"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."
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.
Read at Slate Magazine
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