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Some financial windfalls are all about the timing — and luck: A handful of California gold nuggets in 1848. A SoHo loft in 1984. Bitcoin in 2013. A home mortgage rate in 2020.
I’ve made peace with missing out on some of life’s chances to accidentally inflate my financial standing in the world. But the one that has always made me slightly sick to my stomach is missing out on the late 2016 Chase Sapphire Reserve credit card points bonanza.
Now, my painful case of FOMO has been cured.
Last week, Chase said it was revamping the Sapphire Reserve — and upping its annual fee to $795, from the current $550. And it’s making a bunch of changes to its rewards structure, which some people are downright furious about. They say they’ll cancel. (Chase says its card will become even more valuable, with “over $2,700 in annual value.”)
Well, as a world-class hater, sore loser, and jealous snake, I couldn’t be more thrilled.
When the new yearly fee and rewards were announced last week, I watched in absolute glee as friends of mine and strangers on the internet lamented and wailed at the fact that the card that had once showered them with rewards points would not be worth the fee (again, only for some people).
The Chase Sapphire Reserve card had attained a millennial mythos akin only to avocado toast and entitled attitudes. It came during the peak of the ZIRP and “millennial lifestyle subsidy” eras: Ubers were cheap, and the credit card points flowed like The Fat Jewish’s personal rosé brand. The card — especially if you signed up in the early days — gave you a massive points bonus that could be used for travel or other perks.
It seemed almost impossible not to have the credit card make you money (of course, assuming you paid off your balances and wisely used the points).
BusinessWire via AP
I never had the Chase Sapphire Reserve; when it launched, my friends were excited and extolling its virtues, but I thought I needed another credit card and was intimidated by the points gaming. At some point, I realized I had missed the boat. I didn’t get in while the getting was good.
Now, I’ve been reading the r/SapphireReserve subreddit with glee, seeing some of the former evangelists of the card defeated by its new fee. The main post about the news: “Welp. It’s bad and official.”
I should note here that the card may indeed still be a good deal for some people — it matters how much you spend, and what kind of rewards/perks you’re most interested in.
The perks, however, are not exactly what everyone wants, like Apple TV+ or Apple Music subscriptions (less appealing for a Spotify user). There are credits for certain hotels from Chase’s selection of hand-picked hotels (which may not be the ones you want). If you spend $75,000 a year on the card, you will get status on Southwest Airlines.
But as one Redditor said: “Who is spending $75k per year on this card that also wants status on Southwest Airlines?”
As for Chase, it touts 8X points on all Chase Travel purchases, which is up from 5X on flights, but slightly down from 10X on hotels and car rentals. It also touts 4X points on flights and hotels purchased directly with the airline or hotel, up from 3X.
The points system for the card is somewhat complicated (part of why I have always avoided a points-based card), and people’s individual situations will vary a lot about whether this card is better or worse or worth it. For some people, the higher yearly fee will net out with all the new rewards; for others, they’re thinking of downgrading to a cheaper version or canceling altogether.
I wish all of the Chase Sapphire Reserve cardholders the best journey to the path that works best for them. Me, I’m just feeling a huge burden lifted off my shoulders. Ahhhh ….
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