JPMorgan Chase has updated its premium credit card, the Sapphire Reserve, with a new annual fee of $795. The bank claims customers will receive over $2,700 in benefits despite the price hike. New perks include doubling the value of points for select travel offers, a $500 hotel credit, and free subscriptions to Apple TV+ and Apple Music.
The updated card also retains most previous benefits and introduces credits for dining at exclusive restaurants, events tickets, and purchases at StubHub or Viagogo. Affluent Americans who spend over $75,000 annually on their cards can unlock top-tier status at Southwest Airlines and IHG Hotels and Resorts.
JPMorgan’s move is seen as a response to American Express’s comparable Platinum card business model. The bank has long offered luxurious perks around travel and dining, forcing other issuers to up their game. Analysts predict JPMorgan’s strategy may alienate some customers opting for more affordable alternatives or downgrading to the Sapphire Preferred.
Analysts like Ted Rossman and Sanjay Sakhrani weigh in on whether the higher fees justify the new benefits. They suggest that premium cards cater to a specific audience willing to pay for exclusive perks, creating a “flywheel” effect that keeps users engaged. As American Express prepares to update its Platinum card with similar perks, the battle for high-end cardholders continues.
Source: https://www.cnbc.com/2025/06/17/chase-sapphire-reserve-credit-card-new-perks-fee.html