Why I’m Rethinking the Chase Sapphire Reserve With Its New $795 Annual Fee

The Chase Sapphire Reserve^® is getting a major refresh, complete with new benefits, changes to its earning structure and redemption rates, and, of course, a higher annual fee.

There’s no questioning that Chase has beefed up the list of benefits, and there are plenty of reasons to believe that the value realized from all the perks will outweigh the new annual fee, steep as it may be. However, to be frank, the extent of the additions to the card is dizzying, and at the end of the day, I’ll still be paying close to $1,000 to keep a money-spending device in my wallet.

For current cardholders like me, the new Chase Sapphire Reserve card benefits won’t take effect until October 26, 2025. Likewise, the increased $795 annual fee will apply to renewals on or after that date. That gives existing cardholders about 3 months to figure out if they want to keep their accounts open.

I haven’t decided to cancel my Chase Sapphire Reserve card, but when my card membership renews this winter, the annual fee alone is enough to make me hesitate. I’m examining how I use the card currently — and how I’d use it going forward — to help decide whether it will stay or go.

Chase Sapphire Reserve Card 2025 Updates

Many will say that the additions to the Chase Sapphire Reserve card are class-leading and push it to the top spot, clearing competitors such as The Platinum Card^® from American Express and the Capital One Venture X Rewards Credit Card.

And on paper, I’d agree with them. On its face, there’s no denying that the updated product is impressive and will give cardholders ample opportunity to realize value far in excess of its new $795 annual fee; however, that doesn’t tell the whole story.

Let’s take a brief look at the most significant benefits and updates to the refreshed Chase Sapphire Reserve card and why I have to think hard about keeping it.

Updated Earning Categories

The Chase Sapphire Reserve card earns Ultimate Rewards points according to the following structure:

• 10x points on eligible Peloton equipment and accessory purchases (through December 31, 2027)
• 8x points on all Chase Travel purchases
• 5x points on Lyft rides (through September 30, 2027)
• 4x points on flights and hotels booked directly
• 3x points on all dining purchases worldwide
• 1x point on all other purchases

Existing Perks and Benefits

Many of the features we’ve come to expect from the Chase Sapphire Reserve card will remain the same, including the following:

• $300 unrestricted annual travel credit
• $300 annually in monthly DoorDash promos and a complimentary DashPass membership worth $120 annually
• $120 Global Entry, TSA PreCheck, or Nexus credit 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
• Travel and purchase protections, including primary rental car insurance, trip delay insurance, and more

New Perks and Benefits

Here’s a look at the new credits being added to the Chase Sapphire Reserve card in this significant refresh:

• Points Boost: Ultimate Rewards points will be worth up to 2x on thousands of top-booked hotels and flights with select airlines and hotels through Chase Travel. For Chase Travel purchases not eligible for Points Boost Offers, points are worth 1 cent apiece, replacing 1.5x on all Chase Travel purchases.
• Get a $500 annual The Edit credit, delivered in the form of $250 statement credits twice a year.
• Get a $300 annual dining credit and primetime reservations at Sapphire Reserve Exclusive Tables, available for booking on OpenTable, delivered in $150 credits twice a year.
• Get a $300 annual StubHub credit on concert and event tickets, delivered in $150 credits twice a year.
• Get $120 in annual Lyft in-app credits, up to $10 monthly.
• Get $250 in annual value through complimentary subscriptions to Apple TV+ and Apple Music.
• Get up to $120 in annual statement credits toward Peloton memberships.
• Enjoy complimentary IHG One Rewards Platinum Elite Status (including room upgrades, early check-in, and late checkout, all subject to availability).
• Spend $75,000 on the card in a calendar year and get access to even more perks: IHG One Rewards Diamond Elite status, Southwest Airlines A-List Status, and a $500 Southwest credit when booked through Chase Travel, and a $250 credit to The Shops at Chase, the issuer’s new online shopping platform.

If that feels like a lot to digest, you’re not alone. There’s a lot to keep track of with this updated card — and that’s one of the main reasons I have doubts about it going forward.

Hot Tip:

Chase points are some of the most valuable out there. Learn about all the best ways to redeem Chase Ultimate Rewards points for maximum value in our complete guide!

Why I’m Hesitant About the New Chase Sapphire Reserve Card

There’s tremendous value in all the perks and benefits of the updated Chase Sapphire Reserve card. If you maximize everything available, you could achieve a value that far outstrips the cost of the higher annual fee. However, a reality on paper doesn’t always translate neatly to real life.

1. Too Many Credits To Keep Track Of, and Too Many Stipulations

Aside from learning the new earning structure and the various stipulations and restrictions accompanying it, there is a long list of perks and benefits to keep track of. On top of that, some of the headliner perks are distributed semi-annually or more frequently, such as the $500 credit for The Edit by Chase properties, the $300 annual dining credit, the $300 StubHub credit, and more.

In my opinion, distributing credits in chunks, whether twice a year, quarterly, or monthly, devalues them, as it’s just another line in a spreadsheet to keep track of and make a point of using. I understand why the issuers structure these credits this way, but I’d much rather use the entire The Edit credit in a single hotel stay than attempt to use half the total amount twice yearly. The same thing goes for concert or event tickets purchased through StubHub.

Most of the credits have stipulations, too. According to Chase’s terms, The Edit stays must be prepaid and at least 2 nights long, and they will not earn Ultimate Rewards points. In my opinion, this greatly limits the flexibility and utility of this credit.

With a minimum stay requirement, the prepaid requirement, and no ability to earn Ultimate Rewards points from the stay, I can’t see myself going out of my way to use this credit, especially considering that many properties participating in The Edit are already high-priced. I’d bet that a $250 savings at most of these hotels won’t make a big enough difference regarding the overall bill to sway me from booking a less expensive option or using points for an award stay elsewhere (or even at the same property).

The DoorDash credits, while not new, are perhaps even more granular and hard to follow. Chase says the following: “DashPass members get access to up to $25 in monthly promos, which includes a $5 restaurant promo and 2 $10 promos to spend on groceries, beauty, electronics, and more. Value does not carry over month-to-month.”

Instead of providing real value by giving cardholders $25 per month to use at DoorDash as they please, they’ll only receive $5 toward a restaurant each month, and then 2 separate $10 promos for other items. Five bucks a month toward a food delivery order doesn’t move the needle for me whatsoever, and having to shop through a list of eligible merchants to use the $10 promos is just another thing to keep track of.

These credits look nice on paper, but they don’t translate well to real-life situations. The lack of flexibility and the minutiae of just about every single one are not appealing and take the shine off of what should be an incredible product.

Thankfully, the annual $300 travel credit will remain the same and can be used entirely in a single transaction. If even a portion of the ease and flexibility of this credit carried over to some of the new ones, I might be singing a different tune today.

2. More Complicated Earning Structure

Even the earning structure requires a degree of memorization that could trip me up. When booking travel, I’ll need to remind myself that airlines and hotels booked directly through providers will only earn me 4 points per dollar spent, while reservations booked through Chase Travel could earn me 8 points per dollar spent.

This doesn’t seem like much to worry about — and in a vacuum, it’s not. But among the chaos of life, these types of distinctions could easily get lost in the shuffle and could end in errors that result in me not using this (once again, very expensive) card to its full potential.

Also, the straightforward earning rate of 3 points per dollar on all general travel purchases, whether it’s an Airbnb stay, a bus ticket, a cruise fare, a parking fee, a ferry ride, a trip on public transit, and more, is being discontinued.

While it may be nice to earn an extra point per dollar spent on flights and hotels booked directly and an extra 5 points per dollar spent on flights and hotels booked through Chase Travel, this elimination hurts. One of the best things about the former 3x travel category was how all-encompassing it was. It allowed cardholders to take advantage of elevated earnings on a slew of everyday purchases and big-ticket items, and now these will earn just 1 point per dollar spent.

Hot Tip:

One of the best things about the former iteration of the Chase Sapphire Reserve card was the ability to redeem Ultimate Rewards points for 1.5 cents apiece through Chase Travel. With the introduction of Points Boost, that’s eventually going away. While theoretically you can get more value for your points, we don’t know precisely how Points Boost will look in practice, and the elimination of the “floor” of 1.5 cents in value apiece is a blow to those who came to appreciate that feature.

3. High Spending Thresholds To Unlock Certain Perks

The updated Chase Sapphire Reserve card unlocks additional perks after spending $75,000 annually, including IHG One Rewards Diamond Elite status, Southwest A-List status, a $500 Southwest Airlines credit when booked through Chase Travel, and a $250 credit to The Shops at Chase, a retail platform recently launched by the issuer.

This might be just me, but none of these perks compel me to spend $75,000 a year on the card. I know there are people out there who spend $75,000 annually effortlessly, so unlocking these perks without much drama is a nice boost for sure. However, it only adds value if you stay with IHG and fly with Southwest with some sort of frequency.

The $250 credit to The Shops at Chase — only after spending $75,000 annually — just doesn’t move the needle enough to make it a desirable goal, in my opinion.

4. Many Perks Will Go Unused

Since this card’s list of perks and benefits is so long, I can’t see a reality in which I use them all. For example, it provides complimentary annual memberships to Apple Music and Apple TV+, which is great, don’t get me wrong. However, I use Spotify for my music service, not Apple Music, and I have no desire to change that.

I subscribe to Apple TV+, which would save me about $120 per year with a $9.99 monthly cost, but I’m still leaving more than half the value of that credit on the table.

I don’t have a Peloton (or particularly enjoy spinning), so the $120 annual credit toward a Peloton membership will go completely unused.

I don’t live in a city that features a Chase Sapphire Lounge by The Club (at least not yet), and I already have numerous Priority Pass memberships from other cards in my wallet. I won’t realize any additional value from that perk, either.

On the other hand, there are certainly perks that will be easy to use, such as the dining-centric credits for Sapphire Reserve Exclusive Tables and a complimentary DashPass membership. The monthly Lyft credits will also be used easily, so there’s at least some upside.

However, while the perks mentioned above may work well for me, they may not for others. I live in the nation’s third-largest city, so finding participating restaurants and using Lyft credits, for example, should be a breeze. However, that may not apply to those living outside a major city or urban area.

5. The Annual Fee Is Just Plain High

The annual fee on the Chase Sapphire Reserve card will jump from $550 to $795 — an increase of $245. I don’t doubt that many will find the annual fee commensurate with what the card offers, which is a lot.

However, this card is now the most expensive premium card on the market, and it’s getting pretty darn close to $1,000 annually. That’s a tough pill to swallow, no matter how significantly I could offset the annual fee by taking advantage of the perks and credits.

At the end of the day, that $795 annual fee charge hits once a year, and for someone without an unlimited budget, it’s certainly given me pause.

The Chase Sapphire Preferred Card Looks Even More Appealing

All of this analysis of the new Chase Sapphire Reserve card has led me to a simple conclusion: the Chase Sapphire Preferred^® Card is more appealing than ever.

In terms of earning potential and utility, it offers a good portion of what its vastly more expensive sibling offers, but for a very reasonable annual fee of $95.

BEST BEGINNER CARD

Chase Sapphire Preferred^® Card

U.P. Rating 

The rating for this card has been determined by our own industry experts who know the ins and outs of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

A fantastic travel card with a great welcome offer, good benefits, and perks for a moderate annual fee.

Chase Sapphire Preferred^® Card

A fantastic travel card with a great welcome offer, good benefits, and perks for a moderate annual fee.

Welcome Offer

Earn 60,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.

60,000 points

UP's Offer Valuation*:

$1,200

Annual Fee

$95

APR

19.99% - 28.24% Variable

Credit Recommended

Upgraded Points credit ranges are a variation of FICO^®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.

Good to Excellent

Why We Like This Card

The Chase Sapphire Preferred^® card is one of the best travel rewards cards on the market. Its bonus categories include travel, dining, online grocery purchases, and streaming services, which gives you the opportunity to earn lots of bonus points on these purchases.

Additionally, it offers flexible point redemption options, no foreign transaction fees, and excellent travel insurance coverage including primary car rental insurance. With benefits like these, it’s easy to see why this card is an excellent choice for any traveler.

Pros & Cons

Pros

• 5x points on all travel booked via the Chase Travel portal
• 3x points on dining purchases, online grocery purchases, and select streaming services
• 2x points on all other travel worldwide

Cons

• $95 annual fee
• No elite benefits like airport lounge access or hotel elite status

Read Full Review

Card Highlights

• Earn 60,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
• Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more.
• Earn up to $50 in statement credits each account anniversary year for hotel stays through Chase Travel℠
• 10% anniversary points boost - each account anniversary you'll earn bonus points equal to 10% of your total purchases made the previous year.
• Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
• Complimentary DashPass which unlocks $0 delivery fees & lower service fees for a min. of one year when you activate by 12/31/27. Plus, a $10 promo each month on non-restaurant orders.
• Member FDIC

Financial Snapshot

• APR: 19.99% - 28.24% Variable
• Foreign Transaction Fees: None

Rewards Center

Chase Ultimate Rewards

Of course, you still get access to the incredible Ultimate Rewards program, which unlocks incredible travel opportunities through Chase’s numerous transfer partners.

You can also take advantage of the card’s impressive roster of travel protections, including trip cancellation and interruption insurance and primary rental car insurance.

Finally, the Chase Sapphire Preferred card offers easy-to-use and mostly flexible “extras,” such as a $50 statement credit for hotels booked through Chase Travel each year and a complimentary DashPass membership when you activate the benefit by December 31, 2027.

In my opinion, the Chase Sapphire Preferred offers many of the core benefits that make Chase’s Sapphire products so great — respectable earning rates, the ability to transfer points to numerous valuable partners, and more — without the hassle of memorizing a long list of perks and benefits that come with enough restrictions to make your head spin.

All in all, the Chase Sapphire Preferred card is a more livable everyday credit card that offers plenty of the Chase Sapphire experience at just about 12% of the cost of the Chase Sapphire Reserve.

Hot Tip:

Chase now allows cardholders to have both Sapphire cards at the same time. This means that if you already have the Chase Sapphire Reserve card, you can apply for the Chase Sapphire Preferred card, earn the welcome bonus offer, and then choose whether or not to cancel your Chase Sapphire Reserve card.

Final Thoughts

There’s a case to be made that the updated Chase Sapphire Reserve card is the new top-dog in the premium credit card market, and it’s easy to see why — at least on paper.

With a lengthy list of new perks and benefits (in addition to some carryover perks from the previous version of the card), Chase’s latest offering has a lot to like.

However, I doubt I’ll be able to utilize all of these perks and benefits to their fullest potential, which means I’ll leave quite a bit of money on the table. Not to mention, the new annual fee is almost mind-bogglingly high.

Over the next few months, I will keep ruminating over the new-and-improved Chase Sapphire Reserve card and analyze how it’ll fit into my wallet going forward. If I determine that I’ll be able to extract enough value from it to far outweigh the cost of keeping the card, I’ll likely keep it. The far less expensive (but very powerful in its own right) Chase Sapphire Preferred card is looking mighty fine to me now.