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American Express And Chase Are Offering More Than Credit Card Airport Lounges To Gain Customers
Boxing credit cards // Image by Kate Walker
Airport lounges used to be the ultimate credit card perk. Now, American Express and Chase are competing on something even harder to get: exclusive access. From music festivals to sporting events, both companies are expanding premium experiences to attract affluent customers.
The Access: The American Express Platinum Card and the Chase Sapphire Reserve remain two of the most elite credit cards on the market. While their annual fees have climbed to $895 and $795, respectively, so have the perks. Beyond airport lounges, cardholders receive travel credits, dining benefits, rideshare perks, and a growing list of exclusive experiences.
The Fine Print: Affluent consumers continue to spend, giving premium card issuers even more reason to invest in experiences that money alone can’t always buy:
American Express has expanded its Platinum lounges and exclusive spaces at the US Open, Stagecoach, and Formula 1 races.
Chase has built similar experiences around Lollapalooza, Miami Art Week, Sundance, and PGA Tour events.
American Express has also partnered with venues around the world, including The O2 in London and Barclays Center in Brooklyn.
Chase now operates exclusive lounges at Madison Square Garden and the Chicago Theatre.
The Main Statement: This is another sign of a K-shaped economy, where higher-income consumers continue to spend while middle- and lower-income households pull back. Businesses are taking notice, tailoring more of their perks and experiences to affluent customers.
Prediction: At the end of the day, what this clientele is really paying for is access. The next battle between premium credit cards may have less to do with points and perks and more to do with who can unlock the most exclusive experiences.
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Today’s email was written by Allison Hunt and Kait Cunniff.
Edited by Nick Comney. Polled and Copy-edited by Kait Cunniff.
Published by Darline Salazar.