The market may not be holding steady just yet, but that isn’t going to stop JPMorgan Chase from launching their new luxury credit card called the Chase Sapphire. Chase is looking to get into the market for affluent credit card holders that was once dominated by the American Express Black Card. The Chase Sapphire luxury credit card will set elite shoppers apart with no pre-set credit limit, no annual fee and is strictly for households with incomes exceeding $120,000.
The are two Sapphire cards available. Each incorpprates a point system giving the card holders a point for every dollar they spend using the card. The basic card offers the Ultimate Rewards program on shopping at any of the over 300 merchants featured at the Ultimate Rewards Mall and on airfare purchased through the company’s travel booking tool. The other card is the Chase Sapphire Preferred card. Preferred card members will receive 10,000 bonus points on purchases of $50,000 or more per year. The cards also offer concierge service and emergency services for travelers. The Chase Sapphire has no annual fee and the Chase Preferred has a fee of $95 after the first year. Chase Sapphire has a 10.24 percent variable interest rate and a $39 late fee for balances over $250.