Chase is rolling out significant updates to the Sapphire Reserve, marking the card’s most substantial overhaul since 2021. The premium travel rewards card will see its annual fee jump to $795, positioning it as the most expensive option in the premium transferable rewards market.
Along with the fee increase, you’ll find a host of new statement credits, enhanced earning rates on specific categories, and additional perks designed to offset the higher cost.
These changes take effect June 23 for new applicants, while existing cardholders will see most updates on October 26, 2025. Whether these modifications work in your favor depends entirely on your spending patterns and willingness to maximize the card’s expanded benefit structure.
Annual Fee Increasing
The Sapphire Reserve’s annual fee is jumping from $550 to $795, representing a $245 increase that puts it ahead of competitors like The Platinum Card from American Express at $695. This makes the Sapphire Reserve the priciest option in the premium transferable rewards space.
If you apply between June 17 and June 23, you’ll still pay the current $550 annual fee. Existing cardholders won’t face the new fee until their next anniversary date on or after October 26, 2025.
Authorized User Fee Increasing
The authorized user fee is taking an even steeper hit, rising from $75 to $195 per person. This represents a 160% increase and eliminates one of the card’s most attractive family-friendly features.
Chase likely implemented this change to manage crowding in their Sapphire Lounges while offsetting the continued investment in these premium facilities.
Changes to Earning Points
e card’s earning structure is getting a complete overhaul with winners and losers across different spending categories. Here’s how the new rates compare to the previous structure:
Previous earning rates:
- 10 points per dollar on hotels and rental cars booked through Chase Travel.
- 5 points per dollar on flights booked through Chase Travel.
- 5 points per dollar on eligible Lyft rides.
- 3 points per dollar on dining purchases.
- 3 points per dollar on all other travel purchases.
- 1 point per dollar on all other purchases.
New earning rates:
- 8 points per dollar on all purchases through Chase Travel.
- 4 points per dollar on flights booked directly with airlines.
- 4 points per dollar on hotels booked directly.
- 5 points per dollar on eligible Lyft rides.
- 3 points per dollar on dining purchases.
- 1 point per dollar on all other purchases.
The most significant change is the elimination of the broad 3-points-per-dollar travel category. Previously, you earned bonus points on cruises, vacation rentals, parking, transit, and other travel-related purchases. Now these purchases will only earn 1 point per dollar.
You’ll benefit if you frequently book flights and hotels directly with providers, as these categories are increasing from 3 to 4 points per dollar. However, if you regularly use the card for Airbnb stays, subway tickets, cruise bookings, or parking fees, you’ll see your earning potential drop significantly on these purchases.
New Credits
Chase is adding a substantial list of statement credits to help justify the higher annual fee:
- $500 annual credit for The Edit luxury hotels: Split into two $250 biannual credits for stays of at least two nights.
- $300 annual dining credit: For Sapphire Reserve Exclusive Tables bookable through OpenTable, applied as two $150 biannual credits.
- $300 annual DoorDash promotions: Monthly credits including a $5 restaurant promo and two $10 promos for everyday essentials, plus complimentary DashPass membership.
- $300 annual entertainment credit: For StubHub or Viagogo concert and event tickets, split into two $150 biannual credits (activation required).
- $250 annual Apple subscriptions: Complimentary Apple TV+ and Apple Music through June 22, 2027 (one-time activation required).
- $120 annual Lyft credits: Up to $10 monthly in-app credits through September 30, 2027.
- $120 annual Peloton credits: $10 monthly toward memberships through December 31, 2027.
Combined, these new benefits offer more than $2,700 in potential annual value. You’ll also receive complimentary IHG One Rewards Platinum Elite status with perks like 60% bonus points on stays and guaranteed room availability.
Additional Benefits for Spending $75,000
High spenders get access to premium perks after charging $75,000 to the card in a calendar year:
- IHG One Rewards Diamond Elite status: Top-tier status with benefits like complimentary breakfast and room upgrades.
- Southwest A-List status: Includes priority boarding, free checked bags, and other valuable perks.
- $500 Southwest Airlines credit: For flights booked through Chase Travel.
- $250 credit for The Shops at Chase: Online marketplace featuring luxury brands like Dyson, Sony, Therabody, and Tumi.
While these benefits are valuable, the $75,000 spending threshold puts them out of reach for many cardholders.
Points Boost Replacing 1.5 Cent Redemptions
The beloved 1.5-cent-per-point redemption rate through Chase Travel is disappearing, replaced by a new Points Boost program. Instead of the guaranteed enhanced value, you’ll get variable redemption rates of up to 2 cents per point on select bookings.
Points Boost will offer enhanced redemptions on luxury hotels through The Edit collection, where you’ll always get 2 cents per point in value. Select flights will offer redemption rates between 1.25 and 2 cents per point, though availability varies by airline and class of service.
Existing cardholders get a two-year grace period for points earned before October 26, 2025. You can use these points at either the old 1.5-cent rate or through Points Boost, whichever offers better value, until October 26, 2027.
After the grace period ends, all redemptions will be subject to Points Boost pricing or the base 1-cent rate. This change represents a significant shift from guaranteed enhanced value to variable pricing based on availability.
The Verdict
The Sapphire Reserve’s transformation reflects the ongoing evolution in premium credit cards, where issuers add multiple statement credits to justify higher annual fees. These changes will likely divide cardholders based on their spending habits and willingness to manage numerous benefit categories. You’ll come out ahead if you already spend with the featured merchants and can easily maximize the various credits.
However, the loss of the 1.5-cent redemption guarantee will frustrate many cardholders who valued that predictable enhanced rate. The proliferation of monthly and biannual credits creates a “coupon book” effect that requires careful tracking to maximize value. Many benefits favor cardholders in major cities where participating merchants are more readily available.
The preservation of the flexible $300 annual travel credit remains a significant positive, as it continues to be one of the easiest credits to use in the premium card market. Whether you should keep, apply for, or downgrade the card ultimately depends on your ability to utilize the expanded benefit structure. You have time to evaluate these changes, as existing cardholders won’t face the higher annual fee until their next renewal on or after October 26, 2025.
