Consumers Pare Down Number of Premium Cards as Fees Rise

Consumers Pare Down Number of Premium Cards as Fees Rise

Holders of premium credit cards are reportedly paring down the number of such cards they carry after recently announced increases in annual fees. These moves come after JPMorgan Chase raised its annual fee on its Sapphire Reserve card by 45% to $795 in June, and American Express said in September it was raising the annual fee on its Platinum card by $200, the Wall Street Journal reported Monday (Oct. 6). Three cardholders interviewed b…