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

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

American Express pioneered the premium credit card space decades ago with cards that bundled perks at airlines and hotels with access to its own network of high-end airport lounges. But JPMorgan shook up the industry in 2016, igniting stiff competition among card issuers with a lavish sign-on bonus and other incentives for its Sapphire card.

In a bid to attract more high-spending Millennials and Gen Z-ers, American Express (NYSE: AXP) is set to roll out significant updates to its U.S. Consumer and Business Platinum Cards later this year.

Cardholders between their 20s and 40s make up 75% of Amex's new accounts acquired on its two premium cards, Platinum and Gold.