The New Chase Sapphire Reserve® – A Complete Transformation

Here it is…

I’m going to lead with something that you aren’t expecting and that will make this card and card offer appealing to so many more of you….

Ready?

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You can get the New Chase Sapphire Reserve® card even if you have a Chase Sapphire Preferred Card and EVEN if you got the Sapphire Preferred bonus recently (like so many of you did during the 100,000 point offer).

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Once again for those in the back – there is no more “only one Sapphire at a time” restriction.

As of June 23^rd, 2025, which is the date you will be able to apply for this card, you can hold both Sapphire cards and the signup bonus on a Preferred doesn’t preclude a signup bonus on the Reserve.

This is super exciting because while both cards generally serve different markets, someone who just got a new Sapphire Preferred® last month may look at these benefits and, in fact, decide that a Sapphire Reserve® makes more sense now.

Note: We are still awaiting word on the signup bonus that will be available on June 23rd.

Now that you know you are eligible for this card (if, ahem, you are under 5/24), let’s take a look under the hood at what’s changed and what has stayed the same.

The first change is a big one. The fee is now a hefty $795. Authorized users are $175. There’s no doubt about it. That’s a LOT.

And so, after you read this, feel free to use a free worksheet originally made for my 2021 book “MilesTalk: Live Your Wildest Travel Dreams Using Miles and Points.” The blank worksheet simply asks you to put in your value for each benefit, tally it up and see if it beats the annual fee. Simple!

What’s Staying the Same in the “New Chase Sapphire Reserve”?

When I first saw all the new benefits, the first thing I wanted to know was what wasn’t changing.

• The card retains a flexible $300 travel credit that works exactly as you have come to expect. No changes.
• The card still earns 3X on dining (but not on all travel, as I’ll get into below).
• Lounge access is unchanged, which many will welcome as great news given the cuts to Capital One’s lounge access. You and two guests can access both Chase Sapphire lounges as well as Priority Pass lounge and more than 20 select Air Canada Maple Leaf Lounges and Air Canada Cafés when traveling on a Star Alliance airline. Note that the Air Canada lounges and cafes allow just one free guest. This also applies to authorized users (again, authorized users are $175). 
• It retains all of its rich travel protections and benefits
• You still get a $120 Global Entry, TSA Precheck or Nexus credit every four years
• You can still book the relatively new “The Edit” collection of hotels with extra benefits like a $100 property credit and room upgrade (if available). But you’ll see that the Edit is going from something new to something “front and center” in the new Sapphire lineup.
• Still no foreign transaction fees (of course!)

We’ve always considered that $300 flexible travel credit (which is literally auto-credited for anything travel, even a parking meter!) so easy to use that it’s like cash – so the fee that used to “net out” at $250 ($550 minus the $300 credit) now “nets out” at $495.

Happily, Chase is throwing everything plus the kitchen sink at you for that additional annual fee.

What’s “New” in the “New Chase Sapphire Reserve”?

There’s so much, I need to break it out into new bonus category multipliers, new benefits and new statement credits.

First, the multipliers.

• 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 dining
• 5X points on Lyft rides through 9/30/27
• 1X points on everything else

It also earns 10x points on eligible Peloton equipment and accessory purchases.

Let’s move on to benefits.

• IHG Platinum Status automatically through December 31, 2027. Activation is required by linking IHG One Rewards membership on Chase.com or the Chase mobile app.
• Complimentary access to Reserve Travel Designers with end-to-end travel planning from custom itinerary to trip support. (This was described to me as essentially access to luxury travel planners that would normally charge consumers a fee – i.e. a real benefit for those that like help with their trip itineraries.)
• Points Boost: This will allow you to get 2 cents per point in the travel portal on select premium air and hotel bookings. It will be a rotating set of offers on select airlines and at select hotels. When you search the portal for a flight or hotel destination, Points Boost (2 cent per point) redemptions will appear first and very obviously display the 2 cent per point value. If an Emirates round trip to Milan in Business Class is $5,000, for example, and is being offered as a Points Boost selection, you’d pay 250,000 Ultimate Rewards® points. As much as MilesTalk preaches transferable points, I do acknowledge some people don’t have the inclination to learn that side of credit cards and for that segment, this should be well received. This is also where I remind you that if you are earning a lot of points from a multiplier, for example 4X on flights and hotels booked directly, and redeem at 2cpp, you are indeed getting an 8% return on spend.

Finally, let’s check out the statement credits, which is how Chase gets to their statement of over $2,700 in cardmember value:

• $500 annual The Edit credit – Chase Travel’s collection of over 1,100 hand-picked hotels and resorts (Bi-annual credits of $250; Jan-June and July-Dec)
• $300 annual travel credit (unchanged)
• $120 Global Entry, TSA Precheck or Nexus credit every four years (unchanged)
• A new $300 annual dining credit and primetime reservations at Sapphire Reserve Exclusive Tables, available for booking on OpenTable. This is in the form of two bi-annual $150 statement credits (Jan-June and July–Dec) and will be automatically applied when you use your Sapphire Reserve to pay for a designated “Exclusive Table” on OpenTable.
• $250 annual value through complimentary subscriptions to Apple TV+ and Apple Music: Get complimentary Apple TV+ and Apple Music – a value of $250 annually. One-time activation is required (per service – need to activate Apple TV+ and Apple Music separately) on chase.com or on the Chase Mobile app.
• $300 annual StubHub / viagogo credit on concert and event tickets: Get up to $150 in statement credits from January through June and up to $150 in statement credits from July through December for a maximum of $300 annually for StubHub and viagogo purchases. Activation required.
• $120 in annual Lyft in-app credits, up to $10 monthly, plus 5x total points on eligible Lyft rides
• $300 annually in monthly DoorDash promos and complimentary DashPass membership worth $120 The $300 in annual credits is broken down as $5 a month towards a dining order and 2 X $10 a month for groceries, beauty, electronics, etc.
• Up to $120 in annual statement credits toward Peloton memberships. That’s $10 pe month on eligible Peloton All-Access Membership, Rental, App+, Guide, App One and Strength+ memberships through 12/31/27. Activation required.

What’s Been Removed in the “New Chase Sapphire Reserve”?

I don’t expect you to deduce these from reading the other two sections. Things have been removed from the card that are worth noting:

• While you now earn 8X on all Chase Travel bookings and 4X on all air and hotel bookings made directly, you no longer earn bonus points on a catch-all travel category. The $300 annual cardmember year credit still works on all travel, but that’s it. Now, a car rental booked directly with the car rental agency, for example, will earn 1X where it used to earn 3X. Same for things like parking and transit.
• If it wasn’t clear, Points Boost, which can give you 2 cents per point in the portal on select premium travel bookings, replaces the 1.5 cent per point on all portal bookings. Some people will love the Points Boost and some will be sad about losing the 1.5 cent per point redemption rate.
• Side bar: The Chase Sapphire Preferred is also losing its 1.25 cents per point in favor of its own version of Points Boost which will have values ranging from 1.5 to 1.75 cents per point when used for Points Boost.

Points Boost and the loss of 1.5 cents per point on all portal bookings:

• For Chase Travel purchases not eligible for Points Boost Offers, points can be redeemed at a 1:1 rate on Chase Travel, replacing 1.5x on all Chase Travel purchases.
• Points earned prior to October 26, 2025 by Sapphire Reserve cardmembers who applied prior to June 23, 2025 can be redeemed at 1.5x on Chase Travel until October 26, 2027.
• For points earned prior to October 26, 2025, cardmembers will automatically receive the best offer available, whether it’s Points Boost or 1.5x on Chase Travel.

Hey Big Spenders… Premium Benefits Unlocked with $75,000 Spend

Cardmembers can earn additional status and credits after spending $75,000 each calendar year:

• IHG One Rewards Diamond Elite Status good for the year earned and the following year.
• Southwest Airlines® A-List Status for the year earned and the following year and a $500 Southwest Airlines credit when booked through Chase Travel.
• $250 credit to The Shops at Chase, a new online shopping experience designed exclusively for cardmembers allowing them to shop for brands including Dyson, Sony, Therabody and Tumi, with rotating promotions.

What If I Already Have the Chase Sapphire Reserve® Now??

Cardmembers who applied prior to June 23, 2025 will get these new benefits and features starting October 26, 2025.

Your annual fee will be adjusted to $795 on your next anniversary date following October 26, 2025.

So yes, you will get access to a set of the bi-annual benefits and monthly benefits starting Oct 26^th even if you just paid the $550 renewal fee in September. 

My Take

This is a massive refresh of a card that was, in my opinion, the one that led to the entire field of luxury cards we have today. They are pushing the boundaries of annual fees past the current “highest annual fee for a mainstream card” that Amex Platinum held until now (although I am quite sure they will raise again soon!).

Yet, like they did with the United card refresh, they have found a way to deliver real value – for the right cardholder.

Referring back to the worksheet I linked in the opening, it’s all going to come down to you as to whether this card is an amazing fit for you or doesn’t mesh with benefits and statement credits that you value.

Personally, I consider the $300 travel credit a “gimme” so the question for me is if I would easily get the rest of the annual fee back and then some, especially when mixed with other cards in my wallet. I do think that many could find this to be a new top of wallet card.

Doing a stream of consciousness version of my worksheet, I would easily use the $300 travel credit, $120 of the $250 Apple TV credit (we pay for it already but don’t use Apple Music), the $120 Lyft credit (although I wish it wasn’t divided monthly since I also have to remember to use the monthly $10 Lyft credit on my Delta Reserve for Business card), and the $300 ($150 x 2) Sapphire Exclusive tables. That gets me to $840.

It passes the value test for me, though I think it will work even better for many others that want one or two primary cards and not a 45 card wallet like mine. The rest of the credits for me, personally, aren’t needle movers for one reason or another (either I don’t see using them or have duplicative cards).

However, 4X Chase Ultimate Rewards points on air and hotels booked directly?  

Yes, PLEASE.

And you have to assign some value to that based on your spend level. Obviously the 8X via Chase travel is twice as good but I like the flexibility of booking direct for airlines and for benefits/status with hotels.

And I think the $250 bi-annual The Edit credit will be a big hit. For those that pay cash for hotels, which is, let’s be honest, most people, that is another easy $500 a year in value.

Getting to $1,000 – $1,500 in value at a minimum should be a slam dunk for many.

A note on The Edit collection (which provides extra amenities for your stay like a $100 on-property credit, breakfast for two, and a room upgrade plus early check-in and late checkout when available): I’m told The Edit benefits are fully combinable with your loyalty program account. When making your reservation, you’ll be able to add the reservation to your loyalty program account and receive both sets of benefits (essentially whichever program provides the best value for a particular benefit – not double ;-)) and also receive your loyalty program elite nights and points. This is for all chains.

Will everyone love Points Boost? I think that is going to be a split – amazing for some (2X is easy!) and a bummer for others (losing 1.5x redemptions on everything travel is a tough one). You’ll have to decide for yourself if that is a pro or a con, but since I transfer points to partners (mostly Hyatt) I don’t have a strong personal feeling on it.

As for the $75,000 spend level?

I think it’s a super smart move to have some extra benefits unlocked for high spenders. And while some will think a Southwest credit and status as a perk is off-target for this card’s target market, Chase’s research clearly shows otherwise! And surely those big spenders will appreciate IHG Diamond status, which does come with some nice perks like potential upgrades to suites as well as free breakfast. I’m not sure this is something you’ll go out of your way to hit, but those that do will get extra benefits that will keep the card stickier at the top of their wallet.

Card Design in Detail

If you are really into seeing the card from every angle, I did an unboxing of the cards on the MilesTalk YouTube channel which I plan to do more on in the near future:

 

Bottom line

Whereas the $550 version of the “old” Sapphire Reserve was a bit light on benefits, the “new” $795 version feels like it is targeting a slightly more affluent market. And that market is likely to be a fan of getting so much out of one card, through the combination of high earn rates on travel and dining, the range of travel credits and lifestyle credits, and even the IHG Platinum (and potential IHG Diamond / Southwest) statuses.

Overall, I have no doubt that some will absolutely love this refresh and others may not find it suits them. That, perhaps, is the point…

Where do you sit on that scale?

Now, once again, you can apply for this card even if you already have a Chase Sapphire Preferred once it officially launches on June 23.

Thoughts?

Let me know below in the comments, on Twitter, or in the private MilesTalk Facebook group. And don't forget to follow me on Instagram for all sorts of tips on miles, points, credit cards, and travel.

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You can find credit cards that best match your spending habits and bonus categories at Your Best Credit Cards. 

New to all of this? My “introduction to miles and points” book, MilesTalk: Live Your Wildest Travel Dreams Using Miles and Points is available on Amazon and at major booksellers.