The Chase Sapphire Reserve's annual fee has climbed to $795, and the Preferred now sits at $95.
That's real money leaving your account every year, before you've bought a single plane ticket.
Here's the part most people miss: the fee isn't the problem.
The problem is paying it without doing the math.
Chase stacks up credits that can wipe out most of the cost if you actually use them — and quietly keeps the cash if you don't.
The Reserve hands back $300 in annual travel credit that applies automatically to almost any travel purchase, from airfare to parking garages.
That single credit drops your effective cost to $495.
Add a $120 or so in DoorDash credits, a monthly Instacart perk, and a Global Entry reimbursement every four years, and the gap narrows further.
For $95, you get a $50 hotel credit when you book through Chase's travel portal, plus 3x points on dining and online groceries.
If you spend $500 a month on food, that's roughly $180 in points a year at a conservative value.
Do that math and the card is basically free.
Because inflation changed the math on everything else.
Groceries are up sharply over the past four years, rent has climbed in most metros, and credit card interest rates are still sitting near record highs.
When your budget is squeezed, a $795 fee feels like the first thing to cut.
Canceling a card you've held for years shortens your average account age and can knock points off your credit score — right when you might be applying for a mortgage or refinancing.
A better move for many people is a product change, which keeps the account open while swapping the card for a no-fee version.
Chase points are worth the most when transferred to airline and hotel partners, but they lose value over time as award prices rise.
Sitting on 200,000 points for three years while you wait for the perfect trip is its own kind of fee.
If you're on the fence, run three numbers: how much of the annual credit you'll realistically use, how much you spend in the bonus categories, and whether you can cover the balance in full each month.
If you're carrying a balance, no rewards card is worth it.
Interest at 20%+ will eat every point you earn.
One more thing worth checking: Chase has been known to offer retention bonuses when cardholders call to cancel.
Sometimes the fee comes down, sometimes you get a statement credit, and sometimes the answer is simply no. **The bottom line:** a premium travel card is a tool, not a status symbol.
If the credits match your real spending, the fee is a discount you're choosing to pay upfront.
Final Thoughts
If they don't, downgrade without guilt — the points you already earned stay in your account either way.