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It's official: All Chase Sapphire Reserve cards will increase to a $550 annual fee next month

July 12, 2021
4 min read
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In early 2020, Chase made the announcement that its premium Chase Sapphire Reserve card would see a $100 hike to its annual fee from $450 to $550.

However, the onset of the pandemic -- and subsequent slowdown in travel --. put a temporary pause on the increase from happening. For over a year, existing cardholders saw a $450 annual fee instead of $550. But with travel back with a vengeance, that is set to end.

A Chase spokesperson told TPG that "card members who had their Chase Sapphire Reserve before Jan. 12, 2020 and whose renewal was April through July 2021 will receive a $100 credit applied to their account."

Starting August 1, expect to see all Sapphire Reserve cards -- both new and existing -- to be charged the new $550 annual fee.

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A quiet extension

Earlier this year, Chase confirmed with TPG that existing cardholders would continue to have their Chase Sapphire Reserve renewals at $450 through March 2021. It was meant to be an extension of a benefit offered in the second half of 2020 to help convince cardholders to hold onto their cards while travel was on hold.

From April through July, Chase has quietly continued offering a $450 renewal -- but that is expiring later this month.

Related: Chase confirms Sapphire Preferred and Reserve card updates are coming — but what can you expect?

A $450 renewal, again

That means some fortunate Sapphire Reserve cardholders will receive a second renewal at a lowered $450 annual fee, after already receiving this rate last year.

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For instance, TPG Weekend Editor Jane Frye had her Chase Sapphire Reserve renew in early July.

For the second consecutive year, Frye was charged $550, quickly followed by a $100 statement credit. In July 2020, Frye was also charged a net $450 on her Sapphire Reserve.

(Screenshot courtesy of Chase)
(Screenshot courtesy of Chase)

Related: How much do you need to spend to break even with the Chase Sapphire Reserve?

And Frye isn't the only one. Numerous TPG readers also had their Sapphire Reserves renew earlier this summer at $550, followed by a $100 statement credit adjustment.

The $550 renewal is coming

Over the past several weeks, Chase Sapphire Reserve cardholders -- all with renewal dates August 2021 or later -- have been given notice of the official changeover to a $550 annual fee.

While this is not new news, many weren't even aware -- or perhaps, had forgotten -- about Chase's announcement in early January 2020. Here's the mailed letter that TPG Executive Editorial Director Scott Mayerowitz received.

(Photo by Scott Mayerowitz/The Points Guy)

Related: Chase confirms Sapphire Preferred and Reserve card updates are coming — but what can you expect?

The Chase Sapphire Reserve is one of Chase's top-tier travel credit cards. Still, many cardholders have considered canceling or downgrading in light of the pandemic -- and this now official increase in the annual fee.

However, it's certainly not been all bad news.

(Photo by The Points Guy)

Throughout the past year-plus, Chase has made many adjustments to help cardholders continue to get value from its travel-centric products.

That includes extending the $300 travel credit to also cover gas and grocery purchases through Dec. 31, 2021 and allowing cardholders to redeem points through the Pay Yourself Back program at 1.5 cents each for eligible non-travel purchases.

Bottom line

We've known for over 18 months that an increase to the Chase Sapphire Reserve's annual fee was coming for existing cardholders. But now it's official: The $550 fee will kick in for existing cardholders in August 2021.

In the meantime, if you're a cardholder with a renewal date before July 31 -- and had a Chase Sapphire Reserve account open before Jan. 12, 2020 -- you should be receiving a $100 statement credit towards the annual fee.

For some lucky folks, that means two renewals at $450. Even if you don't qualify, it never hurts to call customer service to ask for the lowered rate.

Related: TPG readers find success with retention bonuses

Additional reporting by Madison Blancaflor and Victoria Walker.

Featured image by (Photo by Wyatt Smith/The Points Guy)
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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TPG featured card

Best card for premium perks while traveling
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards

2 - 10X points
10XEarn unlimited 10X miles on hotels and rental cars booked through Capital One Travel
5X5X miles on flights booked through Capital One Travel.
2X2 Miles per dollar on every purchase, every day

Intro offer

75,000 bonus miles
Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel

Annual Fee

$395

Recommended Credit

740-850
Excellent
Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

Why We Chose It

The Capital One Venture X card is one of the best all-round travel credit cards ever launched. Not only is it offering a tremendous welcome bonus, but cardholders can earn tons of miles on everyday spending and receive a 10,000-mile anniversary bonus to boot. Its annual fee is $395, but cardholders can count on up to $300 in statement credits toward travel booked through Capital One Travel each year and other valuable benefits like access to Priority Pass lounges and Capital One’s own growing family of airport lounges.

Pros

  • Excellent welcome offer worth 75,000 miles after you spend $4,000 on purchases in the first three months.
  • Up to $300 in annual travel statement credits toward bookings make through Capital One Travel.
  • 10,000 bonus miles (worth $100 toward travel) each account anniversary.

Cons

  • The $395 annual fee might be expensive for some, but this card’s benefits provide much more value than that.
  • If you don’t travel frequently, this might not be the best card for you.
  • Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel
  • Receive up to $300 back annually as statement credits for bookings through Capital One Travel, where you'll get Capital One's best prices on thousands of options
  • Get 10,000 bonus miles (equal to $100 towards travel) every year, starting on your first anniversary
  • Earn unlimited 10X miles on hotels and rental cars booked through Capital One Travel and 5X miles on flights booked through Capital One Travel
  • Earn unlimited 2X miles on all other purchases
  • Unlimited complimentary access for you and two guests to 1,400+ lounges, including Capital One Lounges and our Partner Lounge Network
  • Receive up to a $100 credit for Global Entry or TSA PreCheck®
  • Use your Venture X miles to easily cover travel expenses, including flights, hotels, rental cars and more—you can even transfer your miles to your choice of 15+ travel loyalty programs
  • Named editors' choice for "Best New Credit Card of 2021" by The Points Guy
  • Earn 10 miles per dollar when you book on Turo, the world's largest car sharing marketplace, through May 16, 2023
Best card for premium perks while traveling
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards Rate

10XEarn unlimited 10X miles on hotels and rental cars booked through Capital One Travel
5X5X miles on flights booked through Capital One Travel.
2X2 Miles per dollar on every purchase, every day
  • Intro Offer
    Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel

    75,000 bonus miles
  • Annual Fee

    $395
  • Recommended Credit
    Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

    740-850
    Excellent

Why We Chose It

The Capital One Venture X card is one of the best all-round travel credit cards ever launched. Not only is it offering a tremendous welcome bonus, but cardholders can earn tons of miles on everyday spending and receive a 10,000-mile anniversary bonus to boot. Its annual fee is $395, but cardholders can count on up to $300 in statement credits toward travel booked through Capital One Travel each year and other valuable benefits like access to Priority Pass lounges and Capital One’s own growing family of airport lounges.

Pros

  • Excellent welcome offer worth 75,000 miles after you spend $4,000 on purchases in the first three months.
  • Up to $300 in annual travel statement credits toward bookings make through Capital One Travel.
  • 10,000 bonus miles (worth $100 toward travel) each account anniversary.

Cons

  • The $395 annual fee might be expensive for some, but this card’s benefits provide much more value than that.
  • If you don’t travel frequently, this might not be the best card for you.
  • Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel
  • Receive up to $300 back annually as statement credits for bookings through Capital One Travel, where you'll get Capital One's best prices on thousands of options
  • Get 10,000 bonus miles (equal to $100 towards travel) every year, starting on your first anniversary
  • Earn unlimited 10X miles on hotels and rental cars booked through Capital One Travel and 5X miles on flights booked through Capital One Travel
  • Earn unlimited 2X miles on all other purchases
  • Unlimited complimentary access for you and two guests to 1,400+ lounges, including Capital One Lounges and our Partner Lounge Network
  • Receive up to a $100 credit for Global Entry or TSA PreCheck®
  • Use your Venture X miles to easily cover travel expenses, including flights, hotels, rental cars and more—you can even transfer your miles to your choice of 15+ travel loyalty programs
  • Named editors' choice for "Best New Credit Card of 2021" by The Points Guy
  • Earn 10 miles per dollar when you book on Turo, the world's largest car sharing marketplace, through May 16, 2023