People React Strongly to New $795 Chase Sapphire Reserve Card: A Vindication for Those Who Skipped It
The Chase Sapphire Reserve credit card, once hailed as a must-have among millennials for its generous rewards and travel perks, is now facing intense backlash following a significant revamp announced by Chase. The changes, particularly the increase in the annual fee to $795 from $550, alongside an overhaul of its rewards structure, have left many current cardholders weighing whether to keep the card or cancel it. Meanwhile, those who avoided the card from the start are feeling a sense of vindication.
From Millennial Favorite to Mixed Reactions
When the Chase Sapphire Reserve launched in late 2016, it quickly became the hottest credit card for millennials seeking to maximize travel rewards and benefits. The card’s generous sign-up bonus and reward points system made it seem almost effortless to earn valuable perks, provided users paid off their balances in full and made savvy use of the points.
However, Chase’s recent announcement to increase the card’s annual fee by nearly 50%, to $795, alongside changes to the rewards program, has sparked outrage among many loyal customers. Some have taken to social media, especially the r/SapphireReserve subreddit, to express frustration and lament the card’s diminishing value. One post bluntly summarized the sentiment with: “Welp. It’s bad and official.”
What’s Changing?
Chase maintains that the card’s new structure delivers “over $2,700 in annual value,” highlighting benefits such as:
- 8X points on all Chase Travel purchases (an increase from the prior 5X on flights), though a decrease from the former 10X on hotel and car rental bookings.
- 4X points on flights and hotels purchased directly through airlines or hotels, up from the previous 3X.
- New perks including subscriptions to Apple TV+ and Apple Music, which may not appeal to all cardholders depending on their entertainment preferences.
- $75,000 annual spending threshold rewarding cardholders with Southwest Airlines status.
- Credits for select hand-picked hotels through Chase’s program.
Yet, the revised benefits are not universally appealing. For instance, the airline status reward is prompting skepticism, with some questioning the likelihood of spending $75,000 annually on a card mainly to gain loyalty perks with Southwest Airlines.
Mixed Feelings Among Users and Observers
The author, senior correspondent Katie Notopoulos from Business Insider, shared a unique perspective as someone who never owned the Chase Sapphire Reserve. Initially feeling left out during the card’s peak popularity, she now experiences a sense of relief and even schadenfreude observing current cardholders grumble over the changes.
Notopoulos points out that the complexity of Chase’s points system and the new fee structure means the card’s value will vary greatly by individual, depending on spending habits and preferences for card benefits. While some may find the revamped card suits their lifestyle and justifies the higher fee, others are considering downgrading or canceling their cards altogether.
A Shift in Landscape
The Chase Sapphire Reserve’s transformation marks a notable shift away from the “millennial lifestyle subsidy” era—the time when low-interest rates and robust rewards programs made premium credit cards highly lucrative for frequent travelers and spenders. The current changes reflect a recalibration by Chase to balance profitability with perks offered.
For now, the debate continues as cardholders evaluate their options, while the onlookers, like Notopoulos, finally feel the freedom from prior fears of missing out.
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