No, Chase Sapphire Reserve is not a cash back credit card. Although the Chase Sapphire Reserve does not offer cash back, it does earn rewards. This card gives you 1 - 10 points per $1 spent on purchases.
The Chase Sapphire Reserve also offers 60,000 bonus points for spending $4,000 in the first 3 months, and has an annual fee of $550.
Alternative Credit Card Option
If you’re looking for a cash back credit card, you should consider getting the Blue Cash Preferred® Card from American Express. This card offers at least 1% cash back on purchases. Plus, you can also earn a $250 statement credit for spending $3,000 in the first 6 months. The Blue Cash Preferred annual fee is $0 intro 1st yr, $95 after and it requires at least good credit for approval.
There are plenty of other cash back credit cards to consider, though. So, feel free to check out our editors’ latest picks for the best cash back credit cards on the market to weigh your options.
Yes, Chase Sapphire Reserve is worth its $550 annual fee if you spend at least $4,000 in the first 3 months and qualify for the card’s initial bonus of 60,000 points. Frequent travelers will also get a lot of value out of Chase Sapphire Reserve because it comes with a $300 annual travel credit and good ongoing rewards.… read full answer
Chase Sapphire Reserve Worth: Key Considerations
You earn 1 - 10 points / $1 spent on purchases, including 10 points / $1 spent on select travel expenses.
You’ll have an opportunity to earn an initial bonus of 60,000 bonus points for spending $4,000 in the first 3 months.
Chase Ultimate Rewards Reserved points are worth 50% more than usual when you redeem them for travel through Chase Ultimate Rewards Reserved.
There are several types of travel insurance, including a $1 million benefit for serious injury or death.
You get a Priority Pass Select airport lounge membership that would usually cost $429 a year.
You’ll receive a $300 travel credit each account anniversary year.
Tips for Getting the Most Out of Chase Sapphire Reserve
Chase Sapphire Reserve’s attractive features are only worth it if you travel frequently and have the excellent credit needed to get approved. You’ll also need to earn enough rewards – or utilize enough of the card’s other perks – to make it worth owning.
For example, if you make the most of the Priority Pass membership ($429 annual value), along with the $300 annual travel credit, you’d recoup the entire annual fee. That shouldn’t be hard for frequent travelers to do every year. And the more benefits you take advantage of, the less you need to spend to break even.
Finally, in order for Chase Sapphire Reserve to be worth it, it’s important to pay the bill in full each month. Otherwise, you’ll end up paying a 20.74% - 27.74% (V) interest rate on the unpaid balance, which will decrease the overall value of the card’s perks and rewards.
More moderate spenders looking for a travel rewards card without the huge annual fee should check out our editors’ picks for the best travel rewards credit cards to help narrow the search.
Just bear in mind that you’ll need more than a high credit score to get approved for Chase Sapphire Reserve. Let’s take a look at some of the other essential requirements.… read full answer
Here are Chase Sapphire Reserve’s credit score & other approval requirements:
Excellent credit score. You might find yourself getting approved with a lower score or denied with a higher one. But a credit score of 750 or higher definitely helps to maximize your chances.
Eligibility. You must be over 18 years old with a U.S. mailing address and a Social Security number.
Income. You don’t absolutely need a job, but you must have some kind of income and/or assets to prove to Chase that you have the means to pay for the charges you make.
As little debt as possible. Chase will weigh your income against your debts to determine how much you can afford to borrow.
No bankruptcy. You probably won’t be in this situation if you have an excellent credit score. But you won’t get approved while in active bankruptcy and will have a tough time as long as any record of bankruptcy is on your credit report.
So, as you can see, a lot more than just your score goes into approval. But having an excellent credit score is still a very important requirement. If you’re not sure where you stand right now, you can check your latest credit score for free on WalletHub, the only site with free daily updates to your scores and reports.
Ultimately, if you find out that your credit isn't quite up to par, working to improve it can drastically increase your approval chances. For advice on what to do, check out your custom credit analysis.
Redeeming for travel through Chase with one of the three fee-based cards is the only dependable way to get more than a penny apiece for your Chase Sapphire Preferred points. More specifically, you’ll get 1 cent per Chase Sapphire Preferred point with each of the following redemption methods:
Cash back/statement credit
These two options offer the most versatility in terms of what you can spend your points on. But it costs you 25% in lost value. When you “Shop with Points” on Amazon.com, the points are worth just 0.8 cents each.
Finally, you also have the option of transferring your Chase Sapphire Preferred points to one of Chase’s 13 travel partners. Transfers are done on a 1:1 basis, in 1,000-point increments. And how much you get for transferred points depends on how much the particular travel partner’s points or miles are worth. This offers a certain amount of boom-or-bust potential. Your Chase Sapphire Preferred points could wind up being worth a lot more than normal or a lot less.
At the end of the day, if you don’t plan to redeem for travel through Chase, you might do better with a different credit card. It’s not as rewarding when used as a cash-back vehicle, and there are plenty of more versatile rewards cards available.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.