"That's a big difference from earlier this year, when Chase raised the fee on its Sapphire Reserve - from $550 to $795 - and the internet nearly lost its mind. What's the difference? I'm not exactly sure, given I don't have either of the cards myself, but from what I can tell from the discourse online, Amex cardholders seem to think the new Platinum Card comes with enough new goodies to make up for the higher fee."
"For the last decade or so, the Amex Platinum and Chase Sapphire Reserve have had well-heeled urban millennials in a chokehold, turning them into rabid point hounds, desperate to be the ones to toss down their cards at the dinner table to collect all the rewards. It's also thrown airport lounges - once the private sanctuary of the most elite frequent fliers - into cattle calls, with lines out the door waiting for a free croissant and mimosa."
"For both the Amex and Chase cards, the new perk structure changed the cards from being largely based on getting points when you spend to a sort of coupon book. This is a big change! And it means that you have to weigh carefully whether the coupons are for things you actually want to buy. For example, the new Amex perks give you $75 per quarter in credit at Lululemon."
American Express raised the Platinum Card annual fee by $200 to $895 and added new benefits such as credits tied to Resy, Lululemon, and Oura. Cardholders have generally accepted the update because the new credits can offset much of the higher fee for those who use them. The change contrasts with the strong backlash to Chase’s Sapphire Reserve fee hike earlier in the year. The premium cards have attracted affluent urban millennials focused on points and perks, and the new structure shifts rewards toward targeted credits instead of broad spending points. Card value now depends on whether the offered credits match individual spending habits.
Read at Business Insider
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