Chase just made it more expensive to carry one of the most popular travel cards in America.
The annual fee on the Chase Sapphire Reserve is climbing to $795, up from $550, according to the bank's own announcement.
That's a $245 jump for a card that already wasn't cheap.
The Sapphire Preferred is getting pricier too, moving to $95 from $95... actually, the Preferred stays at $95, but the Reserve is the one taking the hit.
The Reserve is the premium card, the one with the $300 travel credit and airport lounge access.
Here's the pitch Chase is making: the new fee comes with new perks.
A $500 annual travel credit through Chase Travel, up from $300.
On paper, if you use every single benefit, you might come out ahead.
They don't book all their travel through Chase's portal.
They don't visit enough lounges to justify the cost.
And the $300 travel credit was already annoying because you had to use it through Chase's own booking site, which doesn't always have the best prices.
If you're paying $795 a year, you need to extract at least that much value just to break even.
The $500 travel credit gets you most of the way there, but only if you were going to spend $500 on travel anyway.
If you weren't, you're just prepaying for a discount you wouldn't have taken.
The bigger issue is what this says about the premium card market.
Chase, Amex, and Citi are all racing to see who can charge the most while convincing you it's still a deal.
They know the fee increase will scare off some customers.
They're betting the ones who stay will spend more, and the ones who leave weren't profitable anyway.
They don't depend on interest rates or defaults.
And the more benefits they tie to their own travel portal, the more they lock you into their ecosystem.
If you already have the Reserve, run the numbers honestly.
Look at what you actually spent last year on travel, lounges, and DoorDash.
If you were forcing yourself to use benefits you didn't need, downgrade to the Preferred or walk away.
And if you're thinking about signing up for the first time, ask yourself a simple question.
Are you getting this card because it saves you money, or because it feels like a flex?
Final Thoughts
The banks are counting on the second answer. **The bottom line:** A $795 annual fee is a lot of money for anyone who isn't a frequent, high-spending traveler.