The New Chase Sapphire Reserve

How Chase Made Something So Much Better and So Much Worse at the Same Time

by: RICH with POINTS, Jun 19, 2025

It's amazing how Chase can make something so much better and so much worse at the same time. The long-awaited refresh of the Chase Sapphire Reserve has finally arrived, and the results are... complicated. With a dramatic annual fee increase to $795 and a complete overhaul of earning categories and benefits, this isn't just a refresh—it's a fundamental reimagining of what a premium travel card should be. After diving deep into the numbers and comparing it against the competition, one thing is clear: this card can deliver exceptional value, but only for those willing to master its complexity.

Card Overview

The Chase Sapphire Reserve's 2025 refresh represents the most significant changes to a premium travel card since its original 2016 launch. What emerges is a card that rewards optimization and punishes casual use—a dramatic shift from its previous broad appeal.

Key Card Features

• Sign-Up Bonus (and Limited-Time Offers if Applicable): Currently offering a limited-time welcome bonus of 100,000 Ultimate Rewards points plus a $500 Chase Travel credit after spending $5,000 in the first three months. This represents the best-ever offer for the card, though the spending requirement has increased from the previous $4,000 threshold.
• Annual Fee: $795, up from $550—a 45% increase that places it among the most expensive widely available premium cards, trailing only the American Express Platinum at $895.
• Has Foreign Transaction Fee?: No foreign transaction fees, maintaining its appeal for international travelers.
• Has Access to a Travel Portal for Redemption?: Yes, with the new Points Boost system offering up to 2x point value (2 cents per point) for select hotels and airlines through Chase Travel, replacing the previous 1.5x across-the-board bonus.
• Has Access to Transfer Partners for Better Value on Points Redemption?: Yes, with 14 transfer partners including Aeroplan, British Airways, Emirates, Flying Blue, IHG, Marriott, Singapore Airlines, Southwest, United, and World of Hyatt, offering potential values of 2.05+ cents per point for strategic redemptions.

Spending Categories

The earning structure overhaul creates both winners and losers, with significant implications for different traveler types:

Enhanced Categories:

• 8x points on flights, hotels, and car rentals booked through Chase Travel (previously 5x, 10x, and 10x respectively)
• 4x points on flights and hotels booked directly with airlines and hotel chains (up from 3x)
• 10x points on Peloton purchases (ongoing promotion, extended multiple times)

Maintained Categories:

• 3x points on dining (unchanged)
• 5x points on Lyft rides (unchanged)

Reduced Categories:

• 1x points on all other travel, including transit, vacation rentals, cruises, and parking (down from 3x)

Effective Earnings

Using The Points Guy's valuation of Ultimate Rewards at 2.05 cents per point for transfer partner redemptions, the effective earning rates become:

• Airfare (portal): 16.4% effective return (8x at 2.05cpp)
• Hotels/Car Rentals (portal): 16.4% effective return (8x at 2.05cpp)
• Airfare/Hotels (direct): 8.2% effective return (4x at 2.05cpp)
• Dining: 6.15% effective return (3x at 2.05cpp)
• Peloton: 20.5% effective return (10x at 2.05cpp)
• Everything else: 2.05% effective return (1x at 2.05cpp)

With the new 2x Points Boost redemption system for select travel, these rates can theoretically double when booking qualifying flights and hotels through the portal, creating potential returns exceeding 32% on airfare.

Card Benefits

The refresh transforms the Sapphire Reserve into what can only be described as a "coupon book" similar to American Express cards, but with more user-friendly redemption windows:

New Major Credits

• $500 The Edit Credit: Semiannual credit ($250 per period) for luxury hotel stays through Chase's curated hotel collection, requiring 2+ night stays
• $300 Dining Credit: Semiannual credit ($150 per period) for Sapphire Reserve Exclusive Tables through OpenTable at high-end restaurants in major metropolitan areas, including international locations
• $300 StubHub Credit: Semiannual credit ($150 per period) for concert and event tickets
• $420 DoorDash Value: $300 annually through monthly $25 credits, plus complimentary DashPass membership worth $120
• $250 Apple Entertainment Credit: Complimentary Apple TV+ and Apple Music subscriptions through December 2027
• $120 Peloton Credit: Annual membership credit through December 2027
• $120 Lyft Credit: Annual in-app credits for rideshare services

Continuing Benefits

• $300 Travel Credit: The gold standard of travel credits—automatic statement credits for any travel purchase, usable year-round without restrictions
• $120 Global Entry/TSA PreCheck Credit: Every four years (effectively $30 annually)
• Priority Pass Select: Access to 1,300+ airport lounges worldwide
• Sapphire Lounges by The Club: Access to Chase's premium lounge network, including recent expansion to Air Canada Maple Leaf Lounges
• Primary Auto Rental Coverage: Comprehensive collision damage waiver—a standout benefit that can save hundreds on rental insurance

Earn Perks (Requiring $75,000 Annual Spend)

• $500 Southwest Airlines Credit: For flights booked through Chase Travel
• $250 The Shops at Chase Credit: For Chase's curated online shopping portal
• IHG One Rewards Diamond Elite Status: Top-tier hotel status

Complimentary Elite Status

• IHG One Rewards Platinum Elite Status: Automatic through December 2027

Application Rules

Take these with a grain of salt—application rules vary, and community data points provide valuable insights into current enforcement:

• Chase 5/24 Rule: Denied if five or more new personal cards (any issuer) appear on your credit report in the past 24 months
• Sapphire 48-Month Rule: Cannot receive a signup bonus if you've received one from either Sapphire card in the previous 48 months
• Chase 2/30 Rule: Declined if applying for a third Chase card within 30 days
• Chase 5/6 Rule: Declined if applying for a fifth Chase card (personal or business) within six months

Points System

Ultimate Rewards points remain one of the most flexible and valuable point currencies, with multiple redemption pathways:

• Travel Point Value: 2.05 cents per point via transfer partners (requires strategic booking knowledge)
• Points Boost Value: Up to 2.0 cents per point for select travel through Chase portal (replacing previous 1.5x across-the-board bonus)
• Travel Portal Value: 1.0 cent per point baseline
• Cash Value: 1.0 cent per point as statement credit

Critical Change: Existing cardholders can still redeem points earned before October 26, 2025, at the old 1.5x rate through October 26, 2027—a two-year grace period for legacy points.

Points can be transferred between spouses with a one-time phone setup, then managed online thereafter.

Transfer Partners

Ultimate Rewards transfer 1:1 to 14 valuable partners:

• Airlines: Aeroplan (Air Canada), British Airways Avios, Emirates Skywards, Flying Blue (Air France/KLM), Iberia Plus, JetBlue TrueBlue, Singapore KrisFlyer, Southwest Rapid Rewards, United MileagePlus, Virgin Atlantic Flying Club
• Hotels: IHG One Rewards, Marriott Bonvoy, World of Hyatt
• Other: Aer Lingus AerClub

Related Cards in the Same Points System

All Ultimate Rewards earning cards can pool points for maximum flexibility:

• Personal Cards: Chase Sapphire Preferred, Freedom Unlimited, Freedom Flex, Freedom Rise
• Business Cards: Ink Business Preferred, Ink Business Unlimited, Ink Business Cash

Card Comparisons

Premium Card Fee Offset Analysis

Comparing the ability to offset annual fees through easily accessible benefits:

With aggressive optimization including dining, DoorDash, and The Edit credits, the effective fee can drop to approximately -$285, but this requires significant lifestyle adjustments and spending commitments.

Wallet Comparison: Chase Trifecta vs. Competition

Using a typical family spending profile, the data reveals surprising insights about the refreshed card's competitive position:

Annual Net Value Comparison (Transfer Partner Redemptions):

• Chase Trifecta (Reserve + Preferred + Freedom Unlimited + Flex): ~$2,400+ net value
• American Express Trifecta (Platinum + Gold + Blue Business Plus): ~$1,900+ net value
• Capital One Duo (Venture X + Venture): ~$1,800+ net value

Key Competitive Advantages:

1. Industry-Leading Portal Earnings: 8x on airfare through Chase Travel surpasses all competitors
2. Strong Direct Booking Rates: 4x on hotels/airfare outside portals competitive with premium cards
3. Simplified Credit Structure: Semiannual redemption periods more user-friendly than monthly limitations

Critical Weakness: Loss of 3x on general travel creates coverage gaps that require supplemental cards (like Wells Fargo Autograph for 3x travel) to maintain previous versatility.

Expert Tip: The new 8x airfare earning through Chase Travel is the highest portal rate available from any issuer. Even if you prefer booking direct, the 4x rate puts you close to American Express Platinum's 5x, making the portal premium worth considering for the extra earning.

Expert Tip: If you're a cruise enthusiast (like the reviewer), you'll need to supplement with other cards for 3x travel earning, as cruises now only earn 1x. The Wells Fargo Autograph offers 3x on travel with no annual fee, making it an ideal complement.

Final Thoughts

The Bottom Line: Chase has successfully created a card that can be either brilliant or terrible, depending entirely on your optimization skills and travel patterns. This isn't evolution—it's specialization.

Stop Calling It a Simple Travel Card: The refreshed Sapphire Reserve demands active management. Between navigating semiannual credit periods, maximizing portal vs. direct bookings, and understanding the complex Points Boost system, this card requires treating credit optimization like a part-time job.

The 8x Portal Paradigm: The new 8x earning rate on airfare through Chase Travel is genuinely revolutionary. No other card comes close to this earning rate on one of travel's largest expense categories. Combined with potential 2x redemption rates, you're looking at effective returns that can exceed 30% on airfare—if you can access the qualifying inventory.

The 3x Travel Loss Paradox: Removing 3x on general travel feels like Chase shooting itself in the foot. This was the category that made the card universally useful—covering everything from subway rides to cruise deposits. Now, cardholders need supplemental strategies to maintain comprehensive travel coverage.

Who Should Apply:

• Frequent flyers who regularly book through travel portals
• Travelers who can utilize The Edit luxury hotel credits
• Urban dwellers with access to Sapphire Reserve Exclusive Tables dining
• Credit card optimizers who enjoy managing multiple benefit categories
• Business travelers with high annual travel spending

Who Should Avoid:

• Casual travelers seeking simplicity
• Those uncomfortable with the complexity of portal vs. direct booking decisions
• Budget-conscious consumers who can't justify the $795 annual fee
• Anyone seeking a single card solution for all travel spending

The Transfer Partner Imperative: Like the American Express Platinum, this card only makes financial sense if you can consistently achieve 2+ cents per point through transfer partners or the new Points Boost system. At cash redemption rates (1 cent per point), you're paying $795 for a mediocre earning structure.

The refreshed Sapphire Reserve succeeds at being exactly what Chase intended: a premium card for premium travelers willing to work for premium returns. It's not better or worse than its predecessor—it's fundamentally different. The question isn't whether it's a good card, but whether you're the right cardholder for it.

Expert Tip: Consider starting with the Sapphire Preferred to learn transfer partner optimization before committing to the Reserve's premium fee structure. The skills transfer directly, but the financial stakes are much lower while you're learning the system.