Should You Downgrade Your Chase Sapphire Reserve Card? Here's How to Decide

Chase just refreshed the Chase Sapphire Reserve® (see rates and fees), adding premium benefits like Peloton and Apple+ credits, a DoorDash membership with monthly credits, and luxury travel perks through the Chase Travel platform.

But all the upgrades come at a cost. The annual fee is jumping to $795, up from $550.

If you're wondering whether to downgrade (or ditch the card entirely), you're not alone. I personally think the old benefits and rewards program made more sense. But honestly, this restructured package might pan out well for some folks.

What's new (and what's the real value)?

The Chase Sapphire Reserve® now boasts a whopping $2,700+ in annual value from all the old and new benefits combined. This eclipses most travel rewards cards. But not everybody will get much use out of these perks.

Let's take a closer look at some of the most valuable new perks being rolled out as part of the refresh:

• $500 credit for stays at The Edit℠ properties. This is actually two $250 credits per year -- one from January to June, another July to December -- for prepaid bookings through The Edit by Chase Travel (two-night minimum).
• $300 in credit at restaurants in the Sapphire Reserve Exclusive Tables program. This also is split into two separate credits -- up to $150 in each half of the year.
• $300 in StubHub credits. Yep, you guessed it: that's $150 between January and June, and another $150 between July and December
• $300 in DoorDash promos. DashPass members get up to $25 each month to spend on DoorDash. This is split into a $5 monthly promo to spend on restaurant orders, and two $10 promos each month to save on groceries, retail orders, and more. Available through Dec. 31, 2027.
• $120 in Lyft credits. Get up to $10 in monthly in-app credits to use on rides through Sept. 30, 2027.

As for the existing travel benefits, you'll be happy to hear that both the $300 annual travel credit and airport lounge access via complimentary Priority Pass will be staying.

If all these perks line up with how you already live and spend, this is an incredible package.

But if you're not already using these services, it might be time to look at alternatives. Start exploring the other top luxury credit cards here.

The Chase Sapphire Preferred is a solid downgrade option

The Chase Sapphire Preferred® Card (see rates and fees) is often the go-to downgrade for Chase Sapphire Reserve cardholders. It has a $95 annual fee, also earns Chase Ultimate Rewards® points, and still has a great rewards rate and travel protections.

Unless you travel frequently or use luxury benefits often, downgrading could save you $700 per year with only a slight reduction in earning power.

Personally, I've held the Chase Sapphire Preferred® Card for years. One thing I love is the $50 annual hotel credit, which applies to any hotel booking you make in the Chase Travel portal. That effectively halves the annual fee.

One thing to note: Chase now allows members to hold both the Preferred and Reserve card. While it's not advantageous long term to hold both cards, you can have an overlap if you want to apply for the Preferred and begin using it before canceling the Reserve.

Want to keep earning Chase points without the high fee? Apply for the Chase Sapphire Preferred® Card here.

Want to look beyond Chase? Consider the Capital One Venture X Card

I'm as loyal to Chase as they come. But honestly, the Capital One Venture X Rewards Credit Card (see rates and fees) is looking really good right now.

The card benefits are refreshingly simple. And the annual fee is very attractive compared to the value of its perks.

The annual fee for the Capital One Venture X Card is $395 (see rates and fees).

But this is quickly justified by both the $300 annual travel credit for bookings through Capital One Travel, plus 10,000 bonus miles (equal to $100 towards travel) every year, starting on your first anniversary.

Even better, there's a huge welcome offer for new cardmembers. Earn 75,000 Miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel.

You'll still enjoy access to more than 1,300 lounges worldwide, including Capital One Lounge locations and Priority Pass lounges (enrollment required).

If you're looking for premium travel perks at a lower net cost, this one deserves a spot on your shortlist.

The bottom line: Keep it or downgrade based on your actual spending

The Chase Sapphire Reserve® is still a top-tier travel rewards card. But it's only worth it if you're using enough of the right perks and credits.

If the new benefits don't match your habits (or you've already got similar perks elsewhere), you might be overpaying.

Downgrading to the Chase Sapphire Preferred® Card could keep you in the Chase ecosystem while saving hundreds. And if you want a totally different flavor of premium travel rewards, the Capital One Venture X Card (see rates and fees) might be a better fit.