Chase has just overhauled its Sapphire Reserve card with a major fee increase and restructured benefits. The new $795 annual fee — up from $550 — raises serious questions for current and future cardholders. At The Miles Market, we tested the new system ourselves to see what’s real, what’s just marketing, and how you can still come out ahead.

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What’s Changing (And What’s Not)

🆙 Increased Annual Fee

The Chase Sapphire Reserve annual fee has jumped by $245, now standing at $795. For some, this could still be worth it — but only if you fully utilize the new perks.

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🛫 New Earning Structure

  • 4X points on flights and hotels booked directly with the airline or hotel
  • 3X on dining remains unchanged
  • The old 3X on broad travel — which covered OTAs, trains, rideshares, tolls, and more — is gone

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Our take: The new earning system is narrower. You must book directly to unlock the 4X multiplier. Expedia, Kayak, and Amex Travel? Only 1X.

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🧾 New Monthly Perks

To help soften the blow of the fee hike, Chase added:

  • $15/month in Lyft credits ($180/year)
  • $15/month in DoorDash credits ($180/year)
  • Dining credits through Sapphire Airport Lounges
  • Continued $300 annual travel credit

⚠️ These are use-it-or-lose-it monthly credits. If you don’t use DoorDash or Lyft regularly, the real value drops significantly.

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🔄 Point Redemption: A Two-Tier System

Here’s where it gets complicated:

  • Points earned before October 2025 still redeem at 1.5 cents per point through Chase Travel — and will maintain that value for 2 years.
  • Points earned after October 2025 may be worth less, though Chase hasn’t confirmed exact rates yet.

For Chase Sapphire Preferred cardholders, redemption stays at 1.25 cents per point when booking through Chase Travel.

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🧪 We Tested It: Real-World Booking Results

We put the new structure to the test:

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Bottom line: Unless you're booking flights and hotels directly, your earning power just dropped.

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Should You Keep or Cancel the Card?

✅ Keep the Card If You:

  • Frequently book direct travel (not OTAs)
  • Maximize the $300 travel credit + $360 in monthly perks
  • Take advantage of Priority Pass lounges and airport dining

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❌ Consider Alternatives If You:

  • Rely on OTAs like Expedia or Google Flights
  • Don’t use DoorDash or Lyft often

Want a card with broader rewards categories

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💡 How to Maximize Value Before It’s Too Late

If you’ve built up a stash of Chase points, remember:

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Only points earned before October 2025 retain the 1.5¢ redemption value — and even that is time-limited (2 years).

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At The Miles Market, we help cardholders like you:

  • Use points while they’re still worth more
  • Book business and first class tickets at up to 70% off
  • Convert points into cash before devaluations hit

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👉 Get a Quote NowTalk to us before your points lose value.

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Final Thoughts

The Sapphire Reserve refresh is a big shift — not just in fee, but in how and where you earn rewards. For some, the added perks and 4X points on direct travel will justify the $795 fee. For others, especially those who value flexibility and broad reward categories, this may be the sign to rethink their wallet.

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If you're unsure how to get the most out of your Chase points in 2025, let The Miles Market help you strategize before redemption values drop.