Major Credit Card Issuers Raise Fees and Cut Perks

American Express, Capital One, and JPMorgan Chase are increasing annual fees and tightening restrictions on premium rewards and perks. The issuers are implementing stricter rules for airport lounge guest access to address overcrowding and the growing popularity of premium cards. American Express now requires guests to be on the same flight as the cardholder, while Capital One has introduced guest fees unless the cardholder spends 75,000 dollars annually.

Banks are also closing loopholes that previously allowed cardholders to use incidental credits for flights or purchase gift cards with brand-specific credits. Some changes stem from partner business shifts, including the removal of the Saks Fifth Avenue credit following the company's bankruptcy. Additionally, the Chase Sapphire Reserve now requires a minimum spend for DoorDash credits.

Lisa Kalhans, Executive Vice President of U.S. Consumer Proprietary Products at American Express, stated the company invested in making benefits easier to track. Issuers maintain these measures are necessary to preserve the quality of benefits for their customers.