Consumers Trade Down From Premium Cards as Amex Platinum Fee Hits $895 and Chase Sapphire Reserve Hits $795

Premium credit card fees have climbed to $895 for the Amex ($AXP) Platinum and $795 for the Chase ($JPM) Sapphire Reserve. Consumers are now reportedly dropping to almost-premium cards at about a third of the price, like the $325 Amex Gold.
The post says even on a status symbol, the buyer is optimizing every dollar, calling it the same stretched-wallet signal showing up everywhere. It adds that the consumer is trading down and issuers are racing to build a cheaper tier before they lose the younger customer.