Ksenia Prints, Food Drink Life
Last month, three of the most popular high-end credit cards designed for travel spending announced brand new perks and higher annual fees. On paper, it looks like a win-win, but when you dig deeper, the exciting new bonuses may be a big old bust.
When you do the math, the numbers appear to add up in the consumer’s favor, exceeding the cost of the annual fees of up to $800. However, regular card users quickly noticed that their VIP benefits are ones they will use rarely, if at all.
The changes appear to have been spawned by an explosion of access. To build loyalty, admission to restricted airport lounges was offered to everyone who holds a particular brand of credit card. Customers complained that lounges were overwhelmed, and some were forced to close or lock people out once they reached capacity.
As the saying goes, if everyone’s special, then no one is special. So Chase, American Express and Capital One went looking for ways to make their privileged guests feel special again. Users’ mileage may vary.
—————
Chase Sapphire Reserve
The card with the most widespread changes, including several of the more questionable ones, is the card previously associated with luxury travel: Chase Sapphire Reserve Visa. Existing cardholders won’t see all of the changes and features until Oct. 26, 2025, but are currently in a transition phase. Chase was quick to point out a few things that haven’t changed. They’re still on the Visa Infinite network, one of the most widely accepted global networks. And the Chase Sapphire Reserve card will maintain its industry-leading, comprehensive suite of travel protections.
The good
One of the nicest features of the Chase Sapphire Reserve card isn’t going anywhere. Cardholders get a $300 travel credit across the board. Anyone who applies for a Chase Sapphire Reserve card after June 23, 2025, is eligible for their new welcome offer, which includes 100,000 bonus points and a $500 Chase Travel promo credit if you spend $5,000 on purchases in the first three months.
Cardholders get eight points per dollar on all travel booked through Chase. Points for hotel stays and flights booked directly bump up to four points per dollar, instead of three. The existing credit of up to $120 every four years for the application fee for TSA PreCheck, Global Entry or NEXUS stays in place as well, along with complimentary IHG One Rewards Platinum Elite Status through Dec. 31, 2027.
Two of the most significant new perks are split, forcing cardholders to use them at least two times during the year. Each member gets two $250 credits a year, awarded semi-annually for The Edit hotel portal, and two $150 credits a year to use at restaurants in the Sapphire Reserve Exclusive Tables program, available in select cities. Additional benefits become available when you spend $75,000 on the card in a year.
The bad
The biggest backhand to existing cardholders is the increase in annual fees. Already considered one of the cards with the highest annual fee, it jumps nearly $250 higher, to $795, charged upon renewal. The fee for authorized users also more than doubles to $195, with fewer benefits.
Hotels and rental cars booked through Chase will earn fewer points than before. Cardholders get three points per dollar for dining purchases. All travel purchases not booked through Chase earn a measly one point per dollar.
The confusing middle
Some of the biggest changes touted by Chase Bank to the Sapphire Reserve card as bonuses have quickly become the most frustrating. Part of that is due to how the so-called perks work. Unlike the travel credit, which just gets chipped away by purchases, many special offers require cardholders to remember, track and meet complex eligibility rules.
What’s worse, many cardholders say they won’t use them, or don’t want to shift non-travel purchases to their Chase card to take advantage of them. Cardholders get free DashPass on DoorDash for the first year, and up to $25 in monthly promotions, two $150 statement credits for StubHub and up to $250 toward Apple TV+ and Apple Music subscriptions.
Exercise enthusiasts can take advantage of $120 in annual credits toward their Peloton membership, plus 10 times points per dollar on eligible Peloton purchases. At least the $10 per month in Lyft credit, plus five times points on all rides, makes sense with travel plans. As long as Lyft can avoid being lumped in with the recent accusations against Uber of overcharging when clients have a credit card.
The popular Ultimate Points program will be gradually replaced with Points Boost. Previously, points earned on the Chase Sapphire Reserve were worth 1.5 cents each, or roughly $50 for 3,333 points. You could use these rewards perks to book flights, hotels and more. Now, they’re worth 1 cent apiece, except for select offers that are Points Boost-ed to between 1.5 and 2 cents each. So far, there’s no clear pattern to what offers are boosted when. For points earned prior to Oct. 26, 2025, cardmembers will automatically receive the best offer available.
—————
Capital One Venture X
Launched in 2021, this year’s changes are the first major alterations to the travel card’s perks, but reflect the changes happening with both Chase and Amex.
When it adds up
Like the Chase Sapphire Reserve, the Capital One Venture X card offers an annual $300 travel credit, although it’s just for travel booked through Capital One’s travel portal. New cardholders can pick up 75,000 bonus miles when they spend $4,000 on purchases in the first three months from account opening, the equivalent of $750 in travel.
The Capital One Venture X offers four points per dollar spent on direct bookings with an airline or hotel, and between 5 and 10 miles per dollar through Capital One Travel bookings. That also extends to miles per dollar on all purchases that aren’t booked through Capital One Travel. The Venture X card also waives additional foreign transaction fees and offers cell phone insurance when you autopay that bill with your card.
Giving and taking
The Capital One Venture X is also minimizing a few of their rewards. You’ll only earn a single point per dollar on other travel spend, like car rentals, trains and online travel agencies.
However, the big changes are to the airport lounge access. Rather than expanding access to already overcrowded lounges, Capital One is trying to make them more exclusive. As of Feb. 1, 2026, authorized users will lose their complimentary airport lounge access. The Venture X Priority Pass access is also disappearing. And unless you’ve spent $75,000 in a calendar year, you can’t bring a free guest into a Capital One Lounge or Landing.
—————
American Express Platinum Card
The changes coming to the American Express Platinum Card are targeted at emerging adults of a certain age. Believing they can potentially lock in users for life, Amex says they’re redirecting their perks to appeal to Generation Z, and their desire for experiences over things.
Executives note that just this year, they’ve tracked a 40% growth of Gen Z cardholders year over year in the first quarter of 2025. They attribute that growth to the group’s subscription-based mindset, thanks to Spotify and Netflix, and are developing the new perks around it.
The Gen Z experience
Although American Express was a bit vague about the exact timeline of the upcoming upgrades, they did note they will include adding more of their premium Centurion airport lounges and premier reservation access to select dining and winery locations through Tock and Resy.
—————
What’s in your wallet?
The various changes among high-end travel credit cards have many scrambling to replace or cancel the cards they’ve relied on for years. Others are rethinking their strategies to make the most of available points, while also searching for outside hacks for scoring premium airplane tickets and hotel rooms. Whether the backlash will be enough for the credit card companies to notice, or if customers will adjust and normalize to the higher fees and diverse perks, remains to be seen.
—————
Ksenia Prints is a food and travel writer from Montreal, Canada. She blogs over at We Travel We Bond, writing about family travel off the beaten path.
When you do the math, the numbers appear to add up in the consumer’s favor, exceeding the cost of the annual fees of up to $800. However, regular card users quickly noticed that their VIP benefits are ones they will use rarely, if at all.
The changes appear to have been spawned by an explosion of access. To build loyalty, admission to restricted airport lounges was offered to everyone who holds a particular brand of credit card. Customers complained that lounges were overwhelmed, and some were forced to close or lock people out once they reached capacity.
As the saying goes, if everyone’s special, then no one is special. So Chase, American Express and Capital One went looking for ways to make their privileged guests feel special again. Users’ mileage may vary.
—————
Chase Sapphire Reserve
The card with the most widespread changes, including several of the more questionable ones, is the card previously associated with luxury travel: Chase Sapphire Reserve Visa. Existing cardholders won’t see all of the changes and features until Oct. 26, 2025, but are currently in a transition phase. Chase was quick to point out a few things that haven’t changed. They’re still on the Visa Infinite network, one of the most widely accepted global networks. And the Chase Sapphire Reserve card will maintain its industry-leading, comprehensive suite of travel protections.
The good
One of the nicest features of the Chase Sapphire Reserve card isn’t going anywhere. Cardholders get a $300 travel credit across the board. Anyone who applies for a Chase Sapphire Reserve card after June 23, 2025, is eligible for their new welcome offer, which includes 100,000 bonus points and a $500 Chase Travel promo credit if you spend $5,000 on purchases in the first three months.
Cardholders get eight points per dollar on all travel booked through Chase. Points for hotel stays and flights booked directly bump up to four points per dollar, instead of three. The existing credit of up to $120 every four years for the application fee for TSA PreCheck, Global Entry or NEXUS stays in place as well, along with complimentary IHG One Rewards Platinum Elite Status through Dec. 31, 2027.
Two of the most significant new perks are split, forcing cardholders to use them at least two times during the year. Each member gets two $250 credits a year, awarded semi-annually for The Edit hotel portal, and two $150 credits a year to use at restaurants in the Sapphire Reserve Exclusive Tables program, available in select cities. Additional benefits become available when you spend $75,000 on the card in a year.
The bad
The biggest backhand to existing cardholders is the increase in annual fees. Already considered one of the cards with the highest annual fee, it jumps nearly $250 higher, to $795, charged upon renewal. The fee for authorized users also more than doubles to $195, with fewer benefits.
Hotels and rental cars booked through Chase will earn fewer points than before. Cardholders get three points per dollar for dining purchases. All travel purchases not booked through Chase earn a measly one point per dollar.
The confusing middle
Some of the biggest changes touted by Chase Bank to the Sapphire Reserve card as bonuses have quickly become the most frustrating. Part of that is due to how the so-called perks work. Unlike the travel credit, which just gets chipped away by purchases, many special offers require cardholders to remember, track and meet complex eligibility rules.
What’s worse, many cardholders say they won’t use them, or don’t want to shift non-travel purchases to their Chase card to take advantage of them. Cardholders get free DashPass on DoorDash for the first year, and up to $25 in monthly promotions, two $150 statement credits for StubHub and up to $250 toward Apple TV+ and Apple Music subscriptions.
Exercise enthusiasts can take advantage of $120 in annual credits toward their Peloton membership, plus 10 times points per dollar on eligible Peloton purchases. At least the $10 per month in Lyft credit, plus five times points on all rides, makes sense with travel plans. As long as Lyft can avoid being lumped in with the recent accusations against Uber of overcharging when clients have a credit card.
The popular Ultimate Points program will be gradually replaced with Points Boost. Previously, points earned on the Chase Sapphire Reserve were worth 1.5 cents each, or roughly $50 for 3,333 points. You could use these rewards perks to book flights, hotels and more. Now, they’re worth 1 cent apiece, except for select offers that are Points Boost-ed to between 1.5 and 2 cents each. So far, there’s no clear pattern to what offers are boosted when. For points earned prior to Oct. 26, 2025, cardmembers will automatically receive the best offer available.
—————
Capital One Venture X
Launched in 2021, this year’s changes are the first major alterations to the travel card’s perks, but reflect the changes happening with both Chase and Amex.
When it adds up
Like the Chase Sapphire Reserve, the Capital One Venture X card offers an annual $300 travel credit, although it’s just for travel booked through Capital One’s travel portal. New cardholders can pick up 75,000 bonus miles when they spend $4,000 on purchases in the first three months from account opening, the equivalent of $750 in travel.
The Capital One Venture X offers four points per dollar spent on direct bookings with an airline or hotel, and between 5 and 10 miles per dollar through Capital One Travel bookings. That also extends to miles per dollar on all purchases that aren’t booked through Capital One Travel. The Venture X card also waives additional foreign transaction fees and offers cell phone insurance when you autopay that bill with your card.
Giving and taking
The Capital One Venture X is also minimizing a few of their rewards. You’ll only earn a single point per dollar on other travel spend, like car rentals, trains and online travel agencies.
However, the big changes are to the airport lounge access. Rather than expanding access to already overcrowded lounges, Capital One is trying to make them more exclusive. As of Feb. 1, 2026, authorized users will lose their complimentary airport lounge access. The Venture X Priority Pass access is also disappearing. And unless you’ve spent $75,000 in a calendar year, you can’t bring a free guest into a Capital One Lounge or Landing.
—————
American Express Platinum Card
The changes coming to the American Express Platinum Card are targeted at emerging adults of a certain age. Believing they can potentially lock in users for life, Amex says they’re redirecting their perks to appeal to Generation Z, and their desire for experiences over things.
Executives note that just this year, they’ve tracked a 40% growth of Gen Z cardholders year over year in the first quarter of 2025. They attribute that growth to the group’s subscription-based mindset, thanks to Spotify and Netflix, and are developing the new perks around it.
The Gen Z experience
Although American Express was a bit vague about the exact timeline of the upcoming upgrades, they did note they will include adding more of their premium Centurion airport lounges and premier reservation access to select dining and winery locations through Tock and Resy.
—————
What’s in your wallet?
The various changes among high-end travel credit cards have many scrambling to replace or cancel the cards they’ve relied on for years. Others are rethinking their strategies to make the most of available points, while also searching for outside hacks for scoring premium airplane tickets and hotel rooms. Whether the backlash will be enough for the credit card companies to notice, or if customers will adjust and normalize to the higher fees and diverse perks, remains to be seen.
—————
Ksenia Prints is a food and travel writer from Montreal, Canada. She blogs over at We Travel We Bond, writing about family travel off the beaten path.
