Credit card companies hike fees on exclusive cards
Chase is raising the Sapphire Reserve card's annual fee from $550 to a hefty $795, starting Monday for new users and at renewal for current ones.
That's a big jump—up 45% from last year, and significantly higher since its 2016 launch.
What's new with the Sapphire Reserve card
Adding an authorized user will now cost $195 instead of $75.
To soften the blow, Chase is rolling out new perks: a $300 travel credit and up to $500 in hotel credits (split into two chunks).
But you'll need to keep track—these benefits come with some fine print.
Most users unfazed by the price hike
Despite the price hike, most users seem unfazed; only about 9% say they'd ditch the card over a higher fee.
Some think the extra perks make it worth it, while others feel it's getting too complicated or less rewarding if you don't use Chase Travel.
The move seems aimed at keeping loyal fans rather than attracting newbies.