Review: The Chase Sapphire Reserve® and Its Big Changes for 2026

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The Chase Sapphire Reserve® has been one of the most popular premium travel credit cards for nearly a decade. First launched in 2016, the Chase Sapphire Reserve® took the travel world by storm as a major competitor to the American Express Platinum Card®.

Now, just shy of the card’s 9th birthday, Chase has given the Chase Sapphire Reserve® a thorough refresh, adding annual credits worth thousands of dollars, as well as the highest annual fee yet for a mainstream credit card. 

The basics 

Most of the Chase Sapphire Reserve®’s changes add significant value for new and existing cardholders, although the industry-leading annual fee is a serious drawback. (For context, the American Express Platinum Card® charges the current highest annual fee of $895.) 

How the card’s recent changes affect users

The credits stack up to a lot of value, but they can be harder to use than you think. 

Disgruntled cardholders have begun disparaging premium credit cards as glorified “coupon books” in recent months, as issuers tout generous benefits but distribute them in monthly allowances. 

The new $120 Peloton benefit is one such example, offering a monthly $10 “use it or lose it” credit that doesn’t fully cover even the lowest-cost membership of $9.99/month after factoring in sales tax in most states. 

However, the Chase Sapphire Reserve® is a little more generous than some of its competitors. The Peloton, Lyft, and DoorDash credits come in monthly increments, but the card also offers semi-annual credits for select dining, hotel stays, and live entertainment purchases. Meanwhile, the credits for annual travel, trusted traveler programs, and Apple subscriptions can all be used in single transactions. 

The pros and cons

The new Chase Sapphire Reserve® offers undeniable value, but its steep annual fee sets a precedent for other premium travel cards to follow suit. In fact, Amex has already announced impending changes for its consumer and business Platinum cards.

Why we love the Chase Sapphire Reserve®

• Travel insurance: The Chase Sapphire Reserve® offers complimentary travel insurance that’s more robust than many paid travel insurance plans — and Chase isn’t changing anything about its coverage.

• New annual credits: The card’s new lifestyle benefits are worth nearly $1,500 a year if you can maximize most of them.

• Valuable rewards and transfer partners: Chase partners with more than a dozen airlines and hotel chains, and Ultimate Rewards points are easy to earn from travel and dining expenses.

Things to consider with the Chase Sapphire Reserve®

• Annual fee: The new $795 annual fee is untenably high for most casual travelers. Existing cardholders will begin paying this new annual fee on their first renewal date after October 26, 2025. Note: Authorized users will also see an annual fee increase, from $75 to $195. They will get all of the same benefits as primary cardholders, minus IHG Platinum elite status, and continue to enjoy airport lounge access.

• Redeeming points through Chase Travel: Points are now worth 2 cents each when booking select premium flights and hotels through Chase Travel’s new Points Boost program. But they can only be redeemed for 1 cent per point on standard redemptions — down from a previous value of 1.5 cents per point on all eligible Chase Travel bookingsNote: Points Boost also impacts the Chase Sapphire Reserve® for Business, Chase Sapphire Preferred, Chase Ink Business Preferred, and Chase Ink Plus cards.

• Updated earning rates: The Chase Sapphire Reserve®’s new earning rates benefit frequent flyers, but are slightly less beneficial for most other forms of travel. Worst of all, cardholders lose the ability to earn 3x points on transit expenses and 10x on Chase Dining.

Earning points with the Chase Sapphire Reserve®

The biggest changes to the Chase Sapphire Reserve®’s earn rates come from the increased rates for flights booked through the Chase travel portal. This rate is increasing from 5 points per dollar spent up to 8 points. If you don’t mind booking cash flights through the Chase Travel online travel agency (OTA), you can maximize your earning potential. 

However, most travel experts avoid booking flights through OTAs because it sacrifices flexibility in the event of changes or cancellations. During the initial travel rush of COVID-19, thousands of travelers who booked through OTAs like Travelocity and Expedia found themselves shuffling through an endless loop of customer service denials, when OTA agents would tell them to contact the airline directly, while airline representatives said they could not change third-party bookings. 

The second-best way to maximize points earned is by booking flights and hotel stays directly with the airline or hotel chain and paying with the Chase Sapphire Reserve®. That’s because flights and hotels now earn 4x points on direct bookings instead of 3x points. And of course, don’t forget to pay with your Chase Sapphire Reserve® to earn an easy 5x points on Lyft rides. 

Redeeming points with the Chase Sapphire Reserve® 

Chase Ultimate Rewards are some of the most lucrative points you can earn because they’re extremely versatile. We’ve ranked the redemption methods below in order of descending value.

Transferring to Chase airline and hotel partners

Chase isn’t changing its robust transfer partner program at this time, which means Chase Sapphire Reserve® cardholders continue to get the highest value from their points by transferring them to airline and hotel partners like Marriott Bonvoy, World of Hyatt, United MileagePlus, and Southwest Rapid Rewards. And of course, savvy award travelers can use point.me to find the best sweet-spot deals for fewer points.

Redeeming through Chase Travel℠

The previous 1.5x rate for all Chase Travel redemptions is dropping to 1 cent per point, except for Points Boost bookings, which can be redeemed for  2 cents per point. point.me users understand that a cost-per-point (cpp) value of just 1 cent per point is generally a poor use of Chase Ultimate Rewards points. 

However, the Chase travel portal can be valuable on occasion. If you happen to find a particularly low cash rate through Chase Travel, booking for 50% fewer points through the portal may make sense for your specific situation. 

Redeeming for cash back, statement credits, gift cards and more

The Chase Travel portal may be less valuable than before, but redeeming Ultimate Rewards points for cash back or even gift cards is an even poorer choice. 

If you find yourself needing to use your points for these types of redemptions, we highly recommend avoiding the Chase Sapphire Reserve® (or downgrading your current card to one of the Chase Freedom cash back cards instead). 

Who this card is great for 

The newly redesigned Chase Sapphire Reserve® is for true travelers who fly through Priority Pass and Chase Sapphire Lounge airports at least once a quarter. 

The ideal Chase Sapphire Reserve® cardholder dines out at least once a week, attends at least two live shows or concerts each year, watches Apple TV and listens to Apple Music, and can find reasons to stay in hotels featured in The Edit by Chase Travel at least twice a year. 

Comparing the Chase Sapphire Reserve® vs. Sapphire Preferred

The highly popular Chase Sapphire Preferred will probably see a slew of new cardholders in the coming months, as thousands of Chase Sapphire Reserve® cardholders get hit with the higher annual fee and downgrade to the $95 Sapphire Preferred to avoid the cost. 

The Chase Sapphire Preferred doesn’t come with thousands of dollars in annual credits or airport lounge access, but it offers plenty of value for its reasonable annual fee. It comes with some of the best travel insurance you’ll find across any travel credit card, plus a $100 annual credit toward hotel stays booked through Chase Travel. 

The Chase Sapphire Preferred will be the best choice for infrequent travelers who need strong travel protections but cannot justify the $795 annual fee of the Chase Sapphire Reserve®. Cardholders continue to earn 5x points per dollar on Chase Travel bookings, excluding hotel purchases that qualify for the $50 annual Chase Travel hotel credit; 3x on vacation homes; 3x on gas and EV charging; 3x on top streaming services and online groceries (excluding Walmart, Target, and wholesale clubs); 3x on dining, including takeout and delivery; 2x on other travel; and 1x on all other purchases.

Chase Sapphire Preferred customers get up to a 1.75x redemption bonus on select travel booked through Points Boost. 

Again, these rates may seem tempting, but cardholders almost always get better value by transferring points to airline partners for business and first-class flights.

Comparing the Chase Sapphire Reserve® personal card vs the Chase Sapphire Reserve® for Business card 

Chase launched the brand-new Chase Sapphire Reserve® for Business at the same time it announced the consumer card’s overhaul. This premium business credit card will also come with the same $795 annual fee in exchange for thousands of dollars in annual credits and benefits. However, many of its credits are for business expenses such as advertising and recruiting, rather than for lifestyle purchases, including dining and entertainment. 

The Chase Sapphire Reserve® for Business also comes with access to Priority Pass lounges (after enrollment) and Chase Sapphire Lounges, and doesn’t charge an annual fee for employee cards. However, authorized users do not get airport lounge access, nor do they get complimentary IHG elite status. 

Comparing the Chase Sapphire Reserve® personal card vs American Express Platinum Card®

The Chase Sapphire Reserve® and American Express Platinum Card® are frequently compared as two of the best premium travel rewards credit cards on the market. At these price points, neither card is drastically better or worse than the other. Instead, choose holistically based on whether the Amex or Chase suite of partnerships and benefits is more valuable for your lifestyle.

After the Chase Sapphire Reserve®’s supercharged refresh, both cards now offer well over $1,000 in annual credits — if you can use them effectively, of course.

Summary

The new Chase Sapphire Reserve® is a powerful tool in the wallet of true road warriors, with credits that can easily save you thousands of dollars on dining, lifestyle, and travel expenses. The best new benefits include the two semi-annual dining credits and The Edit hotel credits, which can easily cover a special date night or weekend getaway. However, the card’s new $795 annual fee is nearly untenable for infrequent travelers. If you’ve held onto the Chase Sapphire Reserve® in hopes of eking full value out of its many benefits, the upcoming price increase is your sign that it’s time to give up and downgrade to the perfectly serviceable Chase Sapphire Preferred (or even the no-annual-fee Chase Freedom Unlimited).

^{Advertiser Disclosure: Some links to credit cards and other products on this website will earn an affiliate commission. Compensation may affect how and where the cards appear on the site, and we do not include all card companies and all available card offers. Opinions, reviews, analyses, and recommendations have not been reviewed, endorsed, or approved by any of these affiliate entities. point.me has partnered with CardRatings for our coverage of credit card products. point.me and CardRatings may receive a commission from card issuers when a customer clicks on a link, when an application is approved, or when an account is opened.}

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