Credit card issuers are trying to attract more higher-end customers with the promise of more rewards. But there’s a catch: Annual fees are going way up, too. That could be good news for investors in JPMorgan Chase and other credit card stocks—as well as a top maker of metal cards—even if it’s not ideal for consumers.

The new rewards card is raising its annual fee to almost $800, but cardholders must spend $75,000 to unlock its best perks. How to tell if the card works for you.