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What if we told you that there’s a credit card out there that is offering the rewards equivalent of $750 in travel dollars as an introductory offer?
Well, start dreaming about your next vacation. With Chase Sapphire Reserve® that introductory offer isn’t a dream; in fact, it's just one of several reasons why this card is a 2020 Editor's Choice Best Credit Card winner in the best luxury credit card category. And, this card was named "Best Premium Travel Credit Card" in 2018 by MONEY® Magazine. New cardholders earn 50,000 points after spending $4,000 on their card in the first three months; those points, when redeemed for travel through Chase Ultimate Rewards®, are worth $750.
That's not all though. For anyone who loves to travel, this card is certainly worth consideration. From solid ongoing rewards to excellent travel benefits, there's much that this card offers that easily offsets its annual fee.
Chase Sapphire Reserve® rewards are plentiful, including generous points earned on everyday purchases, excellent point redemption opportunities and a $300 annual travel credit as reimbursement for travel purchases charged to the card each account anniversary year.
Cardholders can look forward to three points earned on travel immediately after earning the $300 travel credit, three points at restaurants worldwide, and one point per dollar for all other purchases.
Points are only as good as their redemption options and luckily those options are numerous with this card. Points earned can be redeemed for travel through the Chase travel portal for a 50% bonus making every point worth 1.5 cents, transferred to a leading airline or hotel loyalty program at a 1:1 rate, redeemed for a wide selection of gift cards, or redeemed for statement credits for purchases. With a variety of high value options, the Sapphire Reserve® card offers excellent flexibility when it comes to making most out your rewards.
Annual statement credits for travel purchases aren’t unheard of in the luxury travel card market, but having those credits extend beyond just airline fees is unique. Chase Sapphire Reserve® offers cardholders up to $300 in automatic statement credit each year to cover everything from airline tickets to hotel stays. Additionally, card members can sign up for Global Entry or TSA Pre✓® and receive up to $100 for the application fee when using the Sapphire Reserve® card.
But the money-saving perks don't end there. Cardholders receive one complimentary year of Lyft Pink (a value of at least $199), the ridershare service's membership program that offers members discounts on each ride as well as additional comfort perks. Additionally, activate by Dec. 31, 2021, and enjoy a complimentary DashPass subscription, a membership that saves you delivery fees on your DoorDash orders with eligible restaurants.
Take full advantage of just the travel fee credit ($300) and the complimentary Lyft Pink membership (at least $199) and you will have almost completely offset your annual fee; and we haven't even talk about the airport lounge access, rewards opportunities and so much more.
In addition to the card's regular perks and rewards, Chase has announced a number of perks and updates to the Sapphire Reserve® card rewards structure in response to the COVID-19 pandemic. They include:
The Pay Yourself BackSM option is certainly a viable way to use your Ultimate Rewards® points right now, especially if you don't foresee travel in the near future (though you can, of course, just bank your points until you're ready to travel again). Via the Pay Yourself BackSM option, points are worth 1.5 cents each, which means you won't be losing any value redeeming this way over what you would have redeeming for travel through the Ultimate Rewards® portal.
|Rewards||Bonus Rewards||Annual Fee|
|3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants & 1 point per $1 spent on all other purchases. $0 foreign transaction fees.||Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®||$550|
As one of the best travel rewards credit cards on the market today, the Chase Sapphire Reserve® offers world class perks including travel insurance, car rental insurance and lounge access.
No one wants to be caught off guard while they are traveling. Should things go wrong, it is good to have travel insurance in place to make sure that you are protected from unforeseen events. The travel insurance coverage provided by the Chase Sapphire Reserve® is extensive and it comes automatically with owning the card. The Sapphire Reserve® card’s travel insurance coverages can provide peace of mind and incredible value in the event that your trip doesn’t go according to plan. Some of these top benefits include:
One of the specific insurance coverages provided by the Chase Sapphire Reserve® is car rental insurance coverage. The auto rental collision damage coverage included with the Sapphire Reserve® provides reimbursement up to $75,000 for theft and collision damage for rental cars in the U.S. and abroad when booked using the Sapphire Reserve®. This is one of the highest and most extensive coverages offered in the industry and it comes included with the card.
Another excellent benefit of the card is the Chase Sapphire Reserve® lounge access. Cardholders receive complimentary access to more than 1,000 VIP airport lounges in over 500 cities worldwide after a one-time enrollment in Priority Pass™ Select.
Not only does the Chase Sapphire Reserve® reward you for travel and dining purchases worldwide, but it doesn't charge you any foreign transaction fees while doing so. Think about it this way: If you take an international trip and spend $4,000 with your Sapphire Reserve® card, you'll save yourself $120 in fees over using a card that charges a typical 3% foreign transaction fee on each purchase. That's $120 that you could spend on another meal out (and earn yourself a few more rewards points), for one last tour or excursion, on souvenirs, etc. This card is really designed with the traveler in mind– including the international travel.
The Chase Sapphire Reserve® requires good to excellent credit to get approval but other factors are certainly considered in the application process including payment history of revolving credit, your total open cards, and the average age of accounts open. If you have limited credit history or are currently building your credit, it may be difficult to get approved for the Chase Sapphire Reserve® card.
With a sizable $550 annual fee, the Chase Sapphire Reserve® card isn’t for everyone. If you are someone who does not frequently travel or eat out often, it may be a lot harder to justify the cost of having this card in your wallet. However, for those that can take full advantage of the $300 annual travel credit, the statement credit offered for TSA Pre✓® or Global Entry, and the Chase Sapphire Reserve® lounge access provided through Priority Pass™, the Lyft Pink membership and more, the Sapphire Reserve® card provides a tremendous amount of value for the cost.
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With a lower annual fee, excellent Chase Ultimate Rewards® earning potential, and varied redemption options, the Chase Sapphire Preferred® Card is a great alternative to the Chase Sapphire Reserve® card. The Sapphire Preferred® card is currently offering 60,000 bonus points after you spend $4,000 on purchases in the first three months from account opening. Because the Sapphire Preferred® card allows you to redeem points for 1.25 cents per point through the Chase Travel portal, this bonus is worth $750 when redeemed for travel. The 50,000 point bonus offered by the Sapphire Reserve® card is also worth $750 when redeemed through the travel portal, as the points are valued at 1.5 cents.
Because of the ability to earn at a rate of two points on travel and dining at restaurants and one point per dollar spent on all other purchases worldwide, the Chase Sapphire Preferred® definitely justifies the $95 annual fee especially when compared to the $550 charged by the Chase Sapphire Reserve® card. The Sapphire Preferred® card doesn’t have the $300 annual travel credit though, or the $100 application fee credit for Global Entry or TSA Pre✓®. To learn more about how these cards line up side-by-side, see our full Chase Sapphire Reserve® vs. Chase Sapphire Preferred® comparison.
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The Platinum Card® from American Express is another strong contender in the luxury credit card market. It comes with a higher annual fee of $550 vs. the $550 fee for the Chase Sapphire Reserve®. American Express is a CardRatings advertiser
The Amex Platinum Card® earns five points for flights booked directly with airlines or through the Amex travel portal as well as five points for hotels bookings made through the portal. You earn one point per $1 spent, however, on all other purchases with The Platinum Card® from American Express, so its reward-earning opportunities are perhaps lower than with the Chase Sapphire Reserve® card. Otherwise, its perks are similar and include airport lounge access, airline fee reimbursement up to $200 in statement credit annually for fees charged by a pre-selected airline, and Global Entry or TSA Pre✓® fee reimbursement. The biggest difference here is that The Platinum Card® is a charge card, not a credit card, which means you'll need to pay off your balance in full each billing cycle as opposed to having the option to carry a balance.
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With straightforward travel rewards earned on every purchase and a lower annual fee, the Capital One® Venture® Rewards Credit Card is an excellent alternative to the Chase Sapphire Reserve® card. The Venture® card earns two miles per $1 spent on every purchase. The earnings rate is not limited to travel purchases; you earn two miles regardless of what you are using the card for. And Capital One is running a promotion through January 2020 where you can earn 10 miles per $1 spent on thousands of hotels when purchased through Hotels.com/Venture. Compared to the tiered rewards earned by the Sapphire Reserve® card, the Venture® card’s flat earnings rate gets the edge in simplicity.
The Venture®’s $95 annual fee ($0 the first year) is also attractive in comparison to the $550 annual fee of the Sapphire Reserve® card. However, the Sapphire Reserve® card has many premium travel features including a $300 annual travel credit and lounge access that the Venture® card does not have.
The Chase Sapphire Reserve® card is raising the bar in the luxury credit card world with its stellar introductory offer and top-of-the-line rewards-earning and redemption possibilities. If you are a frequent traveler and can take advantage of the numerous travel perks, rewards earning potential, and travel credits offered by the card then the Chase Sapphire Reserve® is absolutely worth it.
That being said, with a $550 annual fee as well as additional fees for adding on authorized users, the Sapphire Reserve® card is not for everyone. If you are more of a casual traveler or want a simpler cash back earning card, the Sapphire Reserve® may not be the best fit for you.
To see the rates and fee for The Platinum Card® from American Express, please visit the following link: See Rates and Fees