""New Platinum account acquisitions are running at twice the level before the refresh," CEO Stephen Squeri said on the company's third-quarter earnings call on Friday. So far, he said it's the "strongest start" the company has seen for a US Platinum refresh (this is the third in the last decade). Amex unveiled its new Platinum card in September, which has an annual fee of $895."
"As the luxury credit card wars have heated up - Chase upped its Sapphire Reserve fee and Citi introduced its Strata Elite card this summer - some have grumbled over the ever-climbing fees. According to JPMorgan Chase CFO Jeremy Barnum, however, they're not having any trouble convincing people to pay the now $795 fee for its refreshed card. "This has already been the best year ever for new account acquisitions for our Sapphire portfolio," he said on Chase's third-quarter earnings call on Tuesday."
American Express reported new Platinum account acquisitions are running at twice the level before the card's recent refresh. The revamped Platinum card carries an $895 annual fee, and retention among existing cardholders has remained stable with a delayed $200 price hike for current members. Younger cardholders, including millennials and Gen Z, are spending strongly and responding to wellness and entertainment perks. Competitors have also raised fees; Chase increased its Sapphire Reserve fee to $795 and reported its best year ever for new elite-card account acquisitions. Citi introduced its Strata Elite card amid intensified luxury credit card competition.
Read at Business Insider
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