Chase Sapphire Reserve® is a great credit card to apply for if you travel a lot, you’re a big-spender, and your credit score is
750+. Although the Sapphire Reserve card’s annual fee is very high, at
$795, the card has more than enough rewards and other perks to be
worth the cost when used wisely.
What I Like About Chase Sapphire Reserve
Big-time bonus
Spending at least
$6,000 within
3 months of getting your Chase Sapphire Reserve Card will trigger a
150,000-point initial bonus. Those bonus points are worth
$1,500 when redeemed for cash, gift cards, and travel.
This is a very good deal, easily topping most bonus offers out there. Just note that you may not be eligible for this bonus if you currently have a Chase Sapphire card or you earned an initial bonus from one in the past.
$300 annual travel credit
The blow dealt to your wallet by the Sapphire Reserve Card’s annual fee is cushioned a bit by $300 in travel credits each year. As you make travel-related purchases, credits will automatically be applied to your statement. Taking full advantage of these credits is essential to maximizing the value of the card.
Earn up to 8 points per $1 spent on travel
You will earn:
- 8 points per $1 spent on all purchases through Chase Travel℠ (including The Edit℠),
- 4 points per $1 spent on direct bookings with airlines and hotels,
- 3 points per $1 spent on dining.
Those are excellent earning rates. All other purchases get you 1 point per $1 spent, which is standard for a credit card. So, the more you spend in the bonus categories, the better this card will be.
Airport-lounge access
Sapphire Reserve enables you to sign up for complimentary Priority Pass Select membership, which gives you access to 1,300+ airport lounges around the world. Membership ordinarily costs $99 - $469 per year, so this benefit could save you a nice chunk of change. Plus, you get access to every Chase Sapphire Lounge® by The Club for you and two guests.
If you hardly ever find yourself in a position to enter an airport lounge, however, this perk won’t have much practical value.
Useful credits & perks
Chase Sapphire Reserve cardholders can earn a variety of statement credits each year, helping them cover the cost of owning the card and save money on top of that. Notable cardholder credits include:
• $500 for stays with The Edit℠, Chase’s curated hotel collection. Cardholders can get up to $250 twice per year (two-night minimum required).
• Up to $120 for Global Entry or, TSA PreCheck® or NEXUS every four years.
• $300 OpenTable credit (up to $150 twice a year).
• 12-month DashPass membership, valued at $120.
• Apple TV and Apple Music ($288 annual value).
• Up to $10 in Lyft in-app credits per month.
• Up to $10 in Peloton credits per month (activation required).
On top of all that, cardholders also get benefits like complimentary Platinum Elite Status in the IHG One Rewards program. That can save you lots of money, too.
Solid reviews
In addition to a good score from me in this review, Chase Sapphire Reserve earns mostly four- and five-star
reviews from WalletHub users. It also has a great WalletHub Rating, based on reviews and how the card’s terms stack up against the rest of the market.
What I Don't Like About Chase Sapphire Reserve
Big-time fees
The Sapphire Reserve Card’s eye-catching rewards come at the whopping cost of
$795 per year. That means it’s built for regular use, not just a purchase here and there. It’s difficult to justify paying 28 times more than average if you’re just going to use the card infrequently. It’s hard to get enough value back in return that way.
The average annual fee among credit cards available right now is
$28.25,
according to WalletHub’s research.
Normal point value for most redemption methods
In the past, redeeming Chase Sapphire Reserve points for travel got you 1.5 cents in value per 1 point redeemed. Now, that redemption rate is possible, but it’s much more difficult to get. Whether you redeem for cash back, gift cards or travel, you’re likely to get 1 cent per 1 point when you redeem. You’ll only get 1.5-2 cents per 1 point when you redeem for select travel bookings through Chase Travel.
In other words, you only get the elevated value when Chase wants to give a so-called Points Boost. As a result, you should be careful about overspending just to get more rewards value.
High APR
Even though Chase Sapphire Reserve is a premium credit card designed for people with top-tier credit, it does not offer a low interest rate. You’ll pay
19.49% to 27.99% (V), depending on your overall creditworthiness when you apply. The market average is just
22.11%.
The good news is that you can avoid wasting money on interest by paying your full statement balance by the due date each month. You’ll retain your
grace period that way, and interest won’t apply. Plus, if you need a card for longer-term financing or a balance transfer, you should be able to get a great deal on another card if you’re in a position to qualify for Sapphire Reserve.
Excellent credit required
Because of this requirement, a lot of people who could save a lot of money with the Sapphire Reserve Card won’t be able to. We estimate that you will need a credit score of
750 or higher to have good odds of being approved. You can
check your credit score for free right here on WalletHub to get a sense of your chances.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.
