The new Chase Sapphire Reserve for Business card offers premium perks and great rewards on flights and hotels. But the annual fee is tough to swallow.

American Express pioneered the premium credit card space decades ago with cards that bundled airlines and hotel perks with access to high-end airport lounges.

Chase, the largest U.S. credit card issuer, announced major changes on Tuesday to its Chase Sapphire Reserve card, popular among points enthusiasts and high-end reward travelers, and unveiled a ...