American Express Co. announced Monday upcoming upgrades to its U.S. Consumer and Business Platinum credit cards, aiming to distinguish itself in the competitive luxury credit card market. “More than forty years ago,

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

Chase is hiking the annual fee for its Sapphire Reserve credit card to $795, starting June 23 for new applicants and October 26 for existing users. The card will offer expanded points-earning and statement credits,