Chase Sapphire Reserve card members will see a major fee increase: Here's when and what to expect
The chase is on among premium credit card issuers.
JPMorgan Chase has announced some big changes to its high-end Chase Sapphire Reserve credit card, which include a hefty new annual fee of $795, up from $550.
The Sapphire Reserve card, which is known for its slate of perks and benefits including travel credits and access to airport lounges, is also getting a counterpart in the Chase Sapphire Reserve for Business card. When the card was first introduced in 2016, the annual fee was $450, so it has increased by more than 75% since then.
Interestingly, customers don't seem to mind: The amount paid in annual fees totaled $6.4 billion in 2022, more than double the $3 billion paid in 2015, according to a 2023 report from the Consumer Financial Protection Bureau (CFPB).
When will the fee increase take effect?
According to Chase, customers still have a few days to sign up for the card at the old rate. If you're already a Sapphire Preferred member, or if you sign up before Monday, June 23, you can expect the same benefits and fee through October 25 of this year.
Though the fee is increasing significantly, there will be new card designs, and new credits and benefits that arrive along with the revamp.
Specifically, for cardholders who spend at least $75,000 per year on their cards, there will be new perks, such as exclusive online shopping experiences, and status rewards at IHG Hotels, and Southwest Airlines.
Points earnings rates and multipliers are also changing through a new Points Boost program. The new Business card will also have credits for services from ZipRecruiter, Google Workspace, and more.
'It's the culmination of five years of investment that we've made across Chase in completely uplifting and repositioning what we mean for premium travelers in the premium-card space,' Allison Beer, JPMorgan's head of card and connected commerce, told Bloomberg. 'This is about having the best-in-class travel assets and an end-to-end travel experience.'
Premium card issuers up the stakes
Chase's announcement comes shortly after American Express, one of its chief rivals in the credit card space, teased a forthcoming overhaul to its premium Platinum Card. Details are scarce, but those changes are expected by the end of the year. The Platinum Card currently has a $695 annual fee.
In all, the board is set for Chase and Amex to duke it out with their premium offerings, which might provide some serious perks to customers who can afford them.
'We're going to take these cards to a new level,' Amex's said Howard Grosfield in a statement, 'not only in what they offer in travel, dining and lifestyle benefits, but also in how they look and feel, to meet the evolving needs of our customers.'
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