Latest news with #ChrisReagan
UPI
4 hours ago
- Business
- UPI
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.
CNN
12 hours ago
- Business
- CNN
JPMorgan Chase is hiking the annual fee of its popular Sapphire card by 45%
JPMorgan Chase is hiking the annual fee of its popular Sapphire Reserve credit card by 45% as part of a major overhaul to attract high-spending millennials. The bank announced Tuesday that the credit card, which is targeted at travel and dining aficionados, will soon cost $795 per year — a dramatic increase from the current $550 annual fee that was rolled out in 2020. The card launched in 2016 with a $450 per year fee. It's a tough fee to swallow, but Chase said cardholders will have $2,700 in annual benefits to redeem and that it is increasing the amount of points people can get on flights and hotels booked through its portal. The card is also maintaining the popular $300 annual travel credit. New benefits are pushing people to use the ecosystem of hotels and dining programs that Chase has built over the past few years. For example, the card has added a $500 credit for luxury hotels as part of its 'The Edit' program and a $300 dining credit for dining reservations in its 'Sapphire Reserve Exclusive Table' program. Other additions include a $300 annual credit for tickets purchased on StubHub and a $250 yearly credit for Apple Music and Apple TV+. It previously added a $120 yearly credit for Lyft rides, dispersed in $10 monthly increments. 'The new Sapphire Reserve cards are the culmination of years of focus on the things most important to our cardmembers: travel, dining, entertainment and exceptional service,' said Chris Reagan, president of Chase's branded cards, in a press release. Also announced Tuesday was a new Sapphire Reserve card for businesses that also has a new $795 annual fee, with perks aimed at owners like ZipRecruiter and Google Workspace. The new annual fee and most benefits begin for Chase Sapphire Reserve on October 26. The card has been redesigned with a heavier metal and a new pattern to 'reflect the refinement of the Sapphire Reserve Brand.' Chase has evolved the Sapphire into a lifestyle brand in recent years, pitting the card against American Express' suite of premium credit cards. One particular battleground has been airport lounges, with Chase opening several over the past few years at major hubs such as New York, Boston and Phoenix. It's also chasing after younger people who crave experiences, by rolling out cardmember-exclusive access to lounges at the summer Olympics last year in Paris or curated trips to Art Basel in Miami. American Express, meanwhile, this week teased upcoming changes to its cards. The company said it's making its 'largest investment ever' to its Platinum cards, but didn't reveal what changes it is making to the lineup that also targets similar customers. Those AmEx cards have had a $695 annual fee since 2021.
CNN
12 hours ago
- Business
- CNN
JPMorgan Chase is hiking the annual fee of its popular Sapphire card by 45%
JPMorgan Chase is hiking the annual fee of its popular Sapphire Reserve credit card by 45% as part of a major overhaul to attract high-spending millennials. The bank announced Tuesday that the credit card, which is targeted at travel and dining aficionados, will soon cost $795 per year — a dramatic increase from the current $550 annual fee that was rolled out in 2020. The card launched in 2016 with a $450 per year fee. It's a tough fee to swallow, but Chase said cardholders will have $2,700 in annual benefits to redeem and that it is increasing the amount of points people can get on flights and hotels booked through its portal. The card is also maintaining the popular $300 annual travel credit. New benefits are pushing people to use the ecosystem of hotels and dining programs that Chase has built over the past few years. For example, the card has added a $500 credit for luxury hotels as part of its 'The Edit' program and a $300 dining credit for dining reservations in its 'Sapphire Reserve Exclusive Table' program. Other additions include a $300 annual credit for tickets purchased on StubHub and a $250 yearly credit for Apple Music and Apple TV+. It previously added a $120 yearly credit for Lyft rides, dispersed in $10 monthly increments. 'The new Sapphire Reserve cards are the culmination of years of focus on the things most important to our cardmembers: travel, dining, entertainment and exceptional service,' said Chris Reagan, president of Chase's branded cards, in a press release. Also announced Tuesday was a new Sapphire Reserve card for businesses that also has a new $795 annual fee, with perks aimed at owners like ZipRecruiter and Google Workspace. The new annual fee and most benefits begin for Chase Sapphire Reserve on October 26. The card has been redesigned with a heavier metal and a new pattern to 'reflect the refinement of the Sapphire Reserve Brand.' Chase has evolved the Sapphire into a lifestyle brand in recent years, pitting the card against American Express' suite of premium credit cards. One particular battleground has been airport lounges, with Chase opening several over the past few years at major hubs such as New York, Boston and Phoenix. It's also chasing after younger people who crave experiences, by rolling out cardmember-exclusive access to lounges at the summer Olympics last year in Paris or curated trips to Art Basel in Miami. American Express, meanwhile, this week teased upcoming changes to its cards. The company said it's making its 'largest investment ever' to its Platinum cards, but didn't reveal what changes it is making to the lineup that also targets similar customers. Those AmEx cards have had a $695 annual fee since 2021.
%3Amax_bytes(150000)%3Astrip_icc()%2FTAL-header-chase-sapphire-reserve-card-REFRESHTRAVCC0625-54ddb4f66ede419a98eb1fc533adcde0.jpg&w=3840&q=100)
Travel + Leisure
13 hours ago
- Business
- Travel + Leisure
One of the Best Credit Cards for Travel Rewards Is Getting a Refresh—With More Perks and a Higher Annual Fee
After nearly a decade, one of the best travel rewards credit cards is getting a refresh. The Chase Sapphire Reserve will relaunch on June 23, with a bolder program that's rich with benefits—and a higher annual fee to go along with it. '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,' said Chris Reagan, president of branded cards at Chase, during a media event in New York on June 9. 'But we know that the industry has changed a lot since then.' That, as well as extensive customer research from the brand, has led Chase to rethink the premium card, which will now come at an annual fee of $795, up from $550—a 44.5 percent increase for the consumer. '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. The new version of the Chase Sapphire Reserve will deliver 'over $2,700 in card member value,' Palmer said. This includes a $300 credit for travel expenses and $500 to spend on hotels that are part of Chase's hotels collection, The Edit. Other perks include a free Apple TV+ subscription, a $300 DoorDash credit, and a $300 credit for tickets purchased through StubHub. One quintessential bonus, a $120 credit for things like Global Entry and TSA Precheck, remains a core feature of the card. Meanwhile, Chase has added other experiential perks. One example, said Palmer, is 'exclusive access to prime-time reservations at some of our favorite restaurants across the country.' The chosen restaurants—grouped together in the so-called Reserve Exclusive Tables program—are selected by The Infatuation, in partnership with OpenTable. This collection of 300+ restaurants, which card holders will get a $300 credit to dine at, includes in-demand spots such as Canlis, in Seattle, and Estela, in New York. Another perk is automatic enrollment in IHG One Rewards at the platinum elite level; this would otherwise require spending 40 nights at IHG properties. In addition to statement credits and perks, the Chase Sapphire Reserve is a powerful points-earning card that allows for flexible redemptions. Put another way, Chase points can be cashed in at multiple hotels and airlines rather than with one particular brand. With the relaunch, the company has tweaked the earning structure for the card. Here's an overview of how the new card will work, according to Chase: 8x points on purchases made through Chase Travel 4x on flights and hotels booked directly 3x on dining 5x on 'eligible' Lyft rides, including Standard, Extra Comfort, XL, Black, or Black SUV rides 1x on other, everyday spending Chase has also introduced what it calls Points Boost, a 'new points redemption accelerator program' that replaces a long-standing benefit that helped define the Sapphire Reserve. Instead of earning 1.5x on all bookings, now users will see dynamic discounts on reservations. To illustrate how it works, Palmer gave an example: Let's say you were booking an Emirates flight from New York to Milan, in business class, for this summer. If such a flight were offered at 350,000 Ultimate Rewards points, a card holder might find it instead offered at approximately half off, or 177,000 points, as part of the Points Boost program. In other words, Chase has switched from giving an earnings bonus on purchases with a straightforward 1.5x earning structure, to discounting on redemptions. Plus, Chase has made it harder to tell if and when such Points Boost opportunities will arise. Lounge access will remain another key feature of the new card. It grants 'access to the Chase Sapphire Lounge by The Club network of airport lounges and entry to over 1,300 lounges with Priority Pass Select, and more than 20 select Air Canada Maple Leaf Lounges and Air Canada Cafés when traveling on a Star Alliance airline,' according to the company. That includes some of the world's most impressive lounges, such as the fab, two-story lounge at New York's LaGuardia Airport.. 'You can visit any of our lounges or the Priority Pass lounges and bring up to two guests each time at no cost,' Palmer pointed out. Card holders can also tap into the expertise of Chase's growing network of Reserve Travel Designers, who can assist with trip planning as well as support along the way. There's one other element to the refresh that will appeal to small-business owners and sole proprietors: The first-ever Sapphire business card will also launch on June 23. The new Sapphire Reserve for Business will have many of the same features and perks as the flagship card, with a few add-ons aimed for corporate users, such as credits for ZipRecruiter fees and Google Workspace charges, according to Jenny Shum, general manager, Chase small business card. Both of the new Chase cards will be available for purchase next week, on June 23. While executives hinted that rich sign-up bonuses would be a part of the card relaunch, specifics on just how many points new cardholders may be able to score have not yet been announced.
