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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.
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I'm keeping my Chase Sapphire Reserve despite its $795 annual fee. Here's why
Daisy is a credit cards editor at TPG. Her expertise spans earning and redeeming rewards across rotating categories on multiple cards.Prior to this, she wrote news stories, how-to guides and tested and reviewed gear for Popular Mechanics, Sports Illustrated, Bicycling and Runner's World.
August 24, 2025 • 9 min read
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Quick summary
A premium travel rewards card recently underwent a significant refresh, introducing new perks, credits and a higher annual fee, making it one of the priciest options in its category.
New benefits include annual statement credits for select streaming services, ticketing platforms and a curated hotel collection, along with continued access to flexible travel credits and airport lounges.
The card now confers mid-tier hotel elite status with a major hotel group through 2027, offering perks like room upgrades and late checkout where available.
Recent changes also updated reward earning rates for travel and dining, with some categories seeing increases and others decreases.
What to consider
Existing cardholders will not access the new benefits until late October, while new applicants receive them immediately.
The increased annual fee applies on the next cardmember anniversary for current holders, so timing matters for budgeting.
Some travel categories now earn fewer rewards at certain booking platforms, while direct bookings for flights and hotels earn more.
What you'll miss from the article
A detailed breakdown of how the new credits and earning rates compare to previous benefits and tips for maximizing value based on your travel and spending habits.
Generated by AI with support from our editorial team.
Update: Some offers mentioned below are no longer available. View the current offers here.
The Chase Sapphire Reserve® (see rates and fees) refresh that launched in late June featured several new perks, credits and an eye-watering $795 annual fee that will make it one of the priciest premium travel rewards cards on the market.
Still, this development hasn't deterred me from keeping the card in my wallet for at least the next year.
Currently, new applicants can earn a welcome bonus of 125,000 points after spending $6,000 in the first three months from account opening.
Here's why the Sapphire Reserve continues to be a value-add to my wallet, plus what you should consider if you currently hold the card or want to apply.
One of the top factors I consider before applying for a new credit card or renewing the annual fee on an existing one is whether the statement credits make sense for my specific lifestyle, spending behaviors and travel needs.
MICHAEL DUVA/GETTY IMAGES
I pay for several subscriptions monthly, but the one I use daily is Apple Music. I was thrilled to see that the refreshed Sapphire Reserve is offering up to $250 annually in subscriptions for Apple TV and Apple Music through June 22, 2027.
Another new addition to Sapphire Reserve's benefits lineup is a $300 annual StubHub.
Cardholders get up to $150 in statement credits from January through June and again from July through December for a maximum of $300 annually through Dec. 31, 2027 (activation is required). This is an especially exciting prospect for me since going to shows is one of my favorite pastimes. In fact, I've booked cross-country trips to see my favorite band, Milky Chance, more than once.
Then there's the new annual $500 The Edit by Chase Travel credit that I can't wait to use. The $500 is split up into two $250 biannual statement credits to be used between January and June, and then again from July through December for prepaid bookings. Note that a two-night minimum is required.
The Edit is Chase's curated collection of properties exclusive to Sapphire Reserve cardholders. When you book a stay via The Edit, you get complimentary perks, including daily breakfast for two, room upgrades as they're available and a $100 property credit you can use for things like dining and spa services.
FIFTH AVENUE HOTEL
In June, I stayed at The Fifth Avenue Hotel, a New York property within The Edit collection, and am looking for any excuse to go back. Everything from the cozy comfort of my room and the incredibly attentive staff to the perfectly mixed cocktails at The Portrait Bar and breakfast at Cafe Carmellini truly made it a world-class experience.
The annual $500 The Edit statement credit will shave at least $250 off my next stay.
The Apple Music, StubHub and The Edit credits — along with existing credits that the Sapphire Reserve is keeping, like the $300 annual travel credit — are well-suited to my lifestyle and travel needs. Since I know I'll use them, these perks offset the card's big annual fee, making it a valuable product for me to keep in my wallet rather than cancelling or downgrading.
As mentioned above, the Sapphire Reserve is keeping its flexible $300 travel credit. Because Chase broadly defines "travel," this credit automatically applies to a number of purchases, including ride-hailing services like Uber and Lyft, cruise lines, Airbnb rentals and subway fares.
ASIA PACIFIC IMAGES STUDIO/GETTY IMAGES
This travel credit is one of my favorite perks offered by any card because I can use it in full if I want to, and it applies automatically. Earlier this year, I was able to use the credit for a long weekend in Puerto Rico, where my partner and I stayed at a lovely Airbnb less than a five-minute walk from the beach for only $88 out of pocket.
The travel credit is designed to be simple and straightforward to use, which I appreciate. It's one less thing I have to actively think about and track on a monthly, quarterly or annual basis.
Chase is making waves in the airport lounge space with its collection of Chase Sapphire Lounge by The Club locations. Lucky for me, one of these lounges opened at one of my home airports, Philadelphia International Airport (PHL), in February 2025.
As a Sapphire Reserve cardholder, I receive access to this lounge and get to bring up to two guests with me to relax and enjoy a drink, snacks, a meal and even a facial before a flight.
ZACH GRIFF/THE POINTS GUY
And if your travels take you to an IHG property, the Sapphire Reserve now confers IHG One Rewards Platinum Elite status automatically through Dec. 31, 2027.
This is one step down from IHG's top-tier Diamond Elite status through Dec. 31, 2027. Though it may not make much of a difference for some, I see it as a nice bonus perk that'll elevate my stays at IHG properties thanks to offerings like a welcome amenity at check-in, complimentary room upgrades (if available) and early check-in and late checkout (if available).
One important note for existing Sapphire Reserve cardholders like me: We will not get access to the new benefits outlined in this guide until Oct. 26. New applicants, however, will receive immediate access to the new benefits.
Importantly, the new $795 annual fee will kick in for existing cardholders during the upcoming cardmember anniversary. Mine, for example, is in early January; so while I paid the $550 annual fee in January 2025, I'll be paying the $795 annual fee in January 2026.
Even though I won't get access to the upgraded perks on the Sapphire Reserve until late October, I like that I'll have a couple of months to test drive the card's new benefits before the new annual fee kicks in.
New Chase Sapphire Reserve earning rates
Finally, the Sapphire Reserve earns one of the most valuable reward currencies on the market: Chase Ultimate Rewards points, which TPG's August 2025 valuations peg at 2.05 cents apiece. This earning power, coupled with Chase's stellar transfer partners, makes the card that much more valuable.
As part of the revamp, Chase updated the Sapphire Reserve's bonus category earning rates. The biggest changes fall under the travel umbrella (think: hotels, rental cars and flights), while dining purchases remain at a solid earning rate of 3 points per dollar spent.
While some categories benefited from elevated reward rates, others took a hit and moved in the opposite direction. Here's a summary of the changes:
Category
Previous reward rate
New reward rate
Hotels booked via Chase Travel
Was: 10 points per dollar spent
Is now: 8 points per dollar spent
Rental cars booked via Chase Travel
Was: 10 points per dollar spent
Is now: 8 points per dollar spent
Flights booked via Chase Travel
Was: 5 points per dollar spent
Is now: 8 points per dollar spent
Flights booked directly
Was: 3 points per dollar spent
Is now: 4 points per dollar spent
Hotels booked directly
Was: 3 points per dollar spent
Is now: 4 points per dollar spent
All other travel (including cruises, vacation rentals and transit purchases)
Was: 3 points per dollar spent
Is now: 1 point per dollar spent
For me, the new rates aren't a make-or-break situation since I don't usually use Chase Travel for my reservations. The one type of reservation I do occasionally make through Chase Travel happens to be international flights, which now earn a healthy 8 points per dollar spent.
Patina Maldives, Fari Islands, a Member of Design Hotels. GEORG ROSKE/PATINA
Since I more often reserve flights and lodging outside of Chase Travel, the new 4 points per dollar spent in these specific categories is a nice boost for my personal reward-earning strategy.
Being a Sapphire Reserve cardholder now costs an additional $245, but when maximized, the card's new credits more than offset the $795 annual fee ... and that's before you factor in other benefits like lounge access. At present, this card's value still outweighs its cost, so it will continue to be a mainstay in my wallet.
To decide whether this is the right card for you, crunch the numbers to see if your spending habits and lifestyle needs will yield outsize value from its updated credits and perks. If you can get more than $795 in value from the card, it's worth getting and keeping.
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.
