JPMorgan Chase is betting that a long list of new perks will keep affluent Americans hooked on its Sapphire Reserve card, despite a hefty bump in its annual fee

JPMorgan Chase teased fans of its Sapphire Reserve premium credit card that a new 2025 version will be out this summer prompting competitors to react.

The two cards both have steep annual fees that put them in direct competition for a spot in consumers’ wallets.

Chase announced changes to its Sapphire Reserve card, boosting the annual fee to $795 a year and adding additional perks.

If past card revamps are any indication, the annual fees on Amex Platinum and Business Platinum will almost certainly see increases as part of the planned changes. But just how high could they go?

In a bid to attract more high-spending Millennials and Gen Z-ers, American Express (NYSE: AXP) is set to roll out significant updates to its U.S. Consumer and Business Platinum Cards later this year.

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