JPMorgan ratchets up annual fee on Sapphire Reserve credit card fee by 45%

JPMorgan Chase (NYSE:JPM) is giving its flagship Sapphire Reserve credit card a pricey facelift, boosting the annual fee and adding new travel and dining perks, it said on Tuesday.

For the consumer version, the premium credit card’s annual fee will be hiked 45% to $795 from $550, which has persisted since 2020.

Still, the revamped card, rolling out Monday, will offer cardholders over $2,700 in yearly value, combining existing perks with new ways to earn and redeem points for travel and dining, the bank noted.

The lender is stacking the card with new annual credits, such as $500 for its hotel and resort collection and a $300 dining credit at restaurants, it said in a statement. An existing $300 credit for travel will also continue.

Putting it in competition with the likes of American Express (AXP), JPMorgan (NYSE:JPM) also unveiled a new Sapphire Reserve for businesses, with a $795 annual fee and perks that align with the consumer version.