Sapphire Got People Talking About High End Credit Cards, Now AmEx Is Reaping the Benefits
- Competition ‘actually did us a service’ by provoking demand
- AmEx refreshed proprietary cards and targeted younger spenders
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American Express Co. says it absorbed a blow from JPMorgan’s premium card, and is better for it.
While AmEx initially lost customers after JPMorgan Chase & Co. introduced the popular Sapphire Reserve card in 2016, the firm said Tuesday it’s seen a 60% increase in growth in Platinum accounts after it added new benefits and perks the following year. More than half of new Platinum card customers are under the age of 35.