The annual fee for the Sapphire card will jump 45% to $795. Amex did not say if there would be a fee increase.

Howard Grosfield also stated that Platinum credit card features are mostly popular among Millennials and Gen Z, who account for more than 35% of total U.S. Consumer spending in th

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