The Ultimate Guide to Credit Cards
Sunday, May 26, 2024

Chase Sapphire Reserve® Review

Eric Bank

By: Eric Bank

Eric Bank
Eric Bank

Eric Bank is an M.B.A. who has covered financial and business topics since 1985, appearing regularly on Credible, eHow, WiseBread, The Nest, Zacks, Chron, BadCredit.org and dozens of other outlets. Eric specializes in taking complex subject matters and explaining them in simple terms for consumer audiences, particularly in the world of personal finance. Eric holds a Master's in Business Administration from New York University and a Master's in Finance from DePaul University.

See full bio »

Editor: Ashley Fricker

Ashley Fricker
Ashley Fricker

Ashley Fricker has more than a decade of experience as a finance contributor and editor, and has specialized in the credit card industry since 2015. Her credit card commentary is featured on national media outlets that include CNBC, MarketWatch, Investopedia, and Reader's Digest, among many others. She has worked closely with the world’s largest banks and financial institutions, up-and-coming fintech companies, and press and news outlets to curate comprehensive content and media. Ashley holds a bachelor's degree in multimedia journalism from Florida Atlantic University.

See full bio »

Reviewer: Danielle Spurlin

Danielle Spurlin
Danielle Spurlin

With more than 10 years of accounting experience, Danielle Marshall has a deep understanding of many financial disciplines, including personal and commercial lending, retirement annuities, financial forecasting, and general bookkeeping. She has a bachelor's degree from the University of Florida's Fisher School of Accounting and currently manages all accounts receivable and payable for the parent company of CardRates.com. She works directly with credit card issuers and advertising partners to ensure our content meets compliance expectations and regulatory standards.

See full bio »
Chase Sapphire Reserve® Review

Rated 4.7 /5.0 ★★★★★

In the interests of full disclosure, Chase Sapphire Reserve® is my primary credit card, and it is a good one. It’s worth every penny of its $550 annual fee, thanks to its numerous benefits and valuable rewards.

I use the card to pay for everything, from quarterly IRS payments to the monthly rent. I’m earmarking my points to pay for our next cruise, a luxury I could not otherwise contemplate.

This review examines the Chase Sapphire Reserve® and three of its top competitors. One of these beauties should do nicely if you’re looking for a premium travel card that does it all.

General Overview of the Chase Sapphire Reserve®

The Chase Sapphire Reserve® welcomes you with a generous signup bonus and offers tiered rewards, with the highest bonus rates on travel, hotel, and car rental bookings you make through Chase. Your points are worth 50% more when you redeem them for travel through Chase Travel, or you can transfer them 1:1 to a participating loyalty program.

The card’s travel benefits are second to none, encompassing comprehensive insurance coverage, airport lounge access, and annual travel credits. It also provides valuable consumer protections and partner deals, as well as access to Chase Offers.

How to Qualify & Apply

You need good to excellent credit to qualify for Chase Sapphire Reserve®, which is generally considered a minimum FICO score of 670. Its cardholders have an average FICO score of 766, but you can probably get the card with a lower score, as documented by a few Reddit contributors.

All Approved Applicants All Denied Applicants All Reporting Applicants
Highest Credit Score 850 850 850
Lowest Credit Score 580 546 546
Median Credit Score 770 770 770
Average Credit Score 776.0 766.9 766.2

The card’s eligibility requirements include the following:

    • US citizenship or permanent residency

    • Age 18 or older

    • A valid Social Security number or Individual Taxpayer Identification number

    • Enough income to afford the card’s annual fee and monthly minimum payments

    You can learn more below and access the application directly on Chase’s website by clicking on the Apply Now button below:

    Disclosure: When you apply through links on our site, we often earn referral fees from partners. For more information, see our ad disclosure and review policy.

    Advertiser Disclosure

    CardRates.com is a free online resource that offers valuable content and comparison services to users. To keep this resource 100% free, we receive compensation for referrals for many of the offers listed on the site. Along with key review factors, this compensation may impact how and where products appear across CardRates.com (including, for example, the order in which they appear). CardRates.com does not include the entire universe of available offers. Editorial opinions expressed on the site are strictly our own and are not provided, endorsed, or approved by advertisers.

    BEST OVERALL RATING

    ★★★★★
    4.7

    OVERALL RATING

    • Earn 75,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,125 toward travel when you redeem through Chase Travel℠.
    • $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year.
    • Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases
    • Get 50% more value when you redeem your points for travel through Chase Travel℠. For example, 75,000 points are worth $1125 toward travel.
    • 1:1 point transfer to leading airline and hotel loyalty programs
    • Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™; Select and up to $100 application fee credit every four years for Global Entry, NEXUS, or TSA PreCheck®
    • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
    • Member FDIC
    Intro (Purchases)
    Intro (Transfers)
    Regular APR
    Annual Fee
    Credit Needed
    N/A
    N/A
    22.49%-29.49% Variable
    $550
    Good/Excellent

    When you apply, Chase will do a hard credit pull that may marginally impact your credit score. Hard pulls remain on your credit reports for two years.

    You should be aware of the card’s 5/24 Rule, described below, that may disqualify your application.

    Benefits & Drawbacks of the Chase Sapphire Reserve®

    The card delivers a comprehensive package of perks and bonus rewards. The following points summarize its benefits and drawbacks.

    Benefits

      • Travel Rewards: Earn bonus points on travel, dining, and streaming services. You can use the points to book flights, hotels, and car rentals.

      • Annual Travel Credit: Receive a $300 annual travel credit, which covers a wide range of travel expenses, including flights, hotels, and transportation.

      • Airport Lounge Access: You get a complimentary Sapphire Lounge and Priority Pass Select membership with access to over 1,300 airport lounges worldwide.

      • Global Entry/TSA PreCheck: Get a statement credit for Global Entry or TSA PreCheck application fee every four years.

      • Dining Benefits: Access to the exclusive restaurant collection. Enjoy discounts and credits at various dining establishments.

      • Transfer Partners: You can transfer points to numerous airline and hotel loyalty programs on a 1:1 basis.

      • Luxury Hotel Benefits: Enjoy special perks at luxury hotels through the Luxury Hotel & Resort Collection.

      • Travel Insurance: You receive comprehensive travel insurance coverage, including trip cancellation/interruption, baggage delay, and more.

      • No Foreign Transaction Fees: Use your card internationally without incurring additional fees.

      • Chase Portal: Access the Chase Travel portal for additional travel options and booking flexibility.

      • Partner Benefits: Receive discounts from DoorDash, Lyft, Instacart, and Peloton.

      • Enhanced Point Value: Get 50% more value when you redeem your points for travel through Chase Travel.

      • Consumer Protections: Benefits include purchase protection, return protection, and extended warranties.

    Drawbacks

      • High Annual Fee: The card comes with a $550 annual fee, which may not be cost-effective for all cardholders.

      • Credit Requirements: Requires a good to excellent credit score (670+) for approval, making it inaccessible to some potential applicants.

      • Travel Credit Utilization: To fully maximize the $300 annual travel credit, you need to spend at least that amount on travel each year.

      • No Introductory APR: The card doesn’t offer an introductory 0% APR period on purchases or balance transfers.

      • Reward Redemption Complexity: Maximizing the value of rewards may require careful planning and understanding of reward programs.

      • High Cash Advance Costs: Cash advances on this card incur a high fee and APR.

      • Penalty For Late Payments: Past-due payments can result in fees, a penalty APR, and potential damage to your credit score.

    The fee for each additional cardholder is $75/year. The APR range of 22.49%-29.49% Variable is on the high side, but you can avoid interest charges by paying your entire balance each month. My Chase Plan lets you finance purchases through interest-free installments for a fixed monthly fee.

    Best Alternatives Worth a Look

    The following three cards compete directly with the Chase Sapphire Reserve® card. Each offers premium benefits at a premium price.

    BEST OVERALL RATING

    ★★★★★
    4.7

    OVERALL RATING

    • Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel
    • Receive a $300 annual credit for bookings through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options
    • Get 10,000 bonus miles (equal to $100 towards travel) every year, starting on your first anniversary
    • Earn unlimited 10X miles on hotels and rental cars booked through Capital One Travel and 5X miles on flights booked through Capital One Travel
    • Earn unlimited 2X miles on all other purchases
    • Unlimited complimentary access for you and two guests to 1,300+ lounges, including Capital One Lounges and the Partner Lounge Network
    • Use your Venture X miles to easily cover travel expenses, including flights, hotels, rental cars and more—you can even transfer your miles to your choice of 15+ travel loyalty programs
    • Elevate every hotel stay from the Premier or Lifestyle Collections with a suite of cardholder benefits, like an experience credit, room upgrades, and more
    • Receive up to a $100 credit for Global Entry or TSA PreCheck®
    Intro (Purchases)
    Intro (Transfers)
    Regular APR
    Annual Fee
    Credit Needed
    N/A
    N/A
    19.99% - 29.99% (Variable)
    $395
    Excellent

    The Capital One Venture X Rewards Credit Card is the issuer’s top travel credit card, with an annual fee to match. Benefits include anniversary bonuses, annual travel credits, and Global Entry or TSA PreCheck fee reimbursement. The card rewards you handsomely for hotel stays, flights, and rental cars you book through Capital One Travel.

    The Platinum Card® Review

    at the issuer'ssecure website

    BEST OVERALL RATING

    ★★★★★
    4.7

    OVERALL RATING

    4.7/5.0
    • Earn 150,000 Membership Rewards® points after you use your new card to make $8,000 in purchases in your first 6 months of Card Membership
    • Earn 5X Membership Rewards® points for flights booked directly through airlines or American Express Travel, on up to $500,000 on these purchases per calendar year. Also earn 5X Membership Rewards® points on prepaid hotels on AmexTravel.com. Earn 1X points on all other purchases.
    • $200 annual hotel credit, $200 annual airline fee credit, $25 monthly Equinox credit, $15 monthly Uber cash credit, $50 bi-annual Saks Fifth Avenue credit, and more.
    • Platinum Card Members have unlimited complimentary access to all locations of The Global Lounge Collection, including 1,400 airport lounges across 140 countries.
    • Automatic Marriott Bonvoy Gold Elite Status and Hilton Honors Gold Status. Enrollment required.
    • Choose among three card designs
    • Fee Credit for Global Entry, TSA Pre✓®, CLEAR®
    Intro (Purchases)
    Intro (Transfers)
    Regular APR
    Annual Fee
    Credit Needed
    N/A
    N/A
    21.24% - 29.24% Pay Over Time
    $695
    Excellent

    The Platinum Card® from American Express is an excellent option for travelers. Its high annual fee helps pay for airline and baggage fees, hotel stays, discounts at select merchants, and digital entertainment. The card does not charge foreign transaction fees and offers exclusive deals from American Express Travel. It also insures you against trip cancellations, delays, and lost baggage.

    Mastercard® Gold Card™ Review

    at Barclays Bank'ssecure website

    BEST OVERALL RATING

    ★★★★★
    4.5

    OVERALL RATING

    • Ideal for those seeking a premium travel card that doubles as an everyday workhorse, paired with elevated service beyond the ordinary. Leave behind the hassle of juggling various cards and monthly statements, while finding peace of mind with protection benefits that exceeds standard credit cards.
    • Flat-rate redemption value of 2% for cash back or 2% value for airfare redemption with no airline or seat restrictions and no blackout dates. Earn one point for every dollar spent. Straightforward redemption without needing a high-maintenance reward strategy. No foreign transaction fees, no earning caps, no rotating categories, and no need to chase down transfer partners to escape very low point values.
    • Annual Airline Credit—up to $200 in statement credits toward flight-related purchases including airline tickets, baggage fees, upgrades and more. Just pay for airline purchases with your Mastercard Gold Card and we will automatically apply the credit to your account. That’s it. No need to activate or designate an airline. The credit amount is available in full at the start of the calendar year.
    • Up to a $100 application fee credit for the cost of TSA Pre✓® or Global Entry. Also, enjoy automatic enrollment in Priority Pass™ Select with access to 1,300+ airport lounges worldwide with no guest or lounge limits. Includes credits at select airport restaurants for cardholder and one guest.
    • 24/7 Luxury Card Concierge®—Make requests the way you want by phone, email, SMS and chat in the app. Connect directly with a real agent and receive 24/7 assistance for tasks big and small. Requests do not require a purchase, incure no charge for making them, and do not involve department transfers.
    • Exclusive Luxury Card Travel® benefits—average value of $500 per stay (e.g., resort credits, room upgrades, free wifi, breakfast for two and more) at over 3,000 properties. Receive protection benefits like trip cancellation and interruption, auto rental car collision waiver, travel accident and baggage delay. Cell phone protection for eligible claims of up to $1,000 each year. Plus additional World Elite Mastercard® benefits.
    • Made with 24K Gold: Weighing in at an industry-leading 22g. Designed for frequent shoppers, big ticket purchases and everything in between.
    • Annual Fee: $995 ($295 for each Authorized User). Terms and conditions apply.
    Intro (Purchases)
    Intro (Transfers)
    Regular APR
    Annual Fee
    Credit Needed
    N/A
    0% introductory APR for the first fifteen billing cycles following each balance transfer that posts to your account within 45 days of account opening.
    21.24%, 25.43% or 28.24%
    $995 ($295 for each Authorized User added to the account)
    Excellent

    The gold-plated Mastercard® Gold Card™ weighs an extraordinary 22 grams, which may explain its eye-watering annual and authorized user fees. You receive VIP travel benefits, including complimentary lounge access and the services of the Luxury Card Concierge, who can help with your personal requests, resort reservations, travel bookings through Luxury Card Travel, and access to exclusive events.

    Cardholder Reviews Around the Web

    Forum comments are generally positive for the Chase Sapphire Reserve®, although some complain about the card’s cost.

    Susurrus03 thinks the card’s fee is OK:

    “My home airports, all three of them, have Priority Pass benefits, with two of them straight-up offering dining… I’ll usually leave for the airport early and eat breakfast/lunch. Worth it to me though, even after the authorized user fee. After the $300 credit, the $325 a year is high, but considering the free meals and lounge stays at airports, and more importantly, the amount of money I save on flights. I literally just took $5k off of an expensive flight for my family by using points. And I’ve gotten free flights in the past.”

    Gain_Spirited questions whether the card would work for someone who doesn’t travel much:

    “It’s good that you understand the 50% bonus does not apply to point transfers, which is the reason that hard-core travel points people get it. That’s the reason I went with the Chase Sapphire Preferred instead. The value proposition of the Chase Sapphire Reserve doesn’t work for me. It might work for big league spenders, but the comparison with Capital One Venture X kind of makes the Chase Sapphire Reserve a tough sell.”

    Several commentators point to the card’s savings beyond the annual travel credit, including TSA PreCheck or Global Entry reimbursement, free lounge access, and discounts from DoorDash, Instacart, and other partners. But to come out ahead, you need a lifestyle that includes substantial travel and dining out.

    FAQs: How Do the Card’s Rewards Work?

    Chase Sapphire Reserve® denominates its rewards as points. The top rewards rates of 5X to 10X points apply to dining, car rentals, and travel you book through Chase Travel. You’ll earn 3X points for dining purchases and travel you book elsewhere. All other purchases earn 1 point per $1 spent. New cardmembers can earn a large signup bonus, typically between 60,000 and 80,000 bonus points, when they meet the spending requirement laid out in the terms.

    Redeeming Points

    You can redeem your Ultimate Rewards points in several ways, including the following:

      • Cash: You can cash in your points through a mailed check or a direct deposit to a Chase account.

      • Statement credits: You can apply your points to your monthly balance via a statement credit. The points are worth one cent each when you redeem them this way.

      • Gift cards: Chase regularly offers gift cards at discounted prices. The conversion rate is the same as that for statement credits.

      • Pay Yourself Back program: Chase introduced this program during the COVID-19 epidemic. It lets you use your points as a statement credit to pay for eligible purchases.

      • Pay for merchandise: You can use your Ultimate Rewards points to get merchandise. Point values hinge on which redemption option you choose. The values are generally lower than those for gift cards or statement credits. Redeeming your points can help you obtain the latest products from Apple or Amazon, including items from the Apple Ultimate Rewards store.

    Your points never expire as long as your account remains open.

    Point Value Potential

    The card’s points are worth $0.01 each. But their value increases to $0.015 when you redeem them for travel through Chase. The offer pertains to hotel stays, airline flights, rental cars, and other means of transportation.

    One great feature from Chase Bank is the ability to move your Chase Ultimate Rewards points from the Chase Sapphire Preferred® Card and the Ink Business Preferred® Credit Card to Chase Sapphire Reserve®. The transferred points can then enjoy the same 1.5X value expansion as that of the Chase Sapphire Reserve® instead of the regular 1.25X increase.

    Transferring Points

    If you prefer, you can transfer your points to partner loyalty programs. Chase has partnered with several leading hotel and airline loyalty programs to enable direct transfer of Ultimate Rewards points at a 1:1 ratio. You can transfer your points in increments of 1,000.

    You can make the most of your purchases when you move your points to a travel partner prior to redeeming them. Point transfers are final and can require up to one week to process.

    To transfer your Chase Ultimate Rewards points, perform the following steps:

    1. Log in to the Chase Ultimate Rewards portal. You can do this online or through the Chase mobile app. After you sign in, you’ll see your available point totals.
    2. Access the “Transfer to Travel Partners” section. It appears at the top of the dashboard.
    3. Select a transfer partner. They include:

      • AerClub, loyalty program of Aer Lingus

      • British Airways Executive Club

      • Emirates Skywards®

      • Air France KLM Flying Blue

      • Iberia Plus

      • JetBlue TrueBlue

      • Singapore Airlines KrisFlyer

      • Southwest Airlines Rapid Rewards®

      • United MileagePlus®

      • Virgin Atlantic Flying Club

      • Air Canada Aeroplan

      • IHG® Rewards Club

      • Marriott Bonvoy™

      • World of Hyatt®

    4. Enter the number of points you want to transfer in increments of 1,000. Once you choose your travel partner, you’ll provide the name of the primary account user and the loyalty account number.
    5. Confirm your transfer and visit your chosen partner’s website to book travel. To do so, submit the required form. The name on your Chase account must match the name on the account to which you are transferring points. Even minor variations could result in transfer failure. For help changing your name on file, contact the partner loyalty program directly.

    You can transfer your Ultimate Rewards points to a partner program with another person as the recipient (an external transfer). The recipient must be a household member who is an authorized user of your Chase credit card account.

    What are the Card’s Travel Benefits?

    Chase Sapphire Reserve® provides an extensive array of travel benefits, including the following:

      • Travel rewards: You earn bonus points on travel, excluding a $300 travel credit. Qualifying travel expenses include your flights, hotel stays, and car rentals.

      • Annual travel credit: The card offers a $300 annual travel credit, which helps to offset the annual fee.

      • Airport lounge access: You receive complimentary Priority Pass Select and Chase Sapphire Lounge membership, providing access to more than 1,300 airport lounges worldwide.

      • Global Entry/TSA PreCheck fee credit: You’ll receive a statement credit for the TSA PreCheck or Global Entry application fee every four years. These programs speed up your passage through airport security.

      • No foreign transaction fees: You can use it for international purchases without incurring foreign transaction fees.

      • Travel insurance: The card provides comprehensive coverage, including travel accident insurance, emergency medical and dental benefits, baggage delay coverage, trip cancellation/interruption insurance, lost luggage reimbursement, and trip delay reimbursement.

      • Rental car insurance: You get a primary collision damage waiver (CDW) insurance when you use your card to rent a car and decline the rental agency’s insurance.

      • Emergency evacuation and transportation: The card provides coverage for emergency evacuation and transportation in case of a medical emergency while traveling,

      • Purchase protection: You receive purchase protection, which covers your new purchases for up to 120 days against theft or damage, adding an extra layer of security when shopping during your travels.

      • Roadside assistance: If you have a roadside emergency, you can call for a tow, jumpstart, tire change, locksmith, or gas. You’re covered up to $50 per incident, four times a year.

      • Security and protection features: These include $0 liability protection, 24/7 fraud monitoring, and automatic account alerts, which may be critical when you travel.

    These items constitute the industry’s most comprehensive travel benefits package.

    What Are the Card’s Hotel Benefits?

    Card benefits include access to the Luxury Hotel & Resort Collection, composed of participating luxury hotels and resorts worldwide. These benefits include complimentary room upgrades, early check-in and late check-out, daily breakfast for two guests during your stay, and a unique amenity, such as a credit for dining or spa usage.

    You can also transfer your Chase Ultimate Rewards points to hotel loyalty programs from Marriott Bonvoy, IHG, and World of Hyatt. You can then redeem your points for hotel stays and upgrades.

    Is It Possible to Upgrade the Chase Sapphire Preferred® Card to the Chase Sapphire Reserve®?

    I know from personal experience that it is possible to upgrade from the Chase Sapphire Preferred® Card to the Chase Sapphire Reserve®. Still, there are certain constraints and requirements to keep in mind. You must have a good credit score and a strong credit history to be eligible for an upgrade.

    Chase Sapphire Preferred® Card Review Chase Sapphire Reserve® Review

    You cannot receive the card’s signup bonus if you have collected the bonus from the Chase Sapphire Preferred® Card in the last four years. Chase Sapphire Reserve® has a significantly higher annual fee than the Chase Sapphire Preferred® Card‘s $95 annual fee. You should be prepared for the increased annual fee when you upgrade.

    The decision to upgrade may impact your other Chase credit cards, if any. For example, upgrading may cause you to lose a signup bonus or special perks.

    You can contact Chase Customer Service or visit a local branch to inquire about the upgrade process and check your eligibility. They can provide you with specific information based on your individual circumstances.

    Is It Difficult to Get Approved For the Card?

    It certainly isn’t the easiest card to get. You must have at least a good credit score (670+ FICO) to be approved for this card. Given its high annual fee, you must be able to show you have the income to support this fee and at least the monthly minimum payments. As mentioned earlier, a survey revealed that the average credit score of approved applicants was 766.

    Before applying, review your credit reports for inaccurate information that may depress your credit score. You can get free copies of your reports directly from AnnualCreditReport.com.

    Earlier, we described the card’s other qualification criteria revolving around age, residency, and income. The other significant factor is Chase’s 5/24 Rule.

    How Does Chase’s 5/24 Rule Work?

    The Chase 5/24 Rule caps the number of credit cards you can have and still be eligible for a new Chase credit card. Even if you would otherwise qualify, Chase will reject your application for a new credit card if you have opened five or more credit accounts within the last 24 months.

    The Rule applies to all your credit cards, not just the ones Chase Bank issues. If you fall under the 5/24 Rule, you can reapply once you’ve owned your oldest relevant card for more than 24 months.

    What is the Card’s Credit Limit?

    The Chase Sapphire Reserve® is a Visa Infinite card with a minimum credit limit of $10,000. We’ve encountered multiple forum reports of six-figure credit limits, although most applicants have less expansive initial credit lines:

    Average Initial Credit Line:

    Overall $22,429
    750+ Scores $24,200
    700-750 Scores $17,597
    699 and under Scores $13,857

    The data shows an average initial credit limit of $22,429 for all approved applicants. Credit limits declined for scores below 750, but even cardmembers with sub-700 scores averaged initial lines above the $10,000 minimum.

    Does It Offer Airport Lounge Access?

    The card provides free Priority Pass Select membership, which includes access to 1,300+ airport lounges, restaurants, cafes, and markets participating in the lounge network. There is no additional cost to activate your membership.

    Primary cardmembers and authorized users receive complimentary access to the Priority Pass lounges and can bring a maximum of two accompanying guests each. For any additional guests, the card will charge you a fee per guest per visit.

    Lounges may deny access if at capacity. To access a lounge, you must show your valid Priority Pass Select membership card. Your account must be open and in good standing to maintain membership.

    The card also offers you free access to Sapphire Lounges, which are currently operating or coming soon to Boston, Hong Kong, Las Vegas, New York City, Philadelphia, Phoenix, San Diego, and Austin. Each lounge features food by award-winning chefs, a curated selection of beverages, and a memorable atmosphere.

    How Does It Compare With the Chase Sapphire Preferred® Card?

    The Chase Sapphire Preferred® Card is the bank’s mid-tier travel card. Its moderate $95 annual fee precludes several of the Reserve card’s credits and more expensive features. Nonetheless, the Chase Sapphire Preferred® Card card provides extensive insurance coverage and rewards, including a 1.25X point boost when you redeem them for travel through Chase.

    Chase Sapphire Preferred® Card Chase Sapphire Reserve®
    Annual Fee $95 $550
    Reward Points on Travel & Dining 2x points 3x points
    Reward Points on Other Purchases 1x point 1x point
    Reward Points on Travel Purchased through Chase 5x points 10x points
    Signup Bonus Yes Yes
    Travel Credit $50 hotel credit $300 annual travel credit
    Global Entry/TSA PreCheck Credit None Up to $100 every 4 years
    Airport Lounge Access None Priority Pass and Sapphire Lounges
    Travel Insurance Yes Yes
    Purchase Protection You receive coverage for new purchases against damage or theft for 120 days, up to $500 per claim and $50,000 per account. You receive coverage for new purchases against damage or theft for 120 days, up to $10,000 per claim and $50,000 per year.
    Foreign Transaction Fees None None
    Authorized User Fee $0 $75 per card
    Travel Accident Insurance Offers up to $500,000 per person for accidental death or dismemberment while traveling on a common carrier Provides up to $1,000,000 per person for accidental death or dismemberment while traveling on a common carrier
    Lost Luggage Reimbursement Yes, up to $3,000 per passenger Yes, up to $3,000 per passenger
    Trip Cancellation/Interruption Insurance Up to $10,000 per person and $20,000 per trip for prepaid non-refundable expenses Up to $10,000 per person and $20,000 per trip for prepaid non-refundable expenses
    Auto Rental Collision Damage Waiver Primary coverage, up to the actual cash value of the vehicle Primary coverage, up to $75,000
    Anniversary Credit 10% anniversary bonus on points earned None
    Extended Warranty Protection Extends US manufacturer’s warranty by an additional year on eligible warranties of three years or less Extends US manufacturer’s warranty by an additional year on eligible warranties of three years or less

    The Chase Sapphire Preferred® Card makes sense for consumers who travel occasionally and are willing to forego airport lounge access and travel credits.

    Is this Card Worth Getting?

    Although it charges a steep annual fee, it also delivers generous rewards and benefits that make ownership worthwhile. New members can earn a large signup bonus that is worth 50% more if you redeem the points for travel through Chase Ultimate Rewards.

    Other elements that add to the card’s monetary value include an annual travel credit of $300, fee reimbursements for Global Entry, TSA PreCheck, or NEXUS, free upgrades and complimentary breakfasts from properties within the Luxury Hotel & Resort Collection, and discounts from DoorDash, Lyft, Instacart, and Peloton. And that doesn’t include the rewards and insurance coverages.

    The card more than pays for itself if you take advantage of its perks. Consumers who frequently travel can easily come out ahead by paying with their Chase Sapphire Reserve® card. That said, if you don’t take advantage of the perks or travel often, chances are a cash back card may be a better choice.

    This Card May Be For You If…

      • You can spend and earn enough rewards to offset the high annual fee.

      • You travel often enough to take advantage of the many travel benefits, such as lounge access and primary car rental insurance.

      • You’re looking for a big signup bonus.

      • You can consistently pay your balance before the due date to avoid expensive interest charges.

    It’s easy to see why the card attracts frequent travelers. Many satisfied cardowners are willing to pay the sizable annual fee, including your humble writer.

    About the Author

    Eric Bank
    Eric Bank Finance Expert

    Eric Bank is an M.B.A. who has covered financial and business topics since 1985, appearing regularly on Credible, eHow, WiseBread, The Nest, Zacks, Chron, BadCredit.org and dozens of other outlets. Eric specializes in taking complex subject matters and explaining them in simple terms for consumer audiences, particularly in the world of personal finance. Eric holds a Master's in Business Administration from New York University and a Master's in Finance from DePaul University.

    Share the Knowledge!

    Eric Bank