I applied for the Chase Sapphire Reserve® as soon as it was introduced in 2016, and it has had a secure spot in my wallet since then. While it has a high annual fee, I love the easy-to-use perks like the $300 annual travel credit and the ability to earn lots of Chase Ultimate Rewards® points.
There are other less expensive Ultimate Rewards cards, but I am sticking with the Sapphire Reserve card. Here’s why I think this card is worth it.
Chase Sapphire Reserve®
This card offers superior points earning rates if you spend frequently on travel and dining out. The $300 travel credit justifies much of the annual fee, and redeeming points for travel through Chase Travel℠ nets you a 50% bonus.
- $300 annual travel credit is incredibly flexible
- Generous welcome bonus
- Get 50% more value when you redeem points for travel through Chase
- Points transfer to valuable airline and hotel partners
- High annual fee
- High variable APR on purchases
- Excellent credit recommended
- Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $900 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, 60,000 points are worth $900 toward travel.
- Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2027.
- 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
Chase Sapphire Reserve® Benefits in 2024
The Chase Sapphire Reserve® card has perks that make it worth keeping.
- $300 annual travel credit
- Earn 5 points per dollar on flights and 10 points per dollar on hotels and car rentals when purchasing travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3 points per dollar on other travel and dining and 1 point per dollar spent on all other purchases
- Earn 10 points per dollar on Lyft purchases (through March 2025)
- TSA PreCheck® or Global Entry application fee credit (every four years)
- Priority Pass Select membership
- Access to Chase Sapphire Lounge by The Club locations
- Excellent travel protections, including primary car rental insurance, emergency medical and dental, trip cancellation/interruption, baggage delay, trip delay, emergency evacuation and travel accident insurance.
However, these benefits come at a cost—this card has a $550 annual fee. While that’s a lot of money, I would argue that it’s worth it.
Why the Chase Sapphire Reserve® Card Is Worth It
If you want the ability to transfer your Chase points to hotel and airline partners, you must have a premium Ultimate Rewards-earning card: the Chase Sapphire Reserve® card, the Chase Sapphire Preferred® Card, or the Ink Business Preferred® Credit Card. Other Chase cards earn Ultimate Rewards points, but you need one of these three premium cards to be able to unlock the transfer partners.
Since Chase Ultimate Rewards points are my favorite type of points, I will always have an Ultimate Rewards-earning card in my wallet.
With that in mind, the real question is this: Is the Chase Sapphire Reserve® card worth the extra cost over the Chase Sapphire Preferred® Card? The Ink Business Preferred® Credit Card is a great option for business owners, but to keep things simple, I’m just going to talk about consumer cards.
Chase Sapphire Reserve® vs. Chase Sapphire Preferred® Card
Some may assume the Sapphire Preferred is a better option than the Sapphire Reserve card because it has a much lower annual fee, but I am not one of them.
The Sapphire Preferred card has an annual fee of just $95, versus the Chase Sapphire Reserve card’s annual fee of $550. That’s a difference of $455.
However, the Sapphire Reserve card comes with an annual $300 travel credit. Since this credit can be applied to any travel purchases (not only those made through the Chase Travel Portal), it’s as good as cash, in my opinion. That makes the cost difference between these cards actually $155.
So, when I consider whether or not the Chase Sapphire Reserve® is worth it, that’s the number I keep in mind. Are the Sapphire Reserve card benefits worth an extra $155 per year? Let’s break things down further.
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Earn Extra Ultimate Rewards Points
One of the differences between these two cards is that the Sapphire Reserve card earns an extra point per dollar spent on general travel purchases (3 points per dollar instead of 2 points per dollar). Let’s look at the value you receive from that extra point per dollar.
Chase points can be redeemed through Chase Travel℠ at 1.5 cents each when you have the Chase Sapphire Reserve® card, so that’s the value I’ll give them in this example.
With the Sapphire Reserve earning 1 additional point per dollar for travel, you’d need to spend $10,334 on travel purchases in a year to earn enough points to cover the $155 difference between these two cards. That would earn an extra 10,334 points (worth $155.01 when redeemed through Chase Travel) over using the Chase Sapphire Preferred® Card. Yes, that’s a big number, but it’s not unreasonable for many travelers, including me. I routinely spend more than that on travel each year. (Through the first half of 2024, I’ve spent $6,574.55 on travel purchases on my Chase Sapphire Reserve card, and in 2023, I spent $11,310.12.)
That break-even number decreases if you earn even more points by booking travel through Chase Travel (5 to 10 points per dollar) or using Lyft (10 points per dollar).
Additionally, points are worth more when redeeming them through the Chase Travel Portal when you have the Sapphire Reserve vs. the Sapphire Preferred (1.5 cents vs. 1.25 cents each).
In reality, I rarely redeem points for travel through Chase’s portal, but knowing I have that option is another reason I love the Chase Sapphire Reserve® card.
Considering the extra points I earn on travel purchases, I’m ahead with the Chase Sapphire Reserve card, even without calculating the value of the other benefits it offers.
Travel Protections
One of the big reasons I think the Chase Sapphire Reserve® card is worth it is its exceptional travel coverage.
The Chase Sapphire Reserve® comes with top-tier protections, including:
- Trip cancellation/interruption insurance. Get coverage for up to $10,000 per person and $20,000 per trip.
- Auto rental collision damage waiver. Primary coverage up to $75,000 for theft and collision damage is included.
- Trip delay reimbursement. When your common carrier trip is delayed at least six hours, each person is covered up to $500 per ticket.
- Travel accident insurance. Get accidental death or dismemberment coverage of up to $1,000,000.
- Emergency medical and dental. Cardholders are covered up to $2,500, subject to a $50 deductible for hospitalization for a covered accident or sickness during a covered trip.
- Emergency transportation and evacuation. You and your immediate family members have coverage for medical services and transportation up to $100,000.
- Baggage delay insurance. Get coverage of up to $100 a day for five days when your bags are delayed at least six hours.
- Roadside Assistance. Coverage up to $50 up to four times per year is included.
While it’s true that you probably won’t need these coverages most of the time, they can be incredibly valuable when you do need them. I appreciate having a card that offers some of the best credit card insurance around without having to think about it.
I’m actually in the middle of filing a claim with my Chase Sapphire Reserve® card for an emergency room visit in Amsterdam, so these travel protections may prove to be very valuable for me this year.
Airport Lounge Access
The Sapphire Reserve card comes with lounge access, including a Priority Pass membership and Chase Sapphire Lounges. While I have other cards that include a Priority Pass membership, I use the one that comes with this card because it still includes access to nonlounge experiences, like Be Relax Spas. Until recently, it also included access to Priority Pass restaurants, but that benefit was removed as of July 1, 2024.
What’s even more exciting is getting access to Sapphire Lounges. While there are currently only four open locations (with four more in the works), the lounges themselves are top-notch. I visited the Sapphire Lounge at LaGuardia International Airport (LGA) in New York right after it opened and quickly fell in love with it. If there is a Chase Sapphire Lounge, I’m always choosing it over other lounge brands.
How To Get the Most From Your Chase Sapphire Reserve® Card
As a long-time user of the Chase Sapphire Reserve® card, here are my best tips for getting the most value out of it.
- After applying, be sure to hit the minimum spend requirement to earn the welcome bonus.
- Pay for any and all travel purchases with your car—hotels, flights, cruises, purchases through travel agencies, rental cars and even things like parking. It will all earn 3 points per dollar spent.
- Add it as a payment method on all your travel accounts so it’s easy to select when making a purchase. Don’t forget to add it to your Lyft account to earn 10 points per dollar.
- Apply for Global Entry (it comes with TSA PreCheck) and pay with your Chase Sapphire Reserve card.
- Sign up for a Priority Pass membership.
- Check out Chase Offers. These targeted offers can save money on a variety of purchases. Be sure to add each offer to your card before using it.
Bottom Line
The Chase Sapphire Reserve® card isn’t for everyone, but there are many travelers who could benefit from its perks, points-earning potential and travel protections.
After considering the $300 travel credit, the Chase Sapphire Reserve® card only costs $155 more annually than the Chase Sapphire Preferred® Card. For that price, I earn an extra point per dollar spent on any travel purchases, get access to Priority Pass and Chase Sapphire Lounges, get a Global Entry application fee credit every four years and get excellent travel protections. Those benefits are easily worth the extra cost in my book.
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