The Priority Pass membership is a standard perk these days for premium credit cards. It grants you access to Priority Pass' network of lounges (and even some restaurants, where you get a free set tab) located all over the world. Not all Priority Pass lounges are created equal, but thanks to sites like Lounge Buddy you can vet a lounge before travel.

Priority Pass memberships (with varying levels of free access) come with all the following credit cards:

Chase Sapphire Reserve®
Citi Prestige
American Express Platinum
American Express Business Platinum
Chase Ritz-Carlton Card
U.S.

If you have a Chase Sapphire Reserve® Card, you should have already gotten a notice in the mail about a few changes to your benefits effective August 26, 2018. But let's get real. I'm sure many of you throw that mail away without even looking at it. Here are the changes it went over.
1.

If you applied for a Chase Sapphire Reserve® card before May 21, 2017, have an Amex Platinum (opened anytime), or have a Citi Prestige (opened anytime), then pay attention. This is an important reminder to not forget to maximize the benefits of your premium card before the year ends.

Premium travel credit cards typically come with yearly statement credits that reimburse you for travel expenses (which are defined differently depending on the issuing bank--more on that below).

The Sapphire Reserve Card has been added to Chase's Refer-a-Friend Program. For every person that applies and is approved through your personal referral link, you'll earn 10,000 Ultimate Rewards. The maximum bonus points you can earn through Sapphire Reserve referrals per year is 50,000.

The Referral Offer
The sign up offer for the Chase Sapphire Reserve® through Refer-a-Friend is the same as the public offer: 50,000 Ultimate Rewards for spending $4,000 on the card within three months of account opening. That is what your friend will earn.

Yesterday I wrote about your options downgrading a Chase Sapphire Reserve® Card, and all the factors you should consider when choosing to downgrade or cancel.

One point I did not bring up, that I wished to elaborate more on in a separate post, is picking an optimal time to downgrade if you applied for the Sapphire Reserve before May 21, 2017.

This is because earlier this year, Chase changed the way a very valuable benefit of the Sapphire Reserve works--the $300 travel statement credits.
History of the Sapphire Reserve's Travel Statement Credit Benefit
The Sapphire Reserve's most valuable benefit that

Today we learned of a new rule enforced by Chase regarding their Sapphire products. Applicants will not be approved for another credit card in the Sapphire family if they already have one open. These are Chase's Sapphire branded credit cards:

Sapphire
Sapphire Preferred
Sapphire Reserve

This rule will only affect applicants moving forward and should have no affect on the cardmember status of existing cardholders.
Where the Rumor Came From
Doctor of Credit was a sent a photo from someone who works at Chase of a memo that was sent to them by Chase. It went over four points.

The current sign up bonus that comes with the Chase Sapphire Reserve® Card when you apply online is 50,000 Ultimate Rewards after spending $4,000 on the card within three months of opening it.

If you apply in a Chase branch, you can still get the previous 100,000 Ultimate Rewards bonus for meeting the same minimum spending requirement of $4k in three months that was yanked from the online application in January. This in-branch offer will only last through March 11, 2017.

The Chase Sapphire Reserve®, the Citi Prestige, and the Amex Platinum card are premium credit cards with huge benefits and huge annual fees to match: $450.

The first year, these are fantastic cards. The second year, the value is less certain. We'll look at canceling and downgrading options in this post.

The First Year

Many people are scared off by that annual fee, which makes sense at a superficial level. We all got interested in miles and points to save money, not spend it. I was afraid of premium cards when I first jumped in the game.

The sign up bonus that currently comes with the Chase Sapphire Reserve® Card when you apply online, 100,000 Ultimate Rewards after spending $4,000 on the card within three months of opening it, will drop to 50,000 Ultimate Rewards for the same spending requirement tomorrow.