The annual fee for the Sapphire card will jump 45% to $795. Amex did not say if there would be a fee increase.

Cardholders between their 20s and 40s make up 75% of Amex's new accounts acquired on its two premium cards, Platinum and Gold.

American Express is offering limited-time welcome bonuses of up to 175,000 Hilton Honors points on three Hilton co-branded credit cards. Learn which card is best for your travel style and how to qualify before the Aug.

American Express pioneered the premium credit card space decades ago with cards that bundled perks at airlines and hotels with access to its own network of high-end airport lounges. But JPMorgan shook up the industry in 2016, igniting stiff competition among card issuers with a lavish sign-on bonus and other incentives for its Sapphire card.

Sturdy payment card mainstay American Express's (NYSE: AXP) stock was looking a bit rickety on the last trading day of the week. The company's shares lost more than 3% of their value on Friday following a report in a top financial newspaper regarding the potential defection of an important customer base.