The good news for fans of the Chase Sapphire Reserve credit card is that it is about to get a slew of new benefits. The bad news is the annual fee is about to jump.
In the latest tit-for-tat in the premium credit cards market, JPMorgan Chase (JPM) on Tuesday unveiled new benefits for the card, the annual fee for which will be increasing to $795 from $550.
The changes, which will take effect June 23, include flight bookings within the Chase Travel portal now earning 8x Ultimate Rewards points, up from 5x previously; bookings for hotels, rental cars, cruises, activities, and tours also will earn 8x points. Flights and rooms booked directly with airlines and hotels now will earn 4x points, up from 3x. Dining purchases will remain earning 3x points.
Chase had teased changes with an Instagram post featuring model Claudia Schiffer last week. Not to be outdone, rival American Express (AXP) on Monday announced “major updates” are coming “later this year” to the U.S. Consumer and Business versions of its popular Platinum cards, which have annual fees of $695.
Chase also is now offering complimentary subscriptions to Apple’s (AAPL) Apple TV+ and Apple Music through June 22, 2027; up to $300 annually in DoorDash (DASH) credits; up to $300 annually in StubHub credits for concert and event tickets; and up to $500 annually in hotel credits for some prepaid bookings made through The Edit by Chase Travel.
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