Chase and American Express have been battling it out for some time. Chase has made no secret of its desire to pick off the affluent owners of American Express charge cards. However, in September the battle intensified with Chase’s latest print campaign. It’s an unveiled attempt to unsettle the most loyal of American Express customers: owners of the much-lauded Platinum Card.

This opportunist move from Chase follows an announcement by American Express, on September 15, that its Platinum card will no longer give cardholders access to the Continential Airlines Presidents Club, and Membership Rewards points won’t be redeemable through OnePass. American Express explained that they couldn’t reach an agreement with Continental.

So now up steps Chase with a bold full-page advertisement – Comperemedia picked it up in the Wall Street Journal and the New York Times – exclaiming that “Not All Cards Are Created Equal,” and presenting a seventeen item comparison table pitching the Continental Airlines Presidential Plus Card, favorably, against the American Express Platinum Card. Chase comes out on top for eleven of the seventeen features listed and the ad stresses the Presidential Plus Card’s two key advantages over American Express:

- Access to the Presidents Club
- Acceptance at more locations worldwide

I first noticed the Chase advertisement in my own newspaper on October 4. It was on page A13 of the Wall Street Journal. This is a relevant detail because before the Chase ad, on page A9, there was a full-page ad from American Express.

In a move that seems timed to perfection, the American Express advertisement thanks customers and promotes the latest J.D. Power Award for customer satisfaction. Cardmembers recently rated American Express “Highest in Customer Satisfaction with Credit Card Companies” for the fourth year in a row. Winning the coveted award brings bragging rights and American Express is making the most of it by placing various versions of the print ad in the Wall Street Journal, New York Times and USA Today, thereby rebutting the Chase ad without stating so explicitly.

It is a fascinating battle. Chase, as the aggressor, is taking a direct approach. American Express is taking the high ground by thanking customers for their business and reinforcing its commitment to customer service. High levels of American Express customer satisfaction – demonstrated by the J.D. Power survey – indicate how difficult it will be for Chase to prize these customers away from American Express. However, the issuer should receive credit for being bold enough to try and consumers can only benefit from the increase in competition between these two great rivals.

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