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 price jump is part of an ongoing shift for credit card companies and airlines toward premium rewards and high-end travelers.