Not only is the weather outside going to heat up this summer but so too will the rivalry between JPMorgan Chase and American Express to attract customers to their luxury credit cards. Recently, Chase’s Sapphire Reserve brand began posting teasers on social media that hard work and rewards are “about to get more rewarding” this summer.
The announcement by the first credit card to go viral when it was first released in 2016 prompted fellow competitor American Express to say that “major updates” were coming to its 40-year-old premium Platinum cards for both consumers and businesses.
The new Chase Sapphire Reserve perks will be arriving on 23 June but as for Amex Platinum they’ve said sometime in the Fall of 2025. Nor do we know what the “updates” to the rewards for customers will be, but there has been some speculation.
New perks and cost of Amex Platinum and Chase Sapphire Reserve rewards
As has been a pattern with previous updates of these high-end reward credit cards the fees are expected to rise along with the perks. Currently the Platinum card has an annual fee of $695 and the Sapphire Reserve has a $550 annual fee.
JPMorgan Chase will jack its annual fee for the luxury credit card to $795. Clint Henderson, travel editor for The Points Guy platform, told MarketWatch that he thinks that there is “a definite possibility” that the Platinum program could hit $1,000.
“They probably feel they can gloss up the brand by making it the most expensive and exclusive,” Henderson explained.
Will people be willing to spend that much? “For some people it might be worth it. Everybody’s situation is a bit different,” ventured senior industry analyst with Bankrate.com Ted Rossman to the outlet.
Users on one forum in Reddit, list over $2,000 in new credits for Sapphire Reserve cardholders with more perks unlocked for those who spend over $75,000 with the card.
As for American Express, the President of US Consumer Services Howard Grosfield said in a statement that the company is “going to take these Cards to a new level, not only in what they offer in travel, dining and lifestyle benefits, but also in how they look and feel, to meet the evolving needs of our customers.”
He shared during a recent interview that the “new and exciting benefits and value… will far, far, far exceed the annual fee.”
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