Chase is increasing the annual fee on its popular Sapphire Reserve card, intensifying the ongoing competition with American Express’ Platinum card. Starting later this month, people who sign up for the Sapphire Reserve credit card will be charged an annual fee of $550, which is $100 higher than the previous fee, according to a company document. Existing card holders who renew their cards through April will still pay the lower fee, after which point they will also be charged the $550 amount per year, credit-card website The Points Guy reported.
