Chase Bank slaps new $245 annual fee increase on popular card starting October 26

SELECT consumers with Chase Bank are facing a steep increase on a popular credit card.

The financial institution confirmed the fee change earlier this summer, with it set to take impact starting next month.

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Some credit card users will see a $245 annual fee increase in October (stock image)[/caption]

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As of October 26, 2025 those Chase customers who have had the Sapphire Reserve credit card before June 23 of this year will start paying more for it.

Instead of an annual fee of $550 to get all of the perks and benefits from the card, cardholders will instead be required to pay $795, per a news release.

Any newer customers who signed up and were approved for the Sapphire Reserve credit card on or after June 23 would’ve been already required to pay the new fee.

That’s a fairly steep $245 annual increase, and even adding other authorized users for the card is more expensive.

Instead of $75 per additional cardholder, it’s $195.

While it’s a $120 bump, Chase is letting the added users still have complimentary access to Priority Pass lounges, which some cards from competitors like Capital One have been removing this year.

Not to mention, Chase ensured that there are new statement credits and perks that cover the $245 annual fee increase.

PERKS ON PERKS

For example, Sapphire Reserve cardholders can get a $500 annual credit for any hotel or resort stays through The Edit by Chase Travel.

Additionally, there’s up to $300 in StubHub and viagogo credit for concerts or live events, and a $300 annual dining credit for reservations made through Sapphire Reserve Exclusive Tables.

More perks include $300 DoorDash value through promotions, $120 toward a DashPass membership, $250 value through complimentary Apple TV+ and Apple Music Subscriptions, $120 credit toward Peloton memberships, and $120 for annual Lyft credits.

Of the most notable new benefits for the Chase Sapphire Reserve credit card is the complimentary IHG One Rewards Platinum Elite Status.

Plus, there’s even more should a cardholder spend $75,000 in the calendar year.

That IHG One Rewards status will immediately be bumped up to Diamond Elite, for example, along with Southwest Rapid Rewards A-List Status, a $500 Southwest Airlines credit for flights booked through Chase Travel, and a $250 credit for The Shops at Chase.

The Shops at Chase is an online shopping platform strictly for cardholders with offerings from brands like Sony, Tumi, and Dyson.

Plus, there’s now 8X points back on flights, hotels, and rental cars booked through Chase Travel, 4X points on flights and rooms booked directly with airlines and hotels, and 1X points on all other travel purchases.

Again, these are all the new benefits that come with the $245 increase.

HERE TO STAY

Many others that longtime Sapphire Reserve cardholders are familiar with are still sticking around.

The $300 annual travel credit, up to $120 in TSA Precheck, Global Entry, or Nexus credit every four years, complimentary airport lounge access with two guests, comprehensive travel protections, and complimentary access to Reserve Travel Designers are staying.

There’s also still 3X points on dining, 5X points on qualifying Lyft rides, and 10X points on qualifying Peloton-related buys.

Interested new customers who sign up for the Chase Sapphire Reserve credit card in September can also get 125,000 points after spending $6,000 in the first three months of opening their account.

Chase customers who check out the Freedom Unlimited Credit card could also get $200 in free cash.

Other financial institutions are also offering new customers money through promotions.

At least six banking bonuses up to $1,000 are coming to select Americans through October.

A little-known “enhanced” rewards credit card also slashes about $275 on streaming costs every year.