JPMorgan Chase boosts Sapphire Reserve credit card annual fee to $795
June 17 (UPI) -- JPMorgan Chase is banking on a slew of new travel rewards to justify a massive annual fee increase of 45% on its popular premium credit card.
The bank announced Tuesday that its Sapphire Reserve card will now cost users $795 each year in exchange for double the value of points for select travel offers, a $500 annual credit on select resorts and a $300 dining credit for select restaurants, starting next Monday.
"It's been almost 10 years since Sapphire first launched, and we really think we tapped into something special in the premium card space when it did," Chris Reagan, president of branded cards at Chase, told reporters last week. "But we know that the industry has changed a lot since then."
In addition to travel perks and airport lounge access, the card will include a free Apple TV+ subscription, a $300 DoorDash credit and a $300 credit for StubHub tickets. The card also features a $120 credit for TSA Precheck and Global Entry.
Chase said it also tweaked the points structure on the card with eight-times the points -- more than double -- on purchases through Chase Travel, four times the points on flights and hotels booked directly and three times the points on dining.
Five times more points can be earned on "eligible" transportation, along with points for everyday spending, according to Chase, which touted its "new points redemption accelerator program" that will replace what first drew customers to Sapphire Reserve.
"We're bringing elevated benefits and greater value in the areas that our current members are most passionate about," said Sam Palmer, general manager of Chase Sapphire, who promised the new Sapphire Reserve will deliver "over $2,700 in card member value."
Those who spend more than $75,000 a year in card purchases will see even more benefits.
Chase launched its Sapphire Reserve card in 2016 before it quickly became one of the most popular premium credit cards for travel, according to travel news website One Mile at a Time.
"When the Sapphire Reserve first came out, it was a solid middle-class play that offered champagne travel on a beer budget," said senior Bankrate analyst Ted Rossman. "These premium cards are going more luxury, and I wonder if the $800 fees are becoming too much for some to stomach."
While the changes for new cardmembers go into effect Monday, existing cardmembers will not see the changes -- or increased annual fee -- until Oct. 26.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
UPI
4 hours ago
- UPI
Agriculture Department announces National Farmers Market
Agriculture Secretary Brooke Rollins takes part in a Make America Healthy Again (MAHA) Commission event in the East Room of the White House in Washington, D.C., in May. In a release on Thursday, she said The Great American Farmers Market is a "chance to honor the heart of our nation." File Photo by Francis Chung/UPI | License Photo July 3 (UPI) -- The Department of Agriculture has announced that it will host the Great American Farmers Market on the National Mall Aug. 3 to Aug 8., inviting local producers and growers from throughout the country to attend. "There is no greater celebration of America's legacy than through American agriculture!" Agriculture Secretary Brooke Rollins said in a statement. "Farmers helped found our nation and for centuries have diligently passed down the craft of feeding, fueling, and clothing their fellow patriots. The Great American Farmers Market is a celebration of the almost 250 years since our inception and a chance to honor the heart of our nation." The USDA, which was founded by Abraham Lincoln as the "People's Department" during the Civil War, is the only department to be located directly on the National Mall, which officials have said signifies the importance of American agriculture. Th event has hosted a farmers market every year since 1995 to provide access for vendors in the Washington, D.C., area. This year, the event is being expanded to include farmers from all 50 states. The farmers market event is designed to recognize agriculture "as the cornerstone of our history, providing direct market access to the heart of Washington, inspiring the next generation of farmers and ranchers, and Making American Health Again with fresh food grown by our farmers," the release said. The Great American Farmers Market will be held as part of America 250, the celebration of the country's birthday.
Forbes
5 hours ago
- Forbes
This Travel Card Is Outsmarting the Competition—Here's Why I Keep It In My Wallet
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. When it comes to selecting the best travel rewards credit card , it's easy to get overwhelmed by the options available. Two of the top contenders in recent years, however, have been the Capital One Venture X Rewards Credit Card and the Chase Sapphire Reserve® card, which charge annual fees about as large as their lofty reputations. After all, you get what you pay for. With recent changes to the Chase Sapphire Reserve , including a significant overhaul to its benefits structure and a steep hike of its annual fee to $795 (as of June 23, 2025), the Venture X card has eked out a glorious win over the CSR as the superior travel card in my eyes. Here's why. As the cardholder of over a dozen credit cards and counting, knowing that the Venture X sits in my wallet front and center gives me a sense of security and satisfaction. And that's because I sleep well at night knowing that even before counting the rewards that I've racked up, the card more than pays for itself. While an annual fee of $395 (rates & fees) is difficult to swallow every year, the feeling becomes an afterthought thanks to the beneficial combination of its $300 annual travel credit for bookings through Capital One Travel and the 10,000 bonus miles each account anniversary (worth $100), which has me coming out ahead before factoring in any other perks. Here are some of the other perks of the Venture X: Welcome bonus: 75,000 bonus miles after spending $4,000 on purchases within the first three months of account opening $300 annual travel credit (must be used through the Capital One Travel portal) Access to Capital One lounges and Priority Pass™ lounges after enrollment $120 Global Entry or TSA PreCheck application fee credit Hertz President's Circle status Rental car protection Trip delay insurance Trip cancellation and interruption insurance Lost luggage reimbursement Travel accident insurance Up to four authorized users at no additional cost No foreign transaction fees In my first year of holding the Venture X, I was able to maximize my earnings between the welcome bonus and strong earning structure on flights and hotels. In fact, I was able to earn more than $2,000 worth of Capital One miles . The card's access to lounges proved to be extremely valuable, offering a space where I could rest and grab a free meal before a flight. The additional range of insurance saved me hundreds on primary insurance for car rentals and helped reimburse me when an airline lost one of my bags on a trip. All in all, the Venture X offers up-front value with little extra effort required. For that reason, it's a staple in my wallet, and even with changes to other premium travel credit cards, it's still my go-to. In June, Chase unveiled sweeping changes to its premium travel card, the Sapphire Reserve. More than just a bump of the annual fee to $795, making it one of the most expensive credit cards available on the market, the card's revamp ushered in a slew of changes that aren't necessarily for the better. The card offers the following: Welcome bonus: 100,000 bonus points, plus a $500 Chase Travel℠ promo credit after spending $5,000 on purchases in the first three months from account opening Access to Chase Sapphire lounges and Priority Pass™ lounges $120 Global Entry, Nexus or TSA PreCheck application fee credit Rental car insurance Trip cancellation and interruption insurance Trip delay insurance Lost luggage reimbursement Roadside assistance $0 foreign transaction fee Previously, the Chase Travel portal provided the bank a formidable edge in point redemptions, as Ultimate Rewards® points redeemed by Sapphire Reserve cardholders were worth a flat rate of 1.5 cents apiece. Unfortunately, Chase's move away from flat-rate redemptions for Sapphire Reserve cardholders has taken that advantage away. In its stead, Chase is offering a new redemption system called Points Boost , where Sapphire Reserve cardholders can redeem points at a value of up to 2 cents apiece on select flights and hotel stays. However, getting maximum value is tricky, and on bookings not eligible for Points Boost, the redemption value drops to 1 cent per point. Find the best travel credit card for your travel needs. On top of the new changes, the Reserve includes other benefits that can make the card worthwhile, depending on the person and their day-to-day spending. Are you interested in a Peloton membership? Do you eat out a lot? Do you regularly buy concert tickets through StubHub? These are all conditions as to whether or not the card would be worth the cost for you and whether, most importantly, they're valuable to you in a travel card. Additional Sapphire Reserve perks: Up to $300 in credit at restaurants in the Sapphire Reserve Exclusives Table program in the form of two biannual $150 credits Up to $300 statement credit for StubHub, in the form of two biannual $150 credits Up to $250 toward Apple TV+ and Apple Music subscriptions Up to $120 in credit towards a Peloton membership $120 in Lyft credits ($10 a month) $300 annually in monthly DoorDash promos and a complimentary DashPass membership worth $120 annually Complimentary IHG One Rewards Platinum Elite Status through December 31, 2027 Up to $500 in credit for The Edit℠, Chase's luxury hotel portal, in the form of two biannual $250 credits Fee of $195 per year for each additional user added to the card If you spend over $75,000 on the card in a year, you can unlock the following perks: Southwest Airline benefits: Receive $500 Southwest credit and Southwest A-List status when booked through Chase IHG One Rewards Diamond Elite Status $250 in credit for Chase's shopping platform, The Shops In my eyes, these new changes take the card from what was previously a strong travel option to a shell of its former glory. Despite the expensive $795 price tag, the travel benefits offered by the more affordable Venture X beat Chase's offerings, whose additional perks create a complicated web of research and bookkeeping for you to keep track of. With the Chase Sapphire Reserve, users with high spending thresholds may earn more perks, but the Venture X card has a much lower threshold, making it accessible for all travelers—from those who take one vacation a year to seasoned digital nomads. I like that you don't need to worry about hitting high spending targets in specific categories to earn premium rewards with the Venture X. Conversely, for a luxury card, the Chase Sapphire Reserve is asking too much of people who don't want to dedicate hours to memorizing card benefits. To me, the Venture X rewards a more straightforward approach, which makes it an ideal card for people who want premium perks without the need to chase bonus categories. It offers a competitive welcome bonus, lower annual fee, lucrative perks, travel protections and a solid customer service team. What more can you ask for? For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply. Upon enrollment, accessible through the Capital One website or mobile app, eligible cardholders will remain at that status level through the duration of the offer. Please note, enrolling through the normal Hertz Gold Plus Rewards enrollment process (e.g. at will not automatically detect a cardholder as being eligible for the program and cardholders will not be automatically upgraded to the applicable status tier. Additional terms apply.
UPI
6 hours ago
- UPI
Panama president seeks support for vital Río Indio water project
July 3 (UPI) -- Panamanian President José Raúl Mulino urged member nations at the Mercosur Summit in Buenos Aires, to back the Río Indio project, a critical infrastructure effort to secure water supplies for the Panama Canal amid mounting climate change pressures. "I need the support not only of the users, but also of the international community, so this project, led by the Canal Authority, can succeed and move forward as quickly as possible," Mulino said Tuesday. Mercosur, short for Mercado Común del Sur, is a South American trade bloc formed in 1991 by Argentina, Brazil, Paraguay and Uruguay, whose main goal is to promote free trade and economic integration among member countries. The request followed similar appeals made days earlier during Mulino's official visit to Seville, where he discussed the project with Spain's King Felipe VI, emphasizing the urgency of building a reservoir to safeguard the canal's long-term sustainability. On the same trip, he also raised the issue with Ecuadorian President Daniel Noboa, noting that the project would benefit not only Panama, but also other canal users, including Chile and Ecuador. "The Canal is neutral, but its sustainability is a shared responsibility," Mulino said. The Río Indio project calls for building a multipurpose reservoir in central Panama, in the basin of the river of the same name. The reservoir would hold up to 55.7 billion cubic feet of water and flood an estimated 17.4 square miles. The plan includes a roughly 5-mile transfer tunnel to Gatún Lake, one of the Panama Canal's main water sources. The Panama Canal Authority says the reservoir would add 42.4 billion square feet of reliable water annually -- enough to support about 15 additional daily transits and bolster operations during prolonged droughts. The project carries an estimated cost of $1.6 billion, with at least $400 million allocated for social compensation, community resettlement and environmental mitigation. Mulino's international strategy seeks not just financial and diplomatic backing, but symbolic support, as well. In his remarks in Buenos Aires, Mulino referred to a January statement by U.S. President Donald Trump, who said he intended to "take back control" of the Panama Canal. Mulino thanked the international community for its support, saying, "The canal is and will remain Panama's -- a national asset that took 100 years to reclaim." As climate change intensifies, Panama faces the challenge of balancing national and international water demands with the rights and livelihoods of rural communities. The Río Indio project has sparked strong opposition from local farmers and social organizations. In May, more than 400 people held a symbolic protest, paddling canoes down the river in defense of their land and way of life. The canal authority has pledged a process that is "orderly, fair and transparent," and said no family will be relocated without prior consultation.
