JPMorgan Chase has unveiled significant updates to its popular Sapphire Reserve credit card, raising the annual fee by 45% to $795. Alongside this hike, the bank is introducing new perks and benefits designed to enhance the cardholder experience, reshaping the card into a premium travel rewards option. The changes are set against a backdrop of increased competition in the credit card market, with Chase also debuting a new Sapphire Reserve for Business card. As consumers weigh the benefits against the new fee, the question remains: are these enhancements worth the cost?