Chase launching a new business card and increasing annual fees

Starting on June 23, 2025, the Chase Sapphire Reserve® is getting a major revamp — and it’s coming at a higher cost. Additionally, Chase is launching the Chase Sapphire Reserve for Business card as its premium luxury business travel card. Both cards will come with a whopping $795 annual fee — an increase from $550 on the personal card. Authorized user cards on the personal card will incur an additional $195 annual fee each, but employee cards can be added to the business card for no fee.

In exchange, both cards will offer a ton of new credits and benefits designed for luxury travel and enhanced lifestyle experiences. Overall, the cards offer one of the best ways to earn Chase Ultimate Rewards, which Bankrate’s valuations put at around 2.0 cents cents per point.

Let’s take a look at what’s changing with the Sapphire Reserve, as well as the features of the new business card.

Chase Sapphire Reserve travel benefit changes

Both versions of the Sapphire Reserve will share the same travel benefits. While the Sapphire Reserve’s travel earning rates are increasing in some areas, they are becoming a bit more restrictive and less flexible to earn in others. On June 23, 2025, the Chase Sapphire Reserve’s earning rates will change as follows:

• 8X points on all Chase Travel^SM purchases, replacing 5X points on flights and 10X points on hotels and car rentals booked through Chase Travel
• 4X points on flights and hotels booked directly, replacing 3X points on all other travel

The card will also add the following benefits:

• $500 credit for The Edit, Chase Travel’s collection of over 1,000 hand-picked hotels and resorts ($250 semi-annually; minimum stay requirements apply)
• Complimentary IHG One Rewards Platinum Elite Status through December 31, 2027 (activation required)

New Points Boost program

In addition to these changes, Chase is introducing a new points redemption accelerator program called Points Boost.

Points Boost offers can boost points value up to 2X on thousands of top hotels and flights with select airlines and hotels through Chase Travel. For Chase Travel purchases not eligible for Points Boost offers, points can be redeemed at a 1:1 rate on Chase Travel (replacing the previous 1.5X redemption bonus on all Chase Travel purchases).

New Sapphire Reserve dining and lifestyle credits

As part of Chase’s effort to offer more premium experiences, the personal version of the Sapphire Reserve will still earn 3X points on dining purchases and now offer the following dining and lifestyle credits:

• $300 dining credit and primetime reservations at Sapphire Reserve Exclusive Tables, in partnership with the Visa Dining Collection and available for booking on OpenTable ($150 semi-annually)
• $250 annual value with complimentary subscriptions to Apple TV+ and Apple Music (one-time activation required)
• $300 annual credit for StubHub and viagogo credit for concert and event tickets ($150 semi-annually; activation required)
• 10X points on eligible Peloton equipment and accessory purchases through December 31, 2027 (activation required)
• Up to $120 in annual statement credits toward Peloton Membership purchases through December 31, 2027 ($10 monthly)

New Sapphire Reserve for Business credits

The Sapphire Reserve for Business will also include several business-centric perks and credits to provide over $1,200 in annual value to business owners. Here are the business-related features unique to the business card:

New spending incentives

Both versions of the Sapphire Reserve will now offer spending incentives, which can potentially provide excellent value in return if they fit into your plans (and if you can manage the spending). If you spend $75,000 in a calendar year on the personal card or $120,000 on the business card, you’ll unlock the following benefits:

• IHG One Rewards Diamond Elite Status
• Southwest Airlines® A-List Status
• $500 Southwest Airlines credit when booked through Chase Travel
• $250 credit (personal card) or $500 credit (business card) to The Shops at Chase, a new exclusive online shopping outlet with rotating promotions and the ability to pay using Ultimate Rewards

What’s not changing

The Sapphire Reserve keeps many of its top perks and benefits. Here’s what will stay the same on the card and also be available on the business card:

• $300 annual travel credit
• $120 credit for Global Entry, TSA Precheck or Nexus application fees every four years
• No changes to lounge access or guest privileges
• No changes to travel insurance benefits
• $10 monthly Lyft in-app credits, plus 5X points on eligible Lyft rides through September 30, 2027
• $300 annual value in monthly DoorDash promos and complimentary DashPass membership worth $120 annually

Who should get these cards?

The Chase Sapphire Reserve ranks as one of our top travel cards and remains an outstanding option for people who want premium benefits and protections when they travel. Even with the higher annual fee, the benefits and credits can provide over $2,700 in total value, with over $1,200 in travel credits alone. That can easily justify the cost for regular travelers.

Business owners with travel needs will likely find the Chase Sapphire Reserve for Business a potentially lucrative option, especially if they can take advantage of the business-centric features and can meet the high spending requirements for the welcome bonus.

Learn more: How to redeem Chase points

Who should skip these cards?

While both cards are great options for advanced travel enthusiasts and business owners, be aware that Chase has strict approval rules. Make sure you’re eligible before applying for the card.

While it hasn’t been confirmed yet whether one or both cards will fall under Chase’s “5/24 rule”, Chase is instituting a new “once-per-lifetime” sign-up bonus rule for the Sapphire cards (including the Chase Sapphire Preferred® Card, Sapphire Reserve and Sapphire Reserve for Business). This update replaces the issuer’s previous 48-month look-back window, meaning that if you’ve ever earned a welcome bonus on any of those cards, you won’t be eligible to do so again.

Further, although Chase will be lifting the previous restriction on holding more than one Sapphire product, active holders of any Sapphire card won’t be eligible to earn a welcome bonus on these cards — even if you hold a different Sapphire card. Active Sapphire Preferred cardholders, for example, will be able to apply for a Sapphire Reserve and have both cards open simultaneously, but they won’t earn the welcome offer on their new Sapphire Reserve.

The bottom line

The increased annual fee on the Chase Sapphire Reserve requires significantly more work to maximize, but offers a substantial jump in value. The launch of the business card mirrors many features of the personal card while offering a solid slate of business credits, giving Chase a quality premium business travel card option.

Current Sapphire Reserve cardholders will need to examine the card’s new features to see if the card continues to make sense long-term. If you’re in the market for either of these cards, make sure you’ll be able to utilize the numerous features and meet the spending requirements to earn the welcome bonus.