JPMorgan Chase is revamping its premium Chase Sapphire Reserve credit card by raising the annual fee from $550 to $795. In addition to appealing to high-end travelers, the card will launch a counterpart for businesses. While the fee rise may seem steep, consumer willingness is evident, with annual fee payments surpassing $6.4 billion in 2022. Alongside the fee hike, the revamped card will offer new benefits and design elements, including perks for high spenders and enhanced travel credits.
"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."
Since the Chase Sapphire Reserve card was introduced in 2016, the annual fee has increased by more than 75%, going from $450 to $795.
The amount paid in annual fees for premium credit cards totaled $6.4 billion in 2022, more than double the $3 billion paid in 2015.
New card designs and additional benefits will accompany the fee increase, including perks for high spenders like exclusive shopping experiences and hotel status rewards.
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