Amex Pledges ‘Largest Investment Ever’ To Platinum Cards Revamp Following JPMorgan Sapphire Relaunch

American Express said it's doubling down on its premium card offerings to stay competitive, especially with younger customers.

Competition in the premium credit card market is accelerating, with American Express (AXP) unveiling what it described as the “largest investment ever” in its Platinum card offerings. 

The announcement comes just days after JPMorgan Chase (JPM) confirmed it will relaunch its Sapphire Reserve card and introduce a new business version this summer.

“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, to meet the evolving needs of our customers,” said Howard Grosfield, Group President of U.S. Consumer Service at the company. 

American Express’s stock jumped more than 2.5% in morning trade, while JPMorgan’s stock also gained by more than 2%. 

Among the changes, American Express said it will expand its Centurion Lounge network by opening three new locations in Newark, Salt Lake City, and Tokyo, bringing the global total to 32. 

The company also plans to broaden its dining offerings through its Resy platform and the integration of Tock, a recent acquisition that adds access to about 7,000 more restaurants and venues.

Additional upgrades will include new features to help small businesses better manage expenses, travel, and credit needs. The company also intends to grow its luxury hotel and resort program and increase access to major cultural and sporting events, although it withheld specific details.

American Express said it's doubling down on its premium card offerings to stay competitive, especially with younger customers, such as Millennials and Gen Z. 

More details on Amex’s refresh will be announced in the fall.

Chase confirmed last week that it will launch a fully refreshed Chase Sapphire Reserve card and an all-new business version of the Sapphire Reserve card in the coming weeks.

The official timeline is "this summer," which kicks off Friday, June 20.

American Express’s stock has fallen more than 1% this year, while JPMorgan’s stock has gained over 12%. 

Over the past 12 months, shares of American Express have increased by 32%, while those of JPMorgan have risen by 40%. 

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