Latest news with #ChaseSapphireReserve
Yahoo
2 days ago
- Business
- Yahoo
Chase Sapphire Reserve card members will see a major fee increase: Here's when and what to expect
The chase is on among premium credit card issuers. Pentagon Pizza Index: The theory that surging pizza orders signal global crises 5 signals that make you instantly more trustworthy at work How Field Notes went from side project to cult notebook JPMorgan Chase has announced some big changes to its high-end Chase Sapphire Reserve credit card, which include a hefty new annual fee of $795, up from $550. The Sapphire Reserve card, which is known for its slate of perks and benefits including travel credits and access to airport lounges, is also getting a counterpart in the Chase Sapphire Reserve for Business card. When the card was first introduced in 2016, the annual fee was $450, so it has increased by more than 75% since then. Interestingly, customers don't seem to mind: The amount paid in annual fees totaled $6.4 billion in 2022, more than double the $3 billion paid in 2015, according to a 2023 report from the Consumer Financial Protection Bureau (CFPB). According to Chase, customers still have a few days to sign up for the card at the old rate. If you're already a Sapphire Preferred member, or if you sign up before Monday, June 23, you can expect the same benefits and fee through October 25 of this year. Though the fee is increasing significantly, there will be new card designs, and new credits and benefits that arrive along with the revamp. Specifically, for cardholders who spend at least $75,000 per year on their cards, there will be new perks, such as exclusive online shopping experiences, and status rewards at IHG Hotels, and Southwest Airlines. Points earnings rates and multipliers are also changing through a new Points Boost program. The new Business card will also have credits for services from ZipRecruiter, Google Workspace, and more. 'It's the culmination of five years of investment that we've made across Chase in completely uplifting and repositioning what we mean for premium travelers in the premium-card space,' Allison Beer, JPMorgan's head of card and connected commerce, told Bloomberg. 'This is about having the best-in-class travel assets and an end-to-end travel experience.' Chase's announcement comes shortly after American Express, one of its chief rivals in the credit card space, teased a forthcoming overhaul to its premium Platinum Card. Details are scarce, but those changes are expected by the end of the year. The Platinum Card currently has a $695 annual fee. In all, the board is set for Chase and Amex to duke it out with their premium offerings, which might provide some serious perks to customers who can afford them. 'We're going to take these cards to a new level,' Amex's said Howard Grosfield in a statement, 'not only in what they offer in travel, dining and lifestyle benefits, but also in how they look and feel, to meet the evolving needs of our customers.' This post originally appeared at to get the Fast Company newsletter: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Chase's $795 Sapphire Reserve card signals a shift in the credit card perk wars
A fresh candidate is vying to become the ultimate first-world problem: Is the new $795 annual fee for the Chase Sapphire Reserve, the first "viral" credit card, still worth it? It's a premium cardholder's dilemma. But it's also a lagging economic indicator, a sign of the heightened competition for affluent consumers. And a stark reminder of the labor market dichotomy, where things are decent if you have a job and disheartening if you don't. That's another way of getting at how a financial proposition can seem like an absurd agreement to one person but an irresistible deal to another. Why stress over a few more hundred when the value of the return nets you thousands? What we are also talking about is purchasing power and consumer wealth gaps. It's what animates much of our national politics and fuels chitchat among friends: the price of eggs, of a Chipotle order, childcare, a car, a mortgage, college, the list goes on (and so do the subscription charges). For consumers, the higher price comes with a host of rewards and an expanding ecosystem of partner benefits. So the math for what is essentially a tricked-out $800 coupon book can still make sense for you. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy It certainly does for Chase (JPM), whose card overhaul underscores greater competition for affluent customers as lenders scramble to out-perk one another. And, with that whopping fee, further attempts to transform the relationship between bank and client and truly turn it into club and member. On Monday, American Express (AXP) announced it is revamping its Platinum cards (details coming in the fall) with its "largest investment ever" to entice consumers with travel, dining, and lifestyle benefits. Wells Fargo (WFC), newly unleashed from regulatory restrictions, is trying to get in on the action too, unveiling its own travel-focused card as part of an effort to grow its lackluster credit card business. Something is clearly happening. For card issuers, one set of valuable customers is those who charge tens of thousands of dollars on their cards, generating swipe fees, and those willing to pony up the annual price tag without exercising the variety of perks. In a financial sense, customers who optimize for perks but don't spend all that much aren't as valuable — which the new fee addresses, making more money off people if they don't swipe or tap enough and pricing out the low-rollers. Lenders angling for only the highest tiers of wealthy consumers also speaks to where we are in the economic cycle. Earlier this month, executives at dollar store chains disclosed that they are seeing an influx of higher-income shoppers as uncertainty grips the country and households go on the hunt for bargains. So people who typically shop at more expensive retailers with middle and high incomes are trading down, just as premium credit card lines are prepared to jettison clients who stand slightly higher on the wealth ladder. More rationale will come when the bank reports its quarterly results. But we can only imagine that executives are confident in their "affluent consumer" strategy. As JPMChase CEO Jamie Dimon said a few years ago, "The card was so successful it cost us $200 million, but we expect that to have a good return on it. I wish it was a $400 million loss." Hamza Shaban is a reporter for Yahoo Finance covering markets and the economy. Follow Hamza on X @hshaban. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
2 days ago
- Business
- Bloomberg
Big Spenders Have Banks Raising Prices, Perks on Premium Cards
Sales are slipping at McDonalds. Airlines are worried that travelers will cut back as well. Consumers are falling behind on credit-card payments at the fastest pace in more than a decade. But sticker shock has yet to register for the residents of America's affluent suburbs and downtown condos, the target audience for the newly revamped—and more expensive than ever—Chase Sapphire Reserve credit card.
Forbes
3 days ago
- Business
- Forbes
New Chase Sapphire Reserve Benefits To Know About
A few things in life are certain: death, taxes and issuers changing your favorite credit cards. Chase is keeping the tradition alive with a full revamp of its beloved Chase Sapphire Reserve®. With a flood of new perks and a steep annual fee hike, for better or worse, as of June 23, the refreshed Sapphire Reserve will arrive. If you are a big spender, you can unlock even more benefits when you spend $75,000 in a calendar year: Your rewards on spending are also changing. These are the new earning rates for your Chase Sapphire Reserve card: Chase is replacing its 50% bonus on travel bookings made through Chase Travel with an all-new Points Boost feature. With the promotional Points Boost offers, select hotels and flights can be redeemed for up to 2 cents per point in value. Note that only select flights and hotels booked through Chase Travel are eligible for Points Boost. All other Chase Travel bookings will be worth 1 cent per point. You might want to be sitting down for this one. The annual fee on the Sapphire Reserve now rings in at $550. That's a $245 increase. And it gets worse—authorized user cards jump to $195 per person, up from $75 each, or in other words, a $120 increase. Note: As of June 23, new applicants will have access to the new benefits but will incur the increased annual fee. Existing card members will have access to Points Boost and the additional features and benefits starting October 26, 2025. The annual fee will increase on their next anniversary date, following October 26. That's a lot to take in—and if you're feeling overwhelmed, you're not alone. Whether you already have it, or you're thinking about applying, it can be tricky to figure out if the Chase Sapphire Reserve is worth it for you. While there's no one-size-fits-all answer, here are a few steps to help you decide: With a little math and a comprehensive look at your travel plans, you'll be able to tell if the new Sapphire Reserve deserves a spot in your wallet.
CNN
3 days ago
- Business
- CNN
Chase Sapphire Reserve is making big changes, including a $795 annual price hike
CNN Underscored reviews financial products based on their overall value. We may receive a commission through our affiliate partners if you apply and are approved for a product, but our reporting is always independent and objective. This may impact how links appear on this site. This site does not include all financial companies or all available financial offers. Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit to learn more. The Chase Sapphire Reserve® card, one of the most popular high-end travel rewards credit cards, is getting a makeover, and it will have a much higher annual fee to go with it. Chase just announced that, beginning June 23, 2025, cardholders will have to pay a fee of $795 per year instead of the current $550 annual fee. That's a 44.5% hike, vaulting the Sapphire Reserve ahead of the competing The Platinum Card® by American Express, which has an annual fee of $695. Cardholders will get a slew of new benefits for that increased annual fee, but one of the most attractive features of the Chase Sapphire Reserve is going away. The card will now earn just 1 point per dollar spent on general travel purchases, in exchange for higher earnings on flights and hotels. That change is sure to irk cardholders using the Sapphire Reserve as their go-to card for everyday travel expenses. Here's a look at what's changing and what's staying the same, as well as possible alternatives now that the hiked annual fee and changed earnings may make the Chase Sapphire Reserve less attractive to some. The annual fee hike goes into effect on June 23. If you apply for and are approved for the Chase Sapphire Reserve card before that date, you will be charged the current fee of $550. Existing cardholders will be charged the higher annual fee beginning Oct. 26, so if you already have the card and your anniversary date falls before that day, you will still pay the current, lower fee. The annual fee to add an authorized user is also going up on the same dates, from $75 to $195. That's an increase of 160%. Instead of earning 3x points per dollar on all travel expenses, the card will now earn up to 8x points on some travel categories, but only 1x on general travel, including mass transit, vacation bookings like Airbnb and cruises. The good news is that the Chase Sapphire Reserve card will now offer increased points earnings on flights booked through Chase Travel, as well as flights and hotels booked directly. Hotels booked through Chase Travel: Now earns 8x (previously 10x) Hotels booked directly: Now earns 4x (previously 3x), after using the $300 travel credit Flights booked through Chase Travel: Now earns 8x (previously 5x) Flights booked directly with airlines: Now earns 4x (previously 3x), after using the $300 travel credit Rental cars booked through Chase Travel: Now earns 8x (previously 10x) All other travel, including vacation rentals and mass transit: Now earns 1x (previously 3x) It will also continue to earn 3x on dining, 5x on eligible Lyft rides and 10x on eligible Peloton purchases. Like in its current incarnation, the revamped Sapphire Reserve offers credits that help offset the annual fee. In exchange for a much higher fee, there are a host of new credits. $500 annual statement credit for stays booked on The Edit, a collection of luxury hotels and resorts curated by Chase (split into two biannual credits of $250) $300 annual credit at Sapphire Reserve Exclusive Tables, which can be booked on OpenTable (split into two $150 biannual credits, activation required) $300 annually in monthly DoorDash promotions (a $5 restaurant promo and two $10 promos on everyday essentials each month, activation required by Dec. 31, 2027) $300 annual statement credit for concert and event tickets purchased on StubHub or Viagogo (split into two $150 biannual credits, activation required) $250 annual statement credit for Apple TV+ and Apple Music subscriptions (one-time activation per each service required, on or the Chase mobile app) $120 in annual Lyft credits, up to $10 monthly (through Sept. 30, 2027) $120 in annual statement credits toward Peloton memberships, $10 monthly (through Dec. 31, 2027) Complimentary DashPass membership with DoorDash, worth $120 (activation required, by Dec. 31, 2027) The $300 annual travel credit, applied automatically to all purchases in the travel category and resetting each year on the anniversary date, is unchanged. Unlike the travel credit, the new credits aren't applied automatically, and maximizing them requires some work on your part. They are also geared more toward lifestyle purchases rather than travel. That said, if you can utilize all of the credits to their maximum, that's the equivalent of more than $2,300, which would offset the annual fee by almost three times. A travel benefit that's being added to the Chase Sapphire Reserve is automatic Platinum elite status with IHG One Rewards, the loyalty program of hotel chain IHG, which includes brands such as Holiday Inn, Intercontinental and Crowne Plaza. Platinum is the second-highest of IHG's four elite levels and gets you, among other perks, 60% bonus points on IHG stays, a welcome amenity of points or a drink/snack, early check-in if available and guaranteed room availability within 72 hours. IHG Platinum status also includes Five Star status with Hertz, which would otherwise require spending $2,400 on car rentals in a year. Five Star status gets you complimentary one-car-class upgrades when available and 25% bonus points on all Hertz rentals. After spending $75,000 on the Chase Sapphire Reserve in a calendar year, cardholders will have access to the following additional perks: IHG One Rewards Diamond status, the highest elite level in the IHG One Rewards program Southwest Airlines A-List status $500 Southwest Airlines credit (when booked through Chase Travel) $250 credit for The Shops at Chase, an online shopping portal for cardmembers featuring brands such as Bang & Olufsen, Breitling, Cuisinart, Dyson, Ray-Ban, Samsonite, Sony and Tumi While these are attractive perks, the threshold to unlock them is very high. Some of the benefits that have made the Chase Sapphire Reserve one of the most popular travel cards at the high end of the credit-card market remain, including the benefits listed below. $100 application fee credit every four years for Global Entry, TSA PreCheck or Nexus (note that the application fee for Global Entry recently increased to $120) Access to Chase Sapphire Lounges at US airports with up to two guests and complimentary Priority Pass Select membership (activation required), allowing access to more than 1,200 airport lounges worldwide Trip cancellation/interruption insurance, trip delay reimbursement, lost luggage reimbursement, baggage delay insurance, rental car protection, travel accident insurance and emergency evacuation assistance for trips booked with the card The Chase Sapphire Reserve may not be the card for people who don't plan to use the numerous credits that can more offset the steep annual fee, which will be raised from $550 to $795 starting June 23. There are, however, other cards that offer travel benefits and could be an alternative. A less expensive choice within the Chase credit card ecosystem is the Chase Sapphire Preferred, with an annual fee of $95. For that much more palatable cost, the Preferred still earns 3x points on dining and 2x on all travel, making it more attractive for travel expenses that aren't flights, hotels or Lyft rides. The Capital One Venture X Rewards Credit Card, with an annual fee of $395, earns 10x on hotels and rental cars and 5x on flights booked through Capital One Travel. It also offers the same annual travel credit as the Chase Sapphire Reserve — $300 — when booking through Capital One. Crucially for many travelers, it also offers complimentary airline lounge access, both at Capital One's own airport lounges and Priority Pass lounges. And with an annual fee of $695, the American Express Platinum Card currently sits alongside the Chase Sapphire Reserve at the top of the market — and is suddenly the cheaper to hold of the two. It offers many similar benefits to the Sapphire Reserve, a slew of statement credits and access to the American Express Membership Rewards ecosystem of transferable points. It also earns 5x points for flights booked directly with airlines or with American Express Travel, up to $500,000 on these purchases per calendar year and earns 5x points on prepaid hotels booked with American Express Travel. It also has the most comprehensive lounge access, including Priority Pass lounges, American Express Centurion lounges and Delta Sky Club (when flying eligible Delta flights, subject to visit limits). The following FAQs have been answered by CNN Underscored senior money editor and credit card expert Alberto Riva. Is the annual fee for the Chase Sapphire Reserve card increasing? Is the annual fee for the Chase Sapphire Reserve card increasing? Yes, the annual fee is increasing from $550 to $795 on June 23, 2025. Will the Chase Sapphire Reserve card still have dining credits? Will the Chase Sapphire Reserve card still have dining credits? The Chase Sapphire Reserve card will continue to earn 3x on dining worldwide. Will the Chase Sapphire Reserve card have a $10 monthly Lyft credit? Will the Chase Sapphire Reserve card have a $10 monthly Lyft credit? Yes, the Chase Sapphire Reserve will have up to $120 in annual Lyft credits, up to $10 monthly (through Sept. 30, 2027). CNN Underscored's team of expert editors and contributors carefully reviews credit cards, travel rewards and loyalty programs to help readers navigate changes and make informed financial decisions. For this story on the Chase Sapphire Reserve updates, credit card expert Alberto Riva applied his years of industry knowledge to ensure every detail is accurate and actionable. Our recommendations are grounded in real-world value — not hype — and backed by thorough analysis, expert insight and a commitment to clarity and transparency. Editorial disclaimer: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
