JPMorgan Chase is facing intense backlash from furious customers after announcing a jaw-dropping price hike on one of its most popular credit cards, the Chase Sapphire Reserve.
The annual fee is jumping from $550 to a steep $795, marking a 45% increase and the biggest fee hike since the card’s launch in 2016. Many cardholders are calling the change “ridiculous” and already cutting ties with the bank in favor of the Capital One Venture X Rewards card, which offers similar perks for $400 less.
To justify the $245 annual bump, JPMorgan is adding several new perks and claiming the updated card will now offer over $2,700 in yearly benefits. That includes a brand-new redemption program that doubles the value of points for specific travel deals, a $500 annual credit for “The Edit” collection of luxury hotels, and a $300 dining credit for restaurants in its exclusive Sapphire network. Plus, members will now get a $300 StubHub or Viagogo credit and free subscriptions to Apple TV+ and Apple Music, said to be worth $250 a year. The existing $300 travel credit will remain in place, and those spending $75,000+ yearly unlock top-tier perks with Southwest Airlines and IHG Hotels & Resorts.
The new Sapphire Reserve for business clients will roll out alongside, featuring similar benefits and an identical $795 annual fee. Business cardholders will also receive credits for ZipRecruiter and Google Workspace, making it appealing to small business owners looking to justify the hefty cost.
But many consumers aren’t buying it. After the news broke, complaints flooded social media. One Facebook user said, “So many good credit cards out there without annual fees. Why would you get one with a fee?” Another added, “Not renewing my ‘membership fee’ once it’s up!!! Greed!” A wave of angry posts pointed to a better alternative: Capital One’s Venture X Rewards card. Users argue that it offers comparable perks for only $395 annually.
The Venture X comes with a $300 travel credit, 10,000 bonus miles annually, no foreign transaction fees, and access to a network of over 100 premium lounges. New users also receive 75,000 bonus miles after spending $4,000 in the first three months, equal to $750 in travel. Users have labeled it “better by a country mile” and are downgrading or canceling their Chase cards in droves.
JPMorgan is trying to soften the blow by dangling more free money elsewhere. The bank is offering a $300 sign-up bonus to new users (available until July 16) and a $100 high school bonus for eligible teens. Meanwhile, Chase remains a top contender in the broader bonus landscape, competing with other massive offers like E-Trade’s $10,000, Wells Fargo’s $2,500, and Capital One’s $1,500 savings promos.
But whether those extras are enough to stop the exodus remains to be seen. With the Sapphire Reserve fee hike now live, many customers are choosing to jump ship, and they’re not looking back.
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