Chase has updated the Chase Sapphire Reserve®, introducing premium features such as credits for Peloton and Apple+, a Doordash membership with monthly credits, and enhanced travel benefits through its Chase Travel platform.
However, all these upgrades come at a cost. The annual fee will increase to $795 from the previous $550.
If you’re thinking about downgrading or possibly tossing the card altogether, you’re not alone. Personally, I find the older rewards and profit structures made a bit more sense. But I have to admit, this revamped offering might appeal to some users.
What’s new (and what’s the real value)?
The Chase Sapphire Reserve® claims an annual value exceeding $2,700 when factoring in both old and new rewards. This figure is higher than that of most travel rewards cards. However, not everyone will fully utilize these benefits.
Let’s take a deeper look at some of the standout new benefits that come with this refresh.
- $500 credit for stays at select properties. This equates to $250 in credits per year—$125 for the first half and $125 for the second half, applicable for prepaid bookings through the Chase Travel platform (two nights and two nights).
- $300 credit through the Sapphire Reserve exclusive dining program. This is also divided into two credits of up to $150 each for the year.
- $300 credits for StubHub purchases. Break this down, and you’ll see it’s $150 for each half of the year.
- $300 worth of promotions with Doordash. Dash Pass members can earn an up to $25 credit each month, which can be spent on Doordash. This includes $5 monthly promotions on restaurant orders and $10 for groceries and retail, usable until December 31, 2027.
- $120 in Lyft credits. You can earn $10 per month in-app credits for rides until September 30, 2027.
Regarding existing travel benefits, I think it’s great to see a $300 annual travel credit and access to airport lounges with a free priority lane.
If all these perks suit your lifestyle and spending habits, this could be an amazing package for you.
However, if you haven’t utilized these services yet, perhaps it’s worth checking out other options. Now might be the time to explore other top luxury credit cards.
Chase Sapphire Preferred is a solid downgrade option
The Chase Sapphire Preferred® Card often serves as a sensible downgrade for those holding the Sapphire Reserve. It earns Chase Ultimate Rewards® points, has a more manageable annual fee of $95, and still offers excellent rewards and travel protections.
If you don’t travel regularly or take advantage of luxury benefits, downgrading could save you $700 a year while only slightly reducing your rewards.
Personally, I’ve been using the Chase Sapphire Preferred® card for years. One feature I particularly enjoy is the $50 annual hotel credit on any reservations made through the Chase Travel Portal. This really helps offset the annual fee.
It’s worth noting that Chase now allows members to hold both the Reserve and Preferred cards simultaneously. While there may not be a direct advantage to this, it’s possible to apply for the Preferred and use it before canceling the Reserve.
If you want to continue racking up points without incurring high fees, consider applying for the Chase Sapphire Preferred® card.
Want to look beyond Chase? Check out the Capital One Venture X Card
While I’m usually loyal to Chase, the Capital One Venture X Rewards Credit Card is starting to look appealing.
The card’s benefits are simple yet attractive, and the annual fee is quite reasonable given the perks offered.
The annual fee for the Capital One Venture X Card is $395.
This cost quickly pays for itself with a $300 annual travel credit for bookings made through Capital One Travel and 10,000 bonus miles each year, which is worth about $100 in travel.
Additionally, new cardholders can take advantage of a substantial welcome offer: spend $4,000 in the first three months, and earn 75,000 miles, which is equivalent to $750 in travel.
You’ll also gain access to over 1,300 lounges worldwide, including Capital One Lounges and Priority Pass lounges (registration is required).
If you’re after premium travel perks without the hefty net cost, this card is definitely worth considering.
Bottom line: Decide whether to keep it or downgrade based on your spending
The Chase Sapphire Reserve® remains a premium travel rewards card. But, it’s only truly beneficial if you’re able to maximize the perks and credits offered.
If these new benefits don’t align with your spending habits, you might be overpaying.
Opting for the Chase Sapphire Preferred® card could save you a substantial amount while maintaining your account within the Chase ecosystem. If you’re looking for a different flavor of premium travel rewards, the Capital One Venture X Card could potentially be a better fit.
