Chase Refreshes Sapphire Preferred & Reserve Cards [New Perks & Bonus Categories]

Two of the most popular travel rewards credit cards on the market, the Chase Sapphire Preferred^® Card and Chase Sapphire Reserve^® Card, are getting a refresh of their perks and rewards rates effective August 16, 2021.

Let’s take a look at the new benefits being added to each card!

Chase Sapphire Preferred Card Updates

Now, the card’s earn rates and perks are getting a welcome makeover. Here are the new earn rates of the Chase Sapphire Preferred card, along with the old rates for comparison’s sake.

New Rewards Rates

As you can see, the earn rates for dining and Chase Travel purchases are being improved to 3x and 5x respectively, up from their previous 2x points per $1. Plus, 2 new bonus categories are being added, streaming services and groceries, and will earn 3x points per $1 spent.

Given that rewards rates are improving nearly across the board, along with the addition of 2 new bonus categories, this change will help cardholders earn significantly more Ultimate Rewards points.

$50 Annual Hotel Credit

Starting August 16, 2021, Chase Sapphire Preferred cardholders will also receive a $50 annual credit on hotel stays purchased through Chase Travel. If you already book hotel stays through Chase Travel anyway, this will be a great way for you to get $50 off a stay each year!

Hot Tip: New cardmembers of the Chase Sapphire Preferred card will receive the credit immediately, but all existing cardmembers will receive the credit after their next account anniversary.

10% Anniversary Point Bonus

The other new benefit being added is 10% of your points back each year based on your card spending. However, this bonus is calculated based on the total number of dollars you spent on your card, and not the total number of points you’ve earned throughout the year.

For example, if you were to spend $20,000 on your card throughout the year, your 10% anniversary bonus would amount to 2,000 points.

No Change to Annual Fee

Despite all new benefits and improved rewards rates being added, new and old cardholders alike will be glad to hear that the card’s annual fee is staying put at just $95!

Chase Sapphire Reserve Card Updates

The more premium Chase Sapphire Reserve card is getting a welcome facelift as well, offering new rewards rates for cardholders.

New Rewards Rates

With the Chase Sapphire Reserve card, 3 new bonus categories are being added, with all 3 centering on travel or dining purchases made through the Chase Travel, and will offer rewards rates of 5x to 10x points per $1.

No Change to Annual Fee

As with the Chase Sapphire Preferred card, despite new bonus categories being added to the card, the Chase Sapphire Reserve card will not increase its annual fee from its current $550.

Final Thoughts

Given the changes, Chase definitely seems to have placed more emphasis on the Chase Sapphire Preferred card, as its new bonus categories and perks are arguably more exciting than the new additions to the Chase Sapphire Reserve card.

But no matter how you slice it, these are great new additions to both cards that will help cardholders earn more points and receive more value out of each card, all without increasing the annual fee! That is a big win for members of either card in our book! Having trouble deciding between the 2 cards? Check out our comparison of the Chase Sapphire Preferred card vs. the Chase Sapphire Reserve card.