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The Points Guy believes that credit cards can transform lives, helping you leverage everyday spending for cash back or travel experiences that might otherwise be out of reach. That's why we publish a variety of editorial content and card comparisons: to help you find a great card to turn your goals into reality.
Our site may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened with our partners, and this may impact how or where these products appear. While we don't cover all available credit cards, our editorial team creates and maintains all of the analysis of these cards, and our content is not influenced nor subject to review by any credit card company, bank or partner prior to (or after) publication. Please view our advertising policy and product review methodology for more information.
Guides
How to break even with the refreshed Chase Sapphire Reserve
Matt Moffitt is a contributing editor and expert in getting the most out of credit cards and points (he carries at least 25 cards in his wallet at any given time). Originally from Sydney, Australia, he won the Green Card Lottery and lived in Austin, Texas for 10 years before relocating to Spain in 2025.
July 13, 2025 • 6 min read
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By commenting, you agree to our Community Guidelines to help create a positive space for conversation. The responses below are not provided or commissioned by the bank advertiser, our partners, or The Points Guy (“TPG”). They have not been reviewed, approved, or otherwise endorsed by any of these parties. All responses are submitted by individual contributors, and neither the bank advertiser, our partners, nor TPG are responsible for ensuring that all posts and/or questions are answered.
The Chase Sapphire Reserve® (see ) just got its biggest refresh yet — and with it, a significantly higher $795 annual fee. That’s a jump from the previous $550, and it naturally raises the question: Is it still worth it?
Whether you’re deciding to apply or keep the card after your next renewal, here’s what to consider — and how to squeeze real value out of (at least some of) the new perks.
What does the refreshed Sapphire Reserve offer?
Chase rolled out some big changes for new applicants from June 23; existing cardholders get access to the new credits — worth over $2,000 a year — and a revamped earning structure from Oct. 26.
XAVIER LORENZO/GETTY IMAGES
Here's a quick rundown:
An up to $500 annual The Edit hotel credit: $250 biannually; a prepaid two-night minimum is required.
*One-time activation per service is required through chase.com or the Chase Mobile app.
DOORDASH
Cardholders also earn:
8 points per dollar spent on travel booked through Chase Travel℠
4 points per dollar spent on flights and hotel booked directly
3 points per dollar spent on dining
1 point per dollar spent on all other purchases
Plus, all cardholders can now redeem up to 2 cents per point when booking select travel via the new Points Boost feature (no need to wait until October).
When will I pay the new $795 annual fee?
The analysis below is based on the updated $795 annual fee, which is paid by new cardholders who applied from June 23. Existing cardholders who applied for the card before June 23 will pay the increased fee on their next anniversary date from Oct. 26.
MASKOT/GETTY IMAGES
You may be lucky like me: Since my renewal is Oct. 1, I’ll get nearly a full year of the new perks at the old $550 rate — a perfect trial run to decide if the higher fee is worth it next year.
What kind of traveler are you?
The key to breaking even on the Sapphire Reserve isn’t using every perk — it’s about using the benefits that make the most sense for you. Here’s how the numbers break down based on how you travel and use the card.
Frequent traveler
You’re a rewards-minded consumer who doesn’t need to use every perk — just enough of the right ones to unlock serious value. You track your credits, redeem points strategically and book through the Chase Travel portal when it makes sense.
BEN SMITHSON/THE POINTS GUY
Estimated value:
The full travel credit: $300
The full Apple credit: $324
The full Lyft credit: $120
One of the two hotel credits: $250
One of the two dining credits: $150
One of the two entertainment credits: $150
Eight lounge visits (at $30 each): $240
Redeem 40,000 points at 2 cents each: $800
Total value: $2,334
What to do? Keep — even by only using some of the credits, you get almost triple the annual fee in value.
Moderate traveler
You travel a few times a year and use the occasional perk — but you’re not chasing every monthly credit. Even without maximizing every benefit, you can still come out ahead.
DAVID SLOTNICK/THE POINTS GUY
Estimated value:
The full travel credit: $300
One of the dining or entertainment credits: $150
Half of the DoorDash credits: $210
Four lounge visits: $120
Redeem 20,000 points at 1.5 cents each: $300
Total value: $1,080
What to do? Keep — even using a partial set of benefits, you’re clearing the $795 annual fee by $285.
Casual traveler
You use the Sapphire Reserve mostly for the basics — like earning points on dining and travel — and rarely go out of your way to activate credits or book through Chase. This is where the math starts to fall short.
BEN SMITHSON/THE POINTS GUY
Estimated value:
The full travel credit: $300
Half of the DoorDash credits: $210
Two lounge visits: $60
Redeem 15,000 points at 1 cent each: $150
Total value: $720
What to do? Downgrade or cancel — unless your habits change, you’re leaving too much value on the table to justify the $795 fee.
Bottom line
The refreshed Sapphire Reserve still offers excellent value — but it’s not as effortless anymore.
To break even, you just need to use three benefits: the $300 travel credit, one $250 hotel credit through Chase Travel and a single 17,000-point redemption at 1.5 cents each ($255). That gets you to $805 in value — enough to cover the $795 annual fee.
From there, every dining, entertainment or lounge perk pushes you further into profit territory.
If you’re willing to engage with even a handful of these benefits each year, the card more than justifies its new, higher price tag. If not, the Chase Sapphire Preferred® Card (see ) or a simple cash-back card might be the smarter choice.
