JPMorgan, the biggest U.S. bank by assets, shook up the card industry with the launch of the Sapphire Reserve almost a decade ago.

JPMorgan, the biggest U.S. bank by assets, shook up the card industry with the launch of the Sapphire Reserve almost a decade ago.

The price jump is part of an ongoing shift for credit card companies and airlines toward premium rewards and high-end travelers.

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, Sapphire Reserve.