Chase Announces $795 Sapphire Reserve Refresh as Amex Teases Overhaul of Platinum Cards

JPMorgan Chase announced a refresh to its Sapphire Reserve premium rewards card and launched its Sapphire for Business card with premium perks for cardholders who spend an annual minimum of $75,000 and $120,000, respectively.

The Sapphire Reserve card comes with a $795 annual fee — an increase from $550 — and added benefits from travel, dining, and hotel spending.

Chase’s card upgrade highlights the intense competition among issuers targeting affluent, rewards-focused consumers.

The details of Chase’s card updates follow this week’s announcement by American Express that it would refresh both consumer and business Platinum Cards in the biggest investment in the company’s history, promising more details to come later this year.

These premium card upgrades and rising annual fees come at a time where American travelers are reducing their spending and credit card debt sits at a near-record $1.18 trillion, which suggests a national trend of credit card borrowers at opposite ends of the financial health spectrum.

A PYMNTS report from June 2025 shows Americans in every income bracket are spending less because they pass through fewer TSA checkpoints and purchase fewer hotels and airline tickets throughout the year.

The economy’s cautious state has caused top-tier spending to decrease which creates doubts about how sustainable premium cards will remain in the market.

The revamped Sapphire Reserve will offer new travel and dining perks in addition to existing benefits, which together total over $2,700 in value.

New features include Points Boost, a points redemption program that allows cardmembers to redeem up to double the redemption value of points when they book through the card’s travel portal, Chase Travel.

The new $795 annual fee will take effect for new cardholders on June 23, when details regarding a welcome bonus will be announced. Current cardholders can expect the new fee to take effect after Oct. 25 on their yearly renewal date.

The Sapphire Reserve launched as a breakthrough success in 2016 by providing travelers with an unprecedented set of dining rewards and travel benefits and a famous welcome bonus.

Nine years after its first launch, Chase has introduced the Sapphire Business card for small businesses.

That prestige doesn’t come cheap. Card executives say the value proposition, including Chase’s $245 annual fee increase for its Sapphire Reserve card, remains solid.

The Amex Platinum currently carries a $695 annual fee and will likely see an increase later this year when the upgraded card details are released.

“We’ll bring a whole bunch of new and exciting benefits and value that will far, far, far exceed the annual fee,” said Howard Grosfield, Amex President of U.S. Consumer Services, in an interview with CNBC.

The longer list of perks creates doubts among customers about the actual usage rates of these benefits. Travelers actively discuss the trade-offs on multiple online platforms.

Discretionary travel budgets face a higher probability of change because they continue to shrink. Luxury brands maintain their resistance to price-sensitive customer turnover yet high-net-worth individuals assess the worth of their combined lounge access and hotel perks in relation to their spending.

Premium cards have historically operated as loyalty programs for high-end customers who receive luxury benefits and status markers in exchange for expensive annual costs.

Many consumers seek adaptable services with practical benefits instead of social status while inflation has caused wealthier consumers to choose their loyalty programs more carefully.

The competition between Chase and Amex now extends beyond each other because they need to maintain their position in an evolving market where expectations, travel patterns, and consumer payment methods are changing.