Link: Learn more about the Chase Sapphire Reserve® Card
The Chase Sapphire Reserve® Card (review) is one of the most popular premium credit cards. The card initially launched roughly a decade ago, in 2016, and it most recently underwent a major refresh in 2025.
In this post, I’d like to take an updated look at the overall value proposition of the card. I’m going to tackle the question of whether the Chase Sapphire Reserve is still worth it, both in absolute terms, and relative to other cards, including the Chase Sapphire Preferred.
In this post:
What are the benefits of the Chase Sapphire Reserve?
The Chase Sapphire Reserve has a $795 annual fee, and offers a variety of benefits, including the following:
- A best-ever limited time welcome bonus of 150,000 bonus points after spending $6,000 within the first three months
- An excellent rewards structure, including 8x points on Chase Travel℠ bookings, 4x points on direct airline and hotel bookings, and 3x points on dining
- A Priority Pass™ Select membership with unlimited visits and the ability to take two guests, access to Chase Sapphire Lounges, and access to select Air Canada Lounges
- A $300 annual travel credit, which I’d basically consider to be good as cash, as it can be applied toward any purchase coded as travel, with no registration required
- A variety of other credits and benefits, which require jumping through some additional hoops; this includes up to $500 in annual hotel credits with The Edit, up to $300 in annual dining credits, up to $300 in annual DoorDash credits, up to $300 in annual Stubhub and viagogo credits, up to $250 in one-time credits for Chase Travel Hotels with select brands, and an Apple TV+ and Apple Music subscription
- The ability to get more value with your Ultimate Rewards points with the Points Boost feature, offering redemptions of up to 2.5 cents per point toward select airline and hotel purchases (though the amounts can vary significantly, and generally aren’t nearly that high); this is in addition to being able to transfer points to airline and hotel partners
- Excellent travel coverage and rental car coverage
Is the Chase Sapphire Reserve worth the fee?
It goes without saying that there’s no “one size fits all” answer as to whether or not the Chase Sapphire Reserve is worth the annual fee, though let me try to share my thoughts on how to go about deciding whether it makes sense for you.
On the most basic level, the Chase Sapphire Reserve has a $795 annual fee, and I’d consider the $300 annual travel credit to basically be good as cash, since it can automatically be applied to any purchase coded as travel. I would imagine that virtually every cardmember spends at least $300 per year on travel, and it’s the one perk that everyone should be able to maximize.
Taking that into account, I’d consider the card to really cost $495 per year to hold onto, before factoring in all the additional perks. The challenge is, it can be hard to figure out how much you value each of the benefits. Let’s talk about that in terms of return on spending, lounge access, and the credits.
When it comes to return on spending:
- The 8x points on Chase Travel bookings will get some people to book through the portal, though admittedly that comes with some opportunity costs, so I don’t really factor this into my overall valuation of the card
- The 4x points on direct airfare and hotel bookings is great, and this is my go-to card for hotels (which is a big spending category for me)
- The 3x points on dining continues to be a great bonus category that many people value
Then there’s lounge access:
- Admittedly a lot of cards offer a Priority Pass™ Select membership, so that’s hardly a differentiator nowadays
- I think the real value comes with Chase Sapphire Lounge access and Air Canada Lounge access, which are unique to this card; the value of that will vary greatly based on your home airport and travel patterns
Then there are the credits beyond the $300 travel credit. Like with so many cards nowadays, there are some hoops to jump through to maximize these credits, so even though they’re potentially worth well over $1,000, I wouldn’t value them nearly that much. For example, based on my own spending patterns and behavior, here’s what I don’t particularly value:
- I don’t place much value on the up to $500 hotel credit, since it’s a semi-annual $250 credit that can be applied toward a minimum of a two night stay at The Edit hotels, which is quite limiting; that’s not to say I won’t use it, but I just don’t factor it into the math on justifying the card
- The one-time $250 Chase Travel Hotels credit that’s valid for minimum of a two night prepaid hotel bookings for IHG, Montage, Pendry, Omni, Virgin, Minor, and Pan Pacific, also potentially offers value, but it’s niche enough that I won’t factor it into the math
- I don’t really like concerts and events, so the up to $300 Stubhub and viagogo credit isn’t of much value to me
- The up to $300 DoorDash credits are in such small increments (three credits totaling $25 monthly) that I don’t really factor them into the math, even though I try to use them
Meanwhile here’s what I do value, in terms of factoring them into the math:
- While the up to $300 dining credit is fairly limiting, with just hundreds of participating restaurants across the country, the good news is that some restaurants in Miami that I frequent are on the list, so I get full value out of that with just two meals per year
- I have an Apple Music subscription, so getting that for free saves me a substantial amount of money
So between saving $300 on dining and saving well over $100 per year on Apple Music, I find it quite easy to justify the annual fee on the card, with the lounge access and rewards structure being the icing on the cake.
Let me be clear — that’s the math for me, and only for me. For some other people, the math will work out wildly differently, so you’ll want to crunch the numbers for yourself.
What are the best Chase card alternatives to consider?
Let’s say that you’ve historically had the Chase Sapphire Reserve, but no longer find it it to be worthwhile. What are your best options, at that point?
I think there could instead be merit to either downgrading to the Chase Sapphire Preferred® Card (review), or maybe instead focusing on the Ink Business Preferred® Credit Card (review).
On the most basic level, the reason you want to keep one of those cards is that they allow you to unlock the full value of the Ultimate Rewards program. If you have one of those three cards, then you can transfer the points earned on the no annual fee Chase Freedom Flex℠ (review), Chase Freedom Unlimited® (review), Ink Business Unlimited® Credit Card (review), and Ink Business Cash® Credit Card (review), to Ultimate Rewards partners.
So let’s talk a bit more about these options.
Downgrade to the Chase Sapphire Preferred
One option is to downgrade the Chase Sapphire Reserve to the $95 annual fee Chase Sapphire Preferred, and this could be compelling. To compare the two cards:
- The Chase Sapphire Preferred also offers 3x points on dining, and even offers 2x points on all travel purchases (so it’s better for non-hotel and non-airfare travel purchases)
- The Chase Sapphire Preferred offers an up to $50 annual hotel credit, which many could get value from
- The Sapphire Preferred also offers great travel protection
- You’d essentially be giving up an incremental Priority Pass™ Select membership (not a big deal), access to Chase Sapphire Lounges and Air Canada Lounges (a big deal to some, and not to others), bonus categories like 4x points on direct airfare and hotel bookings, and then the credits that can help offset the annual fee
The question comes down to whether it’s worth paying the higher annual fee (minus the annual travel credit), in order to receive those incremental perks. I shared my math above, so everyone has to do their own number crunching. But there’s no denying that the Chase Sapphire Preferred is a considerably lower cost option for staying in the Ultimate Rewards ecosystem.
Cancel, and focus on the Chase Ink Preferred
The $95 annual fee Ink Business Preferred is a business card with a massive welcome offer, which also awards 3x points on the first $150,000 of combined purchases per cardmember year on travel, shipping, internet, cable, phone services, and advertising purchases made with social media sites and search engines.
This is a phenomenal card, given that it offers the same 3x points on travel, now making it the best Chase card for non-airfare and non-hotel travel purchases (though with a cap). Of course an important distinction is that this is a business card, while the Sapphire Reserve is a personal card, and the spending you put on the cards should reflect that.
If you canceled the Chase Sapphire Reserve and instead picked this up, you’d potentially save quite a bit in annual fees. You’d still be able to transfer points to partners, and for many people, the rewards structure might even be better.
Bottom line
The Chase Sapphire Reserve is a premium rewards card with a high annual fee, and very strong perks. While there’s understandably some hesitation to apply for a card with a $795 annual fee, for many consumers, the math will work out.
While I’m generally not a fan of the “coupon book” model of justifying annual fees, between the $300 annual travel credit, the $300 annual restaurant credit, and the Apple TV+ and Apple Music subscription, that’s basically breakeven on the annual fee for me. And that doesn’t account for all of the other credits, the solid rewards structure, and the unique lounge access perks.
Admittedly everyone has different spending patterns, but at least that’s my situation. My biggest general hesitation is the overall concept of credit card fatigue, and the headache of actually trying to maximize the value of several premium cards (since most annual fees can be justified, with some effort).
For those who have a hard time making the math work, perhaps the Chase Sapphire Preferred is worth considering instead. You’ll pay a lower annual fee, you’ll still earn 3x points on dining, you’ll receive 2x points on all travel purchases, and you’ll even receive a 10% anniversary points bonus, while still having access to the Ultimate Rewards ecosystem. Or if you can shift to a business card, the Ink Business Preferred is probably the most compelling option in terms of the rewards structure.
How are you feeling about the value proposition of the Chase Sapphire Reserve? Can you make the math work, or how has your strategy evolved?
Perhaps the better question is whether Chase as a whole is still worth it. Since the CSR refresh, readers have noted issues with its credits & Edit pricing. Then, there's the parade of negative changes. Now, it appears the CSP might be under attack. Lifetime language. Will there be further erosion of transfer partners? The icing on the cake: the Bilt-Rakuten partnership offers a better points conduit to Hyatt? Honest reflection is in order.
I have had this card since it launched and have always valued it despite all of the changes - particularly because of the easy travel credit, points reward structure, and lounge access. I'm finally at a point where I will likely give it up. It is exhausting to keep track of the credits (among my other cards), and most of them are fairly useless - doordash and The EDIT especially (good luck finding a rate...
I have had this card since it launched and have always valued it despite all of the changes - particularly because of the easy travel credit, points reward structure, and lounge access. I'm finally at a point where I will likely give it up. It is exhausting to keep track of the credits (among my other cards), and most of them are fairly useless - doordash and The EDIT especially (good luck finding a rate less than $750/night, and they are often $250+ more than booking direct). Losing 3x points on all travel was particularly brutal as I book a ton of rental cars, airbnb's, trains and other related travel things. That was 10's of thousands of points (possibly more) out the door. I used to always recommend the CSR because of how easy and well rounded it was, but those days are long gone.
Hard no for me. I cancelled my card. The “benefits” are just not realistic for my needs.
In the past few months, the door dash $20 minimum now means you can get $16 of food for $22 less the $10 credit, or $12–saving a whole $4
Last fall when they rolled out the changes I saw lots of points boost and was encouraged. Now when I’d like to use it, there’s no points boost to be seen anywhere. It’s all just a bunch of bait and switch and Chase should be ashamed, but they are certainly not.
Not for me. I tried it before the new fee hit, and it was just too much effort, plus they dropped the value of the Points Boost which was a redeeming feature.
The best old features were the automatic 3x points on a wide array of travel, including commuting costs. They dropped that, increased the fee, and made you use their portal to get any real value.
I already had the Visa Infinite...
Not for me. I tried it before the new fee hit, and it was just too much effort, plus they dropped the value of the Points Boost which was a redeeming feature.
The best old features were the automatic 3x points on a wide array of travel, including commuting costs. They dropped that, increased the fee, and made you use their portal to get any real value.
I already had the Visa Infinite and Chase lounge access from my Ritz Carlton card. Amex Plat and Gold gives me everything else and more. This let's me focus on the easier and more lucrative AmEx ecosystem. I got the cheaper BoA Premium Rewards Visa for everyday purchases and travel not covered by flights (Platinum card), Marriott (Boundless), and dining (Gold). I'm a BoA/ML client so I qualify for the top returns, and I'm glad not to have to deal with another ecosystem. I will say that as much as I like BoA, their card auto pay is the worst. Hopefully, the recent revamp will improve it.
I think if you are by yourself then you might be able to get close to or over the annual fee with the travel perk and the hotel perk alone. However, it is a tough justification if you are going to pay $195 for an additional user.
I booked a stay at a Holiday Inn Express through the Chase Travel portal and was charged $748.59. I received the $250 hotel credit a day later. 8x UR points on the remaining $498.59 were posted to my account. However, the hotel receipt showed total charges of only $652.00. I can’t account for the difference between the $748.59 I was charged and the $652 the hotel received. Did Chase over charge me? If so, the $250 credit is worth significantly less than face value.
The $300.00 Travel Credit, Apple credits and Stubhub credits cover my annual fee. Also, I would have to pay at least a $95.00 annual fee to have a Chase card that I can pool points and transfer to hotels and airlines.
I have already used the $250.00 IHG credit.
For myself, the unlimited lounge access for myself and my two guests is huge. AMEX and Capital One do not allow guests anymore unless you...
The $300.00 Travel Credit, Apple credits and Stubhub credits cover my annual fee. Also, I would have to pay at least a $95.00 annual fee to have a Chase card that I can pool points and transfer to hotels and airlines.
I have already used the $250.00 IHG credit.
For myself, the unlimited lounge access for myself and my two guests is huge. AMEX and Capital One do not allow guests anymore unless you spend $75,000.00 a year.
One thing people don’t mention is that if you have a prior points balance before the changes you can still redeem at the rate of 1.5 cents per point until mid 2027.
The DoorDash credits are worthless.
I have not been able to use the EDIT or the dining credit to date.
Is Chase the best ecosystem in which to earn transferable points? Only you can answer for you. And, just to clarify, Amex's $75k spending requirement for guest access only applies to Centurion Lounges. It does not apply to Escape Lounges or Priority Pass lounges -- guests are still complimentary. And, via Priority Pass, you do receive one visit per year (with guests) to Chase Sapphire Lounge.
For a good 6 months I had CSR and Amex plat. I soon realize it will just be an ongoing exhausting exercise to use and remember to use all the credits. What I didn't realize is that most of that exhaustion is from the csr side. I dumped csr back in Jan. Couponing only on Amex is sooo much easier. Chase hotel credits were largely annoying especially when their rates are frequently much higher than...
For a good 6 months I had CSR and Amex plat. I soon realize it will just be an ongoing exhausting exercise to use and remember to use all the credits. What I didn't realize is that most of that exhaustion is from the csr side. I dumped csr back in Jan. Couponing only on Amex is sooo much easier. Chase hotel credits were largely annoying especially when their rates are frequently much higher than booking direct and sometimes chase play games like fine print that they don't include some fees like resort fees. It's made worse that it's not consistent so with every booking I need to look closely. And that contributes to the exhaustion. I have yet to encounter any of this level of work on amex fhr. Amex is still couponing but it at least feels like a premium coupon rather than lipstick on Walmart premium. Csr is not going to get me back with a miles sign on bonus. They need to actually provide value with usage.
Have used Edit only one time in Singapore. we travel all over, But find one or two hotels. There are maybe 10-15 Hotels in London where Edit Rates are around $950.00 to $2500.00 per night? no thank you!
So far we have not been able to use the Open Table. they need to include more hotels & restaurants.
I'm probably going to cancel when my annual fee comes up. Points Boost sucks, there is basically no availability on flights anymore and what there is tends to be less than the 1.5x that used to be standard for the CSR.
The stubhub credit is nice, and you could potentially turn that into cash if you resell the tickets you buy, but that's about the only unique thing about this card.
I have...
I'm probably going to cancel when my annual fee comes up. Points Boost sucks, there is basically no availability on flights anymore and what there is tends to be less than the 1.5x that used to be standard for the CSR.
The stubhub credit is nice, and you could potentially turn that into cash if you resell the tickets you buy, but that's about the only unique thing about this card.
I have better options for my spend in every category, and the other credits are basically a worse version of what the Amex Platinum has. There aren't any CSR lounges in the airports I frequent so that's a big nothingburger for me.
Just seems like a lot of work for a pretty meh payoff
DP: Did not think I'd be approved for this, but without my involvement, they shuffled credit over from my Chase Freedom Unlimited and approved within minutes. Made an Edit booking through the Chase Travel portal, "pay now" got me the $300 travel credit and the $250 credit for the Edit. Although the pricing did not display the per night rate, the Chase Travel total cost reflected a stay 4 pay 3 promo the hotel was...
DP: Did not think I'd be approved for this, but without my involvement, they shuffled credit over from my Chase Freedom Unlimited and approved within minutes. Made an Edit booking through the Chase Travel portal, "pay now" got me the $300 travel credit and the $250 credit for the Edit. Although the pricing did not display the per night rate, the Chase Travel total cost reflected a stay 4 pay 3 promo the hotel was running on its site (Amex FHR did not have that promo price). Credit came in next day, as did 25,000+ points for the booking. Not sure what will happen if I end up having to cancel (hopefully not!) - I'm sure it will be a messy clawback, but I'm thrilled at how well this booking went!
May starts my card member year and last year I paid the $550. Last summer I opened the checking and savings accounts for the $900 bonus. Since May '25 I enjoyed two (2) $300 travel credits, $300 dining credit, $750 Edit credit, $250 IHG credit, $300 Stubhub credit, and fought my way through the Lyft and Door dash credits dutifully. I am exhausted.
On May 1 in a frantic attempt to grab a $3...
May starts my card member year and last year I paid the $550. Last summer I opened the checking and savings accounts for the $900 bonus. Since May '25 I enjoyed two (2) $300 travel credits, $300 dining credit, $750 Edit credit, $250 IHG credit, $300 Stubhub credit, and fought my way through the Lyft and Door dash credits dutifully. I am exhausted.
On May 1 in a frantic attempt to grab a $3 item costing $10 on Door dash, I learned that it is now required to purchase $20 minimum on Door dash to pick the items up to avoid the delivery cost scheme. JP Morgan Chase was sending me a clue.
URs have been exploited down to a zero balance. Product change from Reserve to OG Freedom is complete.
Mission accomplished - I'm out.
I tried to use the edit credit but booking through chase was exactly $250 more than direct. So no real benefit.
They also recently merged doordash. You could do a grocery pickup but now the minimum is $20. When you account got the added menu costs when ordering online, again it's not a real benefit
Short answer: no
Long answer: Platinum is better
I think the $500 The Edit hotel credit is not semi-annual anymore. It is just two $250 credits that can be used anytime of the year, for separate, min 2 night, stays.
This is correct. You just need the min 2 nights, and you can combine it with point redemption. There are a decent pipeline of Edit hotels that have points boost with which you can get some decent value on. Pay a part of stay and get the Edit credit, and up to 2 cents/point on some properties is a solid redemption. But, it does take some effort. And while I dislike using portals, with many...
This is correct. You just need the min 2 nights, and you can combine it with point redemption. There are a decent pipeline of Edit hotels that have points boost with which you can get some decent value on. Pay a part of stay and get the Edit credit, and up to 2 cents/point on some properties is a solid redemption. But, it does take some effort. And while I dislike using portals, with many of the big chains, you can still apply and receive points and benefits. I did a Hyatt redemption on Chase and the stay showed up in my account in minutes.
My plan is to downgrade upon renewal. I was grandfathered in to the old annual fee based on my renewal date, so it made sense to keep it one more year.
I almost signed up just for the 150k bonus, but just can't do it. This card is not worth it.
At a bare minimum, the SUB provides $1000 free cash. 150k points = $1500 cash minimum - annual fee + $300 travel credit. Even using the Stubhub or any other credit once adds to it. That is as good as it possibly gets for a net SUB cash gain to just hold a card for a year. Could even get more value with a points hotel redemption if lucky. If someone hasn't had the card, it is a total no brainer to get the SUB once at least.
I think you forgot about the Lyft credit. Also, Edit credits are no longer semi-annual.
I would love to see you do a comparison of CSR and Amex Plat since most people will not choose to have both.
I’ve had the CSR since it came out but will be downgrading at my next annual fee date. The Edit and dining credits in particular are so limited they are jokes.
Make the dining credit usable on any restaurant on Open Table and I might consider coming back.
I switched from CSR to CSP a few years ago and never regretted it. I may lose out on a few bonus points (after offsetting the annual points dividend in return), but save much more than that in annual fees.
Another key benefit of the CSP for me is the free authorised user cards versus the not insignificant annual cost per user on the CSR. I have my Priority Pass access from elsewhere already and...
I switched from CSR to CSP a few years ago and never regretted it. I may lose out on a few bonus points (after offsetting the annual points dividend in return), but save much more than that in annual fees.
Another key benefit of the CSP for me is the free authorised user cards versus the not insignificant annual cost per user on the CSR. I have my Priority Pass access from elsewhere already and my wife/parents rarely if ever have need for that without me already traveling with them.
Living outside the USA mean that most of the other credits and memberships are virtually useless.
No.
I had it when it came out. Downgraded. CSP is just a better value proposition for me.
I do not feel like the annual fee is worth it for our situation and so we too will be downgrading.
1) As an expat, I can't take advantage of many of their dining benefits.
2) I already pay for Youtube Premium so there isn't a benefit to getting Apple Music
3) Apple TV is worthless
4) Points accumulation; this is no longer my "best" credit card in any of our...
I do not feel like the annual fee is worth it for our situation and so we too will be downgrading.
1) As an expat, I can't take advantage of many of their dining benefits.
2) I already pay for Youtube Premium so there isn't a benefit to getting Apple Music
3) Apple TV is worthless
4) Points accumulation; this is no longer my "best" credit card in any of our major spending categories. In fact that only spending categories where I actually use this card are: hotels (booked direct) and Lyft (not available in my country). So compared with the 2x earnings with the CSP, I'd need to spend about $20K a year on hotels in order to break even.
5) Lounge Access: unncessary as I typically get access through my fare class or airline status
Thank you Lucky for your helpful information on the Sapphire Preferred. I had that card at inception, but cancelled after upgrading to the CSR; looks like several changes/improvements have been implemented.
A couple posters below mention trying to request a retention offer and was curious what the chances of success would be. For those with PC status, is this something you would reach out to your rep to assist with?
You okay?
There's nothing grossly and blatantly or hatefully racist or sexist here. Maybe because you're asking Ben to do legwork for you. Funny how that works.
I did the math for myself and the CSR and it says I should keep the card, but I'm still planning to request a retention offer (to try to delay the decision) or downgrade to the CSP. Since I have the Ritz-Carlton card, I won't miss out on Sapphire lounges (I've never been on a flight with Air Canada lounge access since getting the CSR).
This card feels like too much of a PITA...
I did the math for myself and the CSR and it says I should keep the card, but I'm still planning to request a retention offer (to try to delay the decision) or downgrade to the CSP. Since I have the Ritz-Carlton card, I won't miss out on Sapphire lounges (I've never been on a flight with Air Canada lounge access since getting the CSR).
This card feels like too much of a PITA to use vs Plat or Venture X, especially with Edit hotels being typically way more expensive (or just unavailable entirely) vs the standard rates. Ended up using one credit for my brother just to get it out of the way.
You can use MLL anytime you fly *A. No guests though.
@gobaers good to know, but the one time I would have had the opportunity, I was flying J. Don't imagine I'll have another one anytime soon.
No. And neither is strata elite, or even the Amex platinum…unless you LOVE coupons.
The devaluation of UR to $0.01 / point with the elusive potential of a higher value with Points Boost gutted the value proposition of this card.
This is the worst of the super high annual fee cards out there. The travel credit of $300 is easy to get. But after than you have to jump through some serious hoops to claw back the remaining $495 in value. Its just not worth it for anyone who values their time.
With the Hyatt deval, not sure if there is a tempting redemption partner. So you have to revalue the miles as well. Overall Chase ecosystem has taken a massive dive for anybody looking for miles value.
I would imagine that Chase is not offering a welcome bonus of 150,000 points out of the kindness of their hearts. Probably indicates that their sign ups have gone through the floor because shockingly no one wants to pay $800 a year for a credit card.
Especially when the perk that gets the most attention, lounge access, has become virtually useless. Most of the lounges in the United States are not worth going to and...
I would imagine that Chase is not offering a welcome bonus of 150,000 points out of the kindness of their hearts. Probably indicates that their sign ups have gone through the floor because shockingly no one wants to pay $800 a year for a credit card.
Especially when the perk that gets the most attention, lounge access, has become virtually useless. Most of the lounges in the United States are not worth going to and the ones that are seem to always have waits before you can get in and are overcrowded.
No