Latest news with #SapphireReserve
Miami Herald
a day 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.
Yahoo
2 days ago
- Business
- Yahoo
How Chase's new Sapphire Reserve credit card compares to rivals
JPMorgan Chase (JPM) is hiking the annual fee on its Sapphire Reserve card from $550 to $795 and adding perks like new spending bonuses. Yahoo Finance Senior Credit Card Writer Ben Walker joins Wealth to break down how the revamped card compares to Chase Sapphire Preferred, American Express (AXP) Platinum, and Capital One (COF) Venture X credit cards. To watch more expert insights and analysis on the latest market action, check out more Wealth here. Well, JP Morgan Chase unveiling the latest update to its Sapphire Reserve card on Tuesday. The changes include a hefty bump in its annual fee to $795. That's up from the prior $550. But with that extra money comes extra perks, including new credits, free status at IHG Hotels and additional perks after spending $75,000 in a year. So how do these changes stack up against other popular credit cards? For more on that, we have Ben Walker, Yahoo Finance senior credit card writer. So Ben, let's start by comparing this to a card many Chase fans hold, the Sapphire preferred card. What are the differences here? Because the preferred card, especially now, the annual fee is a lot less. Yeah, thanks for having me. I mean, the annual fee on the Sapphire preferred is $95 compared to the updated Sapphire Reserve, which is $795. That's a difference of $700. So that's the biggest difference you're going to find between these two cards. Um, I would recommend, just in general, or if we're talking about the vast majority of people, the Sapphire preferred is probably the better card because most people do not need to be paying $795 for a travel credit card. However, if you want premium benefits, including airport lounge access, then the difference, you know, in annual fees could make a lot of sense. The Sapphire Reserve also has a lot of new benefits. However, they could be a little complicated to use. So you have to look at those benefits and see how they align with your travel preferences. And do you think when the reserve card was in the 500s for the annual fee, did that make it worth it to choose a reserve over the preferred, or are you still a preferred guy? Uh, in general, still a preferred guy, but the Sapphire Reserve made a lot more sense for a lot more people when it was at the $550 annual fee. And that's just because the $300 flexible travel credit, you know, immediately cut out a lot of that annual fee. And then you could find a lot of value just by using, you know, the airport lounge access benefits. Yeah, good point there. Now let's compare the Chase Sapphire Reserve to some other travel cards. First, how does it stack up against the American Express Platinum card? Yeah, I would say the American Express Platinum card is probably, you know, the easiest comparison, uh, for premium travel credit cards, especially with the updates to the Sapphire Reserve and its annual fee. Um, so the Sapphire Reserve annual fee is 795, and the Amex Platinum is actually 695 right now. So the Amex Platinum has a little bit of an edge over the reserve in that regard. However, they both have tons of travel credits. They both have airport lounge access. You can transfer points to hotel and airline partners. Um, they're actually very similar cards in regards to their benefits. So I think it really comes down to, again, seeing how your travel preferences align with each card. For example, you know, if you prefer Chase Sapphire lounges compared to Centurion lounges, or if with the Sapphire Reserve new benefits you want that IHG Platinum Elite status compared to the Marriott or Hilton status on the Platinum. Interesting. And are there certain airline partners that either card has as well? Yeah, they have specific transfer partners. Um, you know, with Chase, one of the big ones is you can transfer your points to the World of Hyatt program. And that has consistently been one of the most popular transfer partners for getting a lot of value out of your points. And what about the Capital One Venture X card? How does the Chase Sapphire stack up? Yeah, just, uh, first off, looking at the annual fees, the Venture X has a $395 annual fee. Compare that to the new $795 annual fee on the Sapphire Reserve, and that's a $400 difference. So immediately, the Venture X is going to be more appealing to a lot of people who don't want to pay such a high annual fee. Um, I also would recommend the Venture X to more people who want a premium travel credit card because it's just a little more straightforward to use. Um, there is one big downside of the Venture X coming up. They have changes that, they're getting rid of the guest access, the complimentary guest access to airport lounges. Um, so that is a big change that the Sapphire Reserve will still have two complimentary guests to airport lounges, and that's a big, you know, pro in their favor. Um, but the Venture X still is a more straightforward card. Uh, the Sapphire Reserve, uh, really got to look at the benefits, see if you can actually use them every year to get the value out of them. Otherwise, you know, that 795 annual fee is not going to make sense for a lot of people. 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
Yahoo
2 days ago
- Business
- Yahoo
How Chase's new Sapphire Reserve credit card compares to rivals
JPMorgan Chase (JPM) is hiking the annual fee on its Sapphire Reserve card from $550 to $795 and adding perks like new spending bonuses. Yahoo Finance Senior Credit Card Writer Ben Walker joins Wealth to break down how the revamped card compares to Chase Sapphire Preferred, American Express (AXP) Platinum, and Capital One (COF) Venture X credit cards. To watch more expert insights and analysis on the latest market action, check out more Wealth here. Sign in to access your portfolio
UPI
3 days ago
- Business
- UPI
JPMorgan Chase boosts Sapphire Reserve credit card annual fee to $795
The JPMorgan Chase & Co. sign hangs at the bank's headquarters on Park Avenue in New York City. On Tuesday, Chase announced it would nearly double the annual fee on its Sapphire Reserve premium credit card to $795, in exchange for additional travel perks. File Photo by John Angelillo/UPI | License Photo June 17 (UPI) -- JPMorgan Chase is banking on a slew of new travel rewards to justify a massive annual fee increase of 45% on its popular premium credit card. The bank announced Tuesday that its Sapphire Reserve card will now cost users $795 each year in exchange for double the value of points for select travel offers, a $500 annual credit on select resorts and a $300 dining credit for select restaurants, starting next Monday. "It's been almost 10 years since Sapphire first launched, and we really think we tapped into something special in the premium card space when it did," Chris Reagan, president of branded cards at Chase, told reporters last week. "But we know that the industry has changed a lot since then." In addition to travel perks and airport lounge access, the card will include a free Apple TV+ subscription, a $300 DoorDash credit and a $300 credit for StubHub tickets. The card also features a $120 credit for TSA Precheck and Global Entry. Chase said it also tweaked the points structure on the card with eight-times the points -- more than double -- on purchases through Chase Travel, four times the points on flights and hotels booked directly and three times the points on dining. Five times more points can be earned on "eligible" transportation, along with points for everyday spending, according to Chase, which touted its "new points redemption accelerator program" that will replace what first drew customers to Sapphire Reserve. "We're bringing elevated benefits and greater value in the areas that our current members are most passionate about," said Sam Palmer, general manager of Chase Sapphire, who promised the new Sapphire Reserve will deliver "over $2,700 in card member value." Those who spend more than $75,000 a year in card purchases will see even more benefits. Chase launched its Sapphire Reserve card in 2016 before it quickly became one of the most popular premium credit cards for travel, according to travel news website One Mile at a Time. "When the Sapphire Reserve first came out, it was a solid middle-class play that offered champagne travel on a beer budget," said senior Bankrate analyst Ted Rossman. "These premium cards are going more luxury, and I wonder if the $800 fees are becoming too much for some to stomach." While the changes for new cardmembers go into effect Monday, existing cardmembers will not see the changes -- or increased annual fee -- until Oct. 26.
Forbes
3 days ago
- Business
- Forbes
Can You Combine Chase Points From The Sapphire Reserve For Business With The Sapphire Reserve Or Preferred?
Combining points across Chase cards can be a strategic move to maximize both the earning and redeeming potential of your Ultimate Rewards®. Historically, Chase has only allowed you to have one Sapphire Card at a time, but soon you'll be able to hold the Chase Sapphire Reserve for Business card* (launching on June 23) and the Chase Sapphire Reserve® or Chase Sapphire Preferred® Card. Points from Chase's new premium business card will be able to be pooled with rewards from both of these consumer cards and a few no-annual-fee cards. Here's what you need to know about combining Chase points and how it can upgrade your travel plans. Points pros have long relied on utilizing multiple Chase cards. It's particularly lucrative with a Chase trifecta, or a combination of cards that take advantage of the highest earning opportunities and the best redemptions. The Sapphire Reserve for Business earns 8 points per dollar on Chase Travel purchases, 5 total points per dollar spent on eligible Lyft rides (through Sept. 30, 2027), 4 points per dollar on flights and hotels booked direct, 3 points per dollar on social media and search engine advertising, 1 point per dollar on all other purchases. That's great for travel, but earning 1X at restaurants and other everyday expenses can easily be beaten by other Chase cards like the Sapphire Preferred or Freedom Unlimited—which earn 3X at restaurants. Transferring points to the Sapphire Reserve for Business could also give them more value if used to book with the card's new Points Boost program. With Points Boost, rewards can be redeemed for up to 2X when booking select hotels and flights with Chase Travel. Ultimate Rewards from the Sapphire Reserve for Business can also be transferred to over a dozen airline and hotel partners at a 1:1 ratio, including World of Hyatt and United Airlines MileagePlus. I regularly get double the value from my miles with points transfers like this. Moving points to the Sapphire Reserve for Business is essentially a way to give other cards access to transfer partners and Points Boost bookings. Ultimate Rewards earned on both consumer and business Chase cards can be combined under one card. Savvy cardholders move points to the card with the most valuable redemption options, like the Sapphire Reserve for Business. If you hold multiple Chase cards, points can be transferred from one card to another, even if you have a mix of business and consumer cards. Points can also be combined with one other person in your household as long as you share the same address. To combine points, follow these steps: If you plan to combine points from a Chase business card with a consumer card, you'll need to call the number on the back of your business card. Additional security verification may be needed for the initial points is instant. You should see the new balance reflected in both accounts in just a few moments. Cards that earn Ultimate Rewards points can be paired with the Sapphire Reserve for Business. Top recommendations include: The best card combinations offer earnings and benefits that have minimal overlap. Getting the Sapphire Reserve for Business and a card like the Chase Freedom Flex® or the Ink Business Cash® Credit Card allows you to earn in multiple categories while paying one annual fee. With the launch of the Sapphire Reserve for Business, Chase has turned a page on a longstanding rule that only allowed a person to hold one Sapphire card at a time. Now you can get the Sapphire Reserve for Business and the consumer Sapphire Reserve or Preferred. It's not for everyone, but a case could be made to pair the Sapphire Reserve for Business with the consumer Sapphire Reserve. Paying the annual fee for both means a big bill. But if you can utilize the over $2,000 in credits offered on each card, it could make sense. While keeping your business and personal expenses separate is a good idea, you're not only allowed to combine points from the Sapphire Reserve for Business with the Sapphire Preferred or Reserve, but this can be a powerful way to maximize your rewards. Spend strategically, redeem wisely and let your points go to work for you.
