Big Take Amex v. Chase: Who Will Win the Battle for America’s Top Shoppers?
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Oct 17, 2025 Amanda Mull, a Bloomberg Businessweek reporter focused on consumer culture and finance, dives into the fierce rivalry between American Express and Chase for America’s wealthiest shoppers. She explains how these companies target the top 10% of earners, who make up nearly half of discretionary spending. Mull discusses the strategies behind premium card perks, the launch of Chase Sapphire Reserve, and the implications of recent fee hikes. She raises questions about the economic sense of premium cards for average consumers and evaluates who’s currently winning this high-stakes competition.
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Wealthy 10% Drive Most Consumer Spending
- The top 10% of households (≈$250k+) do about half of U.S. discretionary spending and a third of GDP.
- Credit card issuers target these customers because high-value transactions generate much larger interchange fees.
Premium Cards Began As Elite Status Symbols
- Premium cards emerged in the 1980s and expanded as card use and discretionary spending among the wealthy grew.
- American Express pioneered invite-only premium status then broadened offerings as the market scaled.
Chase Made A Big Gamble On Premium Cards
- Chase launched Sapphire Reserve to challenge Amex, investing $200–$300 million in rollout.
- The move showed big banks can disrupt legacy premium-card dominance with heavy spending.