JPMorgan Chase boosts Sapphire Reserve credit card annual fee to $795
The JPMorgan Chase & Co. sign hangs at the bank's headquarters on Park Avenue in New York City. On Tuesday, Chase announced it would nearly double the annual fee on its Sapphire Reserve premium credit card to $795, in exchange for additional travel perks. File Photo by John Angelillo/UPI | License Photo
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.
Chase said it also tweaked the points structure on the card with eight-times the points -- more than double -- on purchases through Chase Travel, four times the points on flights and hotels booked directly and three times the points on dining.
Five times more points can be earned on "eligible" transportation, along with points for everyday spending, according to Chase, which touted its "new points redemption accelerator program" that will replace what first drew customers to Sapphire Reserve.
"We're bringing elevated benefits and greater value in the areas that our current members are most passionate about," said Sam Palmer, general manager of Chase Sapphire, who promised the new Sapphire Reserve will deliver "over $2,700 in card member value."
Those who spend more than $75,000 a year in card purchases will see even more benefits.
Chase launched its Sapphire Reserve card in 2016 before it quickly became one of the most popular premium credit cards for travel, according to travel news website One Mile at a Time.
"When the Sapphire Reserve first came out, it was a solid middle-class play that offered champagne travel on a beer budget," said senior Bankrate analyst Ted Rossman. "These premium cards are going more luxury, and I wonder if the $800 fees are becoming too much for some to stomach."
While the changes for new cardmembers go into effect Monday, existing cardmembers will not see the changes -- or increased annual fee -- until Oct. 26.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
6 hours ago
- Yahoo
Merriam City Council approves next step for $102 million development project
MERRIAM, Kan. — The Merriam City Council on Monday night discussed moving forward with a $102 million development project. The mixed-resident and retail development would be built at the site of the former Johnson County Library branch, just north of Shawnee Mission Parkway. Kansas City restaurants gear up for World Cup surge — and this time, they're ready The city council approved all 13 items presented during the special meeting, including planning and zoning the issuance of general obligation bonds and a community improvement district to help fund the , which includes a new grocery store and apartment complex. 'I've seen it, you know, , which I think is a great improvement, not that Kmart didn't have memories, but something newer is always nicer. So it's good to see for sure,' said Merriam resident Tony Castro. The city is working with Drake Development on the project, the same company they partnered with to redevelop the old Kmart site as Grand Station. 'I really like what they've done at the Grand Station. I think that it's like definitely bringing people, a lot of people here, which I've always loved this area. They're bringing new things like the Shake Shack and 30 Hop, which I've never had before. So I really like what they're doing,' said Merriam resident Paula Cifuentes. The plan is to build a grocery store, 200-plus apartment units, restaurants and more across the street from Grand Station, from Shawnee Mission Parkway to 62nd Terrace. See the latest headlines in Kansas City and across Kansas, Missouri 'I think they did a nice job now where it's at. Not only the apartment units that they have there, but the nice little restaurants and, you know, choices that you have eatery wise. So if they do something similar to where the old library is going to be at, I think it'd be nice,' Castro said. Some residents believe the marketplace would fill a need in Merriam. 'That would be a really good idea because Mission has a grocery store and like, it's kind of a little far of a drive to get to another grocery store like in Shawnee and Quivira. So I think that would be really beneficial to the people that live here,' Cifuentes added. This development would be jointly owned between the city and Drake Development. The city is in line to issue at least $32 million in bonds to cover its side of the costs. Download WDAF+ for Roku, Fire TV, Apple TV During Monday's special meeting, council members discussed ways the city would pay itself back, including a one percent community improvement district sales tax. With the city council's approval Monday night, the Grand Marketplace Development is now one step closer to construction. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
6 hours ago
- Yahoo
Is another Trader Joe's coming to the Kansas City metro?
KANSAS CITY, Mo. — Another Trader Joe's might be on its way to Johnson County, solidifying its third location across the Kansas City metro. At Monday night's , a new project was unanimously approved to rezone and redevelop multiple parcels along Ikea Way – near West 62nd Terrace, Antioch Road and Shawnee Mission Parkway – as part of a long-awaited plan to redevelop the northwest corner of Shawnee Mission Parkway and Antioch Road. Download WDAF+ for Roku, Fire TV, Apple TV According to the city council, Slater Investors LLC, represented by Drake Development, is taking over the $102 million mixed-use development project called the 'Grand Station Marketplace' or 'Merriam Grand Station Marketplace.' It consists of plans for a 215-unit apartment building, a 4,000-square-foot retail space or restaurant(s), and a 12,500-square-foot building intended for a new grocery store—potentially a Trader Joe's. The project will span about six acres and will include parcels currently home to the former Antioch Library, a Shell gas station, a Chipotle and a few other businesses. The new Trader Joe's is intended to take over the former Hen House Market, located at 5800 Antioch Rd., which closed its doors in July 2018. According to the project proposal on the city council website, it says that the project is not only significant for the City of Merriam's long-term plans but also has the potential to bring a grocery store back to the community. Now, after Monday's meeting, the city and Drake Development will partner up on the ownership and construction of the site. The city will take over the east block of the development plan, which will include the restaurant and retail spaces, as well as the potential Trader Joe's—and Drake Development will take over the 215-unit apartment complex on the west block of the marketplace. At this time, whether Trader Joe's will take over the 12,500-square-foot retail space is still unconfirmed. But, in the final , it was revealed that the popular grocery store had submitted a building permit application to the city. See the latest headlines in Kansas City and across Kansas, Missouri 'Trader Joe's has an excellent reputation, and we'd be excited for one in Merriam,' a spokesperson with the City of Merriam said. 'If Drake Development is able to bring one to our development, it would be transformative. That said, we're thrilled to know they may be interested in Merriam.' To cover its side of the costs, the city is in line to issue at least $32 million in bonds. During Monday's meeting, council members , including a one percent community improvement district sales tax. But this is not set in stone. The potential new Trader Joe's would mark the third location in the Kansas City metro, with one already on Ward Parkway in Kansas City, Missouri, and the other on West 119th Street in Leawood, Kansas. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
UPI
7 hours ago
- UPI
Investors flock to Chinese herbal medicine stock with no revenues
Regencell Bioscience Holdings' NASDAQ stock price rallied with a 280% increase on Monday and another 25% on Tuesday after a recent 38-for-1 stock split took effect on Thursday. File Photo by Angelina Katsanis/UPI | License Photo June 17 (UPI) -- Shares in Hong Kong-based Regencell Bioscience Holdings nearly quadrupled in value amid a 38-to-1 stock split despite the firm reporting no revenues. The stock split triggered a 280% share price increase on Monday, CNBC reported, and continued a 58,000% increase in its price in 2025, with a closing cost of $78 per share on the NASDAQ trading platform on Tuesday. The stock reached a high of $81.23 during morning trading and slumped slightly to $75.47 during Tuesday's after-hours trading. The stock is rated as a "buy" on the TipRanks website after Regencell officials on June 2 announced the stock split to improve its liquidity and value for shareholders. The stock split gave investors 37 shares for each share held on June 12. The shares began trading on a split-adjusted basis on Monday, according to Seeking Alpha. The firm has no reported revenue but says it is developing a Chinese herbal treatment for childhood attention deficit hyperactivity disorder and autism. The firm was established in 2014 and has been traded on NASDAQ under the RGC symbol since 202. It had a market capitalization of $29.7 billion at the end of trading on Monday. The market capitalization rose another 25% on Tuesday, with a total value of $36 billion. The stock traded for pennies per share last year but now has a greater market value than highly recognized businesses, including Kraft Heinz, Lululemon and eBay, according to CNBC. Part of the increased investor interest is due to Health and Human Services Secretary Robert Kennedy Jr. raising awareness of alternative medicines. Regencell Chief Executive Officer Yat-Gai Au controls more than 86% of the company's outstanding shares, according to FactSet. Little information is available about the potential effectiveness of the company's claims regarding its three traditional Chinese medicine formulas that are supposed to treat mild to severe forms of ADHD and autism with natural herbal medications in liquid form. Company officials in October reported no generated revenue and no regulatory approvals for its three liquid medicines. They reported net losses of $6.06 million in 2023 and $4.36 million in 2024. A Regencell patient case study in late 2023 said 28 patients were treated over three months during a second trial, which showed improvements in ADHD and autism. A dozen patients participated in a 2021 study to treat COVID-19, which indicated improvement in their symptoms.
