In a bid to attract more high-spending Millennials and Gen Z-ers, American Express (NYSE: AXP) is set to roll out significant updates to its U.S. Consumer and Business Platinum Cards later this year.

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.

A popular Chase Sapphire credit card just announced a long list of new perks and rewards -- along with a brand new annual fee of nearly $800.

JPMorgan Chase is hiking the annual fee of its popular Sapphire Reserve credit card by 45% as part of a major overhaul to attract high-spending millennials.