The annual fee for the Sapphire card will jump 45% to $795. Amex did not say if there would be a fee increase.

JP Morgan Chase announced a refresh of its Sapphire Reserve — the travel and dining rewards card that went viral when it arrived in 2016. The bank on Tuesday unveiled an update to its premium credit card,

The two cards both have steep annual fees that put them in direct competition for a spot in consumers’ wallets.

In a bid to attract more high-spending Millennials and Gen Z-ers, American Express (NYSE: AXP) is set to roll out significant updates to its U.S. Consumer and Business Platinum Cards later this year.

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.

Cardholders between their 20s and 40s make up 75% of Amex's new accounts acquired on its two premium cards, Platinum and Gold.

American Express may be giving the Platinum Card a sleek mirror-finish redesign—but will new benefits follow? In this video, credit expert Ben Hedges breaks down the rumor from Doctor of Credit and what it could mean for cardholders.