Why I Might Finally Get the Chase Sapphire Reserve

A lot of people hate the changes coming to the Chase Sapphire Reserve®, and I get where they’re coming from. But for me, the added value from new credits makes it worth it more than ever. While I don’t have the card, I’m seriously thinking about getting it now.

The card, long hailed as one of the best on the market, is increasing its annual fee to $795 — a 45% increase from before. It's also raising the cost of adding an authorized user from $75 to $195 a year. In exchange for the higher fee, it’s adding what Chase calls $1,500-plus worth of value. The new version becomes available starting June 23, 2025.

The new Chase Sapphire Reserve®, which will soon have an annual fee $100 higher than the one on The Platinum Card® from American Express, is following a coupon-book model pioneered by AmEx. With this approach, cardholders get use-or-lose credits — often doled out monthly or twice a year — so an issuer can advertise that it’s offering more value. However, the actual benefit to the customer depends on whether they use them.

These changes aren’t for everyone, but for those who are willing to track and spend these credits — like me — there’s a lot of value to be had.

What’s changing and why it matters

Chase Sapphire Reserve® cardholders have historically gotten a $300 travel credit to use each year. It’s a perennial favorite among credit card aficionados because of how easy it is to use. There aren’t any restrictions like having to use the credit in Chase’s travel portal, and Chase has a loose definition for what it considers travel.

If you can believe it, that $300 credit is staying.

And on top of that, Chase is adding the following annual benefits:

• $500 in credit for prepaid reservations via The Edit, Chase’s curated luxury hotel program. You get two $250 statement credits: one in January and one in July. (Some restrictions apply; more on that later.)

• $300 dining credit at Sapphire Reserve Exclusive Tables restaurants. You get $150 in statement credits in January and another $150 in July.

• $300 credit for ticket marketplaces StubHub and Viagogo, in two $150 statement credits — one in January and one in July.

• $250 value with complimentary Apple TV+ and Apple Music subscriptions. (Activation required.)

• Up to $120 Peloton credit to be spent as $10 each month. (Activation required.)

Additionally, if you spend $75,000 a year on the card, you will get:

• $500 in credit for Southwest Airlines when booked through Chase’s travel portal.

• Southwest’s entry-level A-List elite status.

• IHG One Rewards Diamond Elite status.

• $250 credit for The Shops at Chase, the issuer’s newly launched luxury e-commerce platform.

It’s also shaking up the earning categories on travel-related spending:

• 8x points per $1 spent on hotels and rental cars in Chase’s travel portal, down from 10x.

• 8x points per $1 spent on flights in Chase’s travel portal, up from 5x.

• 4x points per $1 spent on direct bookings for flights and hotels, up from 3x.

• 1x points per $1 spent on all other travel, reduced from 3x.

The value of points redeemed through Chase’s travel is also changing; more on that later. But because I tend to transfer my Chase points, this change doesn’t affect me.

Besides the $300 annual travel credit, customers will continue to receive existing benefits, including:

• $300 DoorDash credit, up to $25 monthly in promos.

• $120 DoorDash membership.

• $120 Lyft credit to be spent as $10 each month.

Overall, I love these changes. But again, their value largely depends on your spending habits, where you live and how you travel.

Let’s do some math

The card’s new annual fee of $795 is a lot, but the credits chip away at that number. The math will be different for everyone based on their spending habits, but this is how it looks for me.

First, some disclaimers: This analysis is based entirely on the credits and doesn’t factor in any additional value gained from the complimentary Chase Sapphire Reserve® lounge access for you and up to two guests at Chase Sapphire Lounges by The Club and other Priority Pass lounges. You also have access to select Air Canada Maple Leaf Lounges with a guest when traveling on a Star Alliance airline, like United Airlines.

The math for existing cardholders will look different. While rewards earned on certain spending categories have changed, existing benefits have largely stayed intact. That means the new credits need to provide more than $245 in value to make up for the fee increase.

Let’s get into it.

$300 travel credit

Let’s start with the $300 travel credit. That’s an easy win. I travel frequently, so this is probably the easiest credit to use.

I won’t have any qualms either about putting airfare spend on the Chase Sapphire Reserve®, now that airfare purchases — for direct bookings and through Chase’s travel portal — earn more points per $1 spent than before.

What it’s worth to me: $300.

My effective annual cost: $495.

$300 dining credit

The next thing that catches my eye is the $300 dining credit via Sapphire Reserve Exclusive Tables, with $150 allotments in January and July.

I like to eat out. If you are willing to pay for a premium travel rewards credit card, I’m assuming you like the finer things in life. Sapphire Reserve Exclusive Tables is a collection of restaurants picked by restaurant recommendation platform The Infatuation and reservation app OpenTable; however, it’s only available in select cities. I live in one of those cities, and I’m honestly impressed by the selection. The options aren’t all overpriced restaurants with tasting menus, but there are affordable options where I could easily have multiple meals for $150.

If you live in an area without participating restaurants, you may have to get creative with how you use the credit — such as reserving a table while visiting a city with eligible options. Luckily, the selected cities comprise most major tourist destinations in the U.S., so it shouldn’t be too difficult for travelers to use this credit.

I value the dining credit at the full $300. If you’re an existing cardholder and you use this credit, it covers the entire annual fee increase.

But for me, as a potential cardholder, that knocks down the annual fee to $195. Remember when it was still $795 a few sections ago?

What it’s worth to me: $300.

My effective annual cost: $195.

$300 DoorDash credit

I also gravitate toward the $300 DoorDash credit, doled out in $25 monthly allotments. However, this existing credit isn’t that easy to use either. It comes in the form of three monthly credits: one $5 discount to be used at restaurants, and two $10 discounts on non-restaurant orders, such as groceries and beauty.

I live in a major city, where DoorDash options are plentiful, nearby and easy to pick up. Since I currently have the Chase Sapphire Preferred® Card, which comes with a similar $10 monthly promo on non-restaurant orders that I regularly use, I already know which stores to frequent for the best deals under $10. By using pickup, I don’t have to pay delivery fees either, which is always great. (Keep in mind that some stores don’t allow pickup.)

Prices may be higher on DoorDash — let’s say by 30%, just to use an extreme — so I’d value this at about $230. Meanwhile, I value the $120 DoorDash membership at $0. I would never pay for that.

With this credit, the entire annual fee is covered and then some. There are still more credits to go and I’m already coming out ahead, so I’m not complaining. Everything after here is icing on the cake.

What it’s worth to me: $230.

My effective annual cost: Negative $35 — I’m coming out ahead!

Why the new Chase Sapphire Reserve is worth more to me than the old

The previous Chase Sapphire Reserve® was a solid card. It offered lounge access, the $300 annual travel credit, the $300 DoorDash monthly promos and $120 in Lyft credits.

Based on my travel and spending habits, though, that means I wouldn’t have come out as far ahead as I would with the refreshed version of the card.

Prior to the update, the annual fee was $550. If we use the same valuations as earlier for the credits, I’d be looking at about $530 in value, assuming the Lyft credit isn’t worth anything to me (it’s not). That’s not enough to cover the fee.

While the lounge access benefits on the Chase Sapphire Reserve® would certainly have been worth the $20 difference, it wasn’t enough to convince me to get the card.

But now, with how I value certain credits, my adjusted annual fee is in the negative, meaning I’m getting more value from the credits than I am paying for the annual fee. And that doesn’t include all those added bonuses from the credits that we haven’t talked about yet.

In my book, that makes the new Chase Sapphire Reserve® a clear winner compared to the old one.

How I think about the other credits

$500 The Edit credit

If you’ve gotten this far, you may be wondering: Hey, why haven’t you talked about that $500 credit for The Edit yet? In many ways, that is the new headline benefit of the card, given how large that number is. But there’s a lot of fine print attached to this benefit that makes it hard for me to value.

If you’re not familiar with The Edit, it’s Chase’s version of American Express Fine Hotels and Resorts. When you book through the program, you get access to perks like daily free breakfast, a $100 resort credit, room upgrades when available and more.

You get $250 in credit to spend from January to June, and then another $250 for July to December. They don’t roll over, there’s a two-night minimum, and you don’t earn points on transactions that apply the credit.

That’s a lot of restrictions, making it harder to use than the $200 annual hotel credit that comes with The Platinum Card® from American Express. There’s no two-night minimum for Fine Hotels and Resorts bookings, and AmEx’s program has more options. Terms apply.

Expect to pay $600 for two nights at the bare minimum, but probably more. After the $250 credit, you’d spend at least $350 and earn no points. Also, hotels in Chase’s travel portal can cost much more than booking direct, so double check the deal is worth it.

While I enjoy the occasional splurge, I’m not sure how I value this credit. Given the limited number of properties and high prices, I’d need to put in significant legwork to find a decently priced property and plan my trip around that stay. But I’m not sweating it. I’m already coming out ahead on the annual fee, so any use of the credit is added value.

Credits I like: $250 Apple subscriptions, $300 StubHub

The Chase Sapphire Reserve® refresh added a slew of new credits that I would be happy to use but normally wouldn’t pay for. For me, they’re nice-to-haves, and since the annual fee is already covered, I think of them as fun bonuses to take advantage of.

They include complimentary Apple TV+ and Apple Music subscriptions, worth $250 each year. There’s also a $300 StubHub and Viagogo credit. I’m not sure when the last time I used StubHub was (maybe in college?), but since Chase is paying, I’m happy to buy tickets to a sporting event or a show.

This is why I love the credits. Sure, I’m being “forced” to spend them, but if it’s a new experience and other credits have already justified the annual fee, why not?

Credits I don’t: $120 Lyft, up to $120 Peloton

The less interesting credits (for me) are the $10-a-month credits for Lyft and Peloton. I already get rideshare credits from another card, and unfortunately, they’re not stackable. Ten dollars is maybe enough to get me from my home to the subway station, so I don’t have to walk for 10 minutes. If you’re a Lyft power user, though, then this credit is more money back in your pocket.

Same goes for the Peloton credit. It’s not for me, but if you love getting yelled at while the music is pumping and your thighs are burning, you do you.

The changes that don’t move the needle for me

Spending category changes

One of the biggest changes that Chase has made to the card is nerfing the 3x points earned on every $1 spent on travel. Instead, Chase is prioritizing bookings made through its travel portal (8x points per $1) and then direct bookings with airlines and hotels (4x points per $1).

All other travel purchases will earn 1x point per $1 spent.

My biggest expenses are typically on airfare, hotels and dining when I travel, so I’m actually a big fan of the changes. I often fly with United, where I earn 4x United miles per $1 on airfare when I pay with The New United Club℠ Card. However, I’d much rather earn Chase points, which are more flexible because they can be transferred to not only United MileagePlus, but also popular programs like World of Hyatt.

But I can see how this might hurt if you book rental cars outside the portal, tours through companies like TripAdvisor or GetYourGuide, or use other third-party booking platforms. Those can be expensive purchases, and it’ll hurt to lose those extra points earned.

Changes to redeeming points on the Chase's travel portal

One major downside is that you’ll no longer be able to redeem points through Chase’s travel portal for 1.5 cents apiece. Instead, the card is adding Points Boost, which gives cardholders access to special windows where they can redeem points for 2 cents apiece on premium air cabin tickets and hotels. Outside those offers, points will be worth 1 cent apiece.

For people who redeem points for coach seats, this is bad news. I typically transfer my Chase points to World of Hyatt, where I can redeem them for higher value, so I’m not bothered by Points Boost.

Perks after spending $75,000

I would never spend $75,000 on a credit card, but that’s just me. I don’t have that many expenditures, so these added perks aren’t for me.

I really wouldn’t want them anyway. I’m not a fan of Southwest’s latest changes, and my friends who were once notoriously loyal have largely cast the airline aside.

The IHG Diamond Elite status is intriguing, since it is the highest published tier of status, but it’s not that exciting. I currently have Platinum Elite status from holding The New United Club℠ Card, and I’m fine with it. I usually only stay at an IHG property if it’s the cheapest airport hotel available. If Chase were offering World of Hyatt Globalist, then maybe I might start daydreaming about spending $75,000 on this card.

For its big spenders, Chase is also offering a $250 credit for The Shops at Chase, its new luxury e-commerce platform. If you’re interested in the brands it offers, then this is a nice bonus. However, I’m not, and you can often find the offered products cheaper directly through the retailer (such as by using a discount code, buying during a sale, shopping through a cashback portal or all of the above).

Why I’m excited about the refreshed Chase Sapphire Reserve

In the past, the value proposition of the Chase Sapphire Reserve® hasn’t made sense for me, but the added benefits now make it worth my while.

Granted, not everyone will agree with me, and that’s OK. In fact, my colleague Craig is ditching his card in favor of the Capital One Venture X Rewards Credit Card.

But I’m a big fan of the new credits, and I think Chase has done a good job adding credits for categories that someone with a premium travel credit card should want — namely, travel, entertainment and dining.