JPMorgan Chase revamps its Sapphire Reserve card with a $795 annual fee and $2,700+ in perks

In a bold move to capture the loyalty of affluent consumers, JPMorgan Chase has unveiled a major overhaul of its flagship Sapphire Reserve credit card — complete with a steep increase in the annual fee and a slate of new perks designed to appeal to high-spending travelers and diners.

Starting June 23, the annual fee for the Sapphire Reserve will jump 45% to $795, marking the largest fee increase since the card's launch in 2016. While the higher price tag may give some cardholders pause, JPMorgan argues the revamped offering delivers more than $2,700 in annual value — a compelling return for users who can maximize the card's rich benefits.

What’s New: High-End Perks for High-End Spending

The updated Sapphire Reserve card keeps many of its original benefits but layers on a mix of new rewards aimed squarely at affluent lifestyles. Notably:

• $500 annual credit at hotels and resorts in Chase’s curated collection.
• $300 dining credit at restaurants participating in the new Sapphire Reserve Exclusive Tables program.
• $300 StubHub or Viagogo credit, expanding the card’s reach into entertainment.
• Free Apple TV+ and Apple Music subscriptions, together valued at $250 annually.
• A new redemption structure doubling the value of points for certain travel purchases.

Additionally, customers spending $75,000 or more annually will unlock elite status perks with Southwest Airlines and IHG Hotels and Resorts — a clear move to reward loyalty at the top end of the market.

Business Card Launch Puts Chase in Amex Territory

JPMorgan is also launching a Sapphire Reserve business card, matching the $795 annual fee and offering similar benefits to the consumer version. The business card includes extra features like credits for ZipRecruiter and Google Workspace, signaling Chase’s ambition to challenge American Express more directly in the premium business space.

Upscale Ambitions, But at What Cost?

The relaunch reflects JPMorgan’s broader strategy of moving upmarket — building on the momentum it sparked with the original Sapphire Reserve’s 2016 debut, which disrupted the credit card industry with generous bonuses and a luxury-travel focus. But the game has changed.

Now, as the card becomes more exclusive and expensive, some worry it may alienate the broader base of customers who made it a breakout success.

“When the Sapphire Reserve first came out, it was a solid middle-class play that offered champagne travel on a beer budget,” said Ted Rossman, a senior analyst at Bankrate. “These premium cards are going more luxury, and I wonder if the $800 fees are becoming too much for some to stomach.”

That may be intentional. Amex and Capital One have faced backlash over crowded airport lounges and diluted exclusivity. By increasing fees and tightening access, JPMorgan may be curating a more exclusive, less congested experience — appealing to high-spenders while encouraging others to downgrade to lower-tier cards like the Sapphire Preferred.

The Future of Premium Cards: Subscription-Like Value

The trend reflects a broader shift toward a subscription-style model in the premium credit card space. Both JPMorgan and Amex seem to believe that bundling a growing array of lifestyle, travel, and entertainment perks justifies higher fees — as long as the perceived value keeps pace.

“They feel that it creates a flywheel around keeping people engaged and spending in the system,” said KBW analyst Sanjay Sakhrani. “Even at $800 in annual fees, I don’t think just anyone can provide the breadth of perks that you get on those cards.”

As Amex prepares to announce updates to its Platinum card later this year — potentially with its own fee hike — the competition for affluent cardholders is heating up. Whether Chase’s new Sapphire Reserve can hold onto its loyal base while scaling the luxury ladder remains to be seen.

For high-spending travelers and diners, though, the message is clear: premium cards are becoming pricier, but more perk-packed than ever.