Luxury credit card rivalry heats up as Amex, JPMorgan tease updates to their premier cards
The long-running rivalry between the country's top premium credit cards is about to heat up again.
JPMorgan Chase announced last week that a refresh of its Sapphire Reserve — the travel and dining rewards card that went viral when it arrived in 2016 — was imminent.
In response, American Express on Monday said that 'major' changes were coming to its consumer and business Platinum cards later this year. While short on details, the New York-based card company said that its update would be its largest ever investment in a card refresh.
'We are going to double down on the things we know based on the data that our card members love,' said Amex President of U.S. Consumer Services Howard Grosfield in an interview. 'But more importantly, we'll bring a whole bunch of new and exciting benefits and value that will far, far, far exceed the annual fee.'
American Express pioneered the premium credit card space decades ago with cards that bundled perks at airlines and hotels with access to its own network of high-end airport lounges. But JPMorgan shook up the industry in 2016, igniting stiff competition among card issuers with a lavish sign-on bonus and other incentives for its Sapphire card.
The expectation among industry experts is that both companies will offer ever-longer lists of perks in travel, dining and experiences, while potentially raising their annual fees, as has been the pattern with recent updates.
The Platinum card has a $695 annual fee, while the Sapphire has a $550 fee.
On Reddit and other forums, card users circulated rumors that JPMorgan was hiking the annual fee on its Sapphire product to $795. A JPMorgan spokesperson declined to comment.
The new Platinum card will launch in the fall, Grosfield said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Record
2 hours ago
- Daily Record
Travel firm collapses leaving Brits fuming 'go cheap, pay twice' with many holidays ruined
Great Little Escapes has lost its ATOL licence, meaning some holidaymakers could be left out of pocket A leading UK travel firm has collapsed after losing a vital accreditation, causing widespread concern among holidaymakers facing cancellations. Customers disgruntled by the loss of another affordable travel option expressed disdain, suggesting that opting for budget can lead to paying more in the end, remarking: "Go cheap, pay twice." Great Little Escapes, a Berkshire-based agency offering a range of holiday options from "adventure holidays to relaxing spa holidays, beach holidays to city breaks, adults-only to fun-filled family resorts", found itself stripped of its ATOL protection. It's important to note that this company is not connected to the similarly titled Great Little Breaks and shares no link with them. The tried-and-tested guidance for holiday bookings is to use credit cards to protect your money should the underlying business collapse. Despite this, over 100 UK travellers might be left empty-handed as they risk their booked foreign vacations being scrapped after Great Little Escapes lost its ATOL accreditation. Expressing sympathy yet a sense of inevitability, one upset customer mentioned: "Feel sorry for those who will lose their holidays, but then again, they clearly took their chances to get a cheap deal." They continued: "Not ATOL protected and if they didn't pay by credit card, then no way to get the money back." Following the company's slide into insolvency, the relevant authorities are now advising prospective customers to delay lodging any claims while further details of Great Little Escapes' operations are investigated. The authority has issued explicit guidance for travel agents linked with Great Little Escapes LLP, stating, "If you are a travel agent of Great Little Escapes LLP and you are currently holding consumer payments which you have not yet paid to Great Little Escapes LLP, you must not use these funds to refund consumers until you have received instructions from the Air Travel Trust. "Travel agents will be individually contacted by the CAA with specific instructions for these bookings." The sudden downfall of yet another travel firm is likely to shake the confidence of holidaymakers hunting for bargain getaways. Echoing this sentiment, one netizen recommended caution, suggesting some travellers may be "Better off booking with the big travel agents. More expensive, but.." This grim announcement arrives hot on the heels of another distressing revelation just a month prior when a different UK travel enterprise faced its demise, impacting countless travellers' vacation plans. Jetline Travel, a London-based entity founded in 2000 and also known as Jetline Cruise's parent company, ceased its operations as an ATOL holder the previous month. TTG reported the business has now gone into administration. Alan Clark of Carter Clark financial recovery specialists and Neil Bennett from the insolvency experts at Leonard Curtis were appointed administrators on 28 March. Administration is a procedure that transpires when a company can no longer fulfil its debt commitments, resulting in the appointment of a licensed insolvency practitioner. This expert will either reorganise the business and negotiate with creditors, or liquidate assets, settle debts and dissolve the business. In its 25 years of service, Jetline Travel has facilitated holidays for hundreds of thousands of travellers. Over this quarter-century, the firm also operated under various other monikers including Bargain Late Holidays, Best Priced Holidays, Cruise and More, Elegant Getaways, Our Best Holidays and Save on Sun.
South Wales Guardian
2 hours ago
- South Wales Guardian
Tinder launches ‘double date' feature as Gen Z seek low-pressure dating
The feature will be rolled out on the dating app in the UK from mid-July. Users who activate 'double date' can select up to three friends to create a pair with. Pairs can then 'swipe right', or like, other pairs on the app – with just one like per pair needed to form a match. If there is a match, then a group chat is launched for pairs to message and organise a date. Tinder, which tested the feature among some users across its international markets for several months, said it was drawing in young people and women looking for a more social and low-pressure way of meeting people. Nearly 90% of double date profiles came from users under the age of 29, according to its internal data. Generation Z – which is typically defined as those born between 1997 and 2012 – make up more than half of Tinder's global user base. The platform has been ramping up efforts to retain women and Gen Z users following the Covid pandemic, growing safety concerns and a broader shift in the way younger people approach dating. This has included rolling out additional safety features such as ID verification and 'share my date' – which allows users to share details of their date, including the time, place, and a photo of their match, with friends and family. Tinder, which launched in 2012, helped bring online dating into the mainstream and is now the world's most-used app with about 50 million users per month. The Los Angeles-based company is owned by Match Group, which owns a raft of dating platforms including Hinge and OkCupid. Data from the testing stage showed women were three times more likely to like a pair than they were individual profiles, and match rates have been significantly higher for those using the feature. Furthermore, Tinder said it was helping attract new and returning users to the app – with nearly 15% of those who accepted a double date invite either new to the platform or had recently reactivated their profile.
North Wales Chronicle
2 hours ago
- North Wales Chronicle
Tinder launches ‘double date' feature as Gen Z seek low-pressure dating
The feature will be rolled out on the dating app in the UK from mid-July. Users who activate 'double date' can select up to three friends to create a pair with. Pairs can then 'swipe right', or like, other pairs on the app – with just one like per pair needed to form a match. If there is a match, then a group chat is launched for pairs to message and organise a date. Tinder, which tested the feature among some users across its international markets for several months, said it was drawing in young people and women looking for a more social and low-pressure way of meeting people. Nearly 90% of double date profiles came from users under the age of 29, according to its internal data. Generation Z – which is typically defined as those born between 1997 and 2012 – make up more than half of Tinder's global user base. The platform has been ramping up efforts to retain women and Gen Z users following the Covid pandemic, growing safety concerns and a broader shift in the way younger people approach dating. This has included rolling out additional safety features such as ID verification and 'share my date' – which allows users to share details of their date, including the time, place, and a photo of their match, with friends and family. Tinder, which launched in 2012, helped bring online dating into the mainstream and is now the world's most-used app with about 50 million users per month. The Los Angeles-based company is owned by Match Group, which owns a raft of dating platforms including Hinge and OkCupid. Data from the testing stage showed women were three times more likely to like a pair than they were individual profiles, and match rates have been significantly higher for those using the feature. Furthermore, Tinder said it was helping attract new and returning users to the app – with nearly 15% of those who accepted a double date invite either new to the platform or had recently reactivated their profile.
