This has to be my own personal saddest credit card news of 2024.
As of July 1, 2024, the Chase Sapphire Reserve® is removing access to participating Priority Pass restaurants, cafes, and markets. This means you will no longer receive the $28/guest (typically up to $56 total compensation) at any Priority Pass locations using your CSR after July 1.
While you will still have access to Priority Pass lounges, this is still devastating news. In fact, it was one of the benefits that helped the Reserve stand out amongst its direct competitors—the Capital One Venture X Rewards Credit Card and the Platinum Card® from American Express. This leaves the Citi Prestige Card (no longer open to new applicants), UBA Visa Infinite, and Capital One Venture X business as the only major credit cards on the market to offer Priority Pass restaurant credits.
What Is Chase's News On This?
In recent statements issued by Chase, there's this text block:
“As of July 1, 2024 you will no longer have access to restaurants, cafes, and markets participating in the Priority Pass Select network as part of the Priority Pass Select Benefit associated with your Card. Access to Priority Pass Select’s network of lounges and other select airport experiences is not impacted by this update.”
This basically means exactly how it seems—the Chase Sapphire Reserve is losing one of its most highly valued perks that distinguished it amongst it competitors.
How Does This Impact The Chase Sapphire Reserve?
The Reserve is facing a multitude of changes in a few months, starting with the loss of the monthly GoPuff credits:
- July 1, 2024: CSR loses Priority Pass restaurant access
- July 31, 2024: CSR loses $15/month Instacart credit
With the loss of these 3 benefits, even I'm having a difficult time justifying my CSR:
- The CSR comes with a hefty annual fee of $550
- But, that annual fee is easily cut down with the $300 travel credit
- However, I also have the Business Platinum Card® from American Express, which already gives me Priority Pass access, so the CSR Priority Pass benefit is essentially useless to me
- The only things left to justify the "$250 effective" annual fee are: Lyft Pink, 10x back on Lyft rides, up to $5/mo credits on Doordash, and unlimited Chase lounge access
However, being based out of San Francisco and rarely flying out of Chase lounge hubs, the value proposition of this card takes an enormous hit with the loss of all these perks. I am planning on downgrading my Reserve in the future.
What About The Ritz-Carlton Card?
My understanding is that the Ritz Carlton card is also set to receive these changes. This is not the most surprising news to me, as this card has some incredible benefits that are hard to beat.
Conclusion
With the loss of Priority Pass restaurants, the Chase Sapphire Reserve takes a huge hit in terms of value. With the loss of so many perks coming, the Reserve is in desperate need of a reworking to stay competitive. Otherwise, I, like many others, may be considering downgrading or even closing this card in the near future.
