Sapphire Reserve Fee Hiked To $795 By Jpmorgan Here's How It's Challenging American Express Platinum Cards

The competition between JPMorgan Chase (JPM) and American Express (AXP) in the premium credit card space is intensifying, with JPMorgan unveiling a significant fee increase and expanded benefits for its flagship Sapphire Reserve card.

Starting June 23, the Sapphire Reserve will carry a $795 annual fee, up from $550, making it the most expensive consumer premium card on the market. 

The move comes just a day after American Express said it would roll out“major” upgrades to its Platinum card later this year, calling it the“largest investment ever” in the product's history. It added that more details would follow in the fall, and did not specify where it would also raise its annual fees.

JPMorgan's stock edged 0.5% lower after the opening bell on Tuesday. Meanwhile, American Express' stock was up 0.5%. 

JPMorgan is betting on the additional perks it's introducing to offset the hefty bump in the annual fee. It said the revamped Sapphire Reserve will now offer more than $2,700 in total annual value, including existing benefits and new travel- and dining-linked perks. 

Among the new features is a redemption program that doubles the value of points when applied to select travel offers, along with a $500 annual credit when booking through JPMorgan's hotel and resort collection.

Customers who spend at least $75,000 annually will unlock additional elite perks, such as top-tier loyalty status at Southwest Airlines and IHG Hotels & Resorts.

The bank is also launching a new Sapphire Reserve business card, priced at the same $795 fee, offering similar benefits as the personal version, but with added credits for services like ZipRecruiter and Google Workspace. 

That puts JPMorgan in more direct competition with American Express, which has long offered a business version of its Platinum card.

JPMorgan's stock has gained nearly 12% this year, while shares of American Express have fallen over 2%. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Read also: Trump Says TikTok Ban Delay Possible, Says Xi Jinping Must Approve

MENAFN18062025007385015968ID1109686930