks through last year’s acquisition of reservation platform Tock, adding roughly 7,000 new restaurant and winery partners worldwide.
  • Heightened competition for high-spending Millennials and Gen Z is driving richer rewards and perks but also signaling higher annual costs in the premium card market.