Chase Sapphire Reserve Is Getting a Refresh

After nearly a decade, one of the best travel rewards credit cards is getting a refresh. The Chase Sapphire Reserve will relaunch on June 23, with a bolder program that’s rich with benefits—and a higher annual fee to go along with it.

“It’s been almost 10 years since Sapphire first launched, and we really think we tapped into something special in the premium card space when it did,” said Chris Reagan, president of branded cards at Chase, during a media event in New York on June 9. “But we know that the industry has changed a lot since then.”

That, as well as extensive customer research from the brand, has led Chase to rethink the premium card, which will now come at an annual fee of $795, up from $550—a 44.5 percent increase for the consumer.

“We’re bringing elevated benefits and greater value in the areas that our current members are most passionate about,” said Sam Palmer, general manager of Chase Sapphire.

The new version of the Chase Sapphire Reserve will deliver “over $2,700 in card member value,” Palmer said. This includes a $300 credit for travel expenses and $500 to spend on hotels that are part of Chase’s hotels collection, The Edit. Other perks include a free Apple TV+ subscription, a $300 DoorDash credit, and a $300 credit for tickets purchased through StubHub. One quintessential bonus, a $120 credit for things like Global Entry and TSA Precheck, remains a core feature of the card.

Meanwhile, Chase has added other experiential perks. One example, said Palmer, is “exclusive access to prime-time reservations at some of our favorite restaurants across the country.” The chosen restaurants—grouped together in the so-called Reserve Exclusive Tables program—are selected by The Infatuation, in partnership with OpenTable. This collection of 300+ restaurants, which card holders will get a $300 credit to dine at, includes in-demand spots such as Canlis, in Seattle, and Estela, in New York. Another perk is automatic enrollment in IHG One Rewards at the platinum elite level; this would otherwise require spending 40 nights at IHG properties. 

In addition to statement credits and perks, the Chase Sapphire Reserve is a powerful points-earning card that allows for flexible redemptions. Put another way, Chase points can be cashed in at multiple hotels and airlines rather than with one particular brand. With the relaunch, the company has tweaked the earning structure for the card. 

Here’s an overview of how the new card will work, according to Chase:

• 8x points on purchases made through Chase Travel
• 4x on flights and hotels booked directly
• 3x on dining
• 5x on “eligible” Lyft rides, including Standard, Extra Comfort, XL, Black, or Black SUV rides
• 1x on other, everyday spending

Chase has also introduced what it calls Points Boost, a “new points redemption accelerator program” that replaces a long-standing benefit that helped define the Sapphire Reserve. Instead of earning 1.5x on all bookings, now users will see dynamic discounts on reservations. 

To illustrate how it works, Palmer gave an example: Let’s say you were booking an Emirates flight from New York to Milan, in business class, for this summer. If such a flight were offered at 350,000 Ultimate Rewards points, a card holder might find it instead offered at approximately half off, or 177,000 points, as part of the Points Boost program. In other words, Chase has switched from giving an earnings bonus on purchases with a straightforward 1.5x earning structure, to discounting on redemptions. Plus, Chase has made it harder to tell if and when such Points Boost opportunities will arise. 

Lounge access will remain another key feature of the new card. It grants “access to the Chase Sapphire Lounge by The Club network of airport lounges and entry to over 1,300 lounges with Priority Pass Select, and more than 20 select Air Canada Maple Leaf Lounges and Air Canada Cafés when traveling on a Star Alliance airline,” according to the company. That includes some of the world’s most impressive lounges, such as the fab, two-story lounge at New York’s LaGuardia Airport.. “You can visit any of our lounges or the Priority Pass lounges and bring up to two guests each time at no cost,” Palmer pointed out. Card holders can also tap into the expertise of Chase’s growing network of Reserve Travel Designers, who can assist with trip planning as well as support along the way.

There’s one other element to the refresh that will appeal to small-business owners and sole proprietors: The first-ever Sapphire business card will also launch on June 23. The new Sapphire Reserve for Business will have many of the same features and perks as the flagship card, with a few add-ons aimed for corporate users, such as credits for ZipRecruiter fees and Google Workspace charges, according to Jenny Shum, general manager, Chase small business card.

Both of the new Chase cards will be available for purchase next week, on June 23. While executives hinted that rich sign-up bonuses would be a part of the card relaunch, specifics on just how many points new cardholders may be able to score have not yet been announced.