Is the Chase Sapphire Reserve Still Worth It?

Key takeaways

• The Chase Sapphire Reserve® is one of the most prominent premium travel cards on the market, offering a host of valuable benefits and perks.
• This card earns up to 10X points on purchases, which can be redeemed for flights, hotel stays or transferred to Chase travel partners for even more value.
• The Sapphire Reserve provides users with numerous annual credits and a variety of other benefits, including complimentary airport lounge access, various travel insurance benefits and more.
• Although the card charges a relatively high annual fee, the Sapphire Reserve benefits can make this card worth it for high spenders who travel frequently.

The Chase Sapphire Reserve® is now one of the most expensive rewards credit cards on the market in terms of annual fees. To carry this premium card, you’ll need to pay $795 per year — up from the $550 it charged previously.

In return, you’ll get access to valuable rewards and a long list of appealing benefits that were announced this month. Using those benefits, however, might take some work — including a fair share of mental math. While some cardholders can get outstanding value out of this card, others are likely to struggle offsetting the annual fee.

Read on to learn about the Sapphire Reserve’s perks and see how much value you can get from this travel credit card.

When is the Chase Sapphire Reserve worth it?

With over $1,800 in benefits value and access to high-value transfer partners, the Chase Sapphire Reserve can be an excellent option in certain scenarios.

You want to use Chase’s high-value transfer partners

Charging purchases to the Sapphire Reserve is rewarded with Chase Ultimate Rewards points. These points are worth 1 cent each when redeemed for travel through the Chase Travel portal — down from 1.5 cents per point the card offered prior to the recent changes. Alternatively, select bookings might be eligible for a Points Boost at a value of 2 cents apiece.

As a cardholder, you earn:

• 10X total points on Chase Dining purchases made through Chase Travel
• 8X points on all travel booked through Chase
• 4X points on flights booked directly with airlines
• 4X points on hotel stays booked directly
• 3X points on all other dining
• 1X points on all other purchases

You have the option to transfer points at a 1:1 ratio to any of the 14 hotel and airline loyalty programs Chase partners with. If one of those programs is offering a deal on a seat or room you want, transferring your points and booking directly through that company might make your rewards go even further.

However, not all partners are created equal. Some provide outstanding value, but others are simply not a good use of your points.

Here are some of the best transfer options, according to Bankrate’s valuations:

• Virgin Atlantic Flying Club (2.6 cents per point value)
• World of Hyatt (2.3 cents per point value)
• Aer Lingus (1.8 cents per point value)
• Air Canada Aeroplan (1.6 cents per point value)
• Singapore Airlines KrisFlyer (1.6 cents per point value)

If you frequently use one of these airlines or stay at Hyatt properties, the Chase Sapphire Reserve might provide excellent value. For instance, 100,000 points on the card can be turned into 230,000 Hyatt points — for a potential value of $2,300.

That said, your spending has to be rather high to offset the $795 annual fee. Let’s say you transfer your points exclusively to Virgin and use your card for dining (outside Chase Travel), which is the only non-travel bonus category on this card. You’ll need to earn close to 31,000 points to offset the fee. That’s more than $10,000 per year spent at restaurants — or around $850 per month.

If you’re more of a moderate spender, you’ll need to take advantage of the card’s benefits to justify the annual fee.

Your spending matches the statement credits offered

After its revamp, the Chase Sapphire Reserve offers more than $1,800 in annual statement credits, including:

• Up to $300 in travel credits
• Up to $500 in credit for The Edit (Chase’s high-end hotel portal) — $250 credits January through June and another $250 July through December
• Up to $300 at restaurants in the Sapphire Reserve Exclusive Tables program (again, $150 in each half of the year)
• $120 in annual Lyft in-app credits (up to $10 monthly)
• $300 annually in monthly DoorDash credits (up to $25 monthly, which includes a $5 restaurant promo and two $10 promos to spend on groceries, electronics and more)
• Up to $300 in statement credits for StubHub ($150 in each half of the year)
• Up to $250 toward Apple TV+ and Apple Music subscriptions
• Up to $120 in credit toward Peloton membership ($10 a month) — and you’ll earn 10X points on eligible Peloton purchases

Additionally, you’ll now get extra benefits after spending $75,000 on the card in a year:

• $500 Southwest credit and Southwest A-List status when you book through Chase
• $250 in credits for purchases at The Shops (the issuer’s shopping platform)

If you already use most of these brands regularly, taking advantage of these benefits should be relatively easy for you.

The annual fee isn’t a large expense for you

If your goal is to get premium travel card perks, and the $795 annual fee isn’t a particularly large expense for you, the Chase Sapphire Reserve might be a good choice.

The Sapphire Reserve offers a Priority Pass Select membership, which gets you access to over 1,600 airport lounges and experiences around the globe. A primary cardholder and any authorized users can each bring up to 2 guests with them.

Keep in mind that the amenities offered at lounges vary, but perks often include free food and beverages, Wi-Fi, mobile device charging, conference rooms and showers.

Further, the Chase Sapphire Reserve offers a statement credit of up to $120 for a TSA PreCheck, Global Entry or NEXUS application fee. Global Entry membership gets you through customs screening faster when returning to the U.S. from a trip abroad, while TSA PreCheck lets you go through a shorter security screening line when starting your journey from a U.S. airport. Global Entry members automatically get TSA PreCheck benefits, so if you travel internationally, you’ll likely want to use your credit to apply for Global Entry. The NEXUS, on the other hand, allows expedited processing when entering the United States and Canada.

The card also provides solid travel insurance benefits, including baggage delay insurance and trip cancellation insurance. It also offers primary rental car insurance, meaning you can use it before your own car insurance policy.

The high-end perks don’t end there. The Chase Sapphire Reserve gets you complimentary IHG One Rewards Platinum Elite Status through December 31, 2027 (activation required) and, if you spend at least $75,000 per year, IHG One Rewards Diamond Elite Status and Southwest Airlines A-List Status.

When is the Chase Sapphire Reserve not worth it?

Although the Chase Sapphire Reserve can definitely be worth it for the right person, the $795 annual fee may not be realistic for the average cardholder’s budget. Here are some instances where you should consider other card options.

You’re not a frequent traveler

The Chase Sapphire Reserve’s annual fee probably won’t be worth it if you only travel occasionally. Most bonus categories on the card are travel-related, so earning points will be a challenge if travel isn’t one of your frequent expenses. It’s also likely that you won’t get enough use out of the other travel benefits (like airport lounge access, hotel elite status and travel insurance coverages) to make the card worth it.

You’d need to change your spending habits to use the card’s benefits

Statement credit benefits on the Chase Sapphire Reserve are mostly a mix of annual, bi-annual and monthly credits. If your spending doesn’t naturally match them, you’ll probably have to put in some effort into taking advantage of these perks. Plus, you’ll likely incur expenses you otherwise wouldn’t have while trying to maximize every statement credit. That can lead to overspending for the sake of carrying the card.

You want a flexible travel card

With its list of statement credits, the Chase Sapphire Reserve follows the coupon-book format of benefits. If you don’t want to be tied to the brands the card partners with, you’ll be better off with a different card.

If you still want to earn Ultimate Rewards points, the Chase Sapphire Preferred® Card offers 5X points on travel purchased through the Chase Travel portal, 2X points on travel purchased elsewhere and 3X points on dining, select streaming services and online grocery purchases (excluding Walmart, Target and wholesale clubs). With an annual fee of $95, it’s a more affordable option. It doesn’t provide such an extensive list of premium travel benefits, but you’ll still get valuable rewards without the pressure of maximizing statement credits.

Should you get the Chase Sapphire Reserve?

If you’re frequently on the move and intend to take full advantage of the Sapphire Reserve’s travel benefits, this card can easily pay for itself. Over $1,800 in annual statement credits, Priority Pass Select membership and up to $120 in statement credits toward a Global Entry, NEXUS or TSA PreCheck application together more than cover the $795 fee.

That said, you want to make sure you’re ready to put in the effort required to maximize all this card has to offer.

Bankrate credit card writer Ryan Flanigan is a current cardholder. He intends to keep the card despite the annual fee hike, but recognizes it can be high maintenance.

“I’m going to keep the card, because the value is definitely better, but it’s becoming quite a chore now,” he says. “I feel like I’m being corralled into booking travel and dining reservations with Chase, and while I’m getting a better reward for it, I don’t love my options being limited. I find myself having to get creative to maximize the card without overspending.”

Like with all his cards, Flanigan evaluates on a regular basis whether the value proposition remains good for him. This is a wise approach to adopt when it comes to premium credit cards.

Alternatives to the Chase Sapphire Reserve

The Sapphire Reserve provides a ton of valuable benefits for cardholders, but it isn’t the only travel card on the market. If you’re wondering whether you should get the Chase Sapphire Reserve, it makes sense to compare it to other premium travel cards before making your decision.

The Platinum Card® from American Express is a solid alternative to the Chase Sapphire Reserve. This card comes with similar coupon-book style benefits — including elite status through Marriott Bonvoy and Hilton Honors, complimentary airport lounge access, up to $1,700 in various annual credits and more.

The $695 annual fee is lower than the Sapphire Reserve’s, and it can be offset by many of the card’s perks and credits. If the brands they’re tied to work better for you than those Chase partners with, the Amex Platinum might be a better option.

On the other hand, the Capital One Venture X Rewards Credit Card comes with a $395 annual fee and a bevy of benefits — including a $300 annual Capital One Travel statement credit, up to $120 in statement credits toward TSA PreCheck or Global Entry and more. The Capital One Venture X also earns 10X miles on hotel and rental cars booked through Capital One Travel, 5X miles on flights and vacation rentals booked through their travel portal and 2X miles on all other purchases.

You’ll also get 10,000 bonus miles (worth $100 in travel) each year on your account anniversary. The annual fee of $395 is less than both the Sapphire Reserve and the Amex Platinum, which makes it a card you should definitely consider. Plus, it doesn’t come with a list of branded statement credits, meaning you’ll have the flexibility to spend wherever you want without worrying about maximizing the card’s perks.

The bottom line

Determining whether you should get the Chase Sapphire Reserve comes down to your spending habits and priorities. The card comes with a high annual fee, but its extensive travel benefits can more than make up for the cost if you’re willing to put in the effort — and the spending.

If you don’t travel frequently enough to justify paying $795 for the Sapphire Reserve’s perks, or its benefits don’t match your lifestyle, you might prefer a travel card with a lower fee.