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JPMorgan Chase is hiking the annual fee of its popular Sapphire Reserve credit card by 45% as part of a major overhaul to attract high-spending millennials.

JPMorgan Chase is increasing it's annual fee for its Sapphire Reserve credit card by 45% and is offering its customers more benefits with the increase.

JPMorgan, the biggest U.S. bank by assets and a leader across most major categories of finance, is relatively puny among online brokerages.

JPMorgan also introduced a new Sapphire Reserve business card with a $795 annual fee and similar perks as the consumer card, along with credits for ZipRecruiter and Google Workspace.