JPMorgan Chase is rolling out a major update to its flagship Sapphire Reserve credit card, aiming to retain high-income customers with an expanded suite of premium perks—despite raising the annual fee to $795.
The bank announced on Tuesday that the revamped Sapphire Reserve will officially launch on Monday and will feature over $2,700 in potential annual benefits. This includes both legacy perks and a series of new offerings focused on travel, dining, and entertainment.
Among the most notable additions:
- A new redemption program that doubles the value of points for select travel offers
- A $500 annual credit for use at JPMorgan’s curated hotel and resort collection
- A $300 dining credit at exclusive Sapphire Reserve partner restaurants
- A $300 entertainment credit for purchases on StubHub or Viagogo
- Complimentary Apple TV+ and Apple Music subscriptions, worth $250 per year
Customers who spend $75,000 or more annually will unlock additional elite perks, including top-tier loyalty status with Southwest Airlines and IHG Hotels and Resorts.
Alongside the consumer card refresh, JPMorgan has also introduced a Sapphire Reserve Business Card, mirroring the personal card’s benefits but tailored for business users. This includes extra credits for services like ZipRecruiter and Google Workspace, putting the card in direct competition with the long-established AmEx Business Platinum.
A Shift Toward the Ultra-Premium Market
Since its 2016 debut, the Sapphire Reserve has disrupted the premium credit card space with attractive sign-up bonuses, strong travel protections, and airport lounge access. However, with this latest update, JPMorgan appears to be positioning the card for a more exclusive, high-spending clientele.
Analysts suggest the bank may be intentionally narrowing its target market. “When the Sapphire Reserve first launched, it was a champagne experience on a beer budget,” said Ted Rossman, senior analyst at Bankrate. “Now, with rising fees, some users may consider downgrading or switching to other premium cards.”
Yet, analysts also note that both JPMorgan and American Express are embracing a “subscription-style” business model, where continually refreshed perks help justify higher fees and keep customers engaged.
American Express, for its part, is expected to introduce updates to its Platinum card later this year. While its current annual fee stands at $695, a price hike may be on the horizon as the perks war intensifies.
According to KBW analyst Sanjay Sakhrani, “These cards are not for everyone, but for the right user, they offer unbeatable value. JPMorgan and AmEx have built ecosystems that encourage spending and loyalty—even at the $800 level.”
