The updated Chase Sapphire Reserve card officially became available on June 23rd!
Ready for the new Chase Sapphire Reserve? Is the higher fee worth it?
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After nearly 10 years, one of the leading credit cards for travel rewards underwent a significant update. The
"It has been almost a decade since Sapphire first appeared, and we truly believe we discovered something unique in the premium card market when it did," stated Chris Reagan, president of branded cards at Chase, during a media event in New York on June 9th. "However, we recognize that the industry has undergone significant changes since then."
This recognition, combined with comprehensive customer research conducted by the brand, has prompted Chase to re-evaluate its premium card offering, which now carries an annual fee of $795, an increase from its previous $550 – representing a 44.5% rise for the cardholder.
"We introduced enhanced benefits and greater value in the specific areas that our existing members are most passionate about," remarked Sam Palmer, general manager for Chase Sapphire.
The refreshed version of the Chase Sapphire Reserve provides card members with "over $2,700 in total value," Palmer indicated. This includes a $300 credit designated for various travel expenditures and $500 for use at hotels within Chase's curated collection, known as The Edit. Additional advantages include a complimentary Apple TV+ subscription, a $300 DoorDash credit, and a $300 credit for tickets bought via StubHub. A key enduring benefit, a $120 credit applicable for services like Global Entry and TSA PreCheck, remains a fundamental feature of the card.
Concurrently, Chase incorporated additional experiential advantages. One instance, as Palmer mentioned, involves "exclusive access to prime-time bookings at some of our most favored restaurants nationwide." These selected restaurants, categorized under the "Reserve Exclusive Tables" program, were chosen by The Infatuation in collaboration with OpenTable. This collection, comprising over 300 eateries, offers cardholders a $300 dining credit and includes highly sought-after venues, such as Che Fico in San Francisco, Estela in New York, and Frasca Food and Wine in Denver. Another notable benefit is automatic enrollment into IHG One Rewards at the platinum elite tier; achieving this status typically requires completing 40 nights at IHG properties.
Beyond statement credits and various perks, the Chase Sapphire Reserve functions as a robust card for earning points, allowing for highly adaptable redemption options. Stated differently, Chase points can be redeemed across multiple hotel chains and airlines, rather than being restricted to a single brand. With this relaunch, the company modified the points-earning structure for the card.
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Here's an outline of how the updated card operates, according to information provided by Chase:
- 8x points on purchases made directly through Chase Travel
- 4x on flights and hotels booked directly with providers
- 3x on all dining expenditures
- 5x on qualifying Lyft rides, encompassing Standard, Extra Comfort, XL, Black, or Black SUV rides
- 1x on all other, routine spending
Chase also introduced a feature it terms "Points Boost," described as a "new points redemption accelerator program." This initiative replaced a long-standing benefit that previously defined the Sapphire Reserve card. Instead of providing a straightforward 1.5x bonus on all bookings, users now encounter dynamic discounts on various reservations.
To illustrate its functionality, Palmer provided an example: consider booking an Emirates business-class flight from New York to Milan for this summer. If such a flight were initially priced at 350,000 Ultimate Rewards points, a cardholder might instead find it available at approximately half that cost, or 177,000 points, as part of the Points Boost program. In essence, Chase shifted from offering an earnings bonus based on a fixed 1.5x structure for purchases to providing discounts directly on redemptions. In addition, Chase made it more challenging to predict precisely if and when such Points Boost opportunities become available.
Lounge access continues to be a significant benefit of the updated card. It provides "entry to the Chase Sapphire Lounge by The Club network of airport lounges, access to over 1,300 lounges through Priority Pass Select, and admission to more than 20 selected Air Canada Maple Leaf Lounges and Air Canada Cafés when flying with a Star Alliance airline," as stated by the company. This includes some of the world's most impressive lounges, such as the impressive 2-story facility at New York's LaGuardia Airport (LGA). "You are permitted to visit any of our lounges or the Priority Pass lounges and bring up to 2 guests each time at no cost," Palmer highlighted. Cardholders can also utilize the expertise of Chase's expanding network of Reserve Travel Designers, who can offer assistance with trip planning, as well as support along the way.
There's one additional aspect to this refresh that appeals specifically to small-business owners and sole proprietors: the inaugural Sapphire business card also debuted on June 23rd. The new Sapphire Reserve for Business incorporates many of the same functionalities and advantages as the flagship consumer card, with a few tailored additions for corporate users, such as credits for ZipRecruiter fees and Google Workspace charges, according to Jenny Shum, general manager of Chase's small business card division.
Both of these new Chase cards are accessible for purchase since June 23rd. While executives hinted that generous sign-up bonuses accompanied the card relaunch, specific details regarding the precise number of points new cardholders might accumulate haven't yet been disclosed.
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