Chase Sapphire Reserve card members will see a major fee increase: Here's when and what to expect
JPMorgan Chase has announced some big changes to its high-end Chase Sapphire Reserve credit card, which include a hefty new annual fee of $795, up from $550.
The Sapphire Reserve card, which is known for its slate of perks and benefits including travel credits and access to airport lounges, is also getting a counterpart in the Chase Sapphire Reserve for Business card. When the card was first introduced in 2016, the annual fee was $450, so it has increased by more than 75% since then.
Interestingly, customers don't seem to mind: The amount paid in annual fees totaled $6.4 billion in 2022, more than double the $3 billion paid in 2015, according to a 2023 report from the Consumer Financial Protection Bureau (CFPB).
When will the fee increase take effect?
According to Chase, customers still have a few days to sign up for the card at the old rate. If you're already a Sapphire Preferred member, or if you sign up before Monday, June 23, you can expect the same benefits and fee through October 25 of this year.
Though the fee is increasing significantly, there will be new card designs, and new credits and benefits that arrive along with the revamp.
Specifically, for cardholders who spend at least $75,000 per year on their cards, there will be new perks, such as exclusive online shopping experiences, and status rewards at IHG Hotels, and Southwest Airlines.
Points earnings rates and multipliers are also changing through a new Points Boost program. The new Business card will also have credits for services from ZipRecruiter, Google Workspace, and more.
'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.'
Premium card issuers up the stakes
Chase's announcement comes shortly after American Express, one of its chief rivals in the credit card space, teased a forthcoming overhaul to its premium Platinum Card. Details are scarce, but those changes are expected by the end of the year. The Platinum Card currently has a $695 annual fee.
In all, the board is set for Chase and Amex to duke it out with their premium offerings, which might provide some serious perks to customers who can afford them.
'We're going to take these cards to a new level,' Amex's said Howard Grosfield in a statement, 'not only in what they offer in travel, dining and lifestyle benefits, but also in how they look and feel, to meet the evolving needs of our customers.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
12 minutes ago
- Yahoo
Why a 'garbage rally' powered by junk stocks could explain quant hedge funds' no good, very bad summer
Quant hedge funds have been losing money since the start of June. The causes are unclear, though execs, traders, and banks have pointed to a few factors. Wednesday was another rough day, as the average quant lost 0.8%, according to Goldman Sachs. As the fundamental investing world marvels at another potential bubble made up of meme stocks and retail traders, quant hedge funds are trying to solve a much more complex problem. The smartest people at the smart money firms have been on a weekslong losing streak starting at the beginning of June, with firms like Qube, Two Sigma, and Point72's Cubist suffering losses over that time. Wednesday was another rough day of trading for many funds as the average quant lost 0.8%, according to Goldman Sachs. The bank's prime brokerage unit said July was on track to be the worst month in five years and pointed to similar factors as it did earlier in the week: A momentum sell-off, crowded trades, and high volatility in certain stocks. Business Insider previously reported that quant firms have been trying to pinpoint the cause of the steady-drip losses that have eroded a hot start to the year in systematic trading. Goldman isn't the only firm that's begun to wrap its head around what's happening. Computer-run managers have come up with theses, found parallels to past markets, and are even planning for a quick rebound. A belief taking hold is that broader market calamity is unlikely to spread, as the sources of pain aren't fundamental market weakness or a lurking economic maelstrom, but rather the opposite: a surprisingly strong economy that has flooded the markets — and questionable stocks — with liquidity that happened to catch quants wrong-footed. Dark Forest Technologies founder Jacob Kline wrote in a Friday note to investors that the current scenario is "not at all like 2007," when forced deleveraging inflicted rapid losses across the systematic space. Kline, who was previously on the investment committee at Bridgewater, said this summer's swoon is a byproduct of "what we politely call a 'garbage rally.'" He theorizes that the resurgence in heavily shorted junk stocks in recent weeks has forced some smaller quant firms to sell their positions, adding to the pain for everyone still holding on. "It's a bad month but not a crisis; the drivers are atypical but not surprising," the note reads. It's not Sydney Sweeney and the memestock crowd Don't give too much credit to Sydney Sweeney and the memestock crowd. They were late to the ball game. One executive at a multimanager fund involved in quant strategies said some large funds started noticing losses before June. Weeks before Kohl's and American Eagle became retail darlings, some micro-cap stocks and thinly traded Chinese names "had been running for three weeks doing silly things." "There's no underlying malady. No COVID. No great financial crisis," the multimanager exec said. He ascribes blame largely to a broader surge in market liquidity and risk appetite, a result of positive macroeconomic developments that began burbling months ago. A "peculiar set of circumstances" preceded the quant bleeding, according to Kline. The broader stock market rally heading into June was largely driven by retail and systematic trend-following. Hedge funds had relatively low net exposure — but they had been hedging the quality stocks by shorting weak ones, which was profitable. The market reached all-time highs in June, and with prices so rich, hedge funds stopped adding to those high-quality stocks but also stopped betting against the weak ones. Removing their short positions boosted "garbage" stocks, which attracted the attention of retail traders and meme stock enthusiasts, driving those positions up further. Because quants, in simplistic terms, use their mathematical firepower to "sort good from bad," as Kline put it, this rally in low-quality companies set many of them up for pain. "Quants are generally going to be on the other side of that kind of arbitrary move," Kline said. Strategies that jump on short-term trends "may be exacerbating" the surge, said Antoine Haddad, founder of $1 billion Bainbridge Partners, a multistrategy hedge fund with quant portfolio managers. This includes "AI-driven algos too," he said. The big-picture driver of this frenzied trading is the strong macroeconomic backdrop — low inflation, muted tariff impact, lack of rate hikes from the Federal Reserve — which has attracted more money into the market. During Covid and the original memestock craze four years ago, the market was awash in liquidity, and money gravitated to odd places, including seemingly worthless stocks — not to mention NFTs, cryptocurrencies, and SPACs. What's happening in 2025 is an echo, similar but far less intense. Another wrinkle and outgrowth of the increasing liquidity and risk appetite is the thaw in equity capital markets, which "have lit up like a Christmas tree," the multimanager exec said. While capital raising was dead much of this year, companies in June began raising money again through initial public offerings, follow-on raises, and convertible bonds, all of which "accelerated towards the end of the quarter, as global issuers and investors gained confidence amid a market rebound," according to Morgan Stanley's mid-July earnings call. This allows companies, "garbage" or otherwise, to improve their prospects by injecting their coffers at attractive valuations, potentially boosting their stock price as well. While many hedge funds closely monitor such activity, it's not traditionally the bailiwick of quants. "Quants don't sit in that business and they don't see that flow," the multimanager exec said. All eyes on the industry's largest quant funds Understanding the source of the quant carnage is one question. Identifying when the pain will abate is equally important. One trader who works at one of the industry's largest quant funds told BI that the actions of the biggest firms will be the most significant factor over the next week. If these funds are forced to sell, then there could be serious pain that could impact everyone from Fidelity mutual funds to Robinhood retail traders. "Some small players don't have a choice but to capitulate," the multimanager exec said, adding that the larger firms know that if a major peer cuts its exposure, "then it becomes a bigger contagion and gets out of hand." This hasn't happened yet, and some are betting that the bigger players will just sit tight. The size of the funds, the pain tolerance of their executives, and the trust they have in their models is where the quant heavyweights have the ability to shine. They either have investor capital locked up for years or a giant horde of internal money — meaning they can withstand losses for longer, especially if they anticipate a bounceback. Dark Forest compared the situation to the end of 2023, when some smaller quants were stung by the Federal Reserve's signalling that lower rates may be coming. This increase of liquidity in the stock market caused a similar surge in stocks that quants were either short or not invested in. Those who "pulled back missed out badly," while funds that held firm saw substantial gains in the following months. "Like 2023, the losses are big enough to where they are inducing the weaker hands to delever, which is exacerbating the losses this week," the note reads. But this time around, the "strong hands" will let their models continue because "the ARKKs of the world are unlikely to keep outperforming the market by 10% a month," Kline said, referring to the innovation-focused ETF managed by Ark Investment Management. "We think strong hands should be levering up into this headwind," the note concluded. Another executive of a small quant fund said they planned to ride out the "froth in sexy sectors." "We are not going to suddenly switch our models over this," he said. "It had been a great year before the summer. Those conditions can come back." The multimanager exec believes the worst is over. It can take time for markets to recalibrate the junk stocks, but "now that everyone is writing about it, we're probably done." Read the original article on Business Insider
CBS News
15 minutes ago
- CBS News
Hops and community are on tap at West Sacramento brewery, celebrating California Craft Beer Week
Craft brewers statewide are showing off their brews to recognize California Craft Beer Week through Sunday, July 27. It's an effort to bring community and craft beer together while spotlighting California's best locally made brews. The special edition pint glass, designed by a Sacramento artist, is only $5 and supports the California Craft Brewing Association. Breweries like Jackrabbit Brewing Company are putting their best hop forward, putting a spotlight on their specialty beers and West Sacramento taproom. "You come in, have a pint of beer and get to know your neighbor," said Evey Ramos, the brewery's events coordinator. Jackrabbit's featured "Hop Stomper" beer was an instant best-seller, thanks in part to the familiar face on the can. The A's relocation to West Sacramento this season meant they met the moment by pitching an A's themed can -- with the mascot Stomper featured, it has already been a homerun. "It sold out of the taproom in a week and a half. It was crazy," said Ramos. The Hop Stomper is still sold out, but a new batch will launch in the taproom next week for purchase. With every pour, there's a purpose. The creative process starts in the brewhouse. "Tons of carbonation on this, which is what we go for," said head Brewer Mike Stone, pouring a glass directly from the tap in the cellar. The taste test is part of perfecting each brew. It comes after a lesson in Fahrenheit and fermentation. It's the science before the sip. "Our team just tweaks it one beer at a time," said Stone. The art is in creating something everyone can enjoy. "I worked corporate industry for seven years and found out I wasn't meant for a desk job and found my way into a brewery," said Stone."Watching other people enjoy something I've put a lot of time and effort into, that's the icing on the cake." Despite the dedication and drive, it's an industry in decline. In 2024, nationwide, more craft breweries closed than opened, according to the Brewers Association. In addition, last year the craft beer market also hit an all time low due to rising costs and declining sales. "I think any craft industry is difficult. You're making something with your hands, your heart, your soul and hoping people want to buy it. If you find somebody local who you love and want to support, then please, please do," said Ramos. Drinking and buying craft beer is what keeps the local taps from running dry. This Sunday, Jackrabbit Brewing is finishing off Craft Beer Week with a jazz concert fundraiser supporting local high school musicians. To purchase the West Sacramento-brewed beers, visit their website. Jackrabbit also recently launched a new venture creating custom craft beer cans for corporate of gifting needs. Customers can work with their in-house designer to create the perfect custom label.
Forbes
15 minutes ago
- Forbes
Top 10 Podcasts for Managers and Mid-Level Leaders
Brené Brown's "Dare to Lead" is one of the best podcasts for managers and mid-level leaders. Managers and mid-level leaders may have the hardest jobs in the workforce. They are tasked not with setting an agenda but with following one, motivating their employees to stay on task, focusing on the road ahead, and supporting the vision of leadership at the top. These managers are leaders in their own right but often limited in how much they can effect change, while also hearing complaints from above and below. Balancing all this can be a challenge, and so it helps to know that there are others experiencing the same difficulties and also reaping the many rewards that come with middle-management. This list of podcasts for new and seasoned managers and mid-level leaders can help you find inspiration, new approaches and joy in your job. The 10 Best Podcasts For Managers And Mid-Level Leaders This list was compiled based on podcast ratings on iTunes and other sites, social media presence of the podcast, expertise of the hosts, and quality and diversity of guests. Read on to find your next five-star listen. Hosted by renowned academic and storyteller Brené Brown and based on her book of the same name, Dare to Lead challenges listeners to innovate and create new approaches to leadership. Brown interviews celebrities, cultural tastemakers and thought leaders who give insights into finding your own leadership style and perfecting that approach. Some of her most popular episodes have focused on impostor syndrome, armored vs. daring leadership, creating brave spaces and defining daring leadership. Guests range from the incredibly famous, like Former President Barack Obama, to gifted communicators like author Ruchika T. Malhotra. This podcast is best for managers trying to define and hone their leadership styles. You can listen to Dare to Lead on iTunes, Amazon Music, iHeartRadio and Spotify. From Harvard Business Review, HBR IdeaCast features interviews with business leaders and managers and is hosted by HBR Executive Editor Alison Beard and Senior Editor Curt Nickisch. Each episode provides actionable tips for making day-to-day decisions easier and maximizing time. Topics range from finding ways to utilize artificial intelligence (AI) for training and project management to the wisdom of immigrant entrepreneurs. Guests include Moms Demand Action founder Shannon Watts, Harvard University President Emeritus Lawrence H. Summers and Amazon CEO Andy Jassy. This podcast is best for up-and-coming managers looking to establish their footing. You can listen to HBR IdeaCast on iTunes, YouTube, Amazon Music, iHeartRadio and Spotify. Host Adrion Porter started Gen X Amplified with Adrion Porter to give voice to the generation stuck between the Baby Boomers and Millennials. He focuses on mid-career leaders who have learned from both experience and observing those above and below them, offering unique insights into everyday leadership. Topics include reaching your full potential at work, creating a purposeful career path, recovering from burnout and how to cultivate empathy. Guests tend less toward celebrities and more toward authors, journalists and creators, such as CNBC's Jon Fortt, equity strategist and author Tara Jaye Frank and Ian Schafer, president of Issa Rae's Ensemble. This podcast is best for mid-career managers looking for inspiration as they aim even higher. You can listen to Gen X Amplified with Adrion Porter on iTunes, Audible, YouTube, Amazon Music and Spotify. Adam Grant, an organizational psychologist, delves into workplaces that have incorporated innovative strategies to make every day more productive and actually fun. His message on WorkLife with Adam Grant: Work doesn't have to suck, and anyone can play a role in changing the culture. Topics include improving meetings (oh hallelujah!), the pitfalls of charisma and how to avoid that trap, navigating bureaucracy, and how to stop chasing perfectionism. The guests include a mix of everyday people and workplace experts as well as the occasional A-list celebrity like Dolly Parton. This podcast is best for managers looking to encourage changes in their work culture but uncertain where to begin. You can listen to WorkLife With Adam Grant on iTunes, TED, Amazon Music, YouTube, iHeartRadio and Spotify. Radical candor is the idea of stating your honest opinion, the positive and negative, while exhibiting empathy for the other person. Kim Scott's book Radical Candor inspired this podcast, where Scott and Radical Candor co-founder Jason Rosoff speak to lead Radical Candor coach Amy Sandler about the concept and how to deploy it. Topics include deep dives on employee one-on-one sessions and how to improve them, the problem with vanishing vacations, how to become a boss, and how to give feedback to employees about their tone. Not every episode has a guest, but notable ones include Google Distinguished Designer Ryan Germick, The Economist's 'Bartleby' columnist Andrew Palmer. This podcast is best for managers looking to improve their communication skills. You can listen to The Radical Candor Podcast on iTunes, YouTube, Amazon Music, iHeartRadio and Spotify. You don't need to be an entrepreneur to benefit from EntreLeadership, from noted financial guru Dave Ramsey's Ramsey Solutions. Ramsey offers business and leadership coaching, with a generous dose of encouragement for those finding their footing in the entrepreneurial world—but these tips are also applicable to middle managers. Topics often touch on current events, such as the impact of tariffs on business, and managers can skip most of those. But the in-depth considerations of issues like when to intervene when someone you supervise is having a problem and when leadership structure becomes a problem are definitely worth your time. Ramsey uploads new episodes several times a week, too. This podcast is best for anyone looking for inspiration. You can listen to EntreLeadership on iTunes, YouTube, Amazon Music, iHeartRadio and Spotify. Hosted by twins identified only as 'The Recruiter' and 'The Expert,' The Career Salon With the HR Twins draws on their more than 38 years of combined experience in human resources and recruiting to advise listeners on critical aspects of business. Their fun rapport and curiosity make this listen fly by. Topics range from in-the-weeds breakdowns of performance improvement plans to hiring dos and don'ts from an attorney. The twins usually have at least one guest, often chief people officers or recruiters, but they also examine general trends in HR and offer insights based on their real-world experience. This podcast is best for managers involved in hiring. You can listen to The Career Salon With The HR Twins on iTunes, Overcast and Spotify. What have seasoned leaders learned over the years and how can managers put those lessons to work for them? That question drives The Global Leadership Podcast, hosted by Global Leadership Network executives Whitney Putnam and David Ashcraft. Whether you want to know how to manage conflict or increase productivity, they have answers. Topics include using science-backed theories that have helped high-level athletes in the workplace, how to focus on high-level work, and applying military strategies to the workplace. Guests are experts in their fields, which may be a Navy pilot, a bestselling author or a scientist, though sometimes it's just Ashcraft sharing his expertise. This podcast is best for managers struggling to focus their work who want to become more productive. You can listen to The Global Leadership Podcast on iTunes, YouTube, iHeartRadio and Spotify. LinkedIn co-founder and Greylock partner Reid Hoffman has experienced business success and knows how others can try to achieve it. His podcast, Masters of Scale, features other successful founders, CEOs and entrepreneurs who share how they overcame challenges and break down how they achieved their biggest triumphs. Topics include how to grow small businesses, navigating global expansion and ways AI can benefit managers. He also tackles timely issues in the news. Hoffman's list of guests is a who's who of the business world, including authors John Green and Suzy Welch, Starbucks CEO Brian Niccol and PBS President and CEO Paula Kerger. This podcast is best for managers looking for outside-the-box ideas. You can listen to Masters of Scale on iTunes, YouTube, Amazon Music, iHeartRadio and Spotify. No matter your identity, you can find inspiration and advice from Latina Leadership Podcast, an insightful show focused on navigating life and work with purpose and progress. Anjelica Cazares founded the podcast during the pandemic to help bring Latina women together. Other co-hosts are Olga Rodriguez, Susie Barrera and Andrea Diaz. Topics include maintaining mental health, the ups and downs of launching a new business, how to navigate working with family (a great niche topic that is hard to find honest coverage on), and finding reliable role models. Guests include a who's who of Latina women in business (plus many others), from IT executives to dietitians to health care providers. This podcast is best for managers looking for support and reassurance. You can listen to Latina Leadership Podcast on iTunes, YouTube, Amazon Music, iHeartRadio and Spotify. Grab your AirPods and plug in to any one of these insightful and often uplifting podcasts for managers and mid-level leaders to help you take your career to the next level.
