Chase Unveils Major Overhaul of the Sapphire Reserve Card: New Perks, Higher Annual Fee

Chase has announced major changes to the most premium card in its lineup, the Chase Sapphire Reserve^®, which include new bonus categories, new perks, new redemption options, tons of new credits, and more, available starting June 23, 2025.

New benefits on the card come with a higher $795 annual fee, and there also changes to the card’s earning structure, as well as the way you redeem points in the travel portal.

There is a lot to cover, so let’s jump straight into dissecting the revamped Chase Sapphire Reserve card.

New Chase Sapphire Reserve Card Bonus Categories

Here is how you’ll earn points on the Chase Sapphire Reserve card going forward:

• 10x points on eligible Peloton equipment and accessory purchases
• 8x points on all Chase Travel purchases
• 5x points on Lyft rides
• 4x points on flights and hotels booked directly
• 3x points on all dining purchases worldwide
• 1x points on all other purchases

Previously, the card earned 5x points on flights and 10x points on hotels and car rentals booked through Chase Travel, along with 3x points on all travel purchases, but these will now be removed from the card.

Many cardholders will be upset by the removal of the ability to earn 3x points on all travel, as this was by far one of the broadest travel categories across all travel rewards cards, and included items like cruises, discount travel sites, Airbnb and other vacation rental platforms, trains, buses, taxis, toll roads, parking garages, and more.

Now, you’ll earn just 1x points on these purchases going forward. To compensate for that loss, Chase is increasing the number of points you’ll earn on airfare and hotels booked directly by 33%, up to 4 points per $1 spent.

New Credits and Perks on the Chase Sapphire Reserve Card

Before we outline all of the new credits that are being added to the card, we want to highlight that the $300 annual travel credit is not being removed, and no restrictions are being added to how you can use it. It will continue to function just as it has before, with the same broad travel definition that allows you to apply it to virtually any travel-related or travel-adjacent purchase.

With that, here is a look at all of the new credits and perks that are being added to the Chase Sapphire Reserve:

• $500 annual The Edit credit, delivered in 2 separate $250 biannual credits (2-night minimum stay and prepayment required)
• $300 annual dining credit and primetime reservations at Sapphire Reserve Exclusive Tables, available for booking on OpenTable, delivered in 2 separate $150 biannual credits
• $300 annual StubHub and viagogo credit on concert and event tickets, delivered in 2 separate $150 biannual credits
• $120 in annual Lyft in-app credits, up to $10 monthly
• $250 annual value through complimentary subscriptions to Apple TV+ and Apple Music
• Up to $120 in annual statement credits toward Peloton memberships
• Complimentary IHG One Rewards Platinum Elite Status (which includes perks like room upgrades, early check-in, and late checkout, all subject to availability)

In addition to those new credits, all of the following perks will still be offered on the card going forward:

• $300 annually in monthly DoorDash promos and a complimentary DashPass membership worth $120 annually (available as up to $5 per month with restaurants and 2 monthly credits of up to $10 on groceries, beauty, electronics, and more)
• $120 Global Entry, TSA Precheck, or Nexus credit available every 4 years 
• Access to the Chase Sapphire Lounge by The Club airport lounges, access to Priority Pass Select, and more than 20 select Air Canada Maple Leaf Lounges and Air Canada Cafés when traveling on a Star Alliance airline, and the ability to bring 2 guests with you on each visit
• Complimentary access to Reserve Travel Designers with end-to-end travel planning
• All current travel and purchase protections will remain unchanged, including primary rental car insurance, trip delay insurance, and more.

This amounts to over $2,700 in annual credits for cardholders. While some might push back and claim that the card is moving toward the often criticized “coupon book” approach, the fact that many of these credits are offered in large increments, biannually, makes them far more useful in our view than credits from other issuers who opt for quarterly or monthly credits. That said, credits being delivered in pieces or with merchants you aren’t already patronizing makes it difficult to use to recoup the cost of your annual fee. That’s especially true with the DoorDash credits.

New Credits and Perks You Can Unlock With Annual Spend

Additionally, the card will have a few perks that you can access only if you spend $75,000 on purchases in a calendar year:

• IHG One Rewards Diamond Elite Status, which is the program’s top tier
• Southwest Airlines A-List Status and a $500 Southwest Airlines credit when booked through Chase Travel 
• $250 credit to The Shops at Chase, Chase’s new online shopping experience

In our view, it’s not worth going out of your way to spend $75,000 on this card simply to attain these benefits. However, if you would organically spend $75,000 on the card in a year anyway, then these added perks are a nice-to-have to deliver more value to you. The positive element is that the Southwest and Shops at Chase credits are applied automatically if you’re eligible.

New Redemption Option

Previously, cardholders could redeem their Ultimate Rewards points through the Chase Travel portal and receive a 50% bonus in value when doing so. Essentially, this meant that you could redeem your Chase Ultimate Rewards points at 1.5 cents per point toward any type of travel purchase bookable through Chase Travel.

Now, that feature is set to be phased out and replaced with a new feature called Points Boost.

With Points Boost, Chase Sapphire Reserve cardmembers’ points will be worth up to 2x on thousands of hotels and flights with select airlines and hotels through Chase Travel. For Chase Travel purchases not eligible for Points Boost Offers, points can be redeemed at a 1-cent-per-point rate on Chase Travel, replacing 1.5x on all Chase Travel purchases.

In a nutshell, you’ll be able to redeem for select business- and first-class tickets booked through Chase Travel, along with select luxury hotels that qualify for The Edit perks, at a rate of up to 2 cents per point.

Items that you could previously book through Chase Travel with a 50% bonus, like cruises, rental cars, and economy flight tickets, will fall to 1 cent per point.

As mentioned, Chase will be phasing this out slowly, and points earned prior to October 26, 2025, by cardmembers who applied prior to June 23, 2025, can be redeemed at 1.5x on Chase Travel until October 26, 2027. For points earned prior to October 26, 2025, cardmembers will automatically receive the best offer available, whether it’s Points Boost or 1.5x on Chase Travel, maximizing rewards value for two years. 

You will see the value of your points and whether Points Boost is available when you go to make a reservation. Unfortunately, with a rotating list of hotels and airlines, it’s difficult to guarantee what your points will be worth on future reservations — trading guaranteed value for a potential higher value mixed with uncertainty.

New Card Design

In addition to all of the new perks and benefits, the Chase Sapphire Reserve card is getting a fresh look with engraved logos and textured patterns on a new, even heavier metal veneer that weighs 19.6 grams. Chase states that the new card is inspired by the facets of a Sapphire gem and the Chase octagon.

New Annual Fee

Of course, all of these new benefits come at a price. The new annual fee for the Chase Sapphire Reserve will increase from $550 to $795, with a $195 annual fee for authorized user cards.

Current cardmembers or those who apply prior to June 23, 2025, will experience these new benefits and features starting October 26, 2025. Their annual fee will be adjusted to $795 on their next anniversary date following October 26, 2025.

This is a sizeable increase. Not only is the annual fee rising by $245, but it will now be the most expensive premium rewards credit card on the market.

That said, we will give credit where it is due. Despite the card becoming very expensive to hold, there is plenty of value to be had here if you travel often and can make good use of the card’s various credits, so those who are able to use them may come out ahead or find the new fee justifiable.

What About the Welcome Bonus Offer?

With a new card usually comes a new and improved welcome bonus to celebrate that announcement. Sadly, Chase has not released details on whether the card will launch with an increased welcome bonus offer, but we will be sure to provide a full update when/if that happens.

When the Chase Sapphire Reserve Card Updates Take Effect

The revamped Chase Sapphire Reserve card officially debuts on Monday, June 23. New applicants from that date forward will pay the updated $795 annual fee and immediately receive all the enhanced benefits and credits.

What about current cardholders? They’ll have to wait until October 26, 2025, to access the new perks. The good news: Their annual fee won’t rise to $795 until their first renewal after that date.

The one exception is the Points Boost feature, which takes effect for all cardholders on June 23. This allows Ultimate Rewards points to be redeemed for up to 2 cents each when booking select airlines or hotels through Chase Travel.

Final Thoughts

While no one looks forward to having to pay a higher annual fee for a card they have in their wallet, Chase is adding quite a few benefits to help stomach this change to a $795 yearly cost. Depending on your travel and spending habits, you might even start getting more value out of the card than you were previously.

Will the new Chase Sapphire Reserve card be a good fit for everyone? No, of course not. For some, the annual fee increase comes by way of perks and credits they won’t use or an adjustment to points earning and redeeming that doesn’t match their lifestyle. And the requirement to jump through hoops to use some of the credits will frustrate some cardholders. For others, particularly those who love attending events and experiences, consider themselves foodies, and travel frequently, the new Chase Sapphire Reserve card might be just what they were looking for.

For those interested in adding the new Chase Sapphire Reserve card to your wallet, you’ll be able to do so starting June 23, 2025.