American consumers are tapped out. From fast food to designer handbags, inflation-weary shoppers are balking at paying more. Companies therefore struggle to raise prices without losing customers. But one industry has escaped this penny-pinching: premium credit cards.

At a time when companies are touting price cuts, two of the country’s top credit card issuers are doing the opposite. JPMorgan this month raised the annual fee on its luxury card — the Chase Sapphire Reserve — to $795. That is a 45 per cent rise, making it one of the most expensive cards on the market. American Express is widely expected to raise the $695 annual fee for its Platinum premium card when it unveils new attendant perks and benefits in the autumn. 

It takes nerves to charge more when trade and the global economy are under pressure. But such is the new economic reality in the US. As a growing number of Americans struggle, the finances of the country’s wealthiest have never been better. The top 20 per cent of income earners now account for roughly 40 per cent of total consumer spending, according to Moody’s Ratings.