The Sapphire Reserve annual fee rose to $550 in 2024
Chase raised the Sapphire Reserve annual fee from $450 to $550 effective January 2024. This $100 increase applies to new cardholders and existing accounts at renewal. The card still includes a $300 annual travel credit and a $120 dining credit, which together offset $420 of the new fee.
The increase was not announced months in advance. Chase notified existing cardholders by mail or email shortly before the fee took effect. If you held the card before the increase, you had a window to close the account without paying the higher fee, though that window was brief.
This is the second major fee increase in the card's history. The Sapphire Reserve launched in 2015 at $450, and that fee has now held steady for nine years before jumping to $550.
Key Takeaways
- The annual fee increased from $450 to $550 in January 2024, making the net cost $130 after credits instead of the previous $50.
- The $300 travel credit and $120 dining credit remain unchanged, so the effective fee increase is $100 per year.
- Existing cardholders received notice before the fee took effect and could close the account to avoid paying it.
- The card's rewards rates and benefits structure did not change with the fee increase.
- Whether the higher fee makes sense depends on whether you use both credits and how much you spend on travel and dining.
What the credits cover and how they work
The $300 travel credit applies to most travel purchases: flights, hotels, rental cars, taxis, rideshare, parking, tolls, trains, and cruise lines. It does not cover travel insurance, baggage fees, or seat upgrades on some airlines. The credit posts automatically when you charge travel to the card—you do not need to register or claim it.
The $120 dining credit covers restaurants, food delivery services, and bars. It posts automatically as well. Both credits reset on your card anniversary each year, so you get a fresh $420 in combined credits annually.
If you do not use both credits, the higher fee becomes harder to justify. A cardholder who uses only the travel credit and ignores dining would see a net annual cost of $250 instead of $150. One who uses neither would pay the full $550.
How the fee increase affects the card's value
The Sapphire Reserve's main appeal has always been its rewards rate and travel benefits, not its credits. The card earns 3 points per dollar on travel and dining, 1 point per dollar on everything else. Those rewards rates did not change with the fee increase.
What changed is the math on whether the card pays for itself. Before the increase, a cardholder who used both credits paid only $50 net annually. Now that cost is $130. You need to earn more in rewards or use the card's other benefits—like trip delay reimbursement, baggage delay insurance, or the Priority Pass lounge network—to justify keeping it.
For someone who spends $30,000 or more per year on travel and dining combined, the 3x rewards rate typically generates enough points to cover the fee. For lighter spenders, the math becomes tighter.
Comparing the Sapphire Reserve to other premium travel cards
The American Express Platinum Card costs $695 annually but includes a $200 airline fee credit, a $200 Uber credit, and a $120 dining credit—$520 in total credits. Its rewards structure is different: 5x points on flights and hotels booked through Amex Travel, 1x on most other purchases.
The Citi Prestige Card costs $495 annually and includes a $250 annual travel credit. It earns 3x points on travel and dining, matching the Sapphire Reserve's rate.
The Capital One Venture X costs $395 annually and includes a $300 annual travel credit. It earns 2x points on all purchases.
The Sapphire Reserve's $550 fee is now the highest among these cards, though its credits are also substantial. The choice between them depends on your spending patterns and which benefits you actually use.
What to do if you received notice of the fee increase
If you are an existing cardholder, you have three options: keep the card and pay the new fee, close the account before the fee posts, or downgrade to a different Chase card.
Closing the account will not hurt your credit score significantly if you have other open accounts. Your credit history with the card remains on your report for years. The main downside is losing access to the card's benefits and rewards rate going forward.
Downgrading is often a better choice than closing. Chase allows you to downgrade the Sapphire Reserve to the Sapphire Preferred (no annual fee) or the Sapphire Preferred for Business (no annual fee) without closing the account. You keep your credit history and can reapply for the Reserve later if you want. Call the number on the back of your card to request a downgrade.
If you want to keep the card, the fee will post on your anniversary date. You can use the travel and dining credits to offset it, but you will need to spend intentionally to capture their full value.
Whether the higher fee makes sense for your situation
The Sapphire Reserve makes financial sense if you meet at least one of these conditions: you spend $30,000 or more annually on travel and dining combined; you use both the travel and dining credits in full each year; you value the Priority Pass lounge access and use it regularly; or you travel internationally and value the trip delay and baggage insurance.
It does not make sense if you spend less than $10,000 annually on travel and dining, or if you rarely use the credits. In that case, the Sapphire Preferred—which has no annual fee and earns 2x points on travel and dining—is likely a better fit.
The fee increase does not change the card's core value proposition, but it does raise the bar for who should hold it. You should recalculate whether the card pays for itself based on your actual spending, not on what you think you might spend.
Frequently Asked Questions
Can I get the old $450 fee back if I call Chase?
No. Chase does not negotiate annual fees or offer exceptions based on customer tenure. The $550 fee is the standard rate for all new and existing cardholders as of January 2024. Your only options are to pay it, downgrade, or close the account.
If I downgrade to the Sapphire Preferred, can I upgrade back to the Reserve later?
Yes. You can downgrade now and reapply for the Sapphire Reserve in the future if you want. There is no waiting period. Keep in mind that reapplying means a new hard inquiry on your credit report and a new annual fee will explore when ready.
Do the travel and dining credits expire if I don't use them?
The credits reset on your card anniversary each year. Any unused portion from the previous year does not carry over. You get a fresh $300 travel credit and $120 dining credit on each anniversary date.
Does the fee increase explore to business versions of the card?
Chase offers a business version of the Sapphire Reserve with the same $550 annual fee and the same credits. The fee increase applies to both the personal and business cards.
What happens to my rewards points if I close the account?
Your rewards points remain in your account and do not expire. You can redeem them through the Chase Ultimate Rewards portal even after you close the card. You just cannot earn new points on a closed account.