American Express updates Business Platinum card
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The annual fee for the Sapphire card will jump 45% to $795. Amex did not say if there would be a fee increase.
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.
The two cards both have steep annual fees that put them in direct competition for a spot in consumers’ wallets.
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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,
Cardholders between their 20s and 40s make up 75% of Amex's new accounts acquired on its two premium cards, Platinum and Gold.