Episode summary
Amex Platinum, Chase Sapphire Perks Fuel Health Gadget Craze | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · Hosts: Carol Massar, Tim Stenovec · Guests: Cam Baker
Summary
Premium credit cards are using health wearables as a new way to justify much higher annual fees. Cam Baker says the Amex Platinum and Chase Sapphire Reserve both raised prices and then bundled perks like hotel and dining credits with rebates for Oura rings and Whoop bands, turning the devices into part of the value proposition. The pitch is simple: cover the hardware and often a year of subscription, then keep customers hooked on recurring services.
Baker says the strategy is working because the offer feels like a no-brainer to affluent consumers who already like premium accessories. The cards are targeting people who want the status of a wearable and are willing to pay for continuous health tracking, while the wearables companies benefit from higher-margin subscription revenue. Chase Sapphire described the promotion as one of its best of the year, and Whoop said it has seen a ton of sign-ups.
The discussion also pointed to the bigger question of where wearable health tech goes next. Baker said Whoop has raised $575 million at about a $10 billion valuation, Aura has been talking to bankers, and both companies may need to lean further into medical and AI integrations to sustain those valuations and potential IPO plans.
Key takeaways
- Cam Baker says Amex Platinum and Chase Sapphire Reserve are bundling Oura and Whoop perks to help justify annual fees that are approaching $1,000.
- The promotions appear to be boosting sign-ups for Whoop and Aura more than they are changing card economics, according to Baker.
- Baker says the appeal is strongest for affluent consumers who treat wearables as both a status symbol and a health tool.
- Whoop has raised $575 million at about a $10 billion valuation, and Aura is reportedly talking to bankers about going public.
- Baker says the long-term growth question is whether wearables become more like medical products powered by AI and health-system integrations.
Notable quotes
“Between aura rings and whoop bands, whoop bands, there's health gadget craze happening right now”
“a lot of the premium cards, the Amex Platinum, the Chase Sapphire Reserve all bumped their fees earlier this year”
“Those being these wearable tech bands or rings um and consumers to justify that higher fee have been kind of have been cashing in on that benefit”
“Chase Sapphire said this is one of their best promotions that they've had this year”
How the episode opens
Bloomberg audio studios podcasts radio news You're listening to Bloomberg Business Week with Carol masser and Tim stenovec on Bloomberg radio. So Carol, I don't know if you know this. Or I am
Apparently I did not know about the story to harmuz math there. Listen, a lot we a lot of numbers come at us. Okay.
Yeah, you got to let it go. All right. But I do like when I'm right.
I know. Don't let it go. So don't let it go actually.
Hey guys, um did you see what I got right in the show? I was actually I was actually going to go to the next thing that we were supposed to talk about. I wasn't going to I know.
I obviously need to try harder.
Know. I'm giving you props cuz you got it right. Between aura rings and whoop bands, whoop bands, there's health gadget craze happening right now.
We can thank those premium credit cards from Amex and Chase. Yeah, in a big way. This is a great story that's on the Bloomberg.
It's I think among the most writer or when it did cross on the Bloomberg. Cam maker is Bloomberg news breaking news editor. He joins us from the Bloomberg news Boston Bureau.
Cam, good to have you here with us. Tim, I believe has his aura Oh, you don't.
Wearing it. I wear it at night. Uh but I have had you had it — Beaten it up. It's like doesn't look good. Cuz the Oh, cuz it scratches. — Scratched up. Yeah. — All right. I have one too and I just have to put it on my finger and like get it going. But I mean but but I am
Cam's like Cam's like I'm sitting here guys.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- credit card perks
- jpmorgan chase
- american express
- wearable health devices
- loyalty rewards
Companies and tickers mentioned
- JPM
- AXP
- JPMorgan Chase & Co.
- American Express Co.
- Oura Health Oy
- Whoop Inc.
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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