For nearly a decade, the Chase Sapphire Reserve® (see rates and fees) was one of the easiest premium credit cards to recommend.
Strong earning rates, valuable travel perks and access to the Chase Ultimate Rewards ecosystem made the card feel well worth its annual fee.
But last year's refresh changed that equation. Chase raised the annual fee to $795 and introduced a wave of new benefits, credits and restrictions.
I've held some version of the Sapphire Reserve or its sibling, the Chase Sapphire Preferred® Card (see rates and fees), for the past 10 years. When the refresh was announced in June 2025, my renewal happened to fall a few months later — meaning I renewed at the old $550 annual fee.
That timing has effectively given me a year to evaluate the refreshed card before deciding whether it's worth paying $795 at my next renewal in October.
So far, the experience has been mixed.
If you currently hold the Sapphire Reserve or are considering applying, here's how I'm evaluating the card today.
How the Sapphire Reserve changed after the refresh
For years, the Sapphire Reserve stood out because of its simplicity.
You earned 3 points per dollar spent on travel and dining, the card didn't feel like a coupon book and authorized users cost just $75 each (it's now $195).
Last year's refresh changed that equation in several ways, including raising the annual fee to $795.
Some of the changes were positive. For example, Chase increased the earning rate on flights and hotel stays booked directly with airlines or hotels from 3 to 4 points per dollar spent, which is a very strong return.
But other changes, including adjustments to another key earning rate and the addition of more layered benefits and statement credits, have made what used to be a more straightforward card feel noticeably more complicated.
None of this means the Sapphire Reserve can't still deliver value. In fact, I'll still come out ahead this year. But the overall experience hasn't felt quite as seamless as it once did.
6 things that have made me rethink the Sapphire Reserve
The loss of the general travel category
One of the reasons why I loved the Sapphire Reserve was its broad travel category.
Vacation rentals, ride-hailing services, trains and many other travel purchases earned 3 points per dollar spent. That made the card my default for nearly every travel purchase.
The updated earning structure removed that broad category (while, admittedly, increasing the earning rate on flights and hotels booked directly to 4 points per dollar).
That's great if you frequently book directly with airlines or hotels. But if your travel spending includes vacation rentals, ride-hailing services or ground transport, you're earning fewer points (1 per dollar, to be exact) than before.
It's a subtle change, but it has noticeably changed how often I reach for the card.
When technology fails, redeeming Ultimate Rewards points becomes frustrating
Ultimate Rewards points are one of the main reasons why I've kept a Sapphire card for so long. They're among the most valuable flexible points currencies you can earn, especially when transferring to partners like World of Hyatt. (That said, Hyatt is revamping its award chart in May, which may reduce the value of transferring Chase points to the program.)
Unfortunately, I've had ongoing issues with the Ultimate Rewards interface, specifically when transferring and combining points between my cards. What first seemed like a temporary outage has dragged on, forcing me to call Chase every time I want to complete a transfer.
These features have now been unavailable to me online for more than a year. Based on reports from other cardholders, the issue I'm having does not seem to be an isolated case.
When the technology doesn't work, it undermines one of the biggest advantages of the Ultimate Rewards ecosystem.
TPG reached out to Chase and their team is actively investigating the issue.
Referral glitches have made it harder to earn points
Chase's referral program can be a great way to earn additional Ultimate Rewards points.
In my case, however, the referral tracker hasn't worked properly for the past year. Caps haven't reset correctly, and repeated attempts to resolve the issue haven't fixed it. Based on my records, I estimate I've missed out on 60,000 points from referrals as a result.
Individually, these issues may seem minor. But when systems that track rewards malfunction, it becomes harder to rely on the program with confidence.
A key benefit was changed just months after launch
One of the new features introduced during last year's refresh was Points Boost, which allowed certain redemptions at elevated values of up to 2 cents per point. Just six months later, Chase changed the benefit.
Rewards programs evolve, but changes so soon after a major refresh can make cardholders question how stable those benefits really are.
Premium benefits come with more fine print than necessary
Several of the refreshed benefits come with restrictions that limit their real-world usefulness.
For example, both The Edit credits and the one-off $250 Chase Travel℠ hotel credit require a two-night minimum stay.
Additionally, when the refresh was announced last June, existing cardholders had to wait until October to access most of the new and refreshed benefits. That four-month delay made it feel like I was missing out on value from the card.
Frequent changes to benefits after they've already been announced can also create unnecessary confusion for cardholders, even when the changes are positive.
Customer service has felt inconsistent
I recently experienced fraud on my Sapphire Reserve account. Chase correctly removed the fraudulent charges and issued a replacement card. However, despite clearly confirming my address during the call, the replacement card was sent to the wrong location.
This wasn't a catastrophic issue, but it added to a broader pattern of small service hiccups I've experienced over the past year. For a card that costs $795 annually, a consistently smooth customer experience is key to the value proposition.
Where the Sapphire Reserve still shines
Despite my frustrations, the Chase Sapphire Reserve still has several strengths.
The $300 annual travel credit remains one of the easiest credits to use among premium cards. It automatically applies to a wide range of travel purchases and doesn't require any enrollment or activation.
The card also earns 4 points per dollar spent on flights and hotel stays booked directly with airlines and hotels. That's a very strong earning rate for one of the most common types of travel spending.
And Chase's travel protections remain excellent. Last year, the card fully covered the cost of replacing a damaged bag on a flight I took from Portugal to the Czech Republic, which reinforced the value of those protections.
For some travelers, the math can still work at the $795 annual fee. If you maximize the $300 travel credit and both The Edit credits each year (two $250 statement credits), you can more than offset the annual fee.
I also appreciate that, starting this year, Chase has made those The Edit credits more flexible by allowing them to be used at any time during the year (instead of splitting them into biannual credits, which American Express still does).
How it compares to other premium cards in my wallet
Over the past several months, I've found myself reaching for the American Express Platinum Card® and the Capital One Venture X Rewards Credit Card.
The Amex Platinum offers broader lounge access and more statement credits, though its annual fee is $100 higher than the Sapphire Reserve (see rates and fees for the Amex Platinum).
When American Express refreshed the card in September of 2025, the rollout felt streamlined — the new benefits were available immediately to existing cardmembers, and Amex hasn't made additional tweaks since.
The Venture X, meanwhile, has a much lower $395 annual fee while still offering solid perks like lounge access, bonus anniversary miles and a (slightly more complicated) travel credit.
The trade-off is that Capital One's transfer partners are generally weaker, and Capital One miles are worth less than Chase Ultimate Rewards points or American Express Membership Rewards points (per our March 2026 valuations).
The Sapphire Reserve still has strengths, particularly with the simplicity of its $300 travel credit and the power of the Ultimate Rewards ecosystem. But compared to its competitors, my overall experience with the card has felt less polished lately.
Who should still keep the Sapphire Reserve?
Despite my concerns, the Sapphire Reserve can still make sense for many travelers.
If you frequently book flights and hotels directly, the 4 points per dollar earning rate can be extremely valuable.
Travelers who consistently maximize the $300 travel credit and The Edit credits may also find it easy to justify the annual fee.
And those who value strong travel protections may continue to see the Sapphire Reserve as one of the best cards for coverage when things go wrong.
What I'm doing before my next annual fee posts
I've tested the refreshed version of the card for almost five months so far. That still leaves me about seven months before my next renewal arrives in October, when I'll have to decide whether it's worth paying the $795 annual fee.
Between now and then, I'll be paying close attention to whether the issues I've encountered improve, particularly the Ultimate Rewards tech problems and my customer service experiences.
Most importantly, I want to feel confident that the Sapphire Reserve remains one of the best premium cards for my spending and travel habits and that it fills a role the other premium cards in my wallet don't.
If these issues aren't resolved, I'll most likely downgrade to the Sapphire Preferred and save $700 per year in annual fees.
Bottom line
The Chase Sapphire Reserve can still deliver strong value, especially for travelers who maximize its annual travel credit, earn elevated points on direct flight and hotel bookings and take advantage of its strong travel protections.
For most of the past decade, the Sapphire Reserve was an easy card to keep year after year. With a $795 annual fee now on the line, Chase has seven months to convince me that it still deserves that spot in my wallet.
To learn more, read our full review of the Chase Sapphire Reserve.
Related: Why the refreshed Amex Platinum nabbed this year's 'Top Premium Card' distinction
For rates and fees of the Amex Platinum Card, click here.
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
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