On June 23, 2025, Chase unveiled a comprehensive refresh of its flagship Chase Sapphire Reserve credit card, alongside the introduction of the Chase Sapphire Reserve for Business. These updates bring a slew of new benefits, elevated welcome bonuses, and significant changes to eligibility rules that could reshape how consumers engage with these premium travel cards.
The revamped Chase Sapphire Reserve (consumer version) now carries a hefty $795 annual fee, up from $550, marking one of the steepest annual fees among widely available credit cards. However, Chase is sweetening the deal with a generous welcome bonus: new cardholders can earn 100,000 Chase Ultimate Rewards points plus a $500 Chase Travel promotional credit after spending $5,000 within the first three months. This travel credit is a one-time use and must be applied toward a booking of at least $500, or else the remaining value is forfeited.
These points, valued at up to 2 cents each when redeemed through Chase Travel’s new "Points Boost" program, represent a potential $2,000 or more in travel value. This is a substantial draw, especially considering the card’s enhanced earning rates: 8X points on all Chase Travel purchases, 4X points on flights and hotels booked directly, 3X points on dining, and 5X points on Lyft rides through September 2027.
Beyond the welcome offer, the consumer Sapphire Reserve card is laden with a variety of statement credits and perks designed to offset its high annual fee. Cardholders receive a $300 annual travel credit applicable to any travel purchase, a $500 annual credit for bookings at over 1,100 hand-selected luxury hotels in Chase’s "The Edit" portfolio (split into two $250 credits from January to June and July to December, requiring a minimum two-night stay), and up to $300 in dining credits at exclusive Sapphire Reserve Tables restaurants. Additionally, there’s a $300 annual StubHub credit for concert and event tickets, split semiannually, plus complimentary Apple TV+ and Apple Music subscriptions valued at $250 through June 2027.
Other lifestyle benefits include $120 in Peloton membership credits annually, $120 in Lyft credits spread as $10 monthly allotments, and DoorDash perks such as a complimentary DashPass membership through 2027 and monthly credits totaling up to $25 for both restaurant and non-restaurant orders. For travelers who spend heavily, surpassing $75,000 in a calendar year unlocks IHG One Rewards Diamond Elite Status, Southwest Airlines A-List Status, a $500 Southwest Airlines credit when booked through Chase Travel, and a $250 credit toward "The Shops at Chase." Lounge access remains a highlight, with complimentary entry to Chase Sapphire Lounges, Priority Pass Select lounges, and select Air Canada Maple Leaf lounges for the cardholder and two guests.
The Chase Sapphire Reserve for Business card, also launched on June 23, 2025, mirrors many of these features but caters to business owners with a higher welcome bonus: 200,000 points after spending $30,000 in the first six months. It carries the same $795 annual fee and offers 8X points on Chase Travel purchases, 4X on direct flights and hotels, 3X on social media and search engine advertising, and 5X on Lyft rides. Business cardholders who spend $120,000 annually gain similar elite status and credits, including IHG Diamond Elite status and a $500 credit to "The Shops at Chase." Additional business-specific perks include up to $400 in ZipRecruiter credits and $200 in Google Workspace credits, along with $100 in GiftCards.com credits split semiannually.
One of the most notable shifts accompanying these card updates is the overhaul of Chase’s eligibility rules for Sapphire cards. Previously, customers were barred from earning welcome bonuses on Sapphire cards if they had received one within the last 48 months or currently held any Sapphire card, making the welcome bonuses effectively mutually exclusive between the Sapphire Preferred and Sapphire Reserve cards.
As of the June 23, 2025 relaunch, Chase has implemented a "once in a lifetime" policy for welcome bonuses on personal Sapphire cards. This means that if you have ever received a welcome bonus on a particular Sapphire card—be it the Preferred or Reserve—you likely won't be eligible for that bonus again, regardless of how long ago you earned it. However, eligibility to hold both the Sapphire Preferred and Sapphire Reserve cards simultaneously is now allowed, a significant departure from past restrictions.
Chase’s new application process includes a pop-up notification that informs applicants whether they are eligible for the welcome bonus before submitting their application, without performing a hard or soft credit inquiry. This transparency helps applicants avoid unnecessary credit checks if they are ineligible for the bonus.
Interestingly, the new eligibility restrictions apply only to personal Sapphire cards; the Chase Sapphire Reserve for Business card does not carry these limitations. This opens up an opportunity for business owners to earn a lucrative welcome bonus even if they already hold or have held a consumer Sapphire card.
Despite the new "once in a lifetime" language, some anecdotal reports suggest that Chase's internal algorithm may still allow select customers to receive welcome bonuses more than once, though this is not guaranteed and remains opaque.
The Chase Sapphire Preferred card, a longstanding favorite with a lower annual fee, has also seen a permanent increase in its standard welcome bonus. It now offers 75,000 bonus points after spending $5,000 in the first three months, up from the previous 60,000 points. Valued at approximately $1,500 in travel redemptions, this makes the Preferred card an attractive option for travelers seeking strong rewards without the premium fee of the Reserve.
For those looking to maximize Chase Ultimate Rewards points, the ability to hold both the Preferred and Reserve cards simultaneously (though only earning one welcome bonus per card) provides an expanded toolkit for accumulating points. Chase points transfer 1:1 to several airline and hotel partners, enabling premium travel redemptions such as business class flights to Japan on Japan Airlines or stays at high-end Hyatt properties.
However, the increased annual fee for the Reserve card and the complex web of new credits mean that cardholders must actively use the benefits to justify the cost. Many of the credits are split into two semiannual chunks, requiring attention to timing and usage to avoid losing value. The travel credit linked to the welcome offer is a single-use credit and must be applied carefully to avoid forfeiture.
Chase’s redesign of the Sapphire Reserve card also includes a physical makeover. The new card is heavier, made from a 19.6-ounce metal composite, and features a textured design inspired by a sapphire gem and the Chase logo, replacing the previous geometric pattern.
Overall, Chase’s refreshed Sapphire Reserve card and the new business variant offer a robust set of perks and rewards that cater to frequent travelers and business owners alike. While the higher annual fees might deter some, the combination of elevated welcome bonuses, enhanced earning rates, and a plethora of statement credits could make these cards worthwhile investments for those who can fully leverage their benefits.
Meanwhile, the new eligibility rules signal a tightening of bonus offers for personal Sapphire cards, emphasizing the importance of strategic timing and card selection for consumers aiming to maximize rewards. The business card’s exemption from these restrictions offers a valuable avenue for business owners to earn significant bonuses and benefits, potentially filling a niche in the premium credit card market.
With these changes now live, prospective applicants should carefully weigh the costs and benefits, consider their spending habits, and check their bonus eligibility before applying. Chase’s new pop-up tool makes this easier than ever, providing upfront clarity to help consumers make informed decisions about these premium travel credit cards.
