American Express and Chase Push Premium Credit Card Annual Fees Higher as Competition Intensifies for Affluent Spenders
American Express raised the annual fee on its flagship Platinum Card to $895 from $695 in September 2025, while JPMorgan Chase increased the fee on its Sapphire Reserve card to $795 from $550 earlier that year.
The moves reflect ongoing efforts by both issuers to extract more revenue from high-income customers through higher pricing on premium products that bundle travel perks, lounge access, and statement credits.
Chase moved first with its Sapphire Reserve overhaul in mid-2025. The card now carries the $795 fee and includes refreshed benefits aimed at frequent travelers, such as enhanced credits for hotels, dining, and other categories.
American Express followed in September with its own Platinum update, adding new perks including Resy and Lululemon credits along with expanded wellness and dining options. According to the company's announcement, the changes sought to deliver greater value while adjusting the price to reflect the expanded offerings.
Both issuers have emphasized that the fee increases coincide with added benefits intended to offset the higher cost for users who maximize the credits and rewards.
American Express reported that net card fees grew 16 percent in the first quarter of 2026, becoming its fastest-growing revenue line, with retention rates holding steady after the Platinum adjustment.
A portion of U.S. Platinum cardholders had already been billed at the new rate by early 2026 without noticeable spikes in cancellations.
The back-to-back hikes have drawn attention to the competitive dynamic between the two companies.
Chase positioned the Sapphire Reserve as a strong entry point for affluent customers who then expand their relationships into banking and investment services.
American Express has focused on deepening its hold in the premium segment, where it historically led with the Platinum and Centurion cards.
Bloomberg reported on the rivalry, noting how both sides are investing in extravagant events, additional lounge capacity, and lifestyle partnerships to appeal to high earners who account for a disproportionate share of consumer spending.
No major new leadership announcements tied specifically to pricing strategy for these cards surfaced in recent company filings or press releases.
American Express continues under Chairman and CEO Stephen J. Squeri, who has overseen the premium card refreshes. Chase operates these products within its consumer banking division at JPMorgan.
Industry observers point out that the increases have not deterred adoption among the target demographic of households with incomes above $250,000.
Amex added new statement credits and partner benefits with the fee change, while Chase highlighted thousands of dollars in potential annual value through its ecosystem of travel and rewards redemptions.
Other issuers, including Citi with its Strata Elite card, have entered or expanded in the premium space, but Amex and Chase remain the primary players driving the trend toward fees approaching or exceeding $800.
The developments come as premium cards evolve beyond traditional rewards into broader lifestyle offerings, with credits for fitness wearables like Oura rings or Whoop bands appearing in recent updates.
Cardholders who use the full suite of benefits can still come out ahead financially, though the math depends heavily on individual travel and spending patterns.
As the dust settles from the 2025 adjustments, the sustained demand for these higher-fee products signals that both American Express and Chase have successfully tested the upper limits of what affluent consumers will pay for premium status and perks in the current market.
