The rumors have been circulating for months, and the moment is almost here.
On Monday, Chase announced it will soon release a completely revamped Chase Sapphire Reserve® card along with an entirely new business version of the Sapphire Reserve.
The expected launch timeline is “this summer,” beginning Friday, June 20.
To generate excitement, Chase kicked off a marketing campaign in New York City on Monday, showcasing a glimpse of the redesigned Sapphire Reserve card on social media, which appears significantly more premium than its predecessor.
It seems Chase is gearing up to unveil these cards just in time for summer travel season buzz, especially since the new design has been finalized. However, we will have to wait to see the actual launch date.
Moreover, Chase has yet to reveal specific details about changes to the popular Sapphire Reserve card or the new business offering. For those who have followed the rumors, significant updates may be on the horizon.
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Initial signs suggest an increase in the annual fee. Currently, the Sapphire Reserve has a $550 fee, and card refreshes typically come with fee hikes.
We’ll need to stay tuned to see if the new fee surpasses those of top-tier credit cards from Capital One ($395 for the Capital One Venture X Rewards Credit Card) and American Express ($695 for The Platinum Card® from American Express; see rates and fees).
There’s also a trend where Chase and other issuers enhance cards with new lifestyle perks and statement credits to justify fee increases. We’ll find out soon if this strategy is part of the upcoming refresh and new card launch.
If you’re a current Sapphire Reserve holder or considering application for a new one, it might be wise to wait for Chase’s announcement before making any decisions. Card issuers usually allow a few days for users to assess new benefits before implementing major changes, and it would be unexpected for Chase to reveal the new cards without notifying existing users first.
New cards are likely to come with new welcome bonuses, so we’ll be on the lookout for what Chase has planned this summer.
Related reading:
For rates and fees of the American Express Platinum card, click here.
