The competition between JPMorgan Chase (JPM) and American Express (AXP) in the premium credit card space is intensifying, with JPMorgan unveiling a significant fee increase and expanded benefits for its flagship Sapphire Reserve card.

The company’s U.S. consumer and business Platinum Cards are slated to get “major” updates “later this year,” American Express said.

The issuer said that The Platinum Card® from American Express and The Business Platinum Card® from American Express will be receiving a full revamp later this year. Chase and Capital One are also updating their premium cards, so the competitive landscape may shift quickly.

JPMorgan Chase teased fans of its Sapphire Reserve premium credit card that a new 2025 version will be out this summer prompting competitors to react.

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

If past card revamps are any indication, the annual fees on Amex Platinum and Business Platinum will almost certainly see increases as part of the planned changes. But just how high could they go?

Chase announced changes to its Sapphire Reserve card, boosting the annual fee to $795 a year and adding additional perks.

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 updates its Business Platinum Card with enhanced benefits to compete in the luxury credit card market and attract new customers.

Chase announced that the popular travel card will have a higher annual fee, new rewards rates for spending and a host of new benefits.

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