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Miami Herald
2 days ago
- Business
- Miami Herald
JPMorgan Chase hikes up annual fee cost of popular credit card
Paying off credit cards has become a vital part of adulthood, yet it is a dreadful one at best. For those who like to spend more than they can afford, seeing the days get closer to the end of their billing cycle to make that minimum payment sounds scarier than any horror movie. Don't miss the move: Subscribe to TheStreet's free daily newsletter What's even worse is having to pay an annual fee on top of that, and banks seem to constantly raise their cost as if it were that easy to make an extra hundred bucks each year. Related: When you'll see empty retail store shelves due to tariffs JPMorgan Chase (JPM) introduced its Sapphire Reserve credit card in 2016, assigning it an annual fee of $450. This card was created to compete with the travel rewards market and cater to clients with expensive travel and dining tastes. Although that might have seemed like a hefty cost at the time, that number looks like a total bargain nowadays because the price has continuously increased every few years due to its popularity. Image Source:The last time Chase increased the annual fee for the Sapphire Reserve credit card was in 2020, when it raised it to $550. This left members with an unexpected extra $100 to budget into their yearly spending. Five years had passed without more price surges, but if the pattern continues, that highly feared expiration date was past due, leaving many wondering when the next price hike will occur. Related: JPMorgan Chase CFO issues stern warning to employees It was only a matter of time before many people's nightmares came true because Chase has just made another significant price increase, and this one feels more painful than ever before. The company recently announced that the yearly fee for the Sapphire Reserve credit card will now be $795, a whopping 45% increase. However, to ease people's minds, the massive fee increase also comes with many new perks for those who spend at least $75,000 yearly. Annually, Sapphire cardholders will now receive $2,700 in redeemable benefits, a $300 credit for tickets purchased on StubHub, a $250 credit for Apple Music and Apple TV+, and will maintain the same up to $300 travel credit. Members can now earn additional points with the new Points Boost, which offers eight times as many points on bookings made with Chase Travel and four times on flights and hotels. The Sapphire Reserve credit card will also receive a facelift, featuring a heavier metal and a new pattern. More Retail News: Walmart makes deal to open popular food chain in storesBankrupt retail chain makes major comeback, reopens new storesPeloton CEO believes cost-cutting can help reverse slide A new Sapphire Reserve card for business with the same annual fee was also unveiled. It contains premium perks for customers who spend at least $120,000 yearly. The new annual fee implementation and benefits will begin on October 26 for returning members, the same day as the renewal period. However, new members will be subject to the new fees after June 23, the day the card applications open. Welcome incentives will also be revealed on that day. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Forbes
4 days ago
- Business
- Forbes
New Chase Sapphire Reserve Benefits To Know About
A few things in life are certain: death, taxes and issuers changing your favorite credit cards. Chase is keeping the tradition alive with a full revamp of its beloved Chase Sapphire Reserve®. With a flood of new perks and a steep annual fee hike, for better or worse, as of June 23, the refreshed Sapphire Reserve will arrive. If you are a big spender, you can unlock even more benefits when you spend $75,000 in a calendar year: Your rewards on spending are also changing. These are the new earning rates for your Chase Sapphire Reserve card: Chase is replacing its 50% bonus on travel bookings made through Chase Travel with an all-new Points Boost feature. With the promotional Points Boost offers, select hotels and flights can be redeemed for up to 2 cents per point in value. Note that only select flights and hotels booked through Chase Travel are eligible for Points Boost. All other Chase Travel bookings will be worth 1 cent per point. You might want to be sitting down for this one. The annual fee on the Sapphire Reserve now rings in at $550. That's a $245 increase. And it gets worse—authorized user cards jump to $195 per person, up from $75 each, or in other words, a $120 increase. Note: As of June 23, new applicants will have access to the new benefits but will incur the increased annual fee. Existing card members will have access to Points Boost and the additional features and benefits starting October 26, 2025. The annual fee will increase on their next anniversary date, following October 26. That's a lot to take in—and if you're feeling overwhelmed, you're not alone. Whether you already have it, or you're thinking about applying, it can be tricky to figure out if the Chase Sapphire Reserve is worth it for you. While there's no one-size-fits-all answer, here are a few steps to help you decide: With a little math and a comprehensive look at your travel plans, you'll be able to tell if the new Sapphire Reserve deserves a spot in your wallet.
