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, the biggest U.S. bank by assets, shook up the card industry with the launch of the Sapphire Reserve almost a decade ago.

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.