Higher annual fees, tighter lounge rules, and major issuer changes – in plain English.
Last updated: January 19, 2026
2025 was a loud year in the credit card world. Issuers raised annual fees, piled on more credits, and started tightening benefits that used to feel easy – especially lounge access. A lot of the headlines broke in 2025, but 2026 is when the changes start showing up in real life: at renewal time, at the lounge front desk, and when old cards get converted.
| Quick takeaway: Many of the changes were announced in 2025. In 2026, more people start paying the new fees and living with the new rules. |
2025 in a nutshell
The big themes were consistent across the industry:
- Premium card prices jumped again, led by Chase and American Express.
- Benefits got split into monthly, quarterly, or semiannual credits. That can be great – but only if you actually use them.
- Lounge crowding turned into policy changes, with February 2026 set as the enforcement date for Venture X.
- Two major partnerships started breaking apart in public: Bilt/Wells Fargo and Apple Card/Goldman Sachs.
- Banks leaned harder into travel portal value (Points Boost, hotel collections, and booking credits) instead of simple fixed-value redemptions.
The biggest news from 2025
Chase remade Sapphire Reserve and introduced Sapphire Reserve for Business
Chase raised the Sapphire Reserve annual fee to $795 for new applicants starting June 23, 2025, and added a lot of credits and partner perks. The bigger change was travel redemptions. Chase rolled out Points Boost (up to 2x value on select flights and hotels booked through Chase Travel), while other Chase Travel redemptions moved to 1:1.
For existing cardholders who got the card before June 23, 2025, Chase also created a soft landing: points earned before October 26, 2025 can still redeem at 1.5x in Chase Travel until October 26, 2027. Chase also launched Sapphire Reserve for Business with a similar premium setup and a $795 annual fee.
Amex moved Platinum to $895 and added even more credits
Amex refreshed the Consumer and Business Platinum cards on September 18, 2025, with a new $895 annual fee. The changes leaned heavily into credits and perks. For consumers, the headline adds included a Resy dining credit and a lululemon credit, plus a larger hotel credit. Many existing cardholders begin seeing the higher fee at renewal starting in 2026.
Capital One put a date on its Venture X lounge cutbacks
Venture X stood out because it was easy to share lounge access. In 2025, Capital One confirmed that would change on February 1, 2026. Starting that date, the main cardholder can pay $125 per additional cardholder per year to keep lounge access on that extra card. Guest access also stops being free by default: adults are $45 per visit at Capital One Lounges and Landings (kids 17 and under are $25, under 2 are free), and Priority Pass guests cost $35 each per visit. There is one big exception: spend $75,000 in a calendar year and you can earn back free guests for a period.
Bilt and Wells Fargo moved toward the exit
Wells Fargo stopped accepting new Bilt applications in November 2025. By the end of the year it was clear the old setup was going away. Now we have a hard timeline: the Wells Fargo-issued Bilt Mastercard keeps working through February 6, 2026, and then it is retired. If you do nothing, Wells Fargo converts your account to an Autograph Visa starting February 7, 2026. Bilt is replacing the old card with a new program (Bilt Card 2.0), including support for mortgage payments. Bilt also says that if you choose your new card by January 30, 2026, you can keep things smoother (including keeping the same card number) and avoid a hard credit inquiry.
Apple Card’s issuer change went from chatter to official news
Apple confirmed on January 7, 2026 that Chase will become the new issuer of Apple Card, with an expected transition of about 24 months. Apple also confirmed Mastercard stays as the network, and Apple says the card will continue to have no fees (no annual fee, no late fee, no foreign transaction fee). Existing cardholders do not need to reapply and can keep using the card as normal during the transition.
2026 Timeline
| Date | What changes | Who it hits | What to do |
| Jan 2, 2026 and later renewals | Many Amex Platinum renewals begin billing at $895 | Existing Amex Platinum cardmembers | Before renewal: list the credits you actually use. If you are guessing, you are probably overpaying. |
| Jan 7, 2026 (announced) | Apple confirms Chase will become Apple Card issuer (transition about 24 months) | Apple Card users | No action today. Just watch for future notices about servicing, card numbers, and benefits. |
| Jan 30, 2026 | Deadline for a smooth Bilt transition for many cardholders | Wells Fargo-issued Bilt Mastercard holders | Decide whether you want Bilt 2.0 or are fine converting to Autograph. Update autopay plans early. |
| Feb 1, 2026 | Venture X lounge rules tighten (guests and authorized users) | Capital One Venture X households | Assume guest fees unless you can hit the $75,000 spend threshold. |
| Feb 6-7, 2026 | Old Wells Fargo Bilt card stops working; conversion to Autograph begins; Bilt 2.0 goes live | Wells Fargo-issued Bilt cardholders | Update saved payments and autopays. If switching, make sure your new Bilt card is in hand before the cutoff. |
| Simple way to think about it: If your favorite benefit is lounge sharing, or you hate tracking credits, 2026 is the year to re-check the math on your premium cards. |
What to expect in 2026
Not everything below is confirmed. The first section is what is already on the calendar. The second section is what I think is likely next based on the last 12-18 months.
What is already locked in
- Apple Card will move to Chase over roughly two years, and Mastercard stays the network.
- Capital One Venture X gets stricter on Feb 1, 2026: $125 per additional cardholder for lounge access, and paid guests unless you hit the $75,000 spend trigger.
- The Wells Fargo-issued Bilt card is ending, with a forced Autograph conversion if you do nothing.
- More people will feel Amex Platinum’s $895 annual fee as renewals hit throughout 2026.
What I think happens next (predictions you can plan around)
| What I am watching | Why it matters | Confidence |
| Lounge access gets harder to share | Capital One is tightening and it is unlikely to stop there. Expect more cards to charge for sharing lounge access, limit guests, or require big annual spend for free guests. | High |
| More premium cards lean into credits you must track | Chase and Amex both leaned into monthly and quarterly credits. That is not an accident – lots of people forget to use them. More cards will copy this style. | High |
| More travel portal pricing games | Points Boost is a signal. Issuers want flexibility to boost some redemptions and not others. That usually means you will need to price-check instead of assuming a set value. | High |
| Bigger welcome offers on expensive cards | When annual fees jump, issuers often respond with higher sign-up bonuses to keep applications flowing. Expect that to continue through 2026. | Medium |
| More rule tweaks and tighter bonus language | Chase is already updating Sapphire bonus disclosures in late January 2026. When issuers refresh products, rule cleanups usually follow. | High |
| More mid-tier cards trying to feel premium | Not everyone wants an $800-$900 annual fee. Expect more cards in the $95-$395 range to add perks, smaller credits, and simple travel protections. | Medium |
| APR becomes a bigger talking point | With public attention on APR caps and affordability, expect more issuers to test promotional APR offers even on rewards cards. | Medium |
| Apple Card under Chase eventually looks different | Chase tends to build ecosystems. It would not be surprising to see a welcome offer at some point, or a rewards tweak that nudges spending into Chase-style travel and partners. | Medium |
Rumors worth watching (not confirmed)
Rumors come and go. This list sticks to the ones that have at least some smoke behind them, or they line up with the timing of real, scheduled changes.
| Rumor | What people are saying | Why it could be real | How I would treat it |
| Wells Fargo may launch a new $95 card around Feb 6 | A branch-level report (picked up by Doctor of Credit) suggests a new card could drop on 2/6. | That date lines up with the Bilt shutdown and Autograph conversion. Launching something new would help Wells Fargo control the story. | Watch only. Do not plan around it until there is an official product page. |
| Capital One may add or tweak value on Venture X later in 2026 | Not confirmed, but it is common for issuers to add a perk after cutting something unpopular. | Venture X is still priced lower than other premium cards. Capital One may want to keep it competitive without reopening lounge crowding. | Treat as possible, not promised. Make your keep-or-cancel decision based on what exists today. |
| More ‘pay to share’ perks across the market | Capital One is doing it. Amex and Chase already charge for premium authorized users. | Crowding and costs are not going away. Charging for sharing benefits is the easiest lever to pull. | Assume more restrictions are coming and keep a backup plan. |
| Bilt keeps adjusting how housing rewards work | Bilt already adjusted its housing rewards options after early feedback. | This is a brand-new program structure and Bilt is clearly willing to change it fast. | Expect changes in the first half of 2026. Read updates carefully if you use Bilt for rent or mortgage rewards. |
What I would do right now
If you have Capital One Venture X
- Decide who truly needs lounge access before Feb 1, 2026.
- Assume guest fees unless your household can realistically spend $75,000 in a calendar year.
- If you added authorized users mainly for lounge access, do the math on $125 per person and compare to alternatives.
If you have the Wells Fargo-issued Bilt card
- Do not wait until February. The old card stops working after Feb 6, 2026.
- If you want Bilt points long-term, choose your Bilt 2.0 option by the stated deadline to keep things smooth.
- If you do nothing, expect a new Autograph Visa number and update saved payments.
If you have Amex Platinum
- Before renewal, list the credits you will actually use (not the ones you hope you will use).
- If you are not using credits, look at downgrades or alternatives before the higher renewal posts.
- If you do use credits, keep a simple checklist so you do not miss the quarterly or semiannual ones.
If you have Apple Card
- Nothing you need to do today. Apple says existing users do not need to reapply.
- Watch for future notices about the transition, especially if card numbers or servicing changes.
- Do not assume rewards will never change. Chase could leave it alone or tweak it later.
If you have Chase Sapphire Reserve (or are considering it)
- If you rely on Chase Travel value, learn how Points Boost works before you assume 1.5x is still your default.
- Price the card based on credits you will actually use – not the headline ‘up to’ value.
- If you care about sign-up bonus
