The Chase Sapphire Reserve is not the same card it was a couple of years ago. Chase rebuilt it in 2025, raised the annual fee to $795 and packed in a long list of new credits. Whether it is still worth it now comes down to one question: will you actually use enough of what it offers to cover that fee?
Here is where the card stands in October 2026, plus your options if it no longer fits.
What the Sapphire Reserve costs now
The annual fee is $795. Each authorized user adds $195. There are no foreign transaction fees.
Chase announced the new fee and benefits on June 23, 2025. Cardholders who applied before that date got the new perks starting October 26, 2025, and moved to the $795 fee on their first account anniversary after that date.
When we checked Chase’s Sapphire page, the new cardmember offer was 100,000 bonus points after spending $6,000 on purchases in the first 3 months. Offers change often, so confirm the current one before you apply.
How you earn points
- 8x points on travel booked through Chase Travel, including flights, hotels, rental cars, cruises and activities
- 4x points on flights and hotels booked directly with the airline or hotel
- 3x points on dining worldwide, including eligible delivery
- 1x point on everything else
- 5x total on eligible Lyft rides through September 30, 2027
- 10x total points on eligible Peloton equipment and accessory purchases over $150, on up to $5,000 in purchases, through December 31, 2027
One big change for redemptions: regular Chase Travel bookings now redeem at a flat 1:1. The extra value comes from Points Boost, which can make points worth up to 2x on select hotels and premium cabin flights booked through Chase Travel. If you applied before June 23, 2025, points you earned before October 26, 2025 can still be used at 1.5x in Chase Travel until October 26, 2027.
You can also move points to Chase’s 14 airline and hotel partners, such as United, Southwest, World of Hyatt and Air Canada Aeroplan, in 1,000-point steps.
The credits, and the catch
On paper, the credits add up to far more than $795. In practice, many are tied to specific brands, booking rules or half-year windows.
The easy one
The $300 annual travel credit covers a broad range of travel purchases with no special booking path. If you travel at all, it brings the fee down to an effective $495.
Hotel credits
- Up to $500 a year for The Edit, Chase’s hand-picked hotel collection. Credits of up to $250 apply to prepaid stays of at least two nights booked through Chase Travel.
- Up to $250 for select Chase Travel hotels in 2026 only, at brands including IHG, Montage, Pendry, Omni, Virgin Hotels, Minor Hotels and Pan Pacific. It also requires a prepaid stay of two nights or more.
If you have not used the $250 hotel credit, do it soon. It ends December 31, 2026.
Lifestyle credits
- $300 dining credit at Sapphire Reserve Exclusive Tables restaurants, split into $150 for January to June and $150 for July to December
- $300 StubHub and viagogo credit, also split $150 per half-year, activation required
- Up to $120 in Lyft credits, at up to $10 per month
- Up to $35 a month in DoorDash promos, plus a DashPass membership
- Up to $120 a year for Peloton memberships, activation required
- Apple TV and Apple Music subscriptions, which Chase values at up to $324 a year
- Up to $120 for Global Entry, TSA PreCheck or NEXUS, once every four years
Monthly and half-year credits do not roll over. If you would not pay for these services anyway, count them at a steep discount or not at all.
Lounge access
Lounges are still a core reason to hold this card:
- Chase Sapphire Lounge by The Club access, with up to two guests free. Open locations include Boston, Dallas Fort Worth, Las Vegas, New York LaGuardia, Philadelphia, Phoenix and San Diego, with Los Angeles listed as coming soon.
- Priority Pass Select, with more than 1,300 lounges worldwide. You can bring two guests free, and each extra guest costs $27 per visit.
- Air Canada Maple Leaf Lounges and Cafés at select locations in the U.S., Canada and Europe when you fly a Star Alliance airline.
Authorized users also get their own Priority Pass Select membership, each with up to two free guests. Chase’s current terms describe the benefit in terms of lounges and select airport experiences, so do not count on airport restaurant credits being part of the package.
The $75,000 spending tier
Spend $75,000 on the card in a calendar year and Chase adds more perks for the rest of that year and the next:
- World of Hyatt Explorist status
- IHG One Rewards Diamond Elite status (all cardholders already get IHG Platinum Elite through 2027)
- Southwest A-List status and up to $500 in Southwest credits booked through Chase Travel
- Up to $250 in credits at The Shops at Chase
Treat this as a bonus for very heavy spenders, not a reason to keep the card.
Who the card suits
The Sapphire Reserve makes the most sense if you:
- Fly often enough to use Sapphire Lounges or Priority Pass several times a year
- Spend a lot on travel and dining, especially through Chase Travel
- Already book luxury hotel stays and can use The Edit credit naturally
- Will actually use several of the lifestyle credits without changing your habits
It is a harder sell if you travel once or twice a year, rarely visit lounges, or mainly want to transfer points to airlines.
Keep, downgrade or cancel
- Keep it if the travel credit plus the perks you truly use cover most of the $795 fee.
- Product change to a lower-fee Chase card to keep your account open. The Sapphire Preferred has a $95 annual fee and can still transfer points to Chase’s partners. Chase’s own guide notes that switching within the same account can preserve its age and payment history, but you may lose the old card’s benefits. Ask Chase which cards your account can switch to.
- Cancel only after you have used or moved your points. Once the account closes, your Priority Pass membership ends too.
Before you switch or cancel, use any remaining 2026 credits and confirm with Chase what happens to your points.
The bottom line
At $795, the Sapphire Reserve is worth it for frequent travelers who lean on lounges, book through Chase Travel and use the hotel and lifestyle credits as part of normal life. For everyone else, a cheaper Sapphire card is often the smarter move. You can review the full benefit list and terms on Chase’s Sapphire Reserve page.
