Chase significantly raised the annual fee on its Sapphire Reserve card by 45%, while American Express is set to increase the Platinum card fee substantially. Speculation suggests the new Platinum fee may approach $1,000. The trend of rising fees relates to a market of 'mass affluence,' appealing to those desiring elevated status without true luxury. Access to exclusive airport lounges is a primary benefit, but with rising demand and finite resources, cardholders are paying more for less value in luxury experiences.
On June 17, Chase hiked the annual fee on the travel-friendly Sapphire Reserve card 45 percent, from $550 to $795. At almost the exact same time, American Express announced that it would take its rival Platinum card 'to a new level' later this year.
The continual raising of these cards' fees is not a reflection of travelers enjoying ever-escalating luxury experiences, but of something else. The cards instead offer a nebulous way to win, not just in travel but in acquiring some of the least luxurious, most massively marketed services out there.
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