Chase just pulled back the curtain on a major refresh of its flagship *chase sapphire reserve*, complete with new travel perks, lifestyle credits … and a much steeper annual fee. As travelers digest the news, one big question looms: Should you upgrade (or apply) now – or wait?
There’s a narrow window where locking in the Reserve now could save you hundreds in fees during your first year. Apply or upgrade before the card officially launches next week, and you'll pay just $550 for your first year with the card while still enjoying the card's new benefits, albeit not until this fall. But if you wait until next Monday, June 23, you'll be on the hook for the card's new $795 annual fee right off the bat.
There are tradeoffs to consider. Saving $245 is annual fees is not nothing. While you'll get the card's new benefits no matter when you put a Reserve in your wallet, you'll be able to use them even sooner by waiting until the card relaunches next Monday. And most importantly, there's a massive welcome bonus in the works … and the only way to earn it would be to wait.
It’s a classic case of a “bird in the hand” vs. a “bonus in the bush” … or, something like that. So what’s the right move for you?
Let’s break down the pros and cons so you can make the smartest decision for your wallet – and your future travels.
Reasons to Wait 'til Next Week
Let’s be honest. The biggest reason to wait is simple: To see what kind of jaw-dropping sign-up bonus Chase unveils to convince travelers to stomach the new $795 annual fee. It’s got to be big, right?
To be clear, we don’t have any insider info on what’s coming next week. But that won’t stop us from some educated speculation.
When the Sapphire Reserve first launched back in 2016, Chase lit the travel rewards world on fire with a 100,000-point welcome bonus … and briefly ran out of metal to print the cards. That kind of hype demands a big encore. At a minimum, we expect that same six-figure bonus return … if not even something bigger.
In 2025, a 100,000-point bonus just doesn’t have the same shock factor it did nearly a decade ago. American Express has routinely rolled out 120,000-, 150,000-, even 175,000-point bonuses for its top-tier cards. Even Chase’s entry-level *csp* (with just a $95 annual fee) has offered 100,000 points – and not just once, but twice in the last four years.
So yes, we’re betting Chase is planning something splashy. By applying now, the best you can get is a 60,000-point bonus after spending $5,000 within the first three months of card membership. And if you upgrade an existing Chase card, you get nada.
But a big welcome bonus isn’t the only reason to consider waiting. If you apply next week when the revamped Reserve officially launches, you’ll unlock all the new perks right away – no waiting until late October like existing cardholders.
If you’re already subscribed to Apple TV+ and Apple Music, that’s a $250 win out of the gate. Planning a summer getaway with a stay at one of Chase’s high-end “The Edit” hotels? Booking through Chase could save you $250 with the card's hotel credits, get you free breakfast, a $100 property credit, and maybe even an upgrade.
Some of the new credits reset twice a year – once from January through June, then again July through December. That could make timing your application even more lucrative. Apply as soon as the new card launches next Monday, June 23, and with a bit of luck (and fast shipping), you could have the card in hand by the end of the month. That means you've got a shot at squeezing in some of those biannual benefits still this month – think: $150 dining credit, $150 StubHub credit, and a slice of the hotel savings, just for starters.
Sure, you’ll pay the new $795 annual fee upfront. But early access to all the new benefits could help offset the cost right away.
And there’s one more reason to consider waiting: Chase is also changing the card's eligibility rules.
Until now, you could only carry one Sapphire card at a time. That means if you currently have the Sapphire Preferred, your only path to the Reserve was by upgrading and forfeiting any welcome bonus. But starting next week, Chase is dropping that one-Sapphire rule.
That could be huge. Chase hasn’t confirmed exactly how the new eligibility will work, especially for recent Preferred cardholders. But based on what we’ve heard, it’s possible you could hold both cards — and maybe even earn a bonus on both. No guarantees yet … but we’re cautiously optimistic.
Personally, I’m holding off on upgrading my Sapphire Preferred just to see how this all plays out. With the Reserve's relaunch just days away, it might pay to wait.
Why Upgrading (or Applying) Now Could Make Sense
I already shared that I'm planning to wait and see how things shake out, but that's not the only option … and it's certainly not the right one for everyone.
Upgrading (or applying) now will lock you into a lower – though admittedly still steep – annual fee of $550 for the first year. That's a savings of $245 and you'll still get access to all the card's new benefits come late October. Still, that's nearly eight months of perks before you have to decide whether the card is worth renewing at the higher annual fee.
Getting in now also means you'll lock in another two years of better redemptions through the Chase Travel℠ portal. Chase will officially sunset the 1.5-cent-per-point redemptions on all travel through the portal as of Oct. 26, 2027. Until then, existing cardholders can continue redeeming points for enhanced value on all travel bookings – but only for points earned prior to Oct. 26, 2025.
But here's the other thing: That big new bonus offer that we're banking on could require an even bigger chunk of spending. Right now, you have to spend $5,000 in the first three months in order to earn the card's 60,000-point bonus. Could Chase up that amount to $7,500 … or something even higher? Even if they copy Amex (again) and give cardholders six months to get it done, that could still be too steep of a spending requirement for some and make whatever (potential) six-figure carrot they're dangling a moot point.
Finally, there's Chase's dreaded 5/24 Rule to consider. While we know it will soon be possible to have both a Sapphire Preferred and Reserve card at the same time, there's been no indication that this restriction is going anywhere. If you've been approved for more than five (or more) personal credit cards with any bank in the last 24 months, Chase is unlikely to approve your application for a new Sapphire Reserve card.
If you fall into that camp, upgrading a Sapphire Preferred or Freedom card to the Sapphire Reserve is really your only option. In that case, it could easily make sense to do it now and avoid paying a higher annual fee right out of the gates.
Bottom Line
Chase is overhauling the *chase sapphire reserve* with new perks, lifestyle credits, and a steep $795 annual fee. Right now, there’s a limited-time opportunity to apply or upgrade and lock in the current $550 fee for the first year – saving $245 – while still getting the new benefits later this fall.
But if you wait until the revamped card officially launches next week, you might score a much bigger bonus offer and immediate access to all those new perks. It’s a gamble between guaranteed savings now or holding out for potentially bigger rewards later.
