Chase is shaking up the premium credit card landscape with a major overhaul of its popular Sapphire Reserve card, set to launch on June 23, 2025. The revamped card comes with a heftier $795 annual fee, up from $550, but Chase is sweetening the deal with a host of new benefits and credits that could offer cardholders more value—if they play their cards right.
For existing Sapphire Reserve cardholders, the transition to the new benefits will take place on October 26, 2025, with the new annual fee kicking in at the next renewal date after that. Authorized user fees also jump significantly, from $75 to $195 each. Despite these increases, the $300 annual travel credit remains untouched, providing a familiar cushion for travelers.
One of the biggest changes is the shift in points earning and redemption. The new earning structure offers 8x points on all Chase Travel bookings—including flights, hotels, car rentals, cruises, and activities—replacing the previous split of 5x on flights and 10x on hotels and car rentals. Direct bookings of flights and hotels now earn 4x points, a bump from the old 3x on all travel. Dining continues to earn 3x points worldwide, including eligible delivery, while other purchases earn 1x.
However, the card no longer grants 3x points on all travel spend outside the Chase Travel portal, a notable downgrade for those used to earning triple points on every travel dollar. This means spending on travel like Airbnb, Uber, or other services outside Chase’s portal will only earn 1x point, pushing some users to juggle multiple cards to maximize rewards.
Redemption values are also evolving. The guaranteed 1.5 cents per point (cpp) redemption rate through Chase Travel is being replaced by a new "Points Boost" feature. This dynamic system offers up to 2 cpp on select hotel and airline bookings, particularly on over 1,100 properties in Chase’s luxury hotel collection, The Edit. When Points Boost offers aren’t available, the redemption rate drops to 1 cpp, a decrease from the previous 1.5 cpp. Existing cardholders will have access to both redemption options until October 25, 2027, for points earned before October 26, 2025, ensuring a transitional grace period.
The Edit program also introduces a generous statement credit of up to $250 every six months for prepaid bookings with a two-night minimum, alongside benefits like daily breakfast, room upgrades, and property credits. Additionally, the card offers a $150 rebate every six months for dining at specially curated "Sapphire Reserve Exclusive Tables" restaurants, accessible without needing to book or pay through Chase or OpenTable.
Other new perks include free subscriptions to Apple TV+ and Apple Music, a $150 semi-annual credit for StubHub and viagogo ticket purchases, a $10 monthly Peloton membership credit, and continued Lyft benefits with 5x points through September 30, 2027, plus $10 monthly in-app discounts.
For high spenders, Chase sweetens the pot with exclusive benefits for those who spend $75,000 or more annually. These include IHG One Rewards Diamond Elite status, Southwest Airlines Rapid Rewards A-List status, a $500 Southwest Airlines Chase Travel credit, and a $250 credit for The Shops at Chase. All Sapphire Reserve cardholders receive IHG Platinum status through December 31, 2027.
Travel protections remain robust, with trip delay and cancellation coverage and primary collision damage waiver on car rentals intact. Lounge access is unchanged, granting entry to Chase Sapphire Lounges and Priority Pass lounges for the cardholder and two guests. New lounges have opened recently in major hubs like New York LaGuardia, Boston Logan, and Philadelphia, with more planned in Dallas, Las Vegas, and Los Angeles.
Chase is also introducing a new card design that is heavier at 19.6 grams, signaling a tangible upgrade in the card’s physical presence.
Perhaps equally significant is Chase’s policy change allowing cardholders to hold both the Chase Sapphire Preferred and Chase Sapphire Reserve cards simultaneously, effective June 23, 2025. This breaks from the bank’s longstanding "one Sapphire card" limit, opening up new strategic opportunities for travelers to maximize rewards and benefits. Chase executives have hinted at softening the 48-month bonus eligibility window, which could allow cardholders to earn welcome bonuses on both cards more frequently, though details remain scarce.
To help applicants navigate eligibility, Chase is rolling out new technology that will inform users if they aren’t eligible for a bonus offer before completing an application, allowing them to cancel without impacting their credit score. This feature aims to reduce wasted applications and streamline the process.
While the changes bring exciting new perks, the increased annual fee and altered earning structure mean the new Sapphire Reserve won’t be the straightforward powerhouse it once was. The card now requires more active management to fully leverage its credits and benefits. For example, the loss of 3x points on all travel outside Chase Travel means users might need to carry additional cards for certain travel expenses.
Still, for those who can maximize the new credits—like The Edit hotel rebates, dining credits, and entertainment perks—the revamped Sapphire Reserve could deliver significant value. As one frequent traveler noted, the combination of credits, including the $300 travel rebate, Apple subscriptions, dining rebates, and StubHub credits, could easily exceed the new annual fee, making it worthwhile for some.
Chase’s strategic refresh of the Sapphire Reserve card reflects a broader trend in premium credit cards: higher fees balanced by a complex array of targeted perks and credits. It’s a card that asks more from its users but promises more in return, provided they’re willing to engage actively with its offerings.
With the launch date fast approaching, travelers and points enthusiasts alike will be watching closely to see how these changes play out in practice—and whether Chase’s gamble on complexity pays off.
