NEW YORK—The battle in the premium card market continues to grow more intense, with JPMorgan Chase unveiling a long list of new perks it is counting on to keep affluent cardholders hooked on its Sapphire Reserve card, even as it comes with a big increase in its annual fee.
JPMorgan Chase said its premium credit card will now carry a $795 annual fee, a 45% jump from its previous level and the card issuer’s largest price increase for the Sapphire since its 2016 launch, according to CNBC.
“But JPMorgan says users will now get more than $2,700 in annual benefits when the updated card launches on June 23,” CNBC stated. “That includes most of its previous benefits, along with new ones tied to how customers earn and spend points on travel and dining.”
The report noted as an example the bank is now offering a new redemption program that doubles the value of points used for select travel offers and a new $500 annual credit at its collection of hotels and resorts.
Additional Benefits
There is also:
- A new $300 dining credit at restaurants that are part of the Sapphire Reserve Exclusive Tables network
- A $300 credit for purchases at StubHub or Viagogo
- Free subscriptions to Apple TV+ and Apple Music, worth $250 per year
Big Spenders Get More Perks
Customers who spend at least $75,000 annually on their cards unlock other perks, including top-tier status at Southwest Airlines and IHG Hotels, the bank said.
New Business Card
In addition, JPMorgan has also introduced a new Sapphire Reserve business card with a $795 annual fee and similar perks as the consumer card, along with credits for ZipRecruiter and Google Workspace, the bank said.
