Sapphire Reserve: Amex, JPMorgan Chase tease major updates amid intensifying credit card battle

The Chase Sapphire Reserve is getting a major update and it’s coming at a higher cost which includes a higher annual fee of $795. Chase is also launching the Chase Sapphire Reserve for Business card as a premium luxury business travel card, reports Bloomberg as part of an overhaul marking the biggest US bank’s latest volley in the ultra-competitive world of premium credit cards.

JPMorgan Chase on Tuesday unveiled an update to its premium credit card, which will now carry a $795 annual fee, a 45% jump from its previous level. The development at a time when American Express teased updates coming later this year to its travel-focused Platinum credit cards, announcing what it called its “largest investment ever” in a credit-card refresh.

ALSO READ: VA spokesperson issues clarification on bombshell report claiming doctors can refuse treatment to Democrats

Sapphire Reserve, Amex rivalry

The long-running rivalry between the country’s top premium credit cards is about to heat up again. While JPMorgan Chase announced last week that a revamp of its popular Sapphire Reserve card — known for its travel and dining perks since its viral 2016 debut — is on the way.

Chase also is now offering complimentary subscriptions to Apple's (AAPL) Apple TV+ and Apple Music through June 22, 2027; up to $300 annually in DoorDash (DASH) credits; up to $300 annually in StubHub credits for concert and event tickets; and up to $500 annually in hotel credits for some prepaid bookings made through The Edit by Chase Travel.

In response, American Express revealed Monday that significant updates are planned for both its consumer and business Platinum cards later this year. Though details remain scarce, the company described the upcoming changes as its most substantial investment in a card refresh to date.

“We’re 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,” Howard Grosfield, Amex’s group president for US consumer services, said in a statement Monday.

ALSO READ: American Express hints at a big upgrade to its Platinum Credit card in 'largest investment ever'

Amex raised its Platinum card annual fee to $695 in July 2021, when it also added $200 in annual hotel credits. Since then, the New York-based company has faced intensifying competition for premium credit-card customers, including from JPMorgan Chase & Co.’s Sapphire Reserve card and Capital One Financial Corp.’s Venture X Rewards card.

American Express was a trailblazer in the premium credit card market, introducing cards that combined travel and hotel perks with access to its exclusive airport lounges. That dominance was challenged in 2016 when JPMorgan disrupted the space with its Sapphire card, offering a generous sign-up bonus and a range of attractive benefits.

ALSO READ: Trump mobile 'unbelievable': Nothing CEO Carl Pei says 'we're cooked' ahead of Phone (3) launch

Industry analysts expect the rivalry to intensify, with both companies likely expanding their offerings in travel, dining, and experiences—while also potentially increasing annual fees, a trend seen in recent years.

Currently, the Amex Platinum card carries a $695 annual fee, compared to $550 for the JPMorgan Sapphire card.

Speculation has surfaced on Reddit and other online forums that JPMorgan may raise the Sapphire’s annual fee to $795, though a company spokesperson declined to address the rumors.

According to Grosfield, the updated Platinum card is scheduled to debut this fall.