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.
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