Latest news with #ExclusiveTables
Yahoo
5 days ago
- Business
- Yahoo
JPMorgan is hiking the annual fee for its new Sapphire Reserve card to $795 per year—a 45% jump
The annual fee on the Sapphire Reserve card is jumping 45% to $795 per year. With that increase comes a wave of new perks. JPMorgan Chase is looking to take a bigger share of the premium credit card market. Carrying a Sapphire Reserve credit card in your wallet is about to get a lot more expensive JPMorgan is raising the annual fee on the Sapphire Reserve card to $795 per year, a 45% increase over the current cost. Even for a luxury credit card, that's steep, but the bank is seemingly hoping that the new perks that come with the Sapphire Reserve will make it worth it. JPMorgan argues cardholders will get $2,700 in annual benefits when the updated card launches on June 23. Some of those are tied with existing benefits, but there are plenty of additions. Dining at restaurants that are part of the Sapphire Reserve Exclusive Tables network will gather up to a $300 credit, for example. And subscriptions to Apple TV+ and Apple Music will be included (a $275 value). Use your card for select travel offers and you could earn a $500 credit as well. If you're a frequent user of the card and spend more than $75,000 annually on it, you'll unlock other perks, such as top-tier status at Southwest Airlines and IHG Hotels and Resorts. A business version of the Sapphire Reserve card features all of these perks, as well as credits for ZipRecruiter and Google Workspace. All of these rewards come on top of existing incentives for cardholders, who earn 3X points on dining and travel purchases, as well as elevated rates through Chase Ultimate Rewards. There's also a $300 annual travel credit that applies automatically to any travel purchase—including flights, hotels, and ride-shares. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
5 days ago
- Business
- Business Insider
2 status-symbol credit cards are getting new perks. Here's what $795 a year gets you with the Chase Sapphire Reserve.
Jet-setters and foodies rejoice: Two of the most popular credit cards for travelers and frequent diners are getting upgrades and new perks later this year. On Monday, American Express said updates are coming later this year to the US Consumer and Business Platinum Cards, which carry a $695 annual fee. It's unclear if a price hike will accompany the upgrades. AmEx said in a press release that it'll share more updates in the fall. The following day, JPMorgan Chase said an upgraded Chase Sapphire Reserve credit card was coming June 23. The price of the Sapphire Reserve card will go from $550 a year to $795 a year. It launched in 2016 with a $450 annual fee. The revamp will see new perks for cardholders in spending categories like travel, dining, and lifestyle. Travel perks Cardholders will get 8x points on Chase Travel for purchases like flights, hotels, and rental cars, and 4x points on bookings made directly with an airline or hotel. They'll also get up to $500 in credit towards The Edit, Chase's collection of hotels and resorts, and they can choose to activate complimentary IHG Platinum Elite status until December 21, 2027. The card will also retain its popular $300 annual travel credit. The new Points Boost feature means points are worth up to 2x their value on redemptions with thousands of hotels and flights with select airlines. Dining perks Cardholders will continue to earn 3x the points when dining. With the revamp, they'll also now get a credit of up to $300 annually for dining at restaurants that are part of the Sapphire Reserve Exclusive Tables program, which secures reservations for cardholders at "some of the most sought-after and hardest-to-book restaurants in major cities," Chase says. Lifestyle perks The new card includes a complimentary subscription to Apple TV+ and Apple Music, valued at $250 annually. Cardholders can also get up to $120 in annual statement credits toward Peloton memberships, and they earn 10x on eligible Peloton purchases, up to 50,000 points. Another new lifestyle perk is up to $300 in annual statement credits on entertainment tickets bought on StubHub and viagogo. All three of these new lifestyle perks require activation. The existing DoorDash perks, which have a total value of up to $420, and the existing Lyft perks, which have a total value of $120 and 5x total points, remain in place. For a full list of what's available with the new Chase Sapphire Reserve card, check here.
NBC News
5 days ago
- Business
- NBC News
JPMorgan Chase unveils new Sapphire Reserve card perks and $795 annual fee
JPMorgan Chase is betting that a long list of new perks will keep affluent Americans hooked on its Sapphire Reserve card, despite a hefty bump in its annual fee. The bank on Tuesday unveiled an update to its premium credit card, which will now carry a $795 annual fee. That is a 45% jump from its previous level and the card issuer's largest price increase for the Sapphire since its 2016 launch. But JPMorgan says users will now get more than $2,700 in annual benefits when the updated card launches on Monday. That includes most of its previous benefits, along with new ones tied to how customers earn and spend points on travel and dining. For instance, the bank is touting 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. 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, and free subscriptions to Apple TV+ and Apple Music, worth $250 per year, JPMorgan said. Customers who spend at least $75,000 annually on their cards unlock other perks, including top-tier status at Southwest Airlines and IHG Hotels and Resorts. JPMorgan 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. That positions the bank squarely against American Express, which has had a business version of its comparable Platinum card for decades. Upscale ambitions JPMorgan, the biggest U.S. bank by assets, shook up the card industry with the launch of the Sapphire Reserve almost a decade ago. The bank cribbed from a playbook established by AmEx by bundling perks around travel and dining, and later opened its own network of luxurious airport lounges. But JPMorgan introduced its premium card with signing bonuses and credits that almost made getting one a financial no-brainer, forcing other issuers to boost their card offers in response. Now, with JPMorgan heading upmarket with the Sapphire Reserve, the bank is at risk of alienating customers who may opt to downgrade to a Sapphire Preferred card or offerings from AmEx or Capital One, said senior Bankrate analyst Ted Rossman. 'When the Sapphire Reserve first came out, it was a solid middle-class play that offered champagne travel on a beer budget,' Rossman said. 'These premium cards are going more luxury, and I wonder if the $800 fees are becoming too much for some to stomach.' That could be by design, according to Rossman. AmEx and Capital One have had to rein in access to airport lounges because of overcrowding, and some users have complained that their premium cards no longer feel as special. Whether cards like the Sapphire Reserve still make sense at $795 in annual fees depends on if customers will take advantage of enough of the new perks, Rossman said. Later this year, AmEx will introduce updates to its Platinum cards, which currently have a $695 annual fee. AmEx will likely also raise its annual fee while adding more perks, Rossman said. 'These high-rate cards are not for everyone, that's for sure,' said KBW analyst Sanjay Sakhrani. But AmEx and JPMorgan have pursued a subscription-type business model where an ever-rising level of perks make a compelling value proposition for certain customers, he said. 'They feel that it creates a flywheel around keeping people engaged and spending in the system,' Sakhrani said. 'Even at $800 in annual fees, I don't think just anyone can provide the breadth of perks that you get on those cards.'
CNBC
5 days ago
- Business
- CNBC
JPMorgan Chase unveils new Sapphire Reserve card perks and $795 annual fee
JPMorgan Chase is betting that a long list of new perks will keep affluent Americans hooked on its Sapphire Reserve card, despite a hefty bump in its annual fee. The bank on Tuesday unveiled an update to its premium credit card, which will now carry a $795 annual fee. That is a 45% jump from its previous level and the card issuer's largest price increase for the Sapphire since its 2016 launch. But JPMorgan says users will now get more than $2,700 in annual benefits when the new perks launch on June 23. That includes most of its previous benefits, along with new ones tied to how customers earn and spend points on travel and dining. For instance, the bank is touting 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. 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 and free subscriptions to Apple TV+ and Apple Music, worth $250 per year, JPMorgan said. Customers who spend at least $75,000 annually on their cards unlock other perks, including top-tier status at Southwest Airlines and IHG Hotels and Resorts. JPMorgan 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. That positions the bank squarely against American Express, which has had a business version of its comparable Platinum card for decades. JPMorgan, the biggest U.S. bank by assets, shook up the card industry with the launch of the Sapphire Reserve almost a decade ago. The bank cribbed from a playbook established by Amex by bundling perks around travel and dining, and later opening its own network of luxurious airport lounges. But JPMorgan introduced its premium card with signing bonuses and credits that almost made getting one a financial no-brainer, forcing other issuers to boost their card offers in response. Now, with JPMorgan heading upmarket with the Sapphire Reserve, the bank is at risk of alienating customers who may opt to downgrade to a Sapphire Preferred card or offerings from Amex or Capital One, said senior Bankrate analyst Ted Rossman. "When the Sapphire Reserve first came out, it was a solid middle-class play that offered champagne travel on a beer budget," Rossman said. "These premium cards are going more luxury, and I wonder if the $800 fees are becoming too much for some to stomach." That could be by design, according to Rossman. Amex and Capital One have had to rein in access to airport lounges because of overcrowding, and some users have complained that their premium cards no longer feel as special. Whether cards like the Sapphire Reserve still make sense at $795 in annual fees depends on if customers will take advantage of enough of the new perks, Rossman said. Later this year, Amex will introduce updates to its Platinum cards, which currently have a $695 annual fee. Amex will likely also raise its annual fee while adding more perks, Rossman said. "These high-rate cards are not for everyone, that's for sure," said KBW analyst Sanjay Sakhrani. But Amex and JPMorgan have pursued a subscription-type business model where an ever-rising level of perks make a compelling value proposition for certain customers, he said. "They feel that it creates a flywheel around keeping people engaged and spending in the system," Sakhrani said. "Even at $800 in annual fees, I don't think just anyone can provide the breadth of perks that you get on those cards."
