[Update: It's official & new lounge info] Documents reveal changes coming to your favorite rewards cards

Updated 8/10/21 Chase also announced the opening of 3 Chase Sapphire Lounge locations by The Club. More information is available at the end.These cards offer travel and dining rewards at flat rates of 2x to 3x. There are new rewards. These are not rumors. These documents were leaked directly from the card issuer.Reddit poster the_one_with_me discovered that the Ultimate Rewards portal links cardmember agreements that are different from the current cards rewards structure. These changes could be in the making, but the details have not been released yet. Here's the latest (hat tip Doctor Credit):Chase Sapphire PreferredCurrent rewards structure2x for Dining and Travel5x Lyft (through March 20,22)Points equal 1.25 cents per point when used to travel or pay yourself backReward structure updatedLink to Sapphire Preferred documentDate of effect: August 16, 2021 (confirmed).Confirmed: 3x Dining Streaming Services & Online Grocery (Excluding Target, Walmart, Wholesale Clubs). Greg's Note: Online grocery is grocery ordering and delivery services such as Instacart or Shipt.,, and (exclusions Target, Walmart, Wholesale Clubs). Greg's Note: Online grocery is a term that refers to grocery ordering and delivery services such as Instacart or Shipt. Chases Travel Portal: 5x Travel BookingAll other travel 2xAll other purchases eligible for 1x10% Bonus Points for Anniversaries: For every account anniversary, you will receive bonus points equal to 10% of your total points spend based on your cardmember year.Greg's Note: This will add an additional 0.1x on all your spending. Spend $25,000 in a year to get 25,000 bonus points. Bonus categories do not earn you extra points. E.g. This bonus will allow you to earn 3.1x on dining purchases, not 3.3x.Bonus points equal to 10% of your total points spend based on your cardmember year. Greg notes that this adds an additional 0.1x on top of all your spending. Spend $25,000 in a year to get 25,000 bonus points. Bonus categories do not earn you extra points. E.g. This bonus will allow you to earn 3.1x instead of 3.3x on dining purchases $50 Hotel Credit: Every cardmember year, get $50 back on hotel bookings made through Chase Ultimate Rewards. Ultimate Rewards will not be earned for the portion of this spend that is not refunded. To earn this credit, those who opened the card before August 15, 2021 will need to wait until their next anniversary.Chase Ultimate Rewards cardmembers earn $50 each year on hotel bookings made through Chase Ultimate Rewards. Ultimate Rewards will not be earned for the portion of this spend that is not rebated. To earn this credit, those who opened the card before August 15, 2021 will need to wait until their next anniversary. When redeemed for travel, points are worth 1.25 cents each. Pay Yourself Back is not mentioned.Update: A new card design will be made available to existing and new cardmembers starting August 16.My TakeChase offered 3x dining, 5x travel through Chase and 5x drugstore for Freedom Flex and Freedom Unlimited. I was confident that they would soon add the same to the Sapphire Preferred. It didn't happen fast, but it is finally happening. 3x pharmacy is still not available, but 3x streaming and 3x online grocery are on the horizon.These are, in my view, decent enhancements to the Sapphire Preferred card, provided Chase doesn't increase the annual fee. The 3x dining increases the card's value beyond that of the Freedom cards. Because the Sapphire Preferred does not charge foreign transaction fees, it is more than just a way to bring the card up to par with them. The 10% anniversary bonus sounds even more exciting than it actually is. It's hard to believe that anyone spends enough on Sapphire Preferred to convert this bonus into large points. Spending that much on the Sapphire Preferred will result in you using a card that offers better rewards. Anyone who book online at least once per year a hotel room is eligible for a $50 hotel credit.Although I don't find the enhancements to be particularly exciting, they offer enough to make the card still relevant.Chase Sapphire ReserveCurrent rewards structure3x Dining and Travel10X Lyft (through March 20,22)All other purchases eligible for 1x$300 Annual Travel CreditPoints equal 1.5 cents per point when used to travel or pay your self backReward structure updatedLink to the Sapphire Reserve documentDate of effect: August 16, 2021 (confirmed).(confirmed) 10x on Chase diningGreg's Note: It sounds exciting, but it isn't. In practice, Ultimate Rewards offers very few prepay options for dining.Greg's Note: Although it sounds exciting, this is actually a sign that Ultimate Rewards has very limited opportunities to prepay for dining. Chases Travel Portal: 10x Hotel and Car Rental PurchasesChases Travel Portal: 5x AirfareAll other Travel and Dining: 3xAll other purchases eligible for 1x$300 Annual Travel CreditPoints are worth 1.5 cents each when used to purchase travel. Pay Yourself Back is not mentioned.New: Cardmembers will soon have access to Reserved by Sapphire, which will offer them exclusive opportunities to make reservations at highly-demanded restaurants.My TakeIt is not mentioned in the document so I don't believe it will disappear. I think it would be a huge blow to Sapphire Reserves' value if it did disappear.Overall, I find these additions to be insignificant. Although the Chase portal allows you to earn up to 5x on airfare, and 10x on cars and hotels, it is not a major change. This card offers the best-in class travel protections and best-inclass travel rewards. However, booking hotel or rental cars through online travel agencies is not something I like. You don't earn any rewards or receive elite benefits.Are there other changes?These documents are Ultimate Rewards program agreements and apply to each card. These cards could undergo other changes that will not affect the Ultimate Rewards program. If there are changes to the annual fees, I don't expect to see them mentioned in these documents. You can rest assured that I don't expect any annual fee increases. This was just one example.Update: An official announcement dated 8/10/21 indicated that neither the annual fees nor the card's validity were affected.Coming Soon: New Sapphire Lounge at The Club airport loungesChase also announced the opening of a few new lounges. The Chase Sapphire Lounge by The Club airport lounges are located at New York's LaGuardia Airport (LGA), Boston's Logan Airport (BOS), Hong Kong (HKG), and will be available to Reserve cardholders as well as Priority Pass members. This is the good news: Priority Pass members from other issuers can also access the Sapphire Lounges. The opening date and location of these lounges is not yet known. The announcement sounds like the initial three locations will open in the new year.What is your take?What do you think about these changes to Sapphire Reserve and Sapphire Preferred cards? Comment below.