As of June 23, 2025, Chase is rolling out a redesigned Sapphire Reserve, and the headline here is a big one: the annual fee jumps from $550 to $795. This makes the CSR officially the priciest premium travel card on the market, surpassing even AMEX Platinum’s $695 fee (which is also rumored to be increasing later this year).

1. Annual Fee & Authorized User Cost

• Primary card fee: $795/year (up from $550)
• Authorized user fee: $195/year (was $75)

2. Statement Credits: Nearly $1,500 in Annual Value

Chase’s play? Offset the fee with a “coupon book” approach, featuring:

• $500 for Chase Travel’s curated “The Edit” hotel portal (biannual $250 credits)
• $300 in dining credits via “Sapphire Reserve Exclusive Tables”
• $300 for StubHub/Viagogo tickets (semiannual $150 increments)
• $250 credit for Apple TV+ / Apple Music
• $120 annual Peloton credit ($10/mo)

When you max all of this out and add the existing $300 travel credit, you’re up at around $1,500–$2,700+ in annual “value,” depending on usage patterns.

3. Earning & Redemption Tweaks

• Points Boost: a new redemption feature allowing 2¢/point on select premium flights/hotels booked via Chase Travel, replacing the old 1.5¢ universal rate. The old rate remains effective for certain existing points until October 26, 2027.
• Earning rates updated:
  • 8× on travel booked through Chase Travel
  • 4× on flights & hotels booked directly
  • 3× dining (unchanged)
  • 10× on Peloton purchases
  • 1× elsewhere

4. New Perks & Elite Status

• Complimentary IHG Platinum Elite status through Dec 31, 2027
• Big‑spender bonuses (after $75K/year spend):
  • IHG Diamond status
  • Southwest A‑List + $500 Southwest credit
  • $250 credit at The Shops at Chase

5. More Perks that Remain Intact

• $300 annual travel credit
• Global Entry/TSA PreCheck credit
• Airport lounge access
• Primary travel insurance
• DoorDash + Lyft monthly credits

How to Determine if a Points‑Back Credit Card Justifies Its Annual Fee

Annual-fee cards should deliver clear value. Here’s how to evaluate yours:

1. Add Up Statement Credits vs. Fee

Total all the credits (travel, streaming, dining). If credits exceed the fee, mission accomplished—you broke even or better.

2. Analyze Your Real Spend Habits

Are you really spending $300 on travel? Apple Music? Peloton? Divide benefits churned into relevant spending categories—if those credits always go unused, they don’t count.

3. Evaluate Redemption Multipliers

If you actually use the 2¢ Points Boost on luxury travel, that’s huge. But if you mostly book economy or transfer to partners, maybe you’re getting only 1–1.5¢ per point—less return on investment.

4. Account for Intangible Perks

Insurance protections, lounge access, and elite statuses have real value—plan for how often you’ll realistically use them.

5. Run Your Annual ROI:
6. Calculate total value (credits + projected rewards + insurance/lounges).
7. Subtract fee.
8. If you’re left with a net positive, the premium fits. If you barely break even or go negative, you may want to shop around.

Is This Annual Fee Too Much for Your Budget & Lifestyle?

A premium card only clicks if it’s in tune with your world:

• Travel frequency
• Dining & entertainment habits
• Spending capacity
• Simplicity seekers

Strategy: Downgrade, Chase Offers, and Play “Card Churn”

Step 1: Consider a Downgrade

Downgrading to a no- or low-fee Chase card lets you avoid the high fee while keeping your point balance and relationship with Chase intact.

Step 2: Monitor Bonus Offers

Once downgraded, Chase often sends targeted upgrade offers, including extra points, or a waived fee after a certain spend.

Step 3: Track Announcements & Invitations

Chase may internally target former cardholders with invites or increased sign-up bonuses.

Step 4: Upgrade When Value Returns

If a $1,000–1,500 bonus or waived annual fee appears, that can wipe out much of the annual cost.

Step 5: Rinse and Repeat

Repeat every 2–3 years to optimize long-term point accrual while minimizing net fee payments.

TL;DR Recap: Is the New Sapphire Reserve Worth It?

If you are a frequent traveler, stream/dine often, and want elite perks: The new Reserve’s $795 fee can pay off.

If you travel occasionally or don’t use credits: You’ll likely underuse benefits.

Want simplicity and low fees? Downgrade and consider waiting for upgrade offers.

Final Takeaway for Gen Z & Millennials

The modern premium credit card game is all about smart strategy, not just swag.

At the end of the day, the roadmap is:
1. Audit your spend and habits
2. Compare that to what the card actually offers
3. Weigh time/mental effort vs. payoff
4. Use downgrading and upgrade offers strategically

Credit-card value isn’t static, it’s a dynamic game. Stay sharp, stay flexible, and let your card shape-shift with your life.