If you hold a Chase Sapphire Reserve, your wallet just got a little lighter.
The annual fee on the premium travel card has climbed to $795, up from $550, part of a broader refresh Chase rolled out this year.
The Sapphire Preferred, the more budget-friendly sibling, now runs $95 a year, up from $95 — wait, that one held steady, but its earning structure changed too.
Before you cancel in a huff, do the math on what you actually get.
The Reserve now bundles a $300 annual travel credit, a $300 dining credit split across select restaurants, and new perks like complimentary access to certain airport lounges and a boosted points multiplier on travel booked through Chase.
Stack those credits and the effective cost drops fast — for some cardholders, close to zero.
The catch is that credits only count if you'd spend that money anyway.
A $300 dining credit is worthless if you rarely eat at the eligible spots.
This is the classic trap of premium cards: they dangle rewards that feel like free money but quietly nudge you into spending more than you planned.
Add up the credits you used in the past 12 months, not the ones you theoretically could use.
If that number beats the annual fee, the card is probably still earning its keep.
If it doesn't, you're essentially paying Chase for the privilege of carrying plastic.
The Sapphire Preferred remains the safer pick for most households.
At $95 a year, it's easier to justify, and it still offers solid travel and dining rewards plus a sign-up bonus that can cover several years of fees.
For a family watching grocery bills and gas prices, that's the kind of math that matters.
If you decide to downgrade or cancel, timing counts.
Chase typically won't refund the annual fee after 30 days from when it posts, so check your statement date before you call.
And if you cancel a card you've held for years, expect a small dip in your credit score — closing an account shortens your average credit history.
One more thing: don't let a retention offer slip by.
Before canceling, ask the rep if there's a bonus to stay.
Banks often hand out statement credits or extra points to keep a customer, especially on premium cards.
It takes one phone call and five minutes.
Our take: premium travel cards are only worth it if you're already spending in the categories they reward.
For most American households, the smarter move is a no-fee or low-fee card that pays you back on groceries and gas — the stuff you buy every week.
Final Thoughts
Chase is betting you won't run the numbers.