Amex Platinum, Chase Sapphire Perks Fuel Health Gadget Craze (1)

As credit card companies with lofty fees compete for affluent consumers, the hottest new perks are wearable devices for tracking health, fitness and sleep.

After lifting annual dues for their top-tier cards, JPMorgan Chase & Co. and American Express Co. rolled out typical benefits like hotel, dining and travel credits. But there were also more unexpected bonuses: American Express added a $200 credit toward an Oura Health Oy smart ring to the Platinum Card, while Chase included a $359 rebate for Whoop Inc.’s fitness bands for Sapphire Reserve holders.

The promotions are generating results, pushing users to sign up ...