The refreshed premium cards rolled out over the past few months by the likes of Chase and Amex are prompting a reshuffling among affluent consumers. Many with multiple high-fee cards are choosing one, and shifting their spending accordingly. They don’t want to pay more than $1,000 in annual fees only to receive two sets of complex perks that require meticulous tracking.
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Rising fees force premium credit-card holders to choose sides
“The average American sees a $600 or $800 annual fee and just says, ‘No’ right off the bat, but that’s not who these cards are for,” said Matt Schulz, chief credit analyst at LendingTree, a personal-finance site.
