(Confirmed!) Chase Is Revamping The Sapphire Preferred & Reserve With New Perks
There is a rumor swirling with Chase now and their Sapphire Preferred and Sapphire Reserve credit cards. We saw a ton of rumors of the last few months for the Amex Platinum card which ended up being true and now we are seeing something similar from Chase. These rumors are from leaked cardmember agreements and it says they go into effect on August 15, 2021.
Update 8/17/21: These new changes are now live! You can sign up for the Sapphire Preferred now and get the $50 hotel statement credit right away.
Chase Sapphire Preferred
Here is what the Chase Sapphire Preferred would look like with these rumors:
- $50 hotel credit every cardmember year
- The earning structure for the card:
- 5X on Chase Travel
- 3X on dining, streaming and online grocery (excludes Target, Walmart & wholesale clubs)
- 2X on travel
- 1X on everything else
- Get a 10% back in points anniversary bonus as well. This happens after you renew and pay an annual fee. It is based off of the money spent on the card. So if you spent $25,000 in a year you would get 2,500 points.
The annual fee will remain $95
Chase Sapphire Reserve
Here is what the Chase Sapphire Reserve would look like with the rumored changes.
- The card’s earning rates would be as follows:
- 10X on Chase dining (almost worthless), hotel and car rental purchases through Chase Travel.
- 5X on airline travel booked through Chase Travel
- 3X on all other travel and dining
- 1X on all other purchases
The annual fee will remain $550
I have to say that the Chase Sapphire Reserve changes wouldn’t move the needle one bit for me. Chase Dining is pretty much worthless to me so who cares if you earn 10X or not. And booking anything through the Chase travel portal is an absolute nightmare when things go wrong. For a few extra points? No thanks! They really needed to do better here.
The Chase Sapphire Preferred on the other hand, I love these changes. I assume there will be an annual fee increase with this, but if it is to $149 I am okay with that. The $50 hotel credit should pretty much cover that. If there is no annual fee increase then even better! Earning 3X on dining with the Sapphire Preferred, and the Freedom Flex, and not increasing the CSR to 4X or 5X is laughable. Earning 3X on streaming and online grocery (which has become super popular) is a nice boost. It isn’t the grocery category I had hoped for but it is way more useful now than it would have been 2 years ago. The 10% back bonus is killer too, I really like that feature.
If you are under Chase 5/24, and eligible for a Sapphire product, then RUN not walk to grab a Chase Sapphire Preferred. With the 100,000 point welcome offer it is already an amazing deal but you could lock in the $95 and potentially get these increased benefits at the lower fee for a year (assuming an increase is coming).
Remember that you can get a better offer, waived annual fee and $50 grocery credit, by applying for the CSP in branch. Some branches are not informed of this and you may run into issues with the banker and it does take a while to fill out everything. I personally would refer from my Player 2 if that is an option instead, much easier. If you don’t live near a branch, or don’t want to deal with the hassle of an in person application and don’t have a referral and would like to support the site and podcast you can use the links in this article. Thanks in advance if you choose to support us!
Chase continues to miss the mark with the Sapphire Reserve. When the Amex Gold earns 4X on dining, and your no annual fee Freedom Flex earns 3X, you can’t stand pat on 3X. The proposed Sapphire Preferred changes make the Reserve the lesser product. Much like how the Citi Premier is far superior to the more expensive Citi Prestige, in my opinion at least.