Chase just announced a massive annual fee hike for their popular Sapphire Reserve card—from $550 to $795/year, a 45% increase. A second card on the account jumps from $75 to $195. That makes it $990 for a card for both my wife and myself. With this jump, the card now carries the highest fee among consumer travel cards, even surpassing Amex Platinum’s $695.
| Feature | Old Sapphire Reserve | New Sapphire Reserve (June 2025) |
|---|---|---|
| Annual Fee | $550 | $795 |
| Authorized User Fee | $75 per user | $195 per user |
| Travel Credit | $300/year | $300/year (unchanged) |
| Points on Chase Travel | 5× flights, 10× hotels & cars via Chase | 8× all travel via Chase |
| Points on Direct Travel | 3× on airline/hotel direct | 4× on airline/hotel direct |
| Dining Rewards | 3× | 3× (unchanged) |
| Hotel Credit | None | $500/year (Chase Travel “Edit” hotels only) |
| Dining Credit | None | $300/year (Sapphire Reserve Tables) |
| StubHub Credit | None | $300/year ($150 every 6 months) |
| Streaming Credit | None | $250/year (Apple TV+, Apple Music) |
| DoorDash Benefits | DashPass + $5–15/month credits | $300/year ($25/month) + DashPass |
| Lyft Credit | 10× points on Lyft (promo) | $120/year ($10/month) + 5% cashback |
| Peloton Credit | 10× points on equipment | $120/year ($10/month) + 10× points |
| Airport Lounge Access | Priority Pass + select lounges | Same + Chase Sapphire Lounges |
| TSA PreCheck / Global Entry | $100 credit every 4 years | $120 credit every 4 years |
| High-Spend Perks ($75K+/year) | Not applicable | IHG & Southwest Elite Status + $750 value |
I’ve had a premium card for more than 40 years. Initially a DIners Club, then an AMEX Business Platinum for twent years and then the Chase Sapphire Reserve for seven years. The Sapphire card has been a good choice for all our non-business purchases, as it’s accepted virtually everywhere and the points could be used on nearly all airlines and hotels, unlike the more limited Amex card. We use the Sapphire card to charge most everything except business expenses: food, meals, groceries, vacation travel, etc. (I now use a $95 Ink card for my business charges.)
When we selected the Sapphire card, paying $625 for the two cards, we were able to justify the fee based on its perks: a $300 travel credit, $60 in DoorDash discounts, and in particular, the 50% boost in point value when we booked travel through Chase Travel, used it for purchases from their broad list of companies, or even if we just used it to pay of a credit card bill. While most cards give you one cent per point, Chase gave 1.5 cents per point.
But paying $990 means the card needs to provide an additional $365 to justify continuing with it. I listed all of the new perks to see how what its value was to me:
- Points Boost
- Earn 8× points on Chase Travel bookings (hotels, flights, car rentals).
- Earn 4× points on direct airline/hotel purchases.
- Continue earning 3× on dining and 1× on other purchases .
This is in lieu of the 50% point bonus being dropped. Considering I often book flights, hotels, and cars myself, I don’t always benefit from booking through Chase Travel. In fact on a recent visit to Boston and Rochester, Chase’s price for a National Car Rental was $250 higher, charging a drop off fee. Costco or booking directly through National had no drop off fee.
- New or Enhanced Credits
- $500/year “Edit” hotel credit (via Chase Travel) .
Edit hotels are premium properties that I would not use, considering room stays are typically $1500 to $3500 per night in Paris!
- $300 Dining credit through Sapphire Reserve Tables ($150 semi‑annual) .
I checked the local restaurants and the selection was sparse for San Diego. None were particularly special restaurants, but I did find several I would use, so I could likely save $300.
- $300 StubHub credit ($150 semi‑annual) .
Unlikely to use.
- DoorDash credits: $300/year ($25/month) + DashPass membership (~$120/yr)
Reading the fine print, I would not use all of the $300, since some of it is for using DoorDash for grocery delivery. I would use the $5 per month discount for meal delivery just as I now do.
- Streaming credits: $250 annually for Apple TV+ & Apple Music .
I don’t use Apple Music and now share an Apple TV account, so a savings of about $70.
- $120 Lyft credit (5% cash back on rides, up to $10/month) .
Rarely use
- $120 Peloton credit ($10/month and 10× points on equipment purchases)
Don’t use
- $500/year “Edit” hotel credit (via Chase Travel) .
- Enhanced Travel Benefits
- Maintain $300 travel credit, Global Entry/TSA PreCheck credit ($120), and airport lounge access.
The $300 travel credit remains the same and would be used. Global Entry will not expire this year, so not used. The airport lounge, a current benefit, is a nice perk, especially with the new Sapphire lounges opening in San Diego and elsewhere.
- Added perks for ultra-high spenders (≥ $75,000/year):
- Southwest Airlines & IHG elite status + statement credits (~$750 total) .
Will likely fall short and not reach $75,000
- Southwest Airlines & IHG elite status + statement credits (~$750 total) .
- Maintain $300 travel credit, Global Entry/TSA PreCheck credit ($120), and airport lounge access.
Compared to the current benefits, I would gain an additional $70 for Apple TV, $300 for the dining credits, but would lose the 50% bonus in points or about $300. (With my charges of around $60,000, I have earned 30,000 bonus points or about an additional $300.)
So currently my $625 credit card fee is offset by the $300 travel credit, $60 DoorDash fees, $300 for the 50% point bonus, and lounge access. I easily come out ahead by about $200.
But the results are quite different with the new credit card fee of $990. I lose the $300 in the 50% points bonus and what am I left with? The same $300 travel credit and $60 DoorDash discount, plus the $70 Apple TV, the $300 dining credit, and not much else. So it appears my benefits would total about $730.
Then there’s the time required to monitor my usage of the restaurant credits and remember to book them through Chase. If I take advantage of the Apple TV I need to reconfigure my account. In other words, many of these benefits require us to work to acquire them. Otherwise we lose them. It would be great if Chase provided reminders to use our benefits so we don’t forget, but I imagine their model factors in our forgetfulness.
I don’t benefit from $2000 per night hotels and needing to book through Chase Travel when it is not competitive. I get no benefit from Stub Hub, Peloton, and Global Entry. I do still get club access and with new clubs opening, that’s a nice perk.
For me, the changes to Sapphire make it less attractive, essentially paying more and getting less than I get now. For many others, the result may be different, depending on the value of the new benefits. I began this analysis hoping it would turn out differently, but I apparently don’t fit the profile of the customer that Chase has designed this card for.
One of the quirks of this card is that my card renews at the $550 rate in August, before the new increase occurs in October. So I will get to try the new perks at the old rate, although it’s unlikely I will renew a year from August when I encounter the higher fees.