Chase/CNETThe Chase Sapphire Reserve®* now consists of new rewards, annual credit and memberships, like Apple Plus and Apple Music, valued at $250 a yr (ends June 22, 2027). Chase up to date the cardboard earlier this month, and the updates sound good on paper (except for the bigger $795 annual charge), however there are some fine-print modifications that are not nice.The brief model is that this — cardholders will now must do extra work to get sufficient worth from the cardboard to cowl its price. That seemingly means the common credit score cardholder will not even wish to take into account this as an possibility. Which is honest — the updates put me off from making use of for the cardboard, too.I do not assume you need to must redeem dozens of credit, join a number of complimentary subscriptions, solely e-book flights and accommodations when your factors are boosted, or really feel like you need to purchase a Peloton to be sure to’re getting sufficient worth to justify a card’s annual charge.There are some essential modifications to the cardboard’s rewards, too. It has a bigger welcome supply and new rewards charges, and, much less excitingly, Chase is altering the way it values the cardboard’s factors. The card issuer additionally modified who’s eligible for the welcome supply on its Sapphire playing cards.I’m certain some journey and bank card consultants will disagree, and will simply get sufficient worth to justify the upper price of the cardboard, however for credit score cardholders like myself who would fairly have a extra automated, streamlined expertise, it is not price the additional effort.Here’s every part Chase modified with its Sapphire Reserve replace.What does the brand new Chase Sapphire Reserve appear like?Chase has modified the cardboard’s rewards and the way a lot they’re price when it is time to redeem.New and outdated rewards in contrast New rewardsOld rewards 8x factors for all journey booked by Chase Travel 10x factors for reserving accommodations and rental automobiles by Chase Travel4x factors on flights and accommodations booked straight 5x factors on flights booked by Chase3x factors on eating 3x factors for all different travel1x level for every part else 1x level for every part else These modifications are good. Dining rewards appear to be a no brainer on a journey card, and it is one thing I used to be shocked to not see on the cardboard initially. Also, not needing to all the time e-book by Chase Travel opens extra journey and incomes alternatives.The card additionally features a increased welcome supply:100,000 bonus factors and a $500 Chase Travel℠ credit score for spending $5,000 within the first three months from account opening.Chase additionally modified among the eligibility necessities for its Sapphire card’s welcome affords. Whereas beforehand, you possibly can earn a Sapphire welcome bonus (from both the Chase Sapphire Preferred® Card* or Sapphire Reserve) as soon as each 48 months, now you can solely earn one bonus for both card per cardholder lifetime.For instance, since I’ve the Sapphire Preferred and have already earned its welcome supply, if I utilized for the Reserve, I would not be eligible to earn the brand new welcome supply. This unlucky change does not do a lot to incentivize an improve.Chase additionally modified the worth of the rewards you earn with its new Points Boost program. You used to have the ability to redeem your factors for journey by Chase at a bonus worth of 1.5 cents per level. Now, you will earn 2 cents per level, however solely with rotating boosted redemption flights and accommodations. And in case you redeem your factors for any nonboosted flight or resort, they’re going to solely be price 1 cent every. You can nonetheless switch your factors at a 1:1 ratio to Chase’s journey companions. This is clearly much less versatile than the cardboard’s earlier reward program, and can seemingly trigger cardholders to overlook out on worth they’d’ve in any other case secured. What if there are not any boosted flights or accommodations for when and the place you are trying to journey?You’ll both want to attend or have much less of your journey coated. Or, you possibly can switch your factors the place they may very well be price extra — however once more, that takes extra work than merely redeeming by your card issuer’s portal for a small bonus, because it was earlier than. The Sapphire Preferred now makes use of the Points Boost program as effectively.New annual creditThe card can be gaining a handful of latest annual credit:$500 The Edit℠ credit score: The Edit is Chase’s new assortment of over 1,100 accommodations. You get $250 from January to June, and the opposite $250 from July to December.$300 eating credit score: Again, cut up in half — $150 for January by June, and the opposite $150 for July to December.$300 StubHub credit score: $150 for January by June, $150 for July to December. Ends Dec. 31, 2027.Apple Plus and Apple Music membership, price $250 yearly. Ends June 22, 2027.$120 Peloton credit score: You get $10 month-to-month assertion credit for a Peloton membership by Dec. 31, 2027, for a most of $120 yearly. Plus, you will earn 10x rewards on Peloton gear purchases.Those are the brand new credit; there are a variety of others, too. You can see all of them on Chase’s web page. The issuer says the cardboard affords greater than $2,700 in worth, however you will actually need to work to attain that.For those that spend $75,000 in journey on the cardboard in a calendar yr, you will unlock a $500 Southwest journey credit score plus A-list standing, IHG Diamond Elite Status and $250 in assertion credit for The Shop at Chase. That’s a excessive spending threshold that solely probably the most well-off traveller will seemingly be capable of attain, and it does not appear to be an important return on funding.And the next feeLastly, the cardboard now prices $245 greater than it did a month in the past. The annual charge for the Chase Sapphire Reserve now sits at $795, one of many highest available on the market. While the credit supplied can surpass the value of the cardboard, you will have to do the work to make use of every part it has to supply.That means shopping for and utilizing a Peloton, checking the Points Boost program, ordering DoorDash, utilizing Lyft and profiting from the brand new eating credit score and two journey credit, and on and on. It’s a number of homework. If you do not use sufficient of the additional perks, you will seemingly be on the hook for at the very least a part of its annual charge.Should you get this card?In brief, I feel there are individuals who will discover this card price it, significantly these with higher-than-average journey budgets (and maybe some kind of assistant to assist them maintain observe of every part), however for the common traveler or credit score cardholder, they’re extra prone to depart worth on the desk and be caught with a excessive annual charge.There’s simply a lot supplied right here, which is nice, however the change in how factors are valued, how a lot further work you, because the cardholder, must do yearly to make the cardboard’s $795 charge really price the fee, does not add as much as me. But once more, I most likely view bank cards a bit in another way than most card consultants. I like the simple route, the one which ensures worth with none monetary corrosion or work past my normal routine.So I’ll fortunately persist with my Sapphire Preferred, which affords method much less, however solely prices $95 every year.I take advantage of it for my eating and journey bills, redeem my factors for journeys residence by Chase Travel and benefit from its annual $50 resort assertion credit score. There will not be numerous annual credit, memberships and subscriptions, however I barely have to do any further work — and positively need not overspend — to appreciate its worth versus how a lot it prices me yearly.*All details about the Chase Sapphire Reserve and Chase Sapphire Preferred has been collected independently by CNET and has not been reviewed by the issuer.