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 betting that a long list of new perks will keep affluent Americans hooked on its Sapphire Reserve card, despite a hefty bump in its annual fee. The bank on Tuesday unveiled an update to its premium credit card,

JPMorgan Chase & Co. has unveiled a sweeping revamp of its flagship Sapphire Reserve credit card, increasing the annual fee from $550 to $795. The transformation reflects years of strategic acquisitions designed to expand the banks presence in the high-end travel and lifestyle sector.