Chase Sapphire Reserve Review

Chase Sapphire Reserve benefits include 50,000 bonus points for spending $4,000 in the first 3 months and a $300 annual travel credit. You also get 3 points per $1 spent on travel and dining normally, which works out to 4.5% back when you redeem for travel. Each Chase Sapphire Reserve point is worth 1.5 cents that way. Another great Chase Sapphire Reserve benefit is a free Priority Pass Select airport lounge membership, worth $429 per year. Plus, cardholders get several types of travel insurance, extra protection for purchases and more.

Chase Sapphire Reserve benefits come at a price: the card's $550 annual fee. So the perks are only a good value if you use them often. And to figure out whether you'll be able to do so, you have to know exactly what's available.

Top Chase Sapphire Reserve benefits:

1. Big bonus. You get 50,000 points after spending $4,000 in the first 3 months. That's worth $750 toward travel.
2. Extra travel earnings. a total of 10 points per $1 spent on hotels and car rentals booked through Chase, a total of 10 points per $1 spent on prepaid restaurant reservations or takeout orders made through Chase, a total of 5 points per $1 spent on flights purchased through Chase, 3 points per $1 spent on all other travel and dining purchases, and 1 point per $1 on all other purchases. Points are also worth 50% more when used for travel.
3. $300 annual travel credit. Chase will reimburse your first $300 per year in travel costs (flights, hotels, cruises, etc.). The travel credit no longer qualifies for 3 points per $1 spent in rewards.
4. Priority Pass Select membership. Free access to over 1,000 airport lounges throughout the world. Limit of two free guests for airport lounge visits. Additional passes are $27.
5. No foreign transaction fees. You won't pay extra for purchases from foreign merchants.
6. 1:1 point transfer. Exchange your Chase Ultimate Rewards points for miles or points from 13 airline and hotel loyalty programs.
7. $100 application fee credit. If you apply and are accepted to Global Entry or TSA Precheck, Chase will reimburse your application fee.
8. Travel insurance. You get well over $1 million in total insurance coverage for incidents including travel accidents, emergency evacuation, trip cancellation/interruption, baggage problems and rental car damage, among others.
9. Purchase/Return Protection. Purchase protection covers items bought with Reserve against damage and theft, up to $10,000 per item and $50,000 per year. Return protection covers working items you tried to return but couldn't, up to $500 per item and $1,000 per year. Chase eliminated its price protection benefit on 8/26/18.
10. Extended warranty. Items you buy with Reserve that have a warranty of 3 years or fewer can have their warranty extended by 1 year.

There's also roadside assistance, where Chase will send someone to help if your car breaks down or runs out of gas. You're covered for up to $50 per use, four times per year. Anything more than that you'll have to pay yourself. Plus, there's special customer service for people having travel emergencies.

So, as you can see, Chase Sapphire Reserve is packed full of benefits. If you travel all the time, you'll probably get more than your money's worth. But if you're a less frequent traveler and not a heavy spender, the $550 annual fee might make you want to think twice.

The Chase Sapphire Reserve® 100k bonus is not available anymore, as it was a limited-time promotion that ran from August 2016 through March 2017. Cardholders who were approved during that period and spent $4,000 within 3 months of account opening got 100,000 bonus points. And that Chase Sapphire Reserve 100k bonus was worth $1,500 in travel – an incredible deal.

But after March 2017, you get a bonus of 50,000 points after spending $4,000 in the first 3 months. That's still one of the biggest credit card bonuses on the market, though. And it's enough to cover more than a years' worth of Chase Sapphire Reserve®'s $550 annual fee.

So, at the end of the day, the Chase Sapphire Reserve®'s 100k bonus is no longer available because it was never supposed to be permanent. It was the equivalent of 35% cash back, and that's just not sustainable. Chase offered it to build some buzz for the new Chase Sapphire Reserve® Card when it was introduced. And since that seems to have worked, they retired that promotion. It's possible Chase could do another 100,000 point bonus in the future. But don't count on it.

Fortunately, Chase Sapphire Reserve®'s sign-up bonus isn't the only benefit you'll enjoy. You'll also receive a $300 travel credit each year. And you'll earn a total of 10 points per $1 spent on hotels and car rentals booked through Chase, a total of 10 points per $1 spent on prepaid restaurant reservations or takeout orders made through Chase, a total of 5 points per $1 spent on flights purchased through Chase, 3 points per $1 spent on all other travel and dining purchases, and 1 point per $1 on all other purchases. Those points are normally worth 1 cent each, but when redeemed for travel, they're worth 1.5 cents apiece.

You can use your Chase Sapphire Reserve for airport lounge access by first enrolling in Priority Pass Select. There is no additional cost to activate your Priority Pass membership and it is a one-time procedure.

Chase Sapphire Reserve Priority Pass gives you access to 1,300+ Chase Sapphire Reserve airport lounges around the world, including many locations in the United States, Europe and Asia. For example, the 8 largest U.S. airports – including JFK, LAX, DFW, ATL and ORD – all have Chase Sapphire Reserve airport lounges. The Chase Sapphire Reserve lounge benefit is provided by a company called Priority Pass and would cost $429 per year without the card.

To find a lounge, go to the Priority Pass website and type your destination into the “Find a lounge” bar. You'll be able to see where a lounge is within an airport, as well as its hours, amenities, guest policies and other rules. You can also check the Priority Pass lounge directory. If the airport you are visiting has a Priority Pass lounge, you will just have to show your card there to gain access.

Technically speaking, there aren't any airport lounges solely for Chase Sapphire Reserve cardholders. That's important because there are a few crucial details about Priority Pass membership you should keep in mind.

Key things you should know about Chase Sapphire Reserve airport lounges:

• Customers must enroll in Priority Pass Select to access the 1,300+ Chase Sapphire Reserve airport lounges. But you only have to enroll once.
• To enroll, go to Chase Ultimate Rewards and click “Earn Points,” then “Card Benefits.” Under the “Airport Lounge Access” tab, click “Activate Now.”
• Guests may be allowed to accompany you for free, depending on the lounge. If guests do not get complimentary access, the fee will be $27 per person per visit.

Chase Sapphire Reserve airport lounges offer perks like free Wi-Fi, full bars, snacks, and even showers and spas, depending on the particular lounge. To enjoy them, just activate your complimentary Priority Pass Select membership.

The Chase Sapphire Reserve Priority Pass membership gives cardholders and authorized users free memberships in the airport lounge program Priority Pass Select. Each cardholder and up to two guests get unlimited free access to over 1,300 airport lounges worldwide as a result. Additional guests cost $27 per visit. Priority Pass Select airport lounges offer free Wi-Fi, snacks and beverages. There's also comfortable seating and other amenities that vary by lounge. The Chase Sapphire Reserve Priority Pass benefit is a $429 annual value. That's what it would cost to buy a membership with unlimited free visits normally.

This special benefit is only available on Chase Sapphire Reserve. You don't get it on Chase Sapphire Preferred® Card or the discontinued original Chase Sapphire® Card. And the $429 value wipes out most of Chase Sapphire Reserve's $550 annual fee.

In order to redeem your free Chase Sapphire Reserve Priority Pass membership and start enjoying the lounge benefits, you need to do a one-time “activation” to have your Priority Pass card sent to you. Don't worry, this won't cost you any money and it's very easy to do.

How to activate Chase Sapphire Reserve Priority Pass:

1. Log in to your Chase online account.
2. Click on the tab that says “Chase Ultimate Rewards.”
3. Click on “Card Benefits.”
4. Find “Airport Lounge Access” and click “Activate Now” at the bottom.

Follow those steps, and you'll get membership cards for you and any authorized users on your Chase Sapphire Reserve account within 2-3 weeks by mail. Once you have your Chase Sapphire Reserve Priority Pass membership card, you'll need to show it and a same-day boarding pass to get into a Priority Pass lounge.

You may also be able to bring guests traveling with you. There's no limit set by Priority Pass, but individual lounges have the right to make their own rules. Authorized users have their own memberships and aren't considered guests. Keep in mind that only two of your guests are free – the rest cost $27 each.

Your Chase Sapphire Reserve Priority Pass membership gives you access to a widespread network. There are Priority Pass lounges all over the world, including at the most popular domestic and international airports, like the Chicago O'Hare International Airport, the Los Angeles International Airport, and the Dubai International Airport. Lounges offer amenities like refreshments, alcohol, TV, magazines, Wi-Fi, and in some cases, telephones, fax and showers.

Here are some popular Chase Sapphire Reserve Priority Pass lounges:

• Chicago O'Hare International Airport: Swissport Lounge

  Offers refreshments, alcohol, TV, magazines and Wi-Fi. They may limit guests based on space constraints.

• Los Angeles International Airport: Alaska Lounge

  Amenities include refreshments, alcohol, TV, magazines, Wi-Fi and flight information. You are limited to two free guests.

• Dallas/Fort Worth International Airport: The Club at DFW

  You have access to refreshments, alcohol, TV, Wi-Fi, fax and showers. There are no stated guest restrictions.

• Beijing Capital International Airport: Air China First & Business Class Lounge

  Offers refreshments, alcohol, internet access, TV, newspapers and telephones. They may limit guests based on space constraints.

• Dubai International Airport: Marhaba Lounge

  Amenities include refreshments, alcohol, TV, magazines, Wi-Fi and flight information. There are no stated guest restrictions.

So, as you can see, the Chase Sapphire Reserve Priority Pass benefit gives you a wide range of comforts all over the world. If you take full advantage of this perk, that's an extra $429 in value you get out of your card every year.

You cannot get the Chase Sapphire Reserve referral bonus anymore; this was an offer that gave 10,000 points for each person who applied for this card using your referral link and got approved. Through mid-August, 2018, you were able to get up to 5 Chase Sapphire Reserve referral bonuses each year, for a total of 50,000 points. Unfortunately, the Chase Sapphire Reserve referral bonus offer is not currently available.

Chase still offers referral bonuses on several other cards, including the Chase Sapphire Preferred® Card and Chase Freedom Unlimited®. The process is the same for all the eligible cards, and it's good to know the procedure in case the Chase Sapphire Reserve referral bonus ever comes back.

How to get a Chase Sapphire Reserve referral bonus (when available):

1. Go to the Chase Refer a Friend page and select a card.
2. Enter your last name, zip code, and card number's last 4 digits (right side of page).
3. Click “Get Started.”
4. Invite people to apply with a special web link, email, Facebook post or Twitter post.

If the Chase Sapphire Reserve referral bonus happens again, your friends can use your referral link to apply for the card. Asking them to do so is definitely worthwhile, too. It doesn't cost you anything, and if you hit the 50,000-point maximum each year, that would put an extra $750 toward travel in your pocket. And that more than offsets the card's $550 annual fee. Don't expect to see any bonus points right away, though. It might take one to two billing cycles for them to post to your account.

The Chase Sapphire Reserve car rental benefits include $75,000 in rental car insurance plus free upgrades and discounts from National Car Rental, Avis, and Silvercar. Chase Sapphire Reserve also gives 10 points / $1 spent on car rentals and other travel-related purchases. It is one of the best credit cards for car rentals as a result.

Here are Chase Sapphire Reserve car rental benefits:

• Rental car insurance. You get complimentary coverage for damage to or theft of rental cars. Chase will pay up to $75,000 per incident. To get this benefit, just pay for the entire rental with your Chase Sapphire Reserve card or Chase Ultimate Rewards points, and then decline the rental agency's insurance.

  Beware of restrictions, though. For example, coverage doesn't apply to antique vehicles, trucks or motorcycles. And you won't be reimbursed for off-road or drunk driving, among other illegal situations. Be sure to read your benefits guide for the full details.

• Special deals at agencies. National Car Rental, Avis, and Silvercar all offer special privileges to customers who rent using a Chase Sapphire Reserve. Log in to your Chase Ultimate Rewards account, then click the “Travel Benefits” page and find the “Special Car Rental Privileges” section. You might get free car upgrades, discounts on rentals and other promotional offers.
• 10 points / $1. These points are worth 1.5 cents each toward travel when you redeem through Chase Ultimate Rewards.
• $300 travel credit. Chase reimburses your first $300 in travel costs per year, including money you spend at car rental agencies.

Altogether, the Chase Sapphire Reserve car rental benefits help you earn more points, save money with special deals and protect your finances with insurance. And they come at no extra cost.

But whether these benefits and the rest of Chase Sapphire Reserve's perks are worth the card's $550 annual fee is the real question. The much cheaper Chase Sapphire Preferred® Card has the same insurance coverage but only gives 5 points / $1 on travel and lacks a travel credit. It costs $95 per year.

Chase Sapphire Reserve travel insurance includes $1 million in travel accident insurance and up to $20,000 in coverage for cancelled or interrupted trips. There's also up to $3,000 per passenger for lost luggage, plus coverage for trip delays, emergency medical and dental expenses, and delayed luggage. The Sapphire Reserve card has the most travel insurance of any credit card on the market as a result.

Chase Sapphire Reserve travel insurance is free. It covers you and immediate family members on the same reservation from the time you leave on a trip until you return. You must pay for at least part of your travel with the Chase Sapphire Reserve card or Chase rewards points to be eligible.

Types of Chase Sapphire Reserve Travel Insurance:

• Travel accident insurance: This benefit pays up to $1 million for death or serious injuries during transit. There's also up to $100,000 in coverage for the duration of your trip, not just during transit.
• Trip cancellation/interruption insurance: You can get up to $10,000 per person and $20,000 per trip for unforeseen cancellations. This benefit only refunds prepaid, non-refundable travel expenses.
• Trip delay reimbursement: This covers you for up to $500 per ticket. You're reimbursed for necessary expenses if travel is delayed for more than six hours.
• Lost luggage reimbursement: If your luggage is lost or stolen, you can get up to $3,000 per person per trip.
• Baggage delay insurance: If your bags arrive more than 6 hours late, you're covered up to $100 per day for up to 5 days. The reimbursement is for any essentials you're forced to purchase, such as toiletries and clothing.
• Emergency medical and dental benefit: Chase Sapphire Reserve will also pay up to $2,500 in emergency medical or dental work per trip. A $50 deductible applies. You must be at least 100 miles away from your home.
• Emergency evacuation and transportation: If you or a family member become sick or injured during a trip and need to be evacuated, you can receive up to $100,000 in reimbursement for medical services and transportation costs.

If a covered event occurs, you'll need to submit a claim. The first step is calling the Benefit Administrator at (888) 675-1461 to ask for a claim form. You'll need to do this anywhere from immediately after the covered incident occurs to within 90 days. The timeframe depends on the benefit.

Chase Sapphire Reserve price protection was discontinued on 8/26/2018 and there's no guarantee they will ever reinstate the benefit. When it was offered, it reimbursed cardholders the difference between the price of a purchased item and a lower advertised price on the same item within the next 90 days. It provided coverage up to $500 per item and $2,500 per year.

You need an excellent credit score for Chase Sapphire Reserve; the highest tier in the credit score range.

You can check your latest credit score for free on WalletHub to gauge your odds. 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.

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.
• 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. And 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.

The Chase Sapphire Reserve travel credit automatically reimburses cardholders for up to $300 in travel-related expenses each year. The credit applies to flights, hotels, trains, cruises, taxis, parking, Uber and Lyft. It can also help pay for vacation packages and airline fees. Gas station and grocery store purchases will also count toward earning your travel credit, through December 31, 2021.

The Chase Sapphire Reserve travel credit does not apply to in-flight goods and services (e.g. Wi-Fi, food), tourist attractions, or merchants within airports. But the $300 annual credit does cover much of the card's $550 annual fee.

Chase Sapphire Reserve travel credits are applied to the account the same day qualifying purchases post. This happens until you hit $300 total for the year. For example, if you make a $100 travel purchase, Chase will apply a $100 credit as soon as the purchase processes. And you will have $200 remaining for other purchases during the year. On your monthly statement, your transactions will include both the original purchase and an extra item that says, “Travel Credit.” The credit subtracts the purchase amount from your balance. Chase determines whether a purchase is eligible for the travel credit based on a 4-digit code that businesses use to categorize transactions. Anything coded as “travel” qualifies.

Remember that the Chase Sapphire Reserve travel credit resets every 12 months on the first statement date after your account anniversary. If you're unsure when your credit will reset, you can call customer service at (800) 432-3117 or the number on the back of your card. Simply enter your account number and ask a representative.

Unused credit does not roll over from year to year, so make sure to keep track of how much of the Chase Sapphire Reserve travel credit you've used. That way, you'll be able to make sure you take advantage of the whole thing.