Why you shouldn't cancel or downgrade your Chase Sapphire Reserve right now

After months of speculation, we now know what the long-rumored changes to the Chase Sapphire Reserve® will look like. As of June 23, the card is getting a full overhaul, complete with a slew of new statement credits, some changes to the earning and redemption rates and, unfortunately, a significantly higher annual fee.

Whenever an issuer announces a major change like this, we almost always see a knee-jerk reaction from unhappy existing cardholders: "That's it, I'm canceling my card, immediately!"

However, don't jump to such a rash decision. Even if you're unhappy with the Sapphire Reserve changes to come, there are some compelling reasons to sit tight.

Here's why.

Related: Chase Sapphire Reserve credit card review: Luxury perks and valuable rewards

The Chase Sapphire annual fee hike isn't immediate

For starters, your card's annual fee will not change immediately. The Credit Card Accountability Responsibility and Disclosure Act of 2009 requires issuers to give customers at least 45 days of notice before making a significant change to an existing product, including a change in fees.

As a result, you're not suddenly responsible for a higher out-of-pocket cost than what you paid at your last renewal. In fact, certain customers may be able to enjoy another year at the current fee.

If your renewal date is before Oct. 26, you should see the $550 annual fee post to your account, per the following statement we received from a Chase representative:

Cardmembers' annual fee will adjust on their annual fee anniversary date following October 26, 2025.

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For example, if your anniversary date is Sept. 15 each year, you'll hit your renewal prior to that date. If you feel like the current value proposition on the card is still worth that $550, there's no reason to cancel right now.

(It's worth noting that the Sapphire Reserve first launched in August 2016, so original applicants who got the card in the first few weeks — and still have it — fall into this category.)

But even if your annual fee isn't due in the next few months, there's another reason to wait.

Most of the new benefits start Oct. 26

As we covered in our announcement post, existing cardholders will immediately gain access to the new Points Boost redemptions as of June 23. The rest of the new benefits will kick in Oct. 26. As long as your annual fee isn't due right around that time, you'll have a window to test the new benefits before being hit with the higher ($795) annual fee.

Let's say your annual fee won't hit your account until May 1 of next year. You'll still gain access to the new benefits as of Oct. 26, but you won't start paying for them until next May. That gives you a ton of time to see if you can actually use the statement credits.

For example, you'll soon be able to earn up to $500 a year in statement credits for prepaid bookings with The Edit by Chase Travel℠, a curated collection of luxury hotels (two-night minimum stay required). This is broken down into biannual credits: $250 from January to June and another $250 from July to December. This means you could book an eligible two-night stay after Oct. 26 but before the end of the year. Then, you could book another eligible stay in the first half of 2026.

When your annual fee comes due, you could then crunch the numbers and see if you've unlocked enough value to justify the higher cost. If not, you can cancel (or downgrade) at that time. If you cancel or downgrade your card now, you'll miss out on the new benefits entirely.

Finally, it's worth noting that Chase typically won't refund you for your card's annual fee unless you cancel within 30 days of it posting. So, don't think you'll be able to get a prorated refund if you cancel or downgrade your Sapphire Reserve partway through your membership year.

Related: From international business class to domestic travel: 6 Chase Ultimate Rewards sweet spots

Bottom line

The Chase Sapphire Reserve is getting a significant makeover as of June 23, though existing cardmembers won't gain access to most of those benefits until Oct. 26. That's also when you'll start seeing the increased annual fee.

Given that, there's no reason to cancel or downgrade your card today, no matter how upset you are with the changes.

Our advice is simple: Wait until the higher annual fee posts — whether that's in a couple of months or sometime next year. You may be able to enjoy a few months or even close to a year of the new benefits without a higher cost. Then, and only then, should you make the decision on whether to keep, cancel or downgrade to a lower-fee product.