Luxury Recalibrated

When Chase launched the Sapphire Reserve in 2016, it changed the credit card industry overnight. It wasn’t just another premium card, but it was the one that made credit cards a status symbol for millennials with its sleek metal design, lounge access, and generous travel perks. Demand was so high at launch that Chase ran out of the metal used to print it.

The New York Times even called it the “world’s first viral credit card.”

But nearly a decade later, the card is no longer a mass-market darling, but is it back on top with Chase just raising the annual fee on the Sapphire Reserve to $795, a big increase from the costly $550? Launching a new business version of the card at the same cost, marking the biggest change to the Sapphire lineup since its inception. The question now isn’t whether the card offers value. It’s whether it’s worth it for the right kind of customer that they are trying to target.

The updated card, according to Chase, offers over $2,700 in potential annual value if used in the right way. That includes the familiar $300 annual travel credit, which covers a wide range of purchases like airfare, hotels, parking, or even tolls. Also still intact is the TSA PreCheck/Global Entry reimbursement, now expanded to include NEXUS, a frequent traveller program for U.S.-Canada border crossings. These are valuable perks that shave off both time and money.

But where the card gets more complicated and more exclusive is in its growing list of credits, many of which are rolled out in smaller, harder-to-use instalments. There’s a $300 annual dining credit, but it’s split into two $150 chunks and can only be used at select high-end restaurants on Chase’s “Exclusive Tables” list. Then there’s a $500 hotel credit spread across two $250 instalments, usable only when booking through “The Edit,” Chase’s curated luxury hotel platform. These hotels often cost $700+ a night, and the credit only applies to prepaid, two-night minimum stays. So while you might “save” $250, you're likely spending a lot more to begin with.

Other perks include $250 in Apple services credits (for Apple TV+ and Apple Music), $300 in StubHub/viagogo credits, $120 in Lyft credits, and $300 in DoorDash benefits, among others. But again, most of these are doled out monthly or semi-annually, $10 here; $25 there.

The card’s points-earning structure has also changed. Chase no longer promises a flat 1.5 cents per point in travel redemptions. Instead, they’ve introduced “Points Boost”, a more curated redemption model where certain bookings offer more value but others may only give you the standard 1 cent per point. For casual users or families trying to plan trips around school breaks, this system can feel more limiting than empowering.

Meanwhile, the new business version of the Sapphire Reserve mirrors many of the personal card’s perks but adds features for entrepreneurs like credits for Google Workspace or hiring platforms such as ZipRecruiter. It’s aimed at small business owners who travel frequently and want premium experiences bundled with their banking and card services. For this audience,  the card could be a sleek solution that handles both work and leisure spending.

Still, all these changes reveal a clear shift: the Sapphire Reserve is no longer a broad-appeal travel card. When it launched at $450 with a $300 travel credit and a $100 Global Entry reimbursement, it was practically paying for itself. Back then, even infrequent travellers could justify the card. Now, with the fee nearly doubled, the break-even point is harder to reach, and the value is more dependent on how well you play the perks game.

That’s not to say the card is a bad deal. It’s just a different deal now, one that caters to a more elite, experience-focused segment. If you travel frequently, stay in upscale hotels, dine out often, and already use services like Peloton and DoorDash, the Sapphire Reserve can still deliver strong value. But for the average user? It’s no longer a no-brainer.

Chase’s move reflects a larger industry trend as premium cards are becoming more exclusive, more fragmented, and more expensive. They’re evolving into lifestyle platforms rather than just financial tools, and like with many luxury goods, the cost isn’t just about what you get, it’s about who you become when you use it.