Amex Platinum, Chase Sapphire get 2025 refresh

The battle between the top premium credit cards in the country is set to intensify once again, as JPMorgan Chase and American Express gear up for major updates to their flagship offerings.

Last week, JPMorgan Chase announced plans to refresh its Sapphire Reserve card, a popular travel and dining rewards card that gained viral attention upon its launch in 2016. In response, American Express revealed that significant changes were on the horizon for its consumer and business Platinum cards later this year. While details were scarce, the New York-based company promised that this update would mark its largest ever investment in a card refresh.

“We are committed to enhancing the benefits and value that our card members love, while also introducing new and exciting features that will far exceed the annual fee,” said Howard Grosfield, President of U.S. Consumer Services at American Express.

American Express has long been a pioneer in the premium credit card space, offering perks at airlines, hotels, and access to its exclusive airport lounges. However, JPMorgan Chase disrupted the industry with the launch of its Sapphire card in 2016, sparking fierce competition among card issuers with generous sign-on bonuses and incentives.

Industry experts anticipate that both companies will continue to expand their offerings in travel, dining, and experiences, potentially raising their annual fees in the process. The Platinum card currently has a $695 annual fee, while the Sapphire card charges $550. Rumors have circulated among card users that JPMorgan may increase the annual fee for the Sapphire card to $795, although the company has not confirmed this speculation.

The new Platinum card is expected to debut in the fall, according to Grosfield. With both JPMorgan Chase and American Express vying for the loyalty of affluent cardholders, consumers can look forward to a wealth of new benefits and perks as the competition heats up in the premium credit card market.