The Journal. Swipe, Spend, Repeat: The Perks Arms Race in Your Wallet
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Jul 1, 2025 
Imani Moise, a reporter at The Wall Street Journal, dives into the world of premium credit cards, highlighting JPMorgan Chase's recent 45% fee hike on the Sapphire Reserve. She discusses how credit card companies are using exclusivity and luxury perks to attract and retain customers. The conversation covers the evolution of credit cards from basic tools to symbols of status, particularly among millennials. Moise also explores consumer reactions to rising costs and how financial institutions adapt their strategies to appeal to younger audiences.
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Festival Perks of Sapphire Reserve
- At a music festival, exclusive access to amenities like flushable toilets and air conditioning was granted by flashing the Chase Sapphire Reserve card.
- This highlights how premium credit cards provide tangible perks that enhance experiences beyond just payment convenience.
Credit Cards as Status Symbols
- Credit cards evolved from simple payment tools to symbols of exclusivity and access.
- Increasing annual fees reflect how card companies leverage perceived value and status to retain customers.
Perks Drive Credit Card Competition
- Credit card companies compete by offering better perks to convince customers to choose their card.
- Perks became the main differentiator as cards otherwise functioned similarly.