- The annual fee on the Sapphire Reserve card is jumping 45% to $795 per year. With that increase comes a wave of new perks. JPMorgan Chase is looking to take a bigger share of the premium credit card market.
Carrying a Sapphire Reserve credit card in your wallet is about to get a lot more expensive
JPMorgan is raising the annual fee on the Sapphire Reserve card to $795 per year, a 45% increase over the current cost. Even for a luxury credit card, that’s steep, but the bank is seemingly hoping that the new perks that come with the Sapphire Reserve will make it worth it.
JPMorgan argues cardholders will get $2,700 in annual benefits when the updated card launches on June 23. Some of those are tied with existing benefits, but there are plenty of additions.
Dining at restaurants that are part of the Sapphire Reserve Exclusive Tables network will gather up to a $300 credit, for example. And subscriptions to Apple TV+ and Apple Music will be included (a $275 value). Use your card for select travel offers and you could earn a $500 credit as well.
If you’re a frequent user of the card and spend more than $75,000 annually on it, you’ll unlock other perks, such as top-tier status at Southwest Airlines and IHG Hotels and Resorts.
A business version of the Sapphire Reserve card features all of these perks, as well as credits for ZipRecruiter and Google Workspace.
All of these rewards come on top of existing incentives for cardholders, who earn 3X points on dining and travel purchases, as well as elevated rates through Chase Ultimate Rewards. There’s also a $300 annual travel credit that applies automatically to any travel purchase—including flights, hotels, and ride-shares.
This story was originally featured on Fortune.com
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