One of the most popular travel credit cards of all time is getting a major facelift—and a much higher annual fee. The Chase Sapphire Reserve credit card will soon have a new look and updated annual benefits, including new credits worth nearly $1,500 that can go toward travel, dining, and lifestyle purchases, to go with its increased annual fee of $795.
Additionally, cardholders can now earn up to eight Chase Ultimate Rewards points per dollar (8x) on travel purchases made through the Chase Travel portal, where they can then redeem their credit card points for travel purchases. Through a new feature called Points Boost, cardholders of the refreshed Chase Sapphire Reserve essentially get “discounts” when redeeming points for select premium flights and hotels.
Because of this refresh, the Chase Sapphire Reserve is losing a few key benefits that some cardholders have long held since the credit card first debuted nearly ten years ago. But some of the card’s most beloved perks remain untouched, including its comprehensive travel insurance benefits and the flexible $300 annual travel credit. Here’s everything you should know about the Chase Sapphire Reserve’s changes, which go into effect on June 23.
What is the Chase Sapphire Reserve’s new annual fee?
The Chase Sapphire Reserve’s annual fee increases to $795 on June 23, up from the current rate of $550 yearly. This price point is the highest we’ve seen yet among premium travel rewards credit cards; The Platinum Card® from American Express currently charges a $695 annual fee.
To get additional cards for authorized users (like, say, a spouse or a child), you’ll have to pay $195 a year for that extra card; currently, that fee is just $75. The authorized user receives all the same benefits you get as the primary cardholder, including airport lounge access privileges.
What are the Chase Sapphire Reserve’s new annual credits?
The Chase Sapphire Reserve is getting new annual credits that add up to nearly $1,500 in value, which can offset the increased annual fee.
For travel, most useful are a new annual credit for eligible hotel stays booked through the Chase Travel portal worth up to $500 (two-night minimum required); dining credits at restaurants that partner with Chase’s Reserved by Sapphire program worth up to $300 (no activation required); and credits for buying tickets through StubHub or Viagogo worth up to $300 (activation required). All of these benefits are split into bi-yearly credits; you can use up to 50% of the credit in the first half of the year, then the remaining 50% in the latter.
Additionally, cardholders of the new Chase Sapphire Reserve get up to $250 in annual credit for Apple Music and Apple TV+ (one-time activation required), and up to $120 for Peloton purchases like a membership (received in $10 monthly increments).
If you can maximize just two or three of these benefits each year—say, the $500 hotels credit and the $300 restaurants credit—you’ll essentially earn back the Sapphire Reserve’s new annual fee of $795. Just remember that many of these credits only apply to select purchases through Chase partners, and you can only use up to half of the annual credit in any given six-month period. You’ll have to do a little bit of work to track your purchases and take advantage of each credit as it becomes available to use.
What are the points earning rates for the new Chase Sapphire Reserve?
The new Chase Sapphire Reserve now earns eight points per dollar (8x) on all travel booked through Chase Travel; five points per dollar (5x) on eligible Lyft rides; four points per dollar (4x) on direct bookings made with airlines and hotels; three points per dollar (3x) on dining; 10 points per dollar (10x) on eligible Peloton equipment purchases, and one point per dollar (1x) on everything else.
