The financial giant, JPMorgan Chase, has announced a meaningful increase in the annual fee for its Sapphire Reserve credit card, aiming to attract millennial customers. The rate has increased by 45%.

According to a press release from their New York City headquarters, “The new Sapphire Reserve cards are the culmination of years of concentration in the most critically important things For our headlines: trips, meals, entertainment and remarkable service.”

chris Reagan, president of Chase brand cards, stated that “The card will cost $ 795 annually, compared to the $ 550 dollars of 2020 or $ 450 dollars in 2016.”

However, the company noted that “Sapphire Reserve card holders will have up to $ 2,700 for annual benefits to exchange,” and cardholders can increase their points on flights and hotels booked through the Chase portal.

Businesses can also acquire a new Sapphire card reserve at the $795 annual rate, which includes benefits like Google Workspace and Ziprecruiter.

The new annual rate is scheduled to take effect on October 26. According to Reagan, the redesign “reflects the refinement of the Sapphire reserve brand.”