After months of speculation, we now know what the long-term changes in Chase SapphireReserve® will look like. As of June 23, the card is undergoing a full overhaul and has received a large number of new declared credits, some changes to earning and redemption rates and unfortunately, the annual fee is significantly higher.
Whenever the issuer announces such a big change, we almost always see unpleasant knee reactions from existing cardholders: “That’s it, I’ll cancel my card right away!”
But don’t make such a rash decision. Even if you are not satisfied with the upcoming sapphire reserve changes, there are some compelling reasons to sit.
This is why.
Related: Chase Sapphire Reserve Credit Card Review: Luxury Goods and Valuable Rewards
Chase Sapphire annual fee is not immediately
For beginners, the annual fee for your card won’t change immediately. The Credit Card Accountability and Disclosure Act of 2009 requires issuers to issue at least 45 days notice to customers, including the change fee, before making significant changes to existing products.
As a result, you are no more out-of-pocket fees than you paid for the last renewal. In fact, some customers may enjoy a year at current fees.
If your renewal date is before October 26, you should see an annual fee release in your account based on the following statement we received from our Chase representative:
Cardembers’ annual fee will be adjusted based on the annual fee anniversary after October 26, 2025.
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For example, if your anniversary is September 15th each year, you will reach renewal by this date. If you feel the current value proposition on the card is still worth $550, there is no reason to cancel it now.
(It is worth noting that the sapphire reserve was first launched in August 2016, so the original applicants who received the card in the first few weeks (still have) fall into this category.)
But even if your annual fee doesn’t expire in the next few months, there is another reason to wait.
Most new benefits start on October 26
As we introduced in the announcement post, existing cardholders will immediately receive new points, improving redemption as of June 23. The remaining new benefits will begin on October 26. As long as your annual fee is not at that time, you will have a window to test for new benefits before you can get a higher ($795) annual fee.
Suppose your annual fee will not reach your account until May 1 next year. You will still have access to new benefits as of October 26, but you won’t start paying until next May. This gives you a lot of time to see if you can actually use statement credit.
For example, you can quickly earn up to $500 in the statement credits collected by the editor of ChaseTraver℠, a well-curated luxury hotel (requires two nights of stay). This is broken down into annual credits: $250 from January to June, and another $250 from July to December. This means you can book a qualifying two-night stay after October 26 but by the end of the year. You can then book another qualified accommodation in the first half of 2026.
When your annual fee expires, you can process the numbers to see if you have unlocked enough value to justify higher costs. If not, you can cancel (or downgrade) at that time. If you cancel or downgrade your card immediately, you will completely miss out on the new benefits.
Finally, it is worth noting that Chase will not normally refund your annual fee unless you cancel within 30 days of release. So if you cancel or downgrade the Sapphire Reserve, don’t think you can get the same refund.
Related: Travel from International Business Class to Domestic: 6 Chase Ultimate Rewards Sweet Location
Bottom line
As of June 23, Chase Sapphire Reserve is undergoing a major makeover, although existing card members won’t receive most of these benefits until October 26. This is also the annual fee you are starting to see.
Given this, no matter how frustrated you are with the changes, there is no reason to cancel or downgrade your card today.
Our advice is simple: Wait for higher annual fee positions – whether in a few months or sometime next year. You may be able to enjoy new benefits for months or even nearly a year without the higher costs. Then, only this is whether you should decide whether to keep it, cancel or downgrade to a low-priced product.
