January 8, 2020 / 7:10 PM / 10 days ago

JPMorgan Chase raises annual fee on popular Sapphire credit card

NEW YORK, Jan 8 (Reuters) - JPMorgan Chase & Co is raising the price for its popular Chase Sapphire Reserve card by as much as $100 a year, according to bank’s cardholder agreement.

The travel rewards card, which launched in 2016, will now come with an annual fee of between $450 and $550.

Chase, the largest U.S. bank, has among the biggest credit card businesses in the country. But it has struggled to manage the expense of the Sapphire Reserve card, which offers customers valuable travel rewards that can be exchanged for flights, among other things.

Representatives from the bank’s credit card department did not respond to requests for comment.

The increase in price comes as the bank adds new perks, like free monthly memberships with popular companies like the food delivery service DoorDash.

It is unclear when the change went into effect or how many cardholders will be affected. As recently as November, the annual fee charged for the credit card was $450, according to two cardholders. (Reporting By Elizabeth Dilts Marshall; Editing by Steve Orlofsky)

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