Upcoming Credit Card Updates from JPMorgan Chase and American Express
Two well-known credit cards are about to receive significant updates.
JPMorgan Chase and American Express have both announced changes to their Sapphire Reserve and Platinum cards, respectively.
On Tuesday, JPMorgan Chase revealed that its premium credit cards will now offer users over $2,700 in benefits annually, starting next Monday. This update includes a new redemption program that doubles points value on select travel offers, along with a $500 annual credit for specific hotels and resorts.
However, the annual fee for this card will increase to $795, according to the announcement.
Additional perks feature $300 meal credits at participating restaurants and $300 credits for StubHub purchases. Users will also enjoy free DashPass membership with DoorDash, plus complimentary subscriptions for Apple TV+ and Apple Music.
The release further noted that customers who spend more than $75,000 each year can access even more benefits.
Additionally, JPMorgan Chase introduced a version of its Sapphire Reserve card designed for businesses, labeled as the company’s “first premium travel-centric credit card for business.”
Meanwhile, American Express indicated on Monday that “major updates” for both consumer and business Platinum cards are expected later this year. This is described as the company’s “biggest investment in card refreshment.”
According to Howard Grosfield, group president of American Express’s U.S. Consumer Services, benefits appealing particularly to Millennials and Gen Z accounted for 35% of U.S. consumer spending last quarter.
Further enhancements are anticipated in the fall, with hints at new travel perks, focusing on expanding options within their meal and hotel programs.
The company did not confirm whether fees would be increasing. Spokeswoman Elizabeth Crosta refrained from providing additional specifics on this update and the fee structure.
“We regularly refresh our products every few years to adapt to the changing needs of our card members,” she stated.
The last updates to the Platinum consumer and business cards occurred in 2021.
Steve Kent, Chief Economist of the Long Island Association’s Research Institute and Associate Professor at Molloy University’s Business School, noted that these new perks could be especially beneficial for frequent travelers, particularly those whose travel is work-related.
“There’s real value in the promotions they’re offering,” he remarked.
