Chase Sapphire Reserve® Review 2024

The Chase Sapphire Reserve® is a leader in the travel rewards card space for a reason, including its top-tier rewards rates and a long list of travel perks.

Expert take: If you’re consistently booking flights and hotel stays and are ready to make some luxury upgrades to your travel experience, the Chase Sapphire Reserve® might be the card for you. Its annual fee is one of the highest on the market, but you can recoup that value and much more if you actually use the perks.

Pros

• High rewards rates, especially on travel
• Lots of luxury travel perks
• Significant first-year welcome bonus

Cons

• High annual fee
• Lounge access is limited to Priority Pass lounges and Chase Sapphire Lounges

Vault’s Viewpoint on the Chase Sapphire Reserve Card

With a $550 annual fee, the Chase Sapphire Reserve® isn’t a card most people apply for on a whim. However, you can make up the cost of that fee and more if you’re traveling often and utilizing the perks. 

Not only does the Reserve earn valuable Chase Ultimate Rewards points at high rates—it also gives you 50% more value when you redeem your points for travel through the Chase Travel. Perks like airport lounge access, a $300 annual travel credit, a Global Entry/TSA PreCheck/NEXUS fee credit and more bolster the offer. 

This card works even better when paired with another Ultimate Rewards-earning card, particularly a no-annual-fee card like the Chase Freedom Flex℠ or Chase Freedom Unlimited®. Here’s why: Chase lets you pool points from your other Chase cards into one account. As such, you can take advantage of a wider variety of bonus categories (like groceries or drugstores), and then redeem your rewards for 50% more value with the Chase Sapphire Reserve. 

Chase Sapphire Reserve Highlights

Annual fee: $550, plus $75 for each authorized user

Welcome bonus: Earn 60,000 points after you spend $4,000 on purchases in the first three months from account opening (worth $900 toward travel when you redeem through Chase Travel)

Earning Rewards With the Chase Sapphire Reserve Credit Card

• 10X points on hotels and car rentals when you purchase travel through Chase Travel*
• 10X points on Chase Dining purchases through Ultimate Rewards
• 5X points on flights when you purchase travel through Chase Travel*
• 3X points on other travel (not purchased through Chase)*
• 3X points on dining at restaurants, including eligible delivery services, takeout and dining out
• 1X points on other purchases

*Travel-related rewards kick in after the $300 annual travel credit is spent each year.

Redeeming Rewards

You can get the best bang for your buck (or punch for your points, we should say) by redeeming your Chase Sapphire Reserve rewards for travel through the Chase Travel portal. You can also get great value by transferring your points to one of Chase’s hotel and airline partners, which include British Airways, United Airlines, Southwest Airlines, Hyatt, Marriott Bonvoy and more. 

Lower-value redemption options include cash back, merchandise and gift cards.

Rates and Fees

Here’s a list of the rates and fees you should be aware of before applying for the Chase Sapphire Reserve:

• Annual fee: $550
• Intro APR: None 
• Variable APR: 22.49% – 29.49%
• Balance transfer fee: Either $5 or 5% of the amount of each transfer, whichever is greater
• Foreign transaction fees: None
• Late fee: Up to $40
• Penalty APR: Up to 29.99%
• Cash advance fee: Either $10 or 5% of the amount of each transaction, whichever is greater
• Cash advance APR: 29.99%

Chase Sapphire Reserve Benefits

Here are some leading benefits offered by the Chase Sapphire Reserve—from travel perks to partner benefits. 

Travel Benefits

• Airport lounge access: Enroll in Priority Pass Select at no cost and get access to over 1,300 lounges in 500 cities worldwide. Also get access to Chase Sapphire Lounges by The Club.
• Global Entry, TSA PreCheck or NEXUS credit: Charge the application fee to your card (up to $100), and you’ll be automatically reimbursed. Applies once every four years. 
• $300 annual travel credit: Automatically get up to $300 in statement credits as reimbursement for travel purchases charged to your card each account anniversary year. 
• Access to The Luxury Hotel and Resort Collection: Book a stay at one of the 1,000 hotels in this collection and get perks like room upgrades and daily breakfast.
• Trip cancellation/interruption insurance: Chase will reimburse your flight cost, hotel stay or tour costs if your trip is cut short due to sickness, severe weather or other covered situations. This applies to up to $10,000 per person and $20,000 per trip for your pre-paid, non-refundable travel expenses.
• Trip delay reimbursement: If your common carrier travel is delayed more than six hours or requires an overnight stay, you and your family are covered for unreimbursed expenses, such as meals and lodging, up to $500 per ticket.
• Baggage delay insurance: If your bags are delayed for over six hours, you can get up to $100 per day for five days to cover necessary purchases.
• Auto rental waiver: Coverage is primary and provides reimbursement of up to $75,000 for theft and collision damage to rental cars in the U.S. and abroad. You must decline the rental company’s coverage and charge the entire rental cost to your card.
• Lost luggage reimbursement: If you or an immediate family member check or carry on luggage that is damaged or lost by the carrier, you’re covered for up to $3,000 per passenger.
• Emergency evacuation and transportation: If you or a member of your immediate family are injured or become sick during a trip far from home that results in an emergency evacuation, you’re covered for medical services and transportation up to $100,000.

Shopping and Lifestyle Benefits

• Purchase protection: Covers your new purchases for 120 days against damage or theft, up to $10,000 per claim and $50,000 per year.
• Extended warranty: Extends the time period of the U.S. manufacturer’s warranty by an additional year on eligible warranties of three years or less.
• Reserved by Sapphire: Get access to exclusive experiences in sports, music, dining and entertainment.

Partner Benefits

• DoorDash DashPass: Receive a complimentary, one-year DashPass membership when you activate by December 31, 2024. This also includes $5 in DoorDash credits per month.
• Instacart+ membership: Activate by July 31, 2024, and get one year of complimentary Instacart+ membership. This includes up to $15 in monthly statement credits.
• Points on Peloton purchases: Get 10X points on Peloton equipment and accessory purchases through March 31, 2025. Note, purchases must be over $150, and you can earn a maximum of 50,000 points.

Who Is the Chase Sapphire Reserve Best For?

Travel enthusiasts—particularly those who enjoy a “first-class” experience—are the ideal Chase Sapphire Reserve credit card holder. The annual fee may be jarring, but if you make use of the $300 annual travel credit, that brings the effective cost of holding the card down to $250 per year. Add in perks like lounge access and the ultra-high rewards rates, and it’s easy to see how this card makes up for its cost and more for the right cardholder. 

It’s an especially great card for someone who already has a Chase Ultimate Rewards card, like the Chase Freedom Flex or Chase Freedom Unlimited. Since you can pool your points between Chase Ultimate Rewards cards, it makes a lot of sense to have a card that earns bonus points on everyday purchases, and then transfer the points to the Reserve for a higher redemption value. 

Who Should Consider an Alternative to the Chase Sapphire Reserve?

To state the obvious, this isn’t the card for someone who doesn’t care much about premium travel perks or who’s tentatively starting out with travel rewards. 

If you aren’t traveling enough to make use of perks like the boosted earning rate on travel purchases, TSA PreCheck/Global Entry/NEXUS credit or lounge access, for example, it might make more sense to look for a travel rewards card with a lower annual fee. 

Another consideration is whether your home airport has a Priority Pass lounge. If not, that could be a big detraction from this card’s value, since the lounge access only applies to Priority Pass lounges (and Chase Sapphire Lounges, many of which aren’t yet open).

How Does the Chase Sapphire Reserve Card Stack Up to Its Competitors?

Few travel credit cards can compete with the Chase Sapphire Reserve, but those that do promise a similar premium travel experience.

Chase Sapphire Reserve vs. The Platinum Card® from American Express

If you can believe it, the Platinum Card from American Express outdoes the Chase Sapphire Reserve’s annual fee, charging $695 per year (see rates and fees). The difference in annual fees per year gets you a slew of perks, including over $1,500 of value in statement credits and merchant offers, including a $200 annual credit for airline incidentals (with an airline you select) and access to the famed Centurion Lounge network. 

Still, the Chase Sapphire Reserve offers better rewards rates. The Amex Platinum offers 5X points on flights purchased directly from airlines or via American Express Travel on up to $500,000 spending per calendar year (then 1X), plus 5X points on prepaid hotels booked through American Express Travel. All other purchases earn 1X points, which is somewhat disappointing compared to the Reserve’s variety of bonus categories, including general travel purchases and dining worldwide.

Chase Sapphire Reserve vs. Chase Sapphire Preferred® Card

In the showdown of the Chase Sapphire cards, the Chase Sapphire Preferred is likely the better option for occasional travelers. Comparing the rewards rates head to head, the Sapphire Preferred actually offers more. The Reserve’s 10X categories might catch your eye, but they aren’t categories most people (even frequent travelers) are going to spend the most in: Chase Dining purchases through Ultimate Rewards, and hotel stays and car rentals purchased through Chase Travel.

Both cards earn the same 5X points on air travel through the Chase portal and 3X points on dining. But while the Preferred also earns 3X points on online groceries (excluding Target, Walmart and wholesale clubs) and select streaming services, the Reserve earns just 1X points in those categories.

The Reserve does offer a higher redemption value for travel through Chase (the Preferred offers 25% more value compared to the Reserve’s 50% boost through Chase Travel). Further, the Reserve offers benefits that the Preferred lacks, including airport lounge access, a TSA PreCheck/Global Entry/NEXUS credit and an annual travel credit. Whether these perks are worth the $455 difference in annual fees between these cards depends on your travel style. 

Chase Sapphire Reserve vs. Capital One Venture X Credit Card

The Capital One Venture X is a premium travel rewards card with a reasonable annual fee. For $395 a year, it’s a bit cheaper to carry than the Reserve, and it’s a bit simpler to use too. The Venture X earns 10X miles on hotels and rental cars booked through Capital One (very similar to the Reserve’s 10X points on the same categories when booked through Chase). Both cards also offer 5X points/miles on flights booked through their travel portals. The differences are in the remaining categories: The Venture X awards 2X miles on all other purchases, while the Reserve offers 3X points on travel and dining not booked through Chase, plus 1X points on everything else.

In the way of benefits, both cards offer airport lounge access, credits toward Global Entry or TSA PreCheck and a $300 annual travel credit (though the Venture X requires the purchase to be made through its travel portal). The Reserve offers better travel protections, though. 

The bottom line is, you can probably squeeze a bit more value out of the Chase Sapphire Reserve since its point values tend to be higher. However, if you value a slightly simpler rewards structure and redeeming process (plus a lower annual fee), you’ll probably fare better with the Venture X. 

Is the Chase Sapphire Reserve Worth It?

The Chase Sapphire Reserve can definitely be worth it if you value premium travel perks and make use of them year after year. The $300 annual travel credit makes it a bit easier to justify too. What’s more, the welcome offer alone is worth $900 in travel when you redeem through Chase Travel, so that’s already a first-year value of $1,200—before even considering any rewards you’d earn through spending in the card’s bonus categories. 

On the flip side, if you’re more of a budget traveler, an occasional traveler or aren’t that interested in premium perks, you can probably find a card just as rewarding with a smaller price tag. 

Valuations by Vault: Our Thoughts on the Chase Sapphire Reserve’s Value

Newsweek values Chase Sapphire Reserve points at up to 1.62 cents apiece when redeemed toward Chase transfer partner travel—higher than competitors like American Express Membership Rewards points (1.19 cents apiece) and Capital One Venture miles (1.21 cents apiece). This means that, if you transferred your points to a Chase airline partner like JetBlue or United, for example, your rewards could be worth up to 1.62 cents per point in value.

Point valuations are based on a sampling of the face values of the most usable Chase Sapphire Reserve redemption options. We ignore low-value redemptions and redemptions requiring extensive knowledge of international airline programs.