The Chase Sapphire Reserve® was recently refreshed with new credits, revamped perks, boosted earning rates, and a higher annual fee. If you’ve had this card for years like I have, you might be asking: is it still worth it?
After crunching the numbers, my answer is a definite yes. Here’s why I’m keeping it.
Let’s Talk About The Annual Fee
Before I jump into the good stuff, let’s address the elephant in the room: the card’s annual fee has increased from $550 to $795 — a $245 jump.
So the real question is: are the new features worth at least $245? Let’s break it down.
The Welcome Offer
If you’re new to the Sapphire Reserve, get excited because the current welcome offer is:
Earn 100,000 bonus points plus a $500 Chase Travel℠ promo credit after you spend $5,000 on purchases in the first three months from account opening.
That alone is reason enough to give the card a try and use that first year to see where the credits stack up for you personally.
We value Chase Ultimate Rewards points at around 2 cents each, so a welcome offer that includes 100,000 points yields at least $2,000 in value right off the bat.
New Statement Credits
Part of the Sapphire Reserve’s transformation included introducing a list of brand-new credits — some super valuable, and some not so much, in my opinion.
Some of the new credits (like DoorDash and StubHub) don’t mean much to me personally. But hey, if you’re already using those services, you could get several hundred dollars of additional value.
The Credits That Matter to Me
Apple Credits: The card now includes complimentary subscriptions to Apple TV+ and Apple Music through June 22, 2027, a value of $250 annually. I already pay for Apple TV+ monthly, so this credit is worth exactly $120 in my book.
Dining Credit: You can get up to $300 per year at select restaurants. I’ll probably use them. But since I’ll have to go out of my way, I’m conservatively valuing them at $100.
The Edit by Chase Hotel Credit: This new $500 credit (split into $250 biannually, with a two-night minimum stay) is for bookings made through Chase’s luxury hotel program, The Edit by Chase TravelSM . I’ve already used it once, and the added perks like breakfast and late checkout made the stay feel like a true upgrade. Ignoring all the on-property perks you get, even if we assign a conservative 25% valuation to the credit itself, that’s still $125 of value.
Screenshot from chase.com
Travel Credit: The $300 general travel credit hasn’t changed, and it’s super easy to use.
Total Valuation
Here’s a breakdown of all the new (and unchanged) credits from the Sapphire Reserve, and what I personally value them at:
Credit Type | Max Value | My Valuation | New/Unchanged |
|---|---|---|---|
Apple TV+ & Music | Up to $250 | $120 | New |
Annual dining credit | Up to $300 | $100 | New |
The Edit Hotels | Up to $500 | $125 | New |
Annual travel credit | Up to $300 | $300 | Unchanged |
Welcome offer travel credit | Up to $500 | $500 | New |
StubHub & viagogo credit | Up to $300 | $0 | New |
DoorDash value & credit | Up to $300 | $0 | New |
Lyft credit | Up to $120 | $20 | New-ish |
Peloton credit | Up to $120 | $0 | New |
Up to $120 every four years | $30 | Unchanged |
So even with my conservative estimates, I’m still getting well over $1,000 in value each year, and that does not include the valuation of the welcome offer or the points I’ll earn from regular spending. That more than offsets the increased fee.
And if you use more of them or value them more highly than I do, you’ll be even further ahead. 💪
New Earning Rates
If you want to earn those Chase Ultimate Rewards, here’s how you’ll do that with the Sapphire Reserve:
10x points per dollar on eligible Peloton equipment and accessories
8x points per dollar on all Chase TravelSM purchases
5x points per dollar on eligible Lyft rides through September 30, 2027
4x points per dollar on flights and hotels booked directly
3x points per dollar on dining at restaurants worldwide, including eligible delivery services
1x point per dollar on all other purchases
A lot of people are focusing on what’s being taken away — mainly the 3x points on all travel purchases. Sure, that stings a bit…
But for me, the vast majority of my travel spend is on flights and hotels booked directly — which now earn 4x points.
And booking direct already makes sense because:
You earn loyalty points
You often get the best available rate (for hotels)
You have more flexibility with changes and cancellations
As for redemptions? Yeah, it’s a bummer to lose the fixed 1.5x rate in the Chase Travel portal. But you know what’s better than 1.5x? Up to 2x points per dollar.
And that’s exactly what you can now get with Chase’s new Points Boost feature.
Screenshot from chase.com
Sure, it’s not always the best value — but if you’ve got a bit of flexibility and a deal-hunting mindset, this change could work in your favor.
But don’t forget: the best value for your Chase Ultimate Rewards has always come from transferring to airline and hotel partners — and that hasn’t changed one bit.
🙌 Heads Up: If the Sapphire Reserve feels a little “too premium” for your liking, the Chase Sapphire Preferred® Card also relaunched witha welcome offer of: Earn 75,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
Bottom Line
There’s no denying it. The math for the Sapphire Reserve works out in my favor (and likely will for most other people, too).
Sure, the card now asks more of you — you’ll need to track your credits and be a little more strategic. But if you do, you’ll probably land on the same conclusion as me: Keeping this card just makes sense.
