The fee went up. The credits did too.
In June 2025, Chase repositioned the Sapphire Reserve with a $795 annual fee — a $245 increase from the previous $550. The card also added new credits, removed some old ones, and changed the points multipliers. The result: depending on how you use it, the CSR is either dramatically better or no longer worth carrying.
What's included now
- $300 annual travel credit — applied automatically to any travel purchase. Unchanged from the old card.
- $500 The Edit by Chase hotel credit — $250 semi-annually on prepaid 2-night+ stays at luxury hotels. New for 2025.
- $300 Sapphire Reserve Exclusive Tables dining credit — $150 semi-annually at curated restaurants via OpenTable.
- $300 StubHub/Viagogo credit — $150 semi-annually for concerts and events (activation required).
- $250 Apple TV+ and Apple Music subscription credit — through June 22, 2027.
- $300 DoorDash credit — monthly $5 restaurant + two $10 grocery promos through 12/31/27.
- $120 DashPass DoorDash membership — through 12/31/27.
- $120 Lyft Credit — $10/month through 9/30/27.
- $120 Peloton Credit — $10/month through 12/31/27.
- Priority Pass + Sapphire Lounge by The Club access — Chase's growing in-house lounge network plus 1,300+ Priority Pass lounges.
- Complimentary IHG One Rewards Platinum Elite status.
Spend $75,000 in a year to unlock: IHG Diamond status, Southwest A-List, $500 Southwest travel credit, and $250 Shops at Chase credit.
Points earning structure (revised June 2025)
- 8x on all Chase Travel purchases (hotels, flights, cars, The Edit)
- 4x on flights and hotels booked direct with the provider
- 3x on dining at restaurants worldwide (including takeout)
- 1x on all other travel and everything else — the previous 3x general travel category was eliminated June 2025
Realistic credit usage value
The card lists $1,925+ in stated credits, but realistic capture depends heavily on lifestyle:
- $300 travel credit (almost everyone uses this) → effective fee $495
- +$300 SRET dining credit (easy if you eat out at curated OpenTable restaurants) → effective fee $195
- +$120 Lyft + $120 Peloton + $250 Apple subscriptions (only useful if you already use these services) → potentially negative
- +$500 The Edit hotel credit (only if you book luxury 2-night+ stays via Chase Travel) → potentially deeply negative
Most active users realize $700–$1,200 in usable credit value per year. Above that requires actively reshaping your spend toward the card's specific partner ecosystem.
Where it shines
The CSR remains exceptional for: transfer partner access (Hyatt at 1:1, United, Air Canada Aeroplan, Singapore, etc.), Priority Pass + Sapphire Lounge access at major hubs, and primary rental car insurance worldwide. For someone booking 1+ international trips per year and willing to navigate transfer redemptions, the value ceiling is still 3–5x the fee.
Where it doesn't make sense
If you mostly use cards for everyday spending and redeem points for cash back: the CSR is now overkill. The Sapphire Preferred at $95/yr offers the same transfer partners. The $700 fee delta only makes sense if you'll use the lounge network, dining credits, and premium travel coverage.
Bottom line
The 2025+ CSR is a more demanding card. It pays handsomely if you actively use it, and feels expensive if you don't. The biggest signal: are you a Hyatt loyalist, frequent traveler, or someone who values lounge access? If yes, the math works. If you're casual about travel, downshift to the CSP or look at the Capital One Venture X ($395) instead.