Chase announced significant changes to its popular Chase Sapphire Reserve credit card. The card will now have an annual fee of $795, up from $550. This makes it one of the most expensive premium travel cards on the market.
The fee hike is part of a broader overhaul of the card’s features and benefits. New cardholders will be subject to the higher fee starting June 23. Existing cardholders will see the new fee on their next anniversary date, which will be after October 26.
Despite the higher cost, the Sapphire Reserve will offer expanded benefits in key categories like dining, hotels, and lifestyle. Some of the new perks include:
– Up to $300 in annual credits for dining at Sapphire Reserve Exclusive Tables restaurants
– A $500 annual credit for bookings made through The Edit, a collection of luxury hotels
– Up to $300 per year in statement credits for tickets purchased via StubHub and viagogo
– Complimentary Peloton memberships with $10 monthly statement credits
– Free access to Apple TV+ and Apple Music through June 2027
The card will also offer personalized trip planning services and complimentary IHG hotel elite status.
Sapphire Reserve annual fee increase
Big spenders can unlock additional benefits like upgraded hotel status and airline credits by charging $75,000 or more per year. Alongside the Sapphire Reserve changes, Chase is launching a new Sapphire Reserve card for businesses. The business version carries the same $795 annual fee and includes perks tailored for business owners.
Key benefits include bonus points on advertising purchases, ZipRecruiter and Google Workspace credits, and airport lounge access. The Sapphire Reserve annual fee has increased by 77% since the card first launched. It now surpasses the cost of rival premium cards from American Express and others.
The rising fees reflect a broader industry trend of targeting high-end travelers with ever-richer rewards. “The new Sapphire Reserve cards are the culmination of years of focus on the things most important to our cardmembers: travel, dining, entertainment, and exceptional service,” said Chris Reagan, President of Branded Cards at Chase.