It’s been rumored for months, and the day is nearly here.
Chase confirmed Monday that it will launch a fully refreshed Chase Sapphire Reserve® card and an all-new business version of the Sapphire Reserve card in the coming weeks.
The official timeline is “this summer,” which kicks off Friday, June 20.
The issuer launched a marketing campaign around New York City on Monday to tease the new cards, and it also took to its social media channels to show off a picture of the newly designed Sapphire Reserve card, which admittedly looks far more premium than the existing version.
It’s possible that Chase might be ready to launch the cards right at the start of the summer season to capitalize on all the buzz around summer travel — especially since the card design is finalized — but we’ll have to wait and see when the cards actually launch.
Furthermore, the issuer wouldn’t tease any further details about the changes coming to the popular Sapphire Reserve card, nor would it mention what’s coming with the Sapphire Reserve business card — but if you’ve been following the rumors, you might be gearing up for some big changes.
To start, all indicators point to an annual fee increase. Right now, the Sapphire Reserve charges a $550 annual fee, but card refreshes tend to come with fee hikes.
Of course, we’ll have to wait and see the full details to know whether the Reserve’s fee will surpass the annual fees on the top-of-the-line credit cards from Capital One ($395 on the Capital One Venture X Rewards Credit Card) and American Express ($695 on The Platinum Card® from American Express; see rates and fees).
We’ve also seen a trend with Chase and other issuers updating cards with new lifestyle perks and statement credits to offset fee increases, and we’ll find out sooner rather than later whether that strategy is a core part of this refresh and new card launch.
For those who currently hold the Sapphire Reserve or are considering signing up for a new one, I’d recommend waiting to see what Chase announces before making any moves. Card issuers typically give users at least a few days to consider a new package of benefits before rolling out major changes, and I’d be surprised if Chase announced the new cards without giving any heads-up to existing users.
New cards will also likely usher in new welcome bonuses, so we’ll be keeping our eyes peeled for what Chase has up its sleeve this summer.
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For rates and fees of the American Express Platinum card, click here.