Chase Upgrades Sapphire Reserve Card With $795 Annual Fee

Chase is taking its Sapphire Reserve card to a new level as it competes with American Express for luxury credit cardholders.

The redesigned Chase Sapphire Reserve card launching in June 2025.

The refreshed Chase Sapphire Reserve card was officially unveiled on Tuesday, June 17. The banking giant also announced the launch of the new Chase Sapphire Reserve for Business card.

Both cards will officially be available on Sunday, June 23. While they’re promoting at least $2,500 in annual perks, the cards have a steep $795 annual fee.

That fee is 45% higher than when Sapphine Reserve first launched in 2016,

CNBC

reported.

“The new Sapphire Reserve cards are the culmination of years of focus on the things most important to our cardmembers: travel, dining, entertainment and exceptional service,” said Chris Reagan, Chase’s president of branded cards. “Both cards offer incredible rewards and benefits centered on our cardmembers’ lifestyles – whether it’s scoring hard-to-get reservations at great restaurants, elevating every aspect of their trips or providing access to amazing experiences.”

Chase’s announcement comes one day after Amex teased its

biggest-ever refresh

of its Platinum cards. While details likely won’t be released until the fall, financial analysts expect Amex to add more perks and raise the $695 annual fee.

The personal Sapphire Reserve will promise $2,700 in annual value, while the business version offers $2,500. Cardholders can receive elevated travel credits, dining perks, and many protections.

The cards will also allow members to double the value of their points on rotating travel deals through a new “Points Boost” program.

“Points Boost allows Sapphire Reserve cardmembers to redeem Ultimate Rewards points at a rate of up to 2x on rotating offers through Chase Travel,” said Chase. “Cardmembers can use Points Boost to maximize the value of their points on premium air cabin tickets and select hotels, including The Edit by Chase Travel – an exclusive collection of over 1,100 hand-picked hotels and resorts around the world where Sapphire Reserve cardmembers get complimentary benefits like free breakfast and a $100 property credit.”

Both versions of the new Sapphire Reserve offer 8x points on Chase Travel bookings, plus 4x on flights and hotels booked directly. Cardholders receive a $500 credit for stays at premium hotels in The Edit collection, along with complimentary Platinum Elite status through IHG One Rewards.

Other built-in benefits include:

• $300 annual travel credit
• $120 Global Entry, TSA Precheck, or Nexus credit
• Access to over 1,300 airport lounges, including Chase’s own Sapphire Lounge by The Club network
• Complimentary access to Reserve Travel Designers for travel itinerary planning
• Trip cancellation, primary car rental insurance, and other travel protections

Dining benefits now include 3x points on all global restaurants and a $300 annual dining credit. The cards also give access to Sapphire Reserve Exclusive Tables, offering hard-to-get reservations through The Infatuation and OpenTable.

Lifestyle perks have also expanded, with many statement credits available:

• $250 in Apple TV+ and Apple Music subscriptions
• $300 in annual StubHub credits
• $120 in Lyft credits and 5x points on eligible rides
• $300 in DoorDash promos and a free DashPass
• Up to $120 for Peloton memberships

High-spending cardmembers who hit $75,000 annually unlock even more, including A-List status on Southwest Airlines, $250 to spend in Chase’s new luxury shopping portal, and IHG’s top-tier Diamond Elite level. The card design has also been upgraded with a new metal look and engraved logo inspired by sapphire gemstones.

The business version mirrors many of the personal card’s travel perks, with extras geared toward entrepreneurs. Benefits include 3x points on advertising with social media and search websites, along with credits through platforms like ZipRecruiter, Google Workspace, Giftcards.com, and other shopping credits.

With a much higher annual fee, financial experts say Chase is clearly targeting affluent customers willing to spend big in exchange for rich rewards.

“When the Sapphire Reserve first came out, it was a solid middle-class play that offered champagne travel on a beer budget,” Bankrate senior analyst Ted Rossman told CNBC. “These premium cards are going more luxury and I wonder if the $800 fees are becoming too much for some to stomach.”

Some analysts say Chase may be intentionally pricing out some users from its most-expensive credit cards to make them more exclusive and avoid overcrowding in airport lounges, similar to moves by Amex and Capital One.

“These high-rate cards are not for everyone, that’s for sure,” KBW financial analyst Sanjay Sakhrani told CNBC.

Despite the sky-high fee, some customers could decide that the perks are worth it.

“They feel that it creates a flywheel around keeping people engaged and spending in the system,” said Sakhrani. “Even at $800 in annual fees, I don’t think just anyone can provide the breadth of perks that you get on those cards.”

Parent company JPMorganChase has also tried to attract wealthier clients by opening

luxury financial centers

in affluent communities, including several in the greater Boston and New York City areas.