New benefits, annual fees of $ 795

Jpmorgan Chase Booking that a long list of New privileges The wealthy wealthy will remain addicted to the sapphire reserve card, despite a heavy stumbling block in its annual fees.

On Tuesday, the bank revealed an update of the excellent credit card, which will now carry an annual fee of $ 795. This is a 45 % jump of its previous level and the largest price increase for the SAPPHIRI card since its launch 2016.

But Jpmorgan says that users will now get more than $ 2700 of annual advantages when the updated card is launched on Monday. This includes most of its previous benefits, as well as new benefits related to how to win customers and spend points on travel and eating.

For example, the bank promotes a new recovery program that doubles the value of the points used for selected travel offers and a new annual credit worth $ 500 in its collection of hotels and resorts.

There is also a new $ 300 dining credit in restaurants that make up part of the exclusive Sapphire Reserve tables network$ 300 credit for purchases in Stubhub or viagoAnd free subscriptions to apple JPMorgan said that TV+ and Apple Music, at a value of $ 250 annually.

Customers who spend at least 75,000 dollars annually on their cards open other privileges, including the highest level in Southern West Airlines and IHG Hotels and resorts.

JPMorgan also introduced a new Sapphire Reserve’s business card with an annual fee of $ 795 and similar privileges as a consumer card, along with Zipreccruiter and Google Workspace credits. This puts The bank directly against American ExpressWhich has a commercial version of the platinum card similar to decades.

Jpmorgan, the largest American bank by assets, shake Cards manufacture with the launch of Sapphire Reserve almost a decade ago. The bank was encouraged by the game that was created by AmeX by collecting privileges about travel and eating, and later opened the luxury airport hall network.

But Jpmorgan presented its excellent card with signing and credit bonuses that almost made one of them money without my thinking, forcing other exporters to strengthen their card offers in response.

Now, with the presence of JPMORGAN escalating with Sapphire Reserve, the bank is at risk to alienate customers who may choose to retreat to a favorite card or offers from Sapphire from AmeX or Capital is oneThe chief analyst of Bancret Bank said Ted Rosman.

“When the ruby ​​reserve came out for the first time, it was a strong medium -class play that presented the champagne travel with a beer’s budget,” Rosman said. “These distinguished cards are going more luxurious, and I wonder if the $ 800 fees are too much for some.”

This can be according to the design, according to Russian. Amex and Capital One were to restrain access to it Airport halls Because of the overcrowding, some users complained that their excellent cards no longer feel special.

Rosman said whether cards like Sapphire are still logical at $ 795 in annual fees depending on whether customers will benefit from enough new privileges.

Later this year, you will present AmeX Updates To platinum cards, which currently have $ 695 annual fees. Rosman said AmeX is likely to raise its annual fees while adding more privileges.

“These high -rate cards are not for everyone, and this is certain,” said KBW analyst. Sanjay Sagriani.

But Amex and Jpmorgan have followed a subscription type business model as it constantly provides a convincing proposal for some customers.

“They feel that it creates a pollinated wheel about keeping people working in the system and spending in the system,” Sagriani said. “Even at $ 800 in annual fees, I don’t think anyone can only save the concessions you get on these cards.”