The Chase Sapphire Reserve® is getting a major makeover, and it’s a doozy. The card, which made a splash when it launched in 2016 with a then-unheard-of 100,000-point bonus, is pushing the envelope once more by hiking its annual fee, revising its rewards structure and piling on credits. Here’s what you need to know about what is—and isn’t—changing when the new version of the card launches on June 23, 2025.
Bringing Back the Big Bonus
Yes, it’s back. For a limited time new cardholders can earn 100,000 bonus points, plus a $500 Chase Travel promo credit after spending $5,000 on purchases in the first three months of account opening. That’s worth at least $1,000 in cash back or potentially much more when used for travel.
Higher Annual Fee(s)
Perhaps the most controversial change will be to the card’s annual fee. It’s shooting up from an already high $550 to an eye-popping $795 a year. No other publicly available card that we know of has an annual fee that high. In addition, the authorized user fee is increasing from $75 to $195.
If you already own the card, fret not. Chase is giving cardholders who applied before June 23, 2025, the opportunity to enjoy the new benefits starting October 26, 2025, but their new annual fee won’t kick in until their next card anniversary after that date. So, for example, if your card anniversary falls in June, you won’t be charged the new annual fee until June 2026.
New Rewards Rates
The card’s earn rates will undergo a big shift from its current structure. Starting June 23, 2025, the card will earn:
- 8X points on all Chase Travel purchases, replacing 5X points on flights and 10X points on hotels and car rentals booked through Chase Travel
- 4X points on flights and hotels booked direct, replacing 3X points on all travel
- 3X points on all dining purchases worldwide (unchanged)
- 5X total points on eligible Lyft rides
- 10X points on eligible Peloton equipment and accessory purchases
Chase Travel Points Redemptions Are Also Changing
Until now, Ultimate Rewards® points have been worth 50% more, or 1.5 cents per point, when redeemed for travel through Chase Travel. But this blanket 1.5X redemption rate is being replaced by “Points Boost” offers on select flights and hotels through Chase Travel that can raise the value of your points as high as 2X. That means 100,000 points would be worth as much as $2,000 when used to book an eligible flight or hotel. The selection of flights and hotels eligible for this rewards boost will rotate regularly throughout the year.
For Chase Travel purchases not eligible for these Points Boost Offers, points can be redeemed for 1 cent each. However, points earned before October 26, 2025, by Sapphire Reserve card members who applied before June 23, 2025, can still be redeemed at 1.5X on Chase Travel until October 26, 2027. For these points, card members will automatically receive the best offer available, whether it’s Points Boost or 1.5X on Chase Travel until October 26, 2027.
Heaps of Potential Credits
Chase didn’t skimp when it came to adding potential value through new credits to the Sapphire Reserve. The emphasis here is “potential,” as these credits are only worth something if you use them. But if you’re a traveler, you’ll likely be able to take advantage of at least a few.
Before we get to what’s new, here’s a quick look at a few perks that aren’t changing.
- $300 annual travel credit. Use it to book travel any way you’d like, on your own or through Chase Travel.
- Global Entry, TSA PreCheck® or NEXUS application fee credit. Every four years, get an application fee credit for a Global Entry, TSA PreCheck or NEXUS membership for faster security lines at the airport.
- Airport lounge access. Get access to Priority Pass Select, Chase Sapphire Lounges and more than 20 select Air Canada Maple Leaf Lounges and Air Canada Cafés when traveling on a Star Alliance airline.
And Chase will be adding these perks to the Sapphire Reserve:
- $500 annual The Edit credit. Use it to book any property in the Chase Travel collection of over 1,100 hand-picked hotels and resorts, aka “The Edit” collection.
- $300 annual dining credit. Get this credit to book primetime reservations at Sapphire Reserve Exclusive Tables. This credit is broken into two $150 bi-annual chunks.
- Complimentary IHG One Rewards Platinum Elite Status. Having this status comes with its own perks like complimentary upgrades, a points boost, rewards nights discounts and late checkout.
- $250 in Apple subscriptions. Get complimentary subscriptions to Apple TV+ and Apple Music, a $250 value.
- $300 annual StubHub credit. Get up to $300 in StubHub credit to use on concert and event tickets.
- $120 in annual Lyft in-app credits. Get up to $10 monthly, plus 5X total points on eligible Lyft rides.
- DoorDash benefits. Cardholders get a 12-month complimentary DashPass membership with DoorDash delivery service when you activate by Dec. 31, 2027. This perk comes with $0 delivery fees and lower service fees. Plus, card members get up to $25 in monthly promos with a $5 monthly restaurant promo and two $10 non-restaurant DoorDash promos through Dec 31, 2027.
- $120 Peloton subscription statement credits. Get up to 10X points on eligible Peloton equipment and accessory purchases and up to $120 in annual statement credits toward Peloton memberships.
Card holders with deep pockets get a few more benefits once they spend $75,000 in a calendar year:
- IHG One Rewards Diamond Elite Status. This is the top-tier with the hospitality brand and includes a 100% points bonus on stays, dedicated Diamond member support and room upgrades when available.
- Southwest Airlines A-List Status and a $500 Southwest Airlines credit when booked through Chase Travel. A-List status includes a free checked bag and priority boarding.
- $250 credit to The Shops at Chase. This is a new online shopping experience designed exclusively for card members, allowing them to shop for brands with rotating promotions. You can use points or your Sapphire Reserve card to pay.
Fresh New Look
No credit card glow-up would be complete without a new look. The Chase Sapphire Reserve is not only going to be made of a heavier 19.6 ounce metal composite (it’s currently about 12.6 ounces), but the artwork is changing from its distinctive geometric pattern on the top right-hand corner to a textured look, still inspired by a Sapphire gem and the Chase logo. Existing cardholders can get the new physical version of the card when their current card expires.
Bottom Line
The changes to the Sapphire Reserve are extensive, and it’s a lot to take in if you already own the card and were happy with things the way they were. Are the changes better? Your mileage may vary. If you’re an active traveler and you can take advantage of even some of the credits, the new version of the card looks pretty amazing. It’s almost impossible not to use the $300 annual travel credit, and at least some of the other credits should be fairly easy for most to take advantage of to get at least close to breaking even with the card’s cost.
But, and it’s a big one, it’s a notable loss to lose the elevated rewards on a wide swath of travel purchases like using the card to book a cruise, pay a toll or any of the less-commonly seen categories that Chase counted as travel on the card. Additionally, that points multiplier for select properties will be meaningless if you have a specific redemption in mind and Chase Travel isn’t offering it as eligible for a Points Boost.
In this writer’s opinion, though, it’s a coupon book done right. It offers lots of credits I can actually use, even if I’m paying for them upfront.
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