JPMorgan Chase is enhancing its Sapphire Reserve card with a range of new benefits, while increasing the annual fee to $795.
Card Update and Fee Increase
The bank announced on Tuesday that the premium credit card will now have a $795 annual fee, marking a 45% increase from the previous fee. This is the largest fee hike since the card’s introduction in 2016.
Enhanced Benefits
Despite the fee increase, JPMorgan claims that cardholders will receive over $2,700 in annual benefits. These include existing perks and new features related to travel and dining rewards.
For example, the card now offers a redemption program that doubles the value of points for selected travel deals and a $500 annual credit at participating hotels and resorts.
Additional Perks
New benefits also include a $300 dining credit at restaurants within the Sapphire Reserve Exclusive Tables network, a $300 credit for purchases at StubHub or Viagogo, and free subscriptions to Apple TV+ and Apple Music, valued at $250 annually.
Cardholders spending at least $75,000 annually can access additional perks, such as elite status with Southwest Airlines and IHG Hotels and Resorts.
Business Card Introduction
JPMorgan also launched a Sapphire Reserve business card with a $795 annual fee, offering similar perks as the consumer card, along with credits for services like ZipRecruiter and Google Workspace. This move positions JPMorgan against American Express, which offers a business version of its Platinum card.
