The Chase Sapphire Reserve's Annual Fee Will Jump to $795. Is It Still Worth It?

The Chase Sapphire Reserve® (see rates and fees) is getting a major update this year -- as well as a big spike in its annual fee.

Starting Oct. 26, the card's annual fee will rise from $550 to $795 for existing cardholders. For new applicants, those approved on or after June 23 will pay the higher fee.

This makes it the most expensive card in the premium travel rewards category, topping even The Platinum Card® from American Express (which has a $695 annual fee, see rates and fees).

On the plus side, Chase is adding a long list of new perks and credits to help justify the fee hike. But whether the card is still worth it depends on how much value you can realistically get from those additions.

Keep reading to learn whether the refreshed Chase Sapphire Reserve® is right for you.

What's changing with the Chase Sapphire Reserve?

Here's a quick breakdown of the major updates:

• Annual fee: Increases to $795 starting Oct. 26 for existing cardholders, June 23 for new cardholders
• Authorized user fee: Rises from $75 to $195
• Earning rates: Improved for flights and hotels, worse for other travel expenses
• New statement credits: More than $2,000 in additional value if fully used
• New redemption options: Select "Points Boost" deals replace universal 50% Chase Travel bonus
• New card design: Updated look with a sleeker aesthetic

You'll also now be able to have both the Chase Sapphire Reserve® and Chase Sapphire Preferred® Card (see rates and fees) at the same time.

New earning rates: A mixed bag

The Chase Sapphire Reserve®'s earning categories are getting a shake-up, too:

You'll still earn 3X on dining and 5X points on Lyft rides. But losing the 3X rate on travel expenses other than flights and hotels is a big drawback for those who spend a lot on vacation rentals, cruises, transit, etc.

$2,000+ in new perks -- if you can use them

To help offset the $795 fee, Chase is offering a long list of annual lifestyle and travel-related perks:

• $500 credit for bookings at "The Edit" hotel collection ($250 in the first half of the year, $250 in the second half)
• $300 for event tickets on StubHub or viagogo ($150 in the first half of the year, $150 in the second half)
• $300 per year in monthly DoorDash promos
• $300 in dining credits with Sapphire Reserve Exclusive Tables, which you can book on OpenTable ($150 in the first half of the year, $150 in the second half)
• $250 for Apple Music and Apple TV+
• $120 in Peloton membership credits
• $120 in Lyft credits
• Free DashPass membership (valued at $120)

All told, the new perks alone are worth $2,010 -- more than enough to cover the new annual fee, if you can take advantage of them.

The card's also keeping its existing $300 travel credit, which still applies automatically to any travel purchase -- one of the card's best features. Key benefits like travel protections, lounge access (including Priority Pass), and TSA PreCheck/Global Entry credits are also staying the same.

Ready to take advantage of all these new perks? Apply for the Chase Sapphire Reserve® today.

Additional perks for big spenders

Cardholders who spend $75,000 or more in a year unlock even more bonus perks, including:

• IHG Diamond Elite and Southwest A-List status
• $500 in Southwest Airlines credits
• $250 to spend at The Shops at Chase

These are decent incentives -- but $75,000 is a high bar for most users. I wouldn't factor these into your "Worth it?" equation unless you're a high spender.

Changes to points redemption

Chase is replacing the Reserve's 50% travel redemption bonus with a new program called "Points Boost." With Points Boost, you may get up to $0.02 per point when booking select hotels or flights through Chase Travel.

Current cardholders get access to Points Boost starting June 23. They can still use the 50% bonus on points earned before Oct. 26, 2025, until Oct. 26, 2027. After that, all their points will be worth $0.01 each unless redeemed for a Points Boost offer.

Who should keep (or get) the Chase Sapphire Reserve?

The new Chase Sapphire Reserve® can still offer fantastic value -- if you can make use of its new perks and credits. If not, the higher fee may be hard to justify. Plus, if you value simplicity, the growing list of credits can start to feel like a chore to keep track of.

Still, for frequent travelers who already book through Chase, use DoorDash or Lyft, or can organize their spending to maximize its benefits and earning rates, the refreshed Chase Sapphire Reserve® can still be a boon for your bottom line.

Looking to supercharge your travel spending? Apply for the soon-to-be-refreshed Chase Sapphire Reserve® today.