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The Chase Sapphire Reserve was launched in 2016, and has become one of the most popular premium credit cards on the market. We recently learned that the card would be undergoing major changes, and those changes are now live for new applications. Separately, I’ve covered the launch of the new Chase Sapphire Reserve for Business, which is an exciting development.
When it comes to the Chase Sapphire Reserve, we’re seeing the annual fee increase considerably, but we’re also seeing updates to the benefits, including the introduction of lots of new perks. Some will like the changes, while others won’t.
For those who are willing to maximize value, I think these updates could prove to be positive. Meanwhile for those who have credit card fatigue in terms of keeping track of benefits, well, there’s definitely a learning curve here…
Details of the Chase Sapphire Reserve changes
The Chase Sapphire Reserve is undergoing major changes. For new cardmembers, these change kick in for applications as of today, June 23, 2025. For existing cardmembers, the new annual fee and new perks kick in as of October 26, 2025, with the exception of the Points Boost benefit, which is now live for all. Let’s cover all the changes, in no particular order.
Welcome bonus of 100K points & $500 credit
To celebrate the card’s relaunch, the Chase Sapphire Reserve has a best-ever welcome offer that can earn you 100,000 bonus Ultimate Rewards points, plus a $500 Chase Travel credit, after spending at least $5,000 within the first three months.
That Chase Travel credit has to be used within 12 months of when it’s issued. It’s a one-time code, so has to be used in one transaction, or it will be forfeited. It can be used toward a variety of Chase Travel purchases, ranging from flights, to hotels, to rental cars.
Personally, I value this welcome bonus at up to $2,200, which is massive. That’s because I value Ultimate Rewards points at 1.7 cents each, while I’d say the welcome offer is worth close to face value. Just keep in mind that the card has some new eligibility requirements.
Annual fee increases from $550 to $795
The Chase Sapphire Reserve‘s annual fee has increased from $550 to $795 per year. Note that this applies effective immediately for new cardmembers, and for the next renewal after October 26, 2025, for existing cardmembers.
Obviously that’s a significant increase, especially when you consider that the card’s annual fee was $450 at launch. At the same time, we’ve seen quite a bit of credit card annual fee inflation in recent years, so this is hardly surprising, especially with all the new benefits being added.
Authorized user fee increases from $75 to $195
The Chase Sapphire Reserve‘s authorized user fee has increased from $75 per person to $195 per person. I’d argue that this is the roughest change we’re seeing with these updates, since being able to add authorized users for $75 was a great value.
I suspect Chase justifies this based on the continued investment in Chase Sapphire Lounges, plus wanting to minimize crowding in those facilities. This also applies effective immediately for new cardmembers, and for the next renewal after October 26, 2025, for existing cardmembers.
3x points replaced by 3-8x points
Up until recently, the Chase Sapphire Reserve rewards structure has been as follows:
- 10x points on hotels and rental cars booked through Chase Travel
- 5x points on Lyft purchases through September 30, 2027
- 3x points on dining
- 3x points on travel
- 1x points on all other purchases
With these changes, the card’s rewards structure has changed, as follows:
- 8x points on all purchases through Chase Travel
- 5x points on Lyft purchases through September 30, 2027
- 4x points on flights and hotels booked directly
- 3x points on dining
- 1x points on all other purchases
As you can see, this means the card no longer offers 3x points on all travel purchases, negatively impacting things like parking, trains, etc. Instead, it offers more points for direct purchases of flights and hotels. When it comes to Chase Travel purchases, hotels and rental cars go from earning 10x points to earning 8x points, while flights start earning 8x points.
New credits for dining, travel, and more
The Chase Sapphire Reserve now offers a bunch of new credits, beyond the ones that were previously offered. This should help many people justify the higher annual fee. The new credits include the following, in addition to the existing ones:
- The card offers up to $500 per year in hotel credits for The Edit by Chase Travel, in the form of a $250 credit semi-annually; this applies to hotel bookings that are a minimum of two nights
- The card offers up to $300 per year in statement credits for Chase Sapphire Reserve Exclusive Tables, in the form of a $150 credit semi-annually; this is for select restaurants bookable through OpenTable, as part of The Infatuation & Visa Dining Collection platform
- The card offers up to $300 in DoorDash credits per year, in the form of up to $25 in monthly credits (a $5 monthly promo credit to spend on restaurant orders, and two $10 promo credits for groceries, retail, and more), along with one year of DashPass
- The card offers up to $300 in Stubhub and viagogo credits per year, in the form of a $150 credit semi-annually; this is for the purchase of concert and event tickets
- The card offers a complimentary subscription to Apple TV+ and Apple Music through June 22, 2027, a $250 annual value
Additional benefits for spending $75,000 annually
The Chase Sapphire Reserve offers new benefits for those who spend at least $75,000 per calendar year on the card. Specifically, the card now offers the following (note that 2025 calendar year spending counts toward this):
- IHG One Rewards Diamond status, which is IHG’s top tier status, offering perks like complimentary breakfast, room upgrades, and more
- Southwest Rapid Rewards A-List status, offering perks ranging from priority seating to free checked bags
- A $500 Southwest credit, for flights booked via Chase Travel
- A $250 Shops at Chase credit, valid for purchases with select brands, including Baccarat, Bang & Olufsen, Breitling, Tumi, and more
1.5 cent redemptions replaced by Points Boost
Personally, my preference is to redeem Ultimate Rewards points by transferring them to Chase’s airline and hotel partners, as that allows me to get the most outsized value. However, one advantage of the card has been that it’s possible to redeem points for 1.5 cents each toward the cost of a travel purchase through Chase Travel.
With these changes, that has been dropped down to one cent per point, so that’s a pretty significant devaluation. For what it’s worth, the Chase Sapphire Preferred has offered redemptions for 1.25 cents per point, so that has being lowered to one cent as well.
Now, there is some good news. This benefit is being replaced by Points Boost, whereby you can redeem points at up to 2x the typical value on select hotel and airfare redemptions (meaning you can get up to two cents of value per point):
- The Edit by Chase Travel offers extra perks at luxury hotels, and you’ll always be able to redeem points for 2x the typical rate through there
- Select airfare will be bookable with points getting at 1.25-2x the usual rate, though options will vary based on class of service, airline, etc.
Other card benefits remain unchanged
The above covers the changes to the card, though let me note that other perks aren’t changing. Most significantly, the card’s (very) easy to use $300 annual travel credit continues to be a perk. The same is true of the TSA PreCheck and Global Entry credit, etc.
Furthermore, the card’s lounge access perks aren’t changing, so the card will continue to offer a Priority Pass membership, access to Chase Sapphire Lounges, access to select Air Canada Maple Leaf Lounges, etc.
My take on Chase Sapphire Reserve changes
I’m not surprised to see changes made to the Chase Sapphire Reserve. We’ve had reason to believe that there was a general profitability issue with the card, which probably reflected evolving consumer behavior. A large percentage of spending is in categories eligible for bonus points, and people probably aren’t financing charges as much as issuers would like.
At the same time, there has been a premium credit card arms race of sorts, and card issuers feel like they need these cards to compete. Now, to state the obvious, many people won’t like that the annual fee is increasing by $245, and that 3x points is being dropped on some travel purchases.
That being said, personally I still find this card to be worthwhile. Actually, I’ll likely get more value from the card than before:
- Being able to earn 8x points for flights booked through Chase Travel might change how I book many of my flights, as that’s a really compelling return
- I also appreciate the ability to earn 4x points on hotel purchases, since that’s an industry leading return on that spending
- Given how easy the $300 annual travel credit is to use, I tend to consider this to be more of a $495 annual fee card after the changes ($795, minus the $300 credit)
- I’ll largely come out ahead compared to the $245 annual fee increase; for example, the up to $300 in dining credits will be easy for me to maximize, since there are several great Miami restaurants participating in the program
- I know some people will be bummed to see the 1.5 cent per point redemption option discontinued, though personally, that’s not how I’ve typically redeemed my points
- The “coupon” aspect of some of these perks is quite frustrating, like with DoorDash, where the $25 in monthly credits is made up of three separate credits, which can’t be used together
Ultimately the pattern here is the same with card issuers. Cards are largely becoming more lucrative, but there are more hoops that need to jump through to maximize value. If you’re willing to put in the effort, these changes may very well be positive. The question is just how much time people want to spend trying to maximize every last perk.
It’s also worth acknowledging that these perks largely favor those living in major cities, where many of the benefits are easier to use.
Chase Sapphire Reserve strategy for existing cardmembers
If you’re an existing Chase Sapphire Reserve cardmember, what’s the right approach to take here? Obviously everyone has to decide for themselves whether the refreshed version of the card is worth the annual fee. Personally, I think there’s no reason to take any action right now.
For existing cardmembers, the new annual fee only kicks in on the next account renewal date after October 26, 2025. That means that some people won’t be paying the new annual fee until some point in October 2026.
The benefits stay the same for now (except Points Boost, which is being added for now, without anything immediately being taken away), and even come October, it could make sense to hold onto the card until the renewal date hits. Of course this assumes that you don’t like the changes. But either way, there’s no benefit to doing anything now.
If you do decide that the Chase Sapphire Reserve is no longer right for you, it could be worth downgrading to the Chase Sapphire Preferred, which has a much lower annual fee, and it’ll still allow you to keep all your points.
Bottom line
The Chase Sapphire Reserve has undergone major changes. Applications for the refreshed card are now live, and those benefits kick in immediately. For exiting cardmembers, the higher annual fee and most of the benefits only kick in as of October 26, 2025, at the earliest.
While the higher annual fee and elimination of consistent 1.5 cent redemptions is bad news, there’s also a lot of good news. We’ve seen a bunch of new credits added to the card, which will make it much easier to justify. We’re also seeing significant perks added as an incentive for spending $75,000 per year on the card.
Whether these changes are positive or negative depends entirely on your spending patterns, and how many hoops you’re willing to jump through in order to maximize value.
What do you make of these Chase Sapphire Reserve changes?
