Latest news with #premiumcards
Condé Nast Traveler
8 hours ago
- Business
- Condé Nast Traveler
Chase Sapphire Reserve Card: New Look, Updated Benefits, and a $795 Annual Fee
One of the most popular travel credit cards of all time is getting a major facelift—and a much higher annual fee. The Chase Sapphire Reserve credit card will soon have a new look and updated annual benefits, including new credits worth nearly $1,500 that can go toward travel, dining, and lifestyle purchases, to go with its increased annual fee of $795. Additionally, cardholders can now earn up to eight Chase Ultimate Rewards points per dollar (8x) on travel purchases made through the Chase Travel portal, where they can then redeem their credit card points for travel purchases. Through a new feature called Points Boost, cardholders of the refreshed Chase Sapphire Reserve essentially get 'discounts' when redeeming points for select premium flights and hotels. Because of this refresh, the Chase Sapphire Reserve is losing a few key benefits that some cardholders have long held since the credit card first debuted nearly ten years ago. But some of the card's most beloved perks remain untouched, including its comprehensive travel insurance benefits and the flexible $300 annual travel credit. Here's everything you should know about the Chase Sapphire Reserve's changes, which go into effect on June 23. What is the Chase Sapphire Reserve's new annual fee? The Chase Sapphire Reserve's annual fee increases to $795 on June 23, up from the current rate of $550 yearly. This price point is the highest we've seen yet among premium travel rewards credit cards; The Platinum Card® from American Express currently charges a $695 annual fee. To get additional cards for authorized users (like, say, a spouse or a child), you'll have to pay $195 a year for that extra card; currently, that fee is just $75. The authorized user receives all the same benefits you get as the primary cardholder, including airport lounge access privileges. What are the Chase Sapphire Reserve's new annual credits? The Chase Sapphire Reserve is getting new annual credits that add up to nearly $1,500 in value, which can offset the increased annual fee. For travel, most useful are a new annual credit for eligible hotel stays booked through the Chase Travel portal worth up to $500 (two-night minimum required); dining credits at restaurants that partner with Chase's Reserved by Sapphire program worth up to $300 (no activation required); and credits for buying tickets through StubHub or Viagogo worth up to $300 (activation required). All of these benefits are split into bi-yearly credits; you can use up to 50% of the credit in the first half of the year, then the remaining 50% in the latter. Additionally, cardholders of the new Chase Sapphire Reserve get up to $250 in annual credit for Apple Music and Apple TV+ (one-time activation required), and up to $120 for Peloton purchases like a membership (received in $10 monthly increments). If you can maximize just two or three of these benefits each year—say, the $500 hotels credit and the $300 restaurants credit—you'll essentially earn back the Sapphire Reserve's new annual fee of $795. Just remember that many of these credits only apply to select purchases through Chase partners, and you can only use up to half of the annual credit in any given six-month period. You'll have to do a little bit of work to track your purchases and take advantage of each credit as it becomes available to use. What are the points earning rates for the new Chase Sapphire Reserve? The new Chase Sapphire Reserve now earns eight points per dollar (8x) on all travel booked through Chase Travel; five points per dollar (5x) on eligible Lyft rides; four points per dollar (4x) on direct bookings made with airlines and hotels; three points per dollar (3x) on dining; 10 points per dollar (10x) on eligible Peloton equipment purchases, and one point per dollar (1x) on everything else.
Bloomberg
11 hours ago
- Business
- Bloomberg
Chase Sapphire Reserve Is the Best Travel Credit Card, Once More
Ten years after the Chase Sapphire Reserve set off a luxury credit card arms race with a signing bonus and points-earning potential that instantly made it the best credit card for travelers, JPMorgan Chase & Co is rethinking almost every facet of its signature card. Now costing $795 a year —up from $550, a change that will become effective on Oct. 26—the rebooted Chase Sapphire Reserve will be the most expensive premium card on the market. But it also promises to be the most rewarding, and, true to its origins, the best for earning points. (Unsurprisingly, American Express Co. is also updating its Platinum cards later this year.)
New York Times
11 hours ago
- Business
- New York Times
Chase Sapphire Leapfrogs Amex Platinum With a New $795 Annual Fee
Chase, the largest U.S. credit card issuer, announced major changes on Tuesday to its Chase Sapphire Reserve card, popular among points enthusiasts and high-end reward travelers, and unveiled a Sapphire Reserve for Business card that offers a new tier of premium perks for customers who spend at least $120,000 a year. Sapphire Reserve customers will see an expansion of benefits in the usual categories — dining, hotel and lifestyle credits — but also a heftier annual fee: $795 per year, up from $550, which surpasses annual fees for other premium travel cards from companies like American Express. (On Monday, American Express announced its own plans to update its premium cards, with details to come later this year.) Secondary cardholders, known as authorized users, will also see a higher annual fee of $195, up from $75. The increases will take effect after Oct. 25, on the cardholder's annual renewal date. New cardholders will be subject to the new fees after June 23, the day the new cards open to applicants. Details on a welcome bonus for the new cards will also be announced that day. Credit card fees are a billion-dollar enterprise. Across the industry, the total amount paid in annual fees has more than doubled in the last decade to $6.4 billion in 2022, up from $3.0 billion in 2015, according to a 2023 consumer credit report from the Consumer Financial Protection Bureau. The annual fee for the Sapphire Reserve card will have increased 77 percent since it was introduced at $450 per year in 2016. The announcement from Chase highlights an ongoing shift for credit card companies and airlines toward premium rewards and travelers willing to spend to acquire them. Want all of The Times? Subscribe.
Bloomberg
11 hours ago
- Business
- Bloomberg
JPMorgan Hikes Sapphire Reserve Fee to $795 in Card Overhaul
JPMorgan Chase & Co. will hike the annual fee on its popular Sapphire Reserve credit card to $795 and launch a similarly priced version for businesses as part of an overhaul marking the biggest US bank's latest volley in the ultra-competitive world of premium credit cards. The new fee is an increase for the consumer version, which has been $550 a year since 2020. JPMorgan is also reshaping its rewards for the cards, according to a statement Tuesday, placing more emphasis on the bank's own travel and dining offerings that it assembled through a series of acquisitions and investments in recent years.
