JPMorgan is boosting annual fee on Chase Sapphire Reserve card

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The popular Chase Sapphire Reserve credit card is about to get more expensive.

JPMorgan Chase & Co. is boosting the annual fee for some customers by $100 as it adds new perks, according to a document posted on the bank’s website. A previous cardholder agreement said the fee was $450, while the new version says the fee will range from $450 to $550 per year.

A spokeswoman for the bank said she had no immediate comment.

JPMorgan is following a move made by its rival American Express Co. in 2017, when it raised the fee on its Platinum card to $550 after adding benefits like a $200 annual Uber credit to its bevy of benefits. The two firms have been locked in a battle for premium millennial consumers ever since 2016, when JPMorgan debuted the Sapphire Reserve.

Chase said Tuesday that it’s adding the perk of a year of lower fees from DoorDash on food deliveries for Sapphire members, which the bank said was valued at more than $100.

Since JPMorgan introduced the luxury card, industry watchers have wondered how it could make money on it while still offering generous benefits like three points per dollar spent on dining and travel, which can be redeemed for more than one cent per point. Analysts at Sanford C. Bernstein & Co. estimated in 2016 that the bank wouldn’t break even on its investment in the card for more than five years.

Bloomberg News