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. Three cardholders interviewed by the WSJ said recent fee hikes prompted them to compare the benefits of their premium cards — in one case, by putting together a spreadsheet — and then focus their spending on one while closing the other. A fourth cardholder told the WSJ that he ended up keeping a high-fee card for another year after calling to cancel it and being offered a statement credit in exchange for a specified amount of spending on the card. Issuers are adding greater sign-up bonuses benefits to their high-fee cards to retain customers. The report cited a Bank of America finding that less than 15% of cardholders pay more than $250 in annual fees and a J.D. Power finding that those who pay annual fees of $500 or more spend three times more than other cardholders and are less risky because three-quarters pay the card’s balance each month. It also said that Bank of America found American Express’ retention rates went up after previous fee hikes and that J.D. Power found the holders of high-fee cards are generally more satisfied with the cards than other cardholders are with theirs.