Chase Sapphire Leapfrogs Amex Platinum With a New $795 Annual Fee
Chase, the largest U.S. credit card issuer, announced major changes on Tuesday to its Chase Sapphire Reserve card, popular among points enthusiasts and high-end reward travelers, and unveiled a Sapphire Reserve for Business card that offers a new tier of premium perks for customers who spend at least $120,000 a year.
Sapphire Reserve customers will see an expansion of benefits in the usual categories — dining, hotel and lifestyle credits — but also a heftier annual fee: $795 per year, up from $550, which surpasses annual fees for other premium travel cards from companies like American Express. (On Monday, American Express announced its own plans to update its premium cards, with details to come later this year.)
Secondary cardholders, known as authorized users, will also see a higher annual fee of $195, up from $75. The increases will take effect after Oct. 25, on the cardholder's annual renewal date. New cardholders will be subject to the new fees after June 23, the day the new cards open to applicants. Details on a welcome bonus for the new cards will also be announced that day.
Credit card fees are a billion-dollar enterprise. Across the industry, the total amount paid in annual fees has more than doubled in the last decade to $6.4 billion in 2022, up from $3.0 billion in 2015, according to a 2023 consumer credit report from the Consumer Financial Protection Bureau. The annual fee for the Sapphire Reserve card will have increased 77 percent since it was introduced at $450 per year in 2016.
The announcement from Chase highlights an ongoing shift for credit card companies and airlines toward premium rewards and travelers willing to spend to acquire them.
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Yahoo
22 minutes ago
- Yahoo
Acurx Pharmaceuticals, Inc. Announces Exercise of Warrants for $2.67 Million Gross Proceeds
STATEN ISLAND, N.Y., June 17, 2025 /PRNewswire/ -- Acurx Pharmaceuticals, Inc. (NASDAQ: ACXP) ("Acurx" or the "Company"), a late-stage biopharmaceutical company developing a new class of antibiotics for difficult-to-treat bacterial infections, today announced that it has entered into a warrant inducement agreement (the "Letter Agreement") with a certain holder ("Holder") of existing warrants to purchase up to an aggregate of 4,445,435 shares of common stock (the "Existing Warrants") having exercise prices ranging from $3.25 to $3.26 per share, issued by the Company in July 2022 and May 2023, wherein the Holder agreed to exercise the Existing Warrants at a reduced exercise price of $0.675 per share, resulting in gross proceeds of approximately $2.67 million, before deducting offering fees and other expenses payable by the Company. In consideration for the exercise of the Existing Warrants for cash, the investors received 6,223,609 G-1 warrants (the "G-1 Warrants") and 2,667,261 G-2 warrants (the "G-2 Warrants) to purchase up to an aggregate of 8,890,870 shares of common stock (the "New Warrants"). The G-1 Warrants are exercisable immediately at an exercise price of $0.425 per common share and will expire five years from the issuance date. The G-2 Warrants are exercisable upon shareholder approval at an exercise price of $0.425 per common share and will expire five years from the issuance date. The shares of common stock issuable upon exercise of the Existing Warrants are registered pursuant to effective resale registration statements on Form S-1 (File Nos. 333-267412 and 333-273015). The transaction is expected to close no later than June 20, 2025, subject to satisfaction of customary closing conditions. The Company intends to use the net proceeds from the exercise for working capital and general corporate purposes. The New Warrants are being issued in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"), and Regulation D promulgated thereunder and, along with the shares of common stock underlying such New Warrants, have not been registered under the Securities Act, or applicable state securities laws. Accordingly, the New Warrants and underlying shares of common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. About Ibezapolstat Ibezapolstat is the Company's lead antibiotic candidate advancing to international Phase 3 clinical trials to treat patients with C. difficile Infection (CDI). Ibezapolstat is a novel, orally administered antibiotic being developed as a Gram-Positive Selective Spectrum (GPSS®) antibacterial. It is the first of a new class of DNA polymerase IIIC inhibitors under development by Acurx to treat bacterial infections. Ibezapolstat's unique spectrum of activity, which includes C. difficile but spares other Firmicutes and the important Actinobacteria phyla, appears to contribute to the maintenance of a healthy gut microbiome. In June 2018, ibezapolstat was designated by the U.S. Food and Drug Administration (FDA) as a Qualified Infectious Disease Product (QIDP) for the treatment of patients with CDI and will be eligible to benefit from the incentives for the development of new antibiotics established under the Generating New Antibiotic Incentives Now (GAIN) Act. In January 2019, FDA granted "Fast Track" designation to ibezapolstat for the treatment of patients with CDI. The CDC has designated C. difficile as an urgent threat highlighting the need for new antibiotics to treat CDI. About Acurx Pharmaceuticals, Inc. Acurx Pharmaceuticals is a late-stage biopharmaceutical company focused on developing a new class of small molecule antibiotics for difficult-to-treat bacterial infections. 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To learn more about Acurx Pharmaceuticals and its product pipeline, please visit Forward-Looking Statements Any statements in this press release about our future expectations, plans and prospects, including statements regarding our strategy, future operations, prospects, plans and objectives, the timing and completion of the offering; the satisfaction of customary closing conditions related to the offering and the intended use of proceeds therefrom, and other statements containing the words "believes," "anticipates," "plans," "expects," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. 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Such forward- looking statements speak only as of the date of this press release, and Acurx disclaims any intent or obligation to update these forward-looking statements to reflect events or circumstances after the date of such statements, except as may be required by law. Investor Contact: Acurx Pharmaceuticals, Inc. David P. Luci, President & Chief Executive Officer Tel: 917-533-1469 Email: davidluci@ View original content: SOURCE Acurx Pharmaceuticals, Inc. Sign in to access your portfolio
New York Times
22 minutes ago
- New York Times
On his first day with the Giants, Rafael Devers finds a whole new reality
One meeting, that's all it took. One meeting with his new San Francisco Giants superiors, and suddenly Rafael Devers no longer was Rafael Diva. Funny how that works when bosses communicate their wishes, and do not simply assume a player with a $313.5 million contract should do whatever they want. People skills. They might be baseball's new market inefficiency. Advertisement The Boston Red Sox never shared their intentions with Devers when they were trying to sign free-agent third baseman Alex Bregman, prompting Devers to initially balk at becoming a DH and then outright refuse to move to first base. The Giants related to Devers that only four teams entered Tuesday with a worse OPS at first base, or something to that effect. And voila! There was Devers, all smiles at his introductory news conference, saying, 'I am here to play wherever they want me to play.' Including first base, where he took grounders before his Giants debut. 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Advertisement Breslow, like Posey, is a former player, a pitcher who spent 12 seasons in the majors from 2005 to '17. But while Posey draws praise from Giants players for his presence and leadership, Breslow is perceived by many inside and outside the Red Sox organization as remote, almost robotic. 'Alignment' – that was the fancy word Breslow and Red Sox CEO Sam Kennedy kept using Monday to describe what was missing with Devers. Posey spoke in much plainer terms Tuesday when describing Devers as a 'dude' and saying the qualities of such a player 'are not something you can quantify.' Introductory news conferences are always cause for celebration, and carry only so much weight. But the difference in Devers, who often shunned the media during his final months in Boston, was unmistakable. He laughed. He joked. He referenced Giants legend Barry Bonds sitting in the front row and cracked, 'Just looking at him, my game has improved a lot.' Funny how quickly the Giants turned Rafael Diva into Rafael Devers again. (Top photo of Rafael Devers: Thearon W. Henderson/Getty Images)
Yahoo
27 minutes ago
- Yahoo
US Fed set to hold rates steady as it guards against inflation
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