JPMorgan Chase Raises Fees on Sapphire Reserve Credit Card
JPMorgan Chase is increasing the annual fees for its popular Sapphire Reserve Credit Card by 45%, in an effort to attract high-income millennials.
On Tuesday, the bank announced that the cards targeting travelers and food enthusiasts will now cost $795 annually, a significant jump from the $550 fee introduced in 2020. When the card first launched in 2016, it had a $450 yearly fee.
While it’s a tough price point for many, Chase claims cardholders can actually earn up to $2,700 yearly in redeemable rewards, which includes boosted points from travel and hotel bookings made through their platform. The card also retains its popular $300 annual travel credits.
The updated benefits encourage users to tap into Chase’s extensive hotel and dining network developed over recent years. For example, the card now includes $500 in credits for luxury hotels under its “edit” program and $300 in dining credits via the “Sapphire Reserve Exclusive Table” program.
Additionally, enhanced offerings feature $300 annual credits on purchases from StubHub and $250 per year for Apple Music and Apple TV+. Previously, there was a $120 annual credit for Lyft rides, which was distributed monthly.
“The redesigned Sapphire Reserve Card reflects our commitment to what matters most to our cardholders: travel, food, entertainment, and top-notch services,” stated Chris Reagan, president of Chase’s branded cards, in a press release.
The new Sapphire Reserve Card, with its $795 annual fee, also includes perks intended for companies such as ZipRecruiter and Google Workspace.
The revamped annual fees and benefits for the Chase Sapphire Reserve will take effect on October 26, featuring a new design that aims to enhance the Sapphire Reserve brand’s appeal.
In recent times, Chase has transformed Sapphire into a lifestyle brand, positioning it against the premium offerings from American Express.
Chase has opened several airport lounges in key cities like New York, Boston, and Phoenix, aiming to cater to younger consumers seeking experiences. They’ve also provided exclusive access at major events like the Summer Olympics in Paris and curated exhibitions at Art Basel in Miami.
Meanwhile, American Express announced its own upcoming changes to credit cards this week, stating it’s making “the biggest investment ever” in its Platinum Cards, although it hasn’t yet disclosed specific details. These AMEX cards have carried a $695 annual fee since 2021.
