What to know about Chase Sapphire's new $795 annual fee

The intrigue: Amex this week teased "major updates" coming to its own Platinum cards, but Sapphire's new price point eclipses Amex's $695 annual fee.

Here's what to know:

How much is the Chase Sapphire Reserve annual fees?

• In addition to the new $795 price point, secondary cardholders (authorized users on the card) will also see a price hike — from $75 to $195.
• Fee changes for new cardholders will go into effect when applications open up on June 23.
• The fee changes for existing cardholders will go into effect after October 25, the annual renewal date for cardholders.

By the numbers: Once the fee change goes into effect, the Chase Sapphire Reserve card will have increased by 77% since 2016, when it debuted for a $450 annual fee.

• Only Reserve cardholders will be affected by the new changes.

How will points change?

• Chase is introducing a feature called "Points Boost" for Reserve and Preferred customers, as well as its business cards, Ink Business Preferred and Ink Plus.
• Cardholders will receive eight times as many points on bookings made via Chase's online travel portal, Chase Travel. That's a change from the company's previous offering of five times as many points on flights and 10 times as many on hotel bookings and car rentals.

• Flights and hotels booked directly will offer four times as many points — up from three.

The "Points Boost" system will also offer up to twice as many points on some travel bookings, which exclude basic economy tickets.

What perks will the new Chase Sapphire Reserve offer?

• One of the major updates is Chase's introduction of extra perks for customers who spend at least $75,000 annually ($120,000 with Sapphire for Business).
• Perks include credits at the online store Shops at Chase, and a special status tier at Southwest Airlines and IHG Hotels & Resorts.