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The gauntlet’s been thrown. Details about the all-new Chase Sapphire Reserve® are out, and Chase is making a play for the best — and most expensive — premium rewards card on the market. Whether it’s now the best travel card is subjective. Some will welcome the changes, while others may not care for them. But what’s not up for debate is that the Sapphire Reserve is taking the title as the most expensive major rewards card.
There’s a lot to unpack, so let's get into what’s new (and what's going away) with the Sapphire Reserve.
Page Contents
The All-New Sapphire Reserve: More Rewarding and More Expensive
Chase made waves in 2016 when it “reinvented the luxury credit card category” with the debut of the Sapphire Reserve. This moment feels pretty similar — except now, we’re looking at a $795 annual fee instead of the $450 it started at, before jumping to $550 back in 2020.
But a lot has changed in the credit card world over the past decade. And according to Chase, this refresh is meant to reflect that. The issuer calls the new Sapphire Reserve the result of “years of focus on the things most important to our cardmembers: travel, dining, entertainment, and exceptional service.”
So, how exactly does this translate into a new card product? In short, that's more benefits, better value (at least on paper), and a higher annual fee.
What’s new with the Sapphire Reserve
Outside of a now $245 higher annual fee — which we’ll address in detail — there’s a lot that’s new with the Sapphire Reserve. There’s so much that we’ll break it down by category so you don’t miss anything.
Travel-related benefits
Chase is adding several new travel-related benefits to the Sapphire Reserve through modified earning rates, complimentary elite status, statement credits, and more.
- 8X points on all Chase Travel℠ purchases (replaces 5X on flights and 10X on hotels and car rentals through Chase Travel)
- 4X points on flights and hotels booked directly (replaces 3X on all travel)
- $500 annual The Edit credit
- Access to Points Boost, where points are worth up to 2x on select hotels and flights through Chase Travel
- Complimentary IHG One Rewards Platinum Elite status
In addition to the new travel benefits, the following perks are staying the same:
- $300 travel credit
- $120 Global Entry, TSA Precheck, or Nexus credit every four years
- Airport lounge access, including Chase Sapphire Lounges by The Club, over 1,300 Priority Pass lounges, and select Air Canada Maple Leaf Lounges and Cafés when flying a Star Alliance airline
- Complimentary access to Reserve Travel Designers
- Built-in travel protections
Dining benefits
Dining is another area where Chase sees strong demand from both current and prospective cardmembers. That’s why it’s adding a new $300 annual dining credit ($150 bi-annually) and access to “Sapphire Reserve Exclusive Tables,” which offers reservations at a curated list of restaurants available through OpenTable.
To keep encouraging cardmembers to use the Sapphire Reserve for dining purchases, you’ll also continue to earn 3X points on dining at restaurants.
Related: Best Credit Cards for Dining and Restaurants
Lifestyle benefits
Chase cites a growing demand for lifestyle perks, which have become standard fare on many high-annual-fee cards. Chase is layering several new lifestyle benefits on top of a few it already offers on the Sapphire Reserve.
- $250 annual value through complimentary subscriptions to Apple TV+ and Apple Music
- $300 annual StubHub credit on concert and event tickets
- $120 in annual Lyft in-app credits (up to $10 monthly), plus 5X total points on eligible Lyft rides
- $300 annually in monthly DoorDash promos, plus complimentary DashPass membership (valued at $120 annually)
- 10X points on eligible Peloton equipment and accessories, plus up to $120 in annual credits toward Peloton membership
Premium benefits that you can spend your way to
Credit card issuers make more money when you use your card. So, to encourage you to reach for the Sapphire Reserve more often, Chase is rolling out a trio of benefits you’ll unlock after spending $75,000 on the card in a calendar year:
- IHG One Rewards Diamond Elite status
- Southwest Airlines A-List status, plus a $500 Southwest credit (valid on Southwest flights booked through Chase Travel)
- $250 credit to The Shops at Chase, a new platform where you can use cash or Ultimate Rewards points to shop brands like Dyson, Tumi, and more
Brand-new card design
For those who care about a card’s look, feel, and weight, there’s news on that front too. Chase is refreshing the Sapphire Reserve’s design and making it heavier. The new card will feature a gradient, textured finish and weigh in at 19.6 grams — about seven grams heavier than before.
Higher annual fee
If your reaction to all of the above was anything like mine –“Wow, that’s a lot of additional credits. How on earth is Chase justifying this?” — well, here's your answer. The annual fee has been increased to $795. Plus the cost to add an authorized user is increasing to $195.
Arguably, the new annual fee is justifiable, even if you don’t use every credit. Chase highlights the card now offers over $2,700 in total value, which far exceeds the new annual cost.
But just because something can be justified doesn’t mean it’s always worth it. A $795 annual fee is still a big upfront investment.
Sapphire Reserve benefits that are going away
It sure would be nice if we never had to report on card benefits going away. But, unfortunately, the Sapphire Reserve will lose a couple of perks that made it stand out in the first place.
Amended earning rates
For starters, the card’s earning structure is changing. The 5X points on flights and 10X points on hotels and car rentals through Chase Travel are being replaced with a flat 8X on all Chase Travel purchases. Meanwhile, the long-standing 3x on all travel is going away, replaced by 4X points on flights and hotels booked directly.
Depending on how you prefer to book travel, either through Chase Travel or directly, and how often you spend in categories like parking, tolls, and ferries, these changes might be a downgrade. Or they could work in your favor.
Devalued redemption options
If you like redeeming your Chase Ultimate Rewards at 1.5¢ each through the Chase Travel portal, this change might sting the most. Chase is phasing out that redemption option in favor of something new called Points Boost.
Points Boost will let cardmembers redeem points for up to 2¢ each, which sounds great at first — until you realize that this rate only applies to a limited set of “top booked” hotels and flights with select airlines and hotel brands through Chase Travel. In other words, it won’t be nearly as flexible. All other redemptions that aren’t Points Boost eligible will give you just 1¢ per point.
The rollout timeline is a little interesting, though. For Sapphire Reserve cardmembers who apply before June 23, 2025, any points earned before October 26, 2025, can still be redeemed at 1.5¢ through Chase Travel until October 26, 2027. During that period, Chase will automatically offer you the better value — either the Points Boost rate or the 1.5¢ rate if the booking isn’t eligible for Points Boost.
Similar changes are also coming to the Chase Sapphire Preferred® Card and Ink Business Preferred® Credit Card. Starting October 26, 2025, both cards will get access to Points Boost, where points can be worth up to 1.5¢ on top-booked flights and hotels, and up to 1.75¢ on premium cabin flights with select airlines. For points earned before October 26, you’ll automatically get the better value between Points Boost and the old 1.25¢ rate.
When Can You Get the New Sapphire Reserve?
Another key element of the new Sapphire Reserve launch is the timeline. This matters whether you already have the card, are thinking about applying before the refresh, or are planning to wait until the new version becomes available. So, to keep things simple, here’s a quick FAQ:
- I already have the Sapphire Reserve. When do I get access to the new benefits? If you apply before June 23, 2025, you’ll get access to the new benefits starting October 26, 2025. Your annual fee will increase to $795 on your first renewal date after that.
- I want to get the current Sapphire Reserve before it refreshes. What’s the deadline? Based on the June 23 timeline, it’s safe to assume you can apply through June 22, 2025. That said, Chase hasn’t confirmed whether applications will close early ahead of the relaunch.
- I want to get the new Sapphire Reserve after it launches. When will it be available? The refreshed Sapphire Reserve will open for new applications starting June 23, 2025.
- Earn 60,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
- $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year.
- Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases
- Get 50% more value when you redeem your points for travel through Chase Travel℠. For example, 60,000 points are worth $900 toward travel.
- 1:1 point transfer to leading airline and hotel loyalty programs
- Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select and up to $120 application fee credit every four years for Global Entry, NEXUS, or TSA PreCheck®
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Coverage, Lost Luggage Insurance and more.
- Member FDIC
- Rates & Fees
- 10X points on hotels and car rentals purchased through Chase Travel℠
- 10X points on Chase Dining (including prepaid reservations and prepaid takeout purchased through Chase)
- 5X points on airfare purchased through Chase Travel℠
- 3X points on all other travel
- 3X points on dining at restaurants
- 1X points on all other purchases
Related: Understanding Credit Card Application Rules and Restrictions
Our Take on the New Sapphire Reserve
If you’ve made it this far, you probably already have a strong opinion about the new Sapphire Reserve. Maybe you’re excited about the refresh, or maybe you’re ready to walk away, either because it’s too expensive or no longer worth keeping. Both reactions are valid.
On paper, the card offers more value in benefits than it costs in annual fees. In that sense, it looks like a no-brainer. But as someone who would hesitate to spend $795 upfront, even with a good reason, I get why the new price tag might be a turnoff.
This is a steep annual fee, and for now, it makes the Sapphire Reserve the most expensive premium rewards card you can get without a personal invite.
That said, if the fee is not a dealbreaker, there’s a lot to like here compared to the competition. One thing I especially appreciate is how the statement credits are structured. Yes, there are a lot of them, but they are not monthly “coupon book” credits like you will find with other issuers. These should be easier to use, and that is a good thing.
It seems like a silly conclusion, but your card should not frustrate you. And you should have plenty of time to utilize the new Sapphire Reserve credits each year.
Bottom Line
On balance, the new Sapphire Reserve is a solid card with a mix of practical benefits designed to reward cardmembers in the areas where Chase is seeing the most demand right now. The new perks add a lot of value, but we’ll miss the fixed 1.5¢ per point Chase Travel redemption option, and losing the 3X on all travel spending will sting.
Of course, new benefits do not come without a price. The card now costs a pretty penny — 79,500 pretty pennies to be exact — each year. Even if that cost is justifiable, it is still a big upfront investment, and it will likely be the sticking point for many who currently have the card or are thinking about applying once the new version launches on June 23, 2025.
For rates and fees of the cards mentioned in this post, please visit the following links: Chase Sapphire Reserve® (Rates & Fees)
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