Rumored Chase Sapphire Reserve changes

For many weeks now, there have been rumors swirling about upcoming changes to the consumer Chase Sapphire Reserve card. Those include an increased fee, changes to earning rates, changes to benefits and more.

Some of those rumors have been more or less confirmed now, so here’s what seems to be expected (thanks to Doctor of Credit).

• Annual fee – Increasing from $550 to $795
• Earning categories:
  • 8x Chase Travel bookings (currently 10x for hotels and cars and 5x for flights)
  • 4x flights & hotels booked directly (currently 3x on all travel)
  • 3x dining (same as current)
  • 1x everywhere else (same as current)
• Added benefits:
  • $25 per month DoorDash credit
  • $120 DoorDash DashPass credit
  • $10 per month Lyft credit
  • $10 per month Peloton credit
  • $250 twice-annual Edit credit (Chase’s version of Amex Fine Hotels & Resorts) (i.e. $500 per year)
  • $150 twice-annual dining credit via Sapphire Reserve Tables (i.e. $300 per year)
  • $150 twice-annual StubHub credit (i.e. $300 per year)
  • $250 Apple TV+ & Apple Music credit
• Spend $75,000 in a year & receive:
  • $500 Southwest credit
  • Southwest A-List status
  • IHG Diamond status
  • $250 The Shops credit

Quick Thoughts

I’m in two minds about these changes if these all turn out to be true. On the one hand, having Chase increase the annual fee to $795 is painful, while the coupon bookification of the card is disappointing as it makes cardholders have to work much harder in order to get value from that whopping annual fee.

However, there is – potentially – some great value to be had from the benefits. If you’re someone who uses DoorDash even once or twice per month, getting a DashPass membership and $25 per month to spend is great. For those who like to attend concerts, comedy shows, sports events, etc., getting $300 to spend at StubHub each year might not be hard to max out.

People who use Lyft at least once a month will have zero problem with redeeming the $10 credit, while those already with a Peloton subscription will appreciate the $10 monthly credit. Similarly, if you already subscribe to Apple TV+ and/or Apple Music, getting a credit will be almost as good as cash. Getting up to $500 back per year on luxury stays booked through Edit could be useful too, as could the Sapphire Reserve Tables benefit.

Getting $795 of value from those will require a good bit of work though, especially if Chase does away with the $300 travel credit on the Sapphire Reserve card (it’s not clear if that’s definitely happening or not). If the $300 travel credit is maintained, getting $495 of value feels more attainable. If the $300 travel credit goes away, I imagine getting at least $795 of value would be a struggle for many cardholders. That might be less of an issue in the first year depending on how generous the new welcome offer will be, but I’ll be curious to see how many new cardholders drop the card in their second year, as well as how many existing cardholders renew their card once the higher fee hits their account.

While Chase is increasing the earning rate on flights and hotels booked directly from 3x to 4x, it’s disappointing that the wider travel category will no longer be bonused. In the past, the Sapphire Reserve card was a no brainer card for many people to use when booking all kinds of travel due to the rewards they earned on trains, taxis, etc. Flights and hotels will make up a substantial proportion of many people’s travel expenditure, so the fact that those categories look like they’re being increased to 4x might offset the loss of 3x in other categories. However, it does mean that the Sapphire Reserve will no longer be a no brainer all-in-one travel card which could potentially impact on Chase’s ability to retain cardholders.

As for the benefits you’ll receive when spending $75,000 in a year on the card (cardmember year or calendar year remains to be seen), there are some decent benefits available there. A $500 Southwest credit, Southwest A-List status and IHG Diamond status could all be very useful to have. The Shops at Chase is a small retail portal for Chase Sapphire Reserve cardholders which sells premium and somewhat-premium goods. I don’t currently have a Sapphire Reserve card to check pricing, so I’m not sure how far a $250 credit will get you – let us know in the comments if there’s anything decent. Even if you do value some or all of those benefits, the wisdom of putting $75,000 of spend on a card where you’re probably earning 1x for a fair chunk of that spend is another matter.

Again, the changes listed above are all rumors at this point, so there’s no guarantee that any or all of these will happen in the coming weeks. That said, Chase’s website did temporarily display the new earning categories, so that change at least seems very likely.

Question

What are your thoughts on these potential upcoming changes on the Chase Sapphire Reserve card? Would the various coupon book credits work well for you, or will the $795 annual fee put you off? Let us know in the comments below.

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