While the annual fee on the Chase Sapphire increasing by nearly $250, Chase says members can get up to $2,700 in value.
Cardholders of the top-end Chase Sapphire Reserve need to prepare for a major price hike – one that the bank says will improve the customer experience.
The financial institution announced the increase of the Chase Sapphire Reserve annual fee to $795, while unveiling many new benefits and points bonus categories.
New Benefits Include IHG Status and Lifestyle Benefits
The new annual fee will be effective immediately for new card members, while existing holders will see their fee increase on their anniversary date. In turn, the company says the card will come with up to $2,700 in value.
One of the major changes comes from earning and using points on travel. Card holders will now get 8x points on all Chase Travel Purchases – a decrease from 10x points on hotels and car rentals, and an increase from 5x points on flights. Travelers will continue to get a $300 travel credit each year, as well as a $500 credit for The Edit: A collection of over 1,100 hotels available to Chase Sapphire Reserve customers.
When it comes time to use those points, card holders will be able to take advantage of Points Boost offers. With Points Boost, cardmembers points will be worth 2x on select flights and hotels when booked through Chase Travel. For booking itineraries not available on Points Boost promotions, travelers can redeem points at a 1:1 rate on Chase Travel, replacing the 1.5x on all Chase Travel purchases.
At airports, flyers with the card will still get access to the Chase Sapphire Lounge by The Club, as well as Priority Pass Select lounges. Those traveling with a Star Alliance carrier can get access to over 20 select Air Canada Maple Leaf Lounges and Air Canada Cafés.
Other lifestyle benefits include complimentary IHG One Rewards Platinum Elite status, a $250 annual credit to Apple TV+ and Apple Music, a $300 annual StubHub credit, and $300 annually in monthly DoorDash promotions and a complimentary DashPass membership worth $120 annually.
Card members who spend over $75,000 in one calendar can also unlock additional benefits, including IHG One Rewards Diamond Elite Status, Southwest Airlines A-List status, and a $500 Southwest credit when booked through Chase Travel. Meeting the spending threshold also comes with a $250 credit to The Shops at Chase, a online shopping portal which allows members to use their card or points to pay for merchandise.
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Feature image courtesy: Consumerist.com/Flickr/CC BY 2.0
