JPMorgan Chase has announced a major update to its premium Sapphire Reserve credit card, increasing the annual fee from $550 to $795, effective June 23, 2025. This 45% fee hike marks a 77% increase since the card's launch in 2016 when the fee was $450. The overhaul introduces new perks, including a $500 annual hotel credit and a revamped points program. JPMorgan is also launching a similarly priced business version of the Sapphire Reserve card with comparable benefits. The changes come amid intensified competition in the premium credit card market, notably with American Express, which is expected to respond with fee adjustments to its Platinum card. Experts note that while the cardholder still receives a $300 travel credit, the real cost is effectively $495. JPMorgan’s move reflects a broader trend of rising fees in the premium credit card segment, which has grown from $3 billion to approximately $7 billion annually over the past decade.