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JPMorgan Chase
is betting that a long list of new perks will keep affluent Americans hooked on its Sapphire Reserve card, despite a hefty bump in its annual fee.
The bank on Tuesday unveiled an update to its premium credit card, which will now carry a $795 annual fee. That is a 45% jump from its previous level and the card issuer’s largest price increase for the Sapphire since its 2016 launch.
But JPMorgan says users will now get more than $2,700 in annual benefits when the updated card launches on June 23. That includes most of its previous benefits, along with new ones tied to how customers earn and spend points on travel and dining.
