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The Chase Sapphire Reserve®, a premium travel card competitive with The Platinum Card® from American Express, has bumped up some of its annual percentage rates, or APRs, in response to the Fed raising interest rates. The 0.25% bump on these APRs is directly in line with the national interest rate increase.
The regular purchase APR, which applies to purchases made with the card, has jumped to a 17.24% to 24.24% variable rate. (Previously, it was a 16.99% to 23.99% variable APR.) That means if you don't pay your balance in full each month, you'll see a 0.25% higher interest rate on your remaining balance. If you always pay your entire balance on time monthly, you won't notice a difference.
The cash advance APR for the Chase Sapphire Reserve also went up to 25.24% variable. This is the interest rate that applies to cash withdrawn against your credit line. There is also an up-front cash advance fee of 5% of the transaction (or a $10 minimum). Cash advances are notoriously expensive.
As more interest rate hikes are planned for 2022, it is likely that APRs on this card -- and all others -- will continue to rise incrementally throughout the year.
For more details about this card's luxury travel rewards and benefits, check out our full review of the Chase Sapphire Reserve.
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