JPMorgan Chase Sapphire reserve card just got pricier at $795 — here's what the bank is offering at the price
JPMorgan Chase & Co. has announced a comprehensive overhaul of its popular
Sapphire Reserve
credit card, raising the annual fee from $550 to $795 in a strategic move aimed at further penetrating the high-spending premium travel market. The revamp also includes the introduction of a similarly priced business version, placing JPMorgan squarely in competition with rivals like American Express and Capital One in the race to court affluent customers.
The fee revision marks the first increase in five years and comes alongside sweeping enhancements in rewards and exclusive benefits tied to the card's use in travel and dining, reinforcing JPMorgan's ambition to become a full-service travel and lifestyle brand.
Travel, Dining at the Heart of New Benefits
As part of the Sapphire Reserve transformation, JPMorgan is integrating a number of premium credits into the card's offering. Notable among them is a $500 annual credit towards stays in 'The Edit,' a curated luxury hotel collection, and a $300 credit on OpenTable's exclusive dining experiences—offered only to consumer cardholders. The existing $300 travel credit remains in place, as mentioned in a report by Bloomberg.
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In terms of rewards, the bank has revamped its points system. Cardholders can now earn eight points per dollar on bookings made via Chase Travel—up from the previous five points for flights and ten for hotels and car rentals. Additionally, the card offers four points per dollar on flights and hotels booked directly (up from three), and three points per dollar spent on dining.
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'This marks the culmination of a five-year journey to redefine our value proposition in the premium-card space,' said Allison Beer, head of card and connected commerce at JPMorgan, as mentioned in a report by Bloomberg.
'We have built a best-in-class travel ecosystem to deliver a seamless end-to-end experience.'
Consolidating Acquisitions for a Unified Experience
The overhaul is a result of JPMorgan's strategic acquisitions in the past few years, aimed at strengthening its footprint in the travel and lifestyle domain. These include the 2020 acquisition of rewards platform cxLoyalty, the 2021 purchase of restaurant discovery site The Infatuation, and subsequent acquisitions of marketing firm Figg and luxury travel agency Frosch in 2022.
JPMorgan has also expanded its airport lounge network, opening six premium lounges across the United States accessible to Sapphire Reserve holders, with more planned in the pipeline.
Strategic Positioning in Wealth and Travel
Marianne Lake, CEO of consumer and community banking, emphasized JPMorgan's broader strategy during the bank's recent investor meetings. 'Travel is at the core of our card strategy,' she stated, adding that the firm has more than doubled travel volume from 2021 to 2024, underscoring its deepening commitment to the sector, as per a report by Bloomberg.
Lake also noted that half of new Chase customers enter the ecosystem through the card business. JPMorgan hopes the Sapphire Reserve will serve as a gateway to additional services like self-directed investing and wealth management—core elements of CEO Jamie Dimon's long-term expansion strategy.
'Once customers come in through Sapphire Reserve, they deepen across the ecosystem—whether it's investments, banking, or wealth management,' added Beer.
FAQs
What major change has JPMorgan made to the Sapphire Reserve card?
JPMorgan Chase & Co. has increased the annual fee for the Sapphire Reserve credit card from $550 to $795, marking its first fee hike in five years. This is part of a broad revamp aimed at premium travel-focused customers.
Why is the annual fee being raised to $795?
The fee hike reflects a strategic shift toward offering luxury travel and lifestyle benefits, including new high-end perks and expanded services that cater to affluent cardholders. It positions JPMorgan to better compete with American Express Platinum and Capital One Venture X cards.
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