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 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,