Chase Sapphire Reserve Now Pays Inside Its Partner List

Chase Sapphire Reserve now costs $795 a year, and new points no longer cash out at a flat 1.5 cents on Chase Travel. Chase set that price on June 23, 2025, and put the new perks on existing accounts on October 26, 2025.

The fee is the headline. The quieter change is where the value moved: off a simple portal rate and onto credits, status, and Chase Travel offers that only pay if you shop the bank’s list.

The New Value Lives in Partner Credits

Chase billed the refresh as a richer card, with over $2,700 in annual cardmember value on the consumer Reserve and over $2,500 on a new business version. Both sit on Visa Infinite. Both dropped foreign transaction fees. Authorized-user cards on the consumer product now cost $195 a year.

Chris Reagan, president of branded cards at Chase, framed the redesign around four habits, not around a higher earn rate on every purchase.

The new Sapphire Reserve cards are the culmination of years of focus on the things most important to our cardmembers: travel, dining, entertainment and exceptional service.

Chris Reagan, President of Branded Cards at Chase

That list is the map. Dining now has a $300 annual credit and primetime booking at Sapphire Reserve Exclusive Tables, a restaurant roster Chase says is curated with The Infatuation and OpenTable through the Visa Dining Collection. Entertainment shows up as a $300 StubHub credit. Everyday spend is steered to Apple, Lyft, DoorDash, and Peloton.

Travel earn rates moved with the credits. Purchases through Chase Travel now earn 8x points, replacing 5x on flights and 10x on hotels and car rentals in the portal. Direct flights and hotels earn 4x, replacing 3x on all travel. Dining worldwide stays at 3x. Hotel bookings that used the old 10x portal rate now earn less there, unless the rest of the new stack makes up the gap.

The metal card got heavier too, with an engraved sapphire-facet pattern on the consumer version and a pinstripe look on the business card. The design is the easy part. The math sits in the credits.

Points Boost Replaced a Flat Travel Rate

For nine years the Reserve’s clean trick was a 50% bonus when you booked travel through Chase. A point was worth 1.5 cents in the portal, every time, on airfare, hotels, cars, and cruises. Chase launched that rule on August 23, 2016, next to a $450 annual fee and a 100,000-point bonus after $4,000 in three months, which Chase said was worth $1,500 toward travel.

Points Boost is the replacement, and it is not a flat rate. Chase Travel describes it as a rotating set of hotels and flights, marked with a blue rocket in search results, redeemable only through Chase Travel. On the Reserve, points are worth up to 2x on The Edit, Chase’s collection of more than 1,100 hotels, and up to 2x on other featured hotels and select-airline flights. Bookings that miss those offers cash out at 1:1, which is a cut from 1.5x.

Chase’s own example is blunt. A two-night stay priced at 200,000 points at a 1:1 rate can drop to as few as 100,000 points with a Boost. That is a raise, when the rocket is on your dates. When it is not, the old 1.5-cent floor is gone.

The Edit is the Boost product Chase wants you to use. A $500 annual credit applies to prepaid stays there, and Reserve holders also get breakfast and a $100 property credit at those hotels. The credit and the 2x rate pull bookings into Chase’s hotel list, which is the point of the redesign.

THE 1.5-CENT SUNSET

1. August 23, 2016: Chase launches Sapphire Reserve at a $450 annual fee, with points worth 50% more through Ultimate Rewards.
2. June 23, 2025: Chase sets the fee at $795, launches Points Boost, and starts the new consumer and business cards.
3. October 26, 2025: Existing consumer accounts get the new credits. Points earned from this date follow Boost or 1:1, not a flat 1.5x.
4. October 26, 2027: The last day pre-cutoff points from pre-June 23, 2025 accounts can still redeem at 1.5x on Chase Travel.

Grandfathered points are a shrinking pile. Only points earned before October 26, 2025, by people who applied before June 23, 2025, keep the old 1.5x option, and Chase says it will auto-pick the better of that rate or a Boost. After October 26, 2027, even that stash follows the new rules. If you liked the old portal because it was dumb and consistent, that product is on a clock.

Who Clears the $795 Fee

The $795 fee is easy to offset on paper if you already buy what Chase is selling. It is a grind if you wanted a travel card that did not come with homework. Chase still auto-applies a $300 travel credit, which it calls the most flexible in the category, and still reimburses up to $120 every four years for Global Entry, TSA PreCheck, or Nexus.

The rest of the stack is narrower. You have to open the app, activate several perks, and spend at named merchants. That is why some longtime holders are dropping the card at the new price, while others keep it because the dining credit and DoorDash promos alone cover the bill. The fee now works like a bundle of gift cards. Miss two or three of them, and the math flips.

ANNUAL CREDITS ON THE CONSUMER CARD

Those line items are not a $2,700 cash rebate. Chase’s bigger figure folds in lounge access, IHG Platinum Elite, travel insurance, and the new earn rates. The table is the part you can spend. Peloton also gets 10x points on eligible equipment and accessories, which only helps if you were going to buy a bike or a mat anyway.

Lyft is the small monthly trap that adds up. Ten dollars in the app, twelve times a year, plus 5x points on eligible rides, trains airport trips onto one vendor. DoorDash is the same idea for dinner. StubHub does it for tickets. The partners are not extras. They are how Chase rebuilt the card without putting 1.5 cents back on every hotel in the portal.

A $75,000 Spend Unlocks Extra Status

A second layer sits behind a calendar-year spend gate. Hit $75,000 on the consumer card and Chase adds hotel status, an airline status match, and a shopping credit that does not exist below that line.

UNLOCKS AFTER $75,000 IN A CALENDAR YEAR

• IHG Diamond Elite: A step up from the Platinum Elite status that comes with the card at any spend.
• Southwest A-List: Status plus a $500 Southwest credit when the ticket is booked through Chase Travel.
• The Shops at Chase: A $250 credit at Chase’s own storefront for brands such as Dyson, Sony, Therabody, and Tumi.

IHG Platinum Elite is the freebie. Diamond is the bonus for people who already put a lot of spend on the card. The Southwest credit is not a general travel credit; it has to run through Chase Travel, which is the same funnel as Points Boost and The Edit. The Shops at Chase extends that funnel into headphones and suitcases.

Accounts that applied before June 23, 2025, moved to the new benefits on October 26, 2025, and they pick up the $795 fee on the first anniversary after that date. October anniversary dates in 2026 are the last consumer accounts to convert. The launch welcome offer was 100,000 points and a $500 Chase Travel credit after $5,000 in the first three months. That was a limited acquisition deal on day one, not a rate Chase promised forever.

What the Business Card Adds for Owners

Chase Sapphire Reserve for Business is the bank’s first premium travel card aimed at companies, and it copies the consumer travel core at the same $795 fee. Employee cards are $0. The primary holder can bring two guests into Sapphire lounges. Chase pitched over $2,500 a year in value and a launch bonus of 200,000 points after $30,000 in the first six months.

Earn rates match the consumer card on travel: 8x through Chase Travel, 4x on direct flights and hotels, Points Boost up to 2x, a $300 travel credit, a $500 Edit credit, IHG Platinum Elite, and the same Priority Pass Select membership covering more than 1,300 lounges. The split is in the office software.

CREDITS BUILT FOR A FIRM

• ZipRecruiter: $400 a year on hiring spend.
• Google Workspace: $200 toward those business tools.
• Giftcards.com: $100 a year, in two $50 halves, for staff gifts.
• Ads: 3x points on social and search advertising.
• DoorDash and Lyft: The same $300 in DoorDash promos, $120 DashPass, and $120 in Lyft credits as the consumer card.

A higher gate, $120,000 in a calendar year, unlocks IHG Diamond Elite, Southwest A-List with a $500 Chase Travel credit, and a $500 Shops at Chase credit. That is double the shopping credit on the consumer $75,000 tier. The card is a pay-in-full product with Flex for Business, a separate line Chase says lets you pay over time with interest.

Owners who already buy Workspace seats and post jobs on ZipRecruiter can treat those credits as a discount on costs they have anyway. Owners who do not will look at a $795 travel card with a recruiting coupon. Chase also kept 5x on Lyft through September 30, 2027, on the business product, which is a dated perk, not a permanent earn rate.

American Express Answered at $895

Chase went first. American Express followed on September 18, 2025, and raised the Platinum annual fee to $895 on the U.S. consumer and business Platinum cards. Amex claimed more than $3,500 in annual value and kept every old benefit while adding new credits, including a $400 Resy dining credit and a $600 hotel credit on Fine Hotels + Resorts or The Hotel Collection.

Existing U.S. consumer Platinum accounts took the $895 fee at the next renewal on or after January 2, 2026. The gap versus Sapphire Reserve is $100. Both issuers now sell a coupon book. Chase’s travel credit is broader. Amex’s hotel credit is larger and tied to its own hotel programs. Chase leans on StubHub, DoorDash, Lyft, Peloton, and Apple. Amex leans on Resy, Uber, and a longer entertainment list.

Neither card is the 2016 Reserve. That product was a $450 fee, 3x on travel and dining, a $300 travel credit, and a portal that paid 1.5 cents without a rocket icon. Chase spent nine years teaching people that Sapphire meant a fat, dumb travel redemption. The 2025 card teaches them to check Boost, Exclusive Tables, The Edit, and a DoorDash promo calendar. Amex did not undercut that shift. It priced above it.

Dallas-Fort Worth’s New 18,000-Square-Foot Lounge

The other thing Chase bought with the fee is space in airports. On July 15, 2026, Chase said the Chase Sapphire Lounge by The Club at Dallas Fort Worth International Airport would open the next day. The lounge sits after security in Terminal D by Gate D25, runs 18,000 square feet on two levels, and is open 5 a.m. to 10 p.m.

Dana Pouwels, head of airport lounge benefits at Chase, tied the room to Texas food and a first for the network, a dedicated whiskey lounge. Encina runs the kitchen. Cherry Coffee from Fort Worth supplies the beans. Face Haus facials, rest pods, and showers are on the amenity list, and Peloton stretches built for the lounge started in Dallas.

LOUNGE ACCESS IN BRIEF

• Who gets in: Sapphire Reserve, Sapphire Reserve for Business primary holders, J.P. Morgan Reserve, and Ritz-Carlton card primary holders, plus authorized users on those products.
• Guests: Two free on Reserve, Reserve for Business, and J.P. Morgan Reserve. Extra guests are $27. Children under two are free.
• Priority Pass: Complimentary Select membership, more than 1,300 lounges, plus more than 20 Air Canada Maple Leaf Lounges and Cafés on Star Alliance itineraries.
• Still ahead: A Los Angeles International Airport lounge, which Chase said would open within a year of the DFW debut.

Chase’s June 2025 release already listed Boston Logan, LaGuardia, Philadelphia, JFK, San Diego, and Phoenix, with Las Vegas and Los Angeles on the way and Dallas as a future site. Las Vegas is open in Terminal 1 on Concourse C. Dallas is open. Los Angeles is the hole in the map. The network is the part of the $795 fee you cannot activate in an app. You use it when your itinerary hits the right terminal.

The 1.5-cent rate that made the old card simple still works on a closed set of points through October 26, 2027. After that date, Sapphire Reserve value lives in rotating Points Boost hotel and flight offers, a hotel collection Chase owns, and a partner list that runs from StubHub to ZipRecruiter. That is the card now, at $795, for people who will actually spend there.

Disclaimer: This article is news reporting and analysis of published card terms, and it is for information only. It is not credit, banking, tax, or investment advice, and it is not an offer for any Chase or American Express product. Speak with a qualified financial advisor or credit counselor before you apply for a card, pay a higher annual fee, or change how you redeem points. Fees, credits, earn rates, lounge access, and welcome offers change, and the figures here reflect the issuer materials cited in the piece rather than a personal offer in your account.