Overview

• For existing Sapphire Reserve holders, the new earning structure and statement credits start Oct. 26, with the increased $795 annual fee posting on each account’s next anniversary.
• Current guidance is to wait for those perks to land, evaluate real-world value, then favor a product change over canceling if the math no longer works.
• Downgrading preserves Ultimate Rewards balances and your credit profile and avoids a new 5/24 count, whereas canceling forfeits remaining points and ends lounge access and other credits.
• The Sapphire Preferred offers 75,000 points after $5,000 in three months, carries a $95 annual fee with up to $50 in annual hotel credits, and earns 2x on all other travel where the Reserve will earn 1x outside portal bookings of direct air and hotels.
• Chase’s updated rules limit eligibility for new Sapphire-family bonuses, so cardholders with an open Sapphire account or a prior Sapphire bonus often will not qualify for the Preferred’s welcome offer even though holding both cards is now allowed.