Chase Sapphire Reserve® review: Chase’s premier credit card

The most intimidating aspect of the Chase Sapphire Reserve is its new annual fee: $795. That’s one of the highest fees we’ve seen on any card on the market. It’s also a 45 percent hike from the card’s previous annual fee — a huge increase given the card’s  fee was already relatively high at $550.

That said, even high annual fees can be worth it. The key is whether you can squeeze enough practical value out of a card’s perks and rewards to not only offset the fee, but also make the card more lucrative than a lower-cost alternative.

Justifying the fee is less of a challenge in the first year thanks to the 100,000-point sign-up bonus and $500 Chase Travel credit, which together are worth at least $1,500 toward Chase travel on their own. That more than makes up for the annual fee in the first year. But to make the Sapphire Reserve worth it long term, you’ll need to take advantage of as many of the card’s features as possible, including its travel credits and partner perks.

Here’s a look at the Sapphire Reserve card’s first-year and ongoing value based on our card scoring formula and a 1-cent-per-point redemption value. In this example, we assume you haven’t met the $75,000 in annual spending to earn perks like the $500 Southwest credit.

The Sapphire Reserve is hard to beat if you want a balance between between flexible rewards and enough luxury travel perks to make your trip smoother. Not only does this card carry some of the most valuable benefits available, but you may be able to rack up some of the best travel rewards value of any credit card.

Rewards: Some of the best reward rates available

While competing travel cards may also reward flights and issuer-booked hotel and rental car reservations, few offer the fantastic rewards rates you can earn through the Chase Travel portal on flights, hotel stays and rental cars (the first $300 of travel purchases are covered by annual travel credits before earning rewards). 

The Sapphire Reserve goes the extra mile, though, with its additional reward opportunities that even the Amex Platinum and Capital One Venture X don’t provide. You’ll be able to earn 8X points on Chase purchases (through the Chase Travel portal) and 5X on Lyft rides (through September 30, 2027) — perhaps the highest travel and rideshare rewards rates available. However, it’s worth noting you won’t be able to take advantage of Chase Dining at any restaurant of your choice, as not all restaurants participate in the program, and most are based in larger cities like Boston and New York.

You’ll probably get even more use out of the generous 3X points on dining and 4X on general travel, which are remarkably versatile considering they aren’t limited to just restaurants or flights and hotels. In fact, these are some of the most comprehensive travel and dining categories on the market.

One of the most surprising changes to come to the Chase Sapphire Reserve recently is its point redemption values. 

Since its launch, the card has offered a best-in-class guaranteed redemption value of 1.5 cents per point when you used rewards to book travel via the Chase Travel portal (a 50 percent boost in value compared to options like cash back). But now, that 1.5-cent-per-point value is gone. Points are worth just 1 cent each by default.

It’s not all bad news, though. You still have a chance at terrific redemption value with the card’s new “Points Boost” offers. 

With Points Boost, you can redeem their points at a value of 2 cents through Chase Travel — but not all bookings are eligible. Only flights and hotel stays highlighted as qualifying for Points Boost will enjoy this high redemption value. Other bookings offer just 1 cent per point in value (though cardholders who had the card or applied before June 23, 2025, can redeem any points earned prior to Oct. 26, 2025 at a 1.5-cent-per-point value until Oct. 26, 2027.

A guaranteed 2-cent-per-point value is about as good as you could hope for, but since the Points Boost feature is brand new, we’ll have to wait and see just how frequently such offers pop up in Chase Travel. If you can consistently find bookings eligible for Points Boost, this card can hold terrific value compared to other premium travel cards, which typically offer a 1-cent-per-point redemption value on all bookings.

Chase Ultimate Rewards points are also very flexible, much more so than typical frequent flyer miles. 

You can transfer points to a long list of Chase airline and hotel partners, often getting a redemption value of more than 1 cent per point in the process. You can also redeem for a wide variety of non-travel options at a 1-cent-per-point value, including for cash back or statement credits, gift cards and merchandise (including shopping with points on eligible Amazon and PayPal purchases). Most travel cards offer a 0.5- or 0.6-cents-per-point value on non-travel redemptions like cash back.

Perks: A ton of value and variety

As a top-tier travel credit card, you’ll be hard-pressed to find a better collection of travel perks than the Sapphire Reserve benefits. The most notable feature is the up to $300 in annual statement credits on qualifying travel purchases, which can automatically cover anything that falls within your travel bonus category. These credits can offset airfare, hotels, ride-shares, vacation packages and more, which makes this perk more flexible than many rival cards’ travel credits since the credits often just include flights, airline fees or hotels. Just remember: You won’t earn 3X points on general travel purchases until you’ve collected the full $300 travel credit.

You’ll also get up to $300 in credit for restaurants in Sapphire Reserve Exclusive Tables program (two $150 credits per year — one for January to June, one for July to December), up to $300 in statement credits for StubHub (also as two $150 credits per year) and up to $250 credit for Apple TV+ and Apple Music subscriptions.

If you can meet a $75,000 annual spending threshold, you’ll also unlock a $500 Southwest credit and Southwest A-List status when you book through Chase and $250 in credit for The Shops.

That’s not to mention staples like complimentary Priority Pass Select membership (a $299 value) and up to a $120 application fee credit for Global Entry, NEXUS or TSA PreCheck, although this latter perk only applies once every four years. 

This incredibly long list of perks is rivaled only by the Amex Platinum card’s list. It also offers more than enough value to justify the card’s annual fee.

Travel protections: A cut above the rest 

Although they don’t carry a monetary value, the comprehensive roster of travel protections sets the Sapphire Reserve sets itself apart from the crowd. The Sapphire Reserve goes toe-to-toe with the Amex Platinum as one of the best cards for travel insurance thanks to its coveted trip cancellation/interruption insurance, emergency evacuation and transportation coverage, trip delay reimbursement, lost luggage reimbursement and more. Few cards protect your travel plans like the Sapphire Reserve, and emergency evacuation and transportation coverage is an incredibly rare safeguard.

The Sapphire Reserve brings plenty of reward opportunities and valuable perks to the table, but the hefty annual fee, variable point redemption values and “coupon book” approach to perks might push some cardholders to alternative cards.

Rates and fees: One of the highest annual fees

Since the Sapphire Reserve is one of the highest-caliber premium travel rewards cards, its annual fee is similarly one of the highest you’ll find. In fact, it sits right at the top of the “big three” luxury travel cards, aboveabove the Amex Platinum Card ($695 annual fee) and the Capital One Venture X ($395 annual fee - See Rates & Fees). 

While you could argue you get what you pay for (the Venture X strips away most luxury perks to be more cost-effective, and the Sapphire Reserve adds more hotel privileges, reward opportunities and travel credits), that’s still a hefty price to pay. Not to mention, the Sapphire Reserve’s new perks don’t necessarily elevate it above the (now-cheaper) Amex Platinum: Both cards offer a slew of valuable but niche credits to justify their cost, so it really depends on which benefits you value most.

The Sapphire Reserve card’s list of benefits may be long, but not all will be useful for every cardholder, even frequent travelers. Like Amex, Chase seems to be leaning into the “coupon book” approach to perks — high value and variety, but iffy practicality. 

Ask yourself if you’d spend, for example, $300 at StubHub or visit restaurants in the Sapphire Reserve Exclusive Tables program if it weren’t for having the card. If so, the card is a terrific deal even with its high annual fee. If not, you may be better off with a lower-cost card with fewer, more practical perks.

You’ll also need to look out for the $195 fee each authorized user adds to your account. Plenty of travel rewards cards thatdon’t charge for additional users (such as the Venture X, See Rates & Fees). If you have family members who use the card often, these yearly fees can be worthwhile since their travel and dining purchases could help you rack up points faster. But each user you add increases the fees you owe, which makes it difficult to offset what you’re paying with what you’re earning with rewards. 

Welcome offer: Solid bonus but high spend

You'll need to spend $5,000 in your first three months as a cardholder to earn the 100,000 bonus points and $500 Chase Travel credit. That's $1,000 more than some of its previous offers. 

That said, the bonus is very valuable, even if you’re stuck at a 1-cent-per-point redemption value. Assuming no Points Boost offers, this bonus would be worth $1,500 for Chase travel bookings (including the points and travel credit). You may even be able to get a higher point value with the right transfer partner, but that’s far from guaranteed.

If you’re comparing luxury travel cards and looking for the highest sign-up bonuses available, this card may not be the best fit at the moment. However, long-term value is likely a bigger draw at this caliber of premium travel cards — and is the Sapphire Reserve card’s biggest strength. 

Luxury: Not as many hotel and airport perks as rival cards

The Sapphire Reserve is one of the best cards for travel perks, but some competitors have a stronger selection of luxury perks when it comes to airports and hotels — or at least a few similar perks for a much lower annual fee.

For example, the Sapphire Reserve card’s Priority Pass Select airport lounge access is quite valuable. However, the Venture X also provides Priority Pass Select membership, plus Plaza Premium lounge access, Premier Collection hotel perks (including experience credits) and Hertz President’s Circle® status for rental cars.

The Amex Platinum provides access to eligible Card Members to Priority Pass Select lounges (with required enrollment), plus access to Plaza Premium, Delta Sky Lounges, Escape Lounges and Select Virgin Clubhouses (lounges are subject to visit limitations) that Sapphire Reserve cardholders don’t have. The Sapphire Reserve also doesn’t offer membership credits for the CLEAR security screening service, which the Amex Platinum and a few other cards carry.

And while the Sapphire Reserve comes with $500 Southwest credit, Southwest A-List status and IHG One Rewards Platinum Elite Status (through Dec. 31, 2027), you’re only eligible for these perks after you spend $75,000 in a calendar year.

Bankrate credit cards writer Ryan Flanigan has used the Chase Sapphire Reserve’s annual credits and perks to his advantage since it launched.

This card is the key to my Chase arsenal. It unlocks extra value when transferring points from my other Chase cards and earns great rates on my frequently used categories. I book all major travel on this card because its trip protections are top-of-the-line and have saved me on multiple occasions. The travel credits offset the annual fee and the added luxury perks make this card a long-term winner for me. I've had this card since it launched and I’ll never leave home without it.

— Ryan Flanigan, Writer, Credit Cards

The Sapphire Reserve card works best with other Chase credit cards. Since many earn Chase Ultimate Rewards points, they can all be channeled into one pool and redeemed, potentially at a higher value with your Sapphire Reserve, either via Points Boost offers or point transfers. In fact, the Sapphire Reserve and several no-annual-fee Chase cards can form some of the best credit card combinations for category diversity and rewards value.

The Sapphire Reserve is a standout option if you're a frequent traveler who wants top-of-the-line perks and rewards value. But depending on your spending habits and the features that matter most to you, it may not be the best option. Here’s a look at how the Sapphire Reserve stacks up against its more cost-effective counterpart and its rival, higher-fee, luxury travel card.

Capital One VentureOne Rewards Credit Card

Best for no annual fee

Capital One Venture X Rewards Credit Card

Best for practical perks

The information about the Chase Freedom Flex® has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.

We rate credit cards using a proprietary card scoring system that ranks each card’s estimated average rewards rate, estimated annual earnings, welcome bonus value, APR, fees, perks and more against those of other cards in its primary category.

Each card feature is assigned a weighting based on how important it is to people looking for a card in a given category. These features are then scored based on how they rank relative to the features on other cards in the category. Based on these calculations, each card receives an overall rating of 1-5 stars (with 5 being the highest possible score and 1 being the lowest). 

We analyzed over 150 of the most popular rewards and cash back cards to determine where each stacked up based on their value, cost, benefits and more. Here are some of the key factors that influenced this card’s overall score and how the score influenced our review: