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Chase Sapphire Reserve review: Luxury perks for the frequent traveler

Photo illustration of the Chase Sapphire Reserve card framed by abstract shapes.
When choosing a travel rewards card, it’s a good idea to compare several options and see which cards best fit into your spending and travel habits.
Photo illustration by Fortune; Original photo by Chase

Why we like this card: The Chase Sapphire Reserve® card offers ultra-generous travel points, a huge sign-up bonus, plus hundreds of dollars in statement credits and complimentary memberships.


  • High rewards rate
  • Several ways to boost point value on redemption
  • Points transfer to travel partners 1:1
  • Multiple luxury travel perks


  • High annual fee
  • No introductory APR

Chase Sapphire Reserve: Overview


  • Intro: N/A
  • Purchase: 21.74%–28.74% variable
  • Balance transfer: 21.74% to 28.74% variable, plus a fee of either $5 or 5% of the amount of each transfer, whichever is greater
  • Cash advance: 29.74% variable, plus a fee of either $10 or 5% of the amount of each transaction, whichever is greater
  • Penalty: Up to 29.99%

Annual fee: $550 ($75 for each authorized user)

Foreign transaction fee: 0%

Late payment fee: up to $40

Return payment fee: up to $40

My Chase PlanSM Fee: 1.72% monthly

The Chase Sapphire Reserve® card is one of the most lucrative travel cards on the market. For one, it’s possible to earn up to 10 points per dollar on purchases through the Chase Ultimate Rewards® portal. The card also provides an annual travel credit of $300, which applies to a wide range of travel expenses. Cardholders can also take advantage of a 50% bonus when redeeming points for travel through the Chase Ultimate Rewards portal, meaning each point is worth 1.5 cents. The Sapphire Reserve also offers the option to transfer points to a variety of airline and hotel partners at a 1:1 ratio, providing potential for even greater value.

Complementing these perks, the Sapphire Reserve also provides exceptional travel protections and luxury travel benefits. Cardholders receive complimentary access to more than 1,300 airport lounges worldwide through Priority Pass Select, robust travel insurance benefits, a statement credit for Global Entry or TSA PreCheck application fees, free access to DashPass, and more. Given these features, the Chase Sapphire Reserve is considered a premier travel card.

Even so, the Sapphire Reserve’s high annual fee can be off putting to some cardholders, and may not be worth it for those who don’t travel frequently. 

Chase Sapphire Reserve: Rewards

Chase Sapphire Reserve rewards points are structured as follows:

  • 10x total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually 
  • 5x total points on flights through Chase Ultimate Rewards®
  • 3x points on other travel and dining (including eligible food delivery services) not booked through Chase
  • 1 point per $1 spent on all other purchases
  • 10 points per dollar spend on Lyft rides through March 2025

Additionally, Chase is currently offering Sapphire Reserve cardholders 60,000 bonus points after spending $4,000 on purchases within the first three months from account opening. Chase estimates these points are worth $900 toward travel when redeemed through the Chase Ultimate Rewards® portal.

How to redeem Chase Sapphire Reserve points

Chase offers several ways to use the points you’ve earned by spending with your Sapphire Reserve card. Here are the most common options. 

Book travel through Chase Ultimate Rewards portal

One of the most lucrative ways to redeem your points is by booking travel directly through the Chase Ultimate Rewards portal. Here, you can book flights, hotels, rental cars, and more using points earned on your Sapphire Reserve card, which are worth 1.5 cents each when redeemed for travel in this way.

Transfer points to travel partners

Chase Sapphire Reserve also allows you to transfer your points to several airline and hotel loyalty programs. These points transfer at a full 1:1 value ratio.

Pay yourself back

Chase introduced its Pay Yourself Back program in 2020 as a way for certain customers with eligible cards to get higher redemption values on points when requesting a statement credit. For Sapphire Reserve cardholders, points are worth 1.5 cents when redeemed this way.

Pay with points

You can use your points to make purchases directly at select merchants through Chase’s Pay with Points feature. Once enrolled in the program, you’ll see your total points available displayed at checkout. You can then choose the number of points you want to allocate toward the purchase.

Buy experiences

Chase occasionally offers exclusive experiences and events that can be purchased with points. These can range from concerts and sporting events to unique travel opportunities. The Chase Sapphire Reserve card also has its own set of exclusive experiences, including private VIP dinners and music festivals.

Redeem for gift cards

Chase offers a variety of gift cards from over 175 popular retailers and restaurants that can be purchased with points. The value of your points may vary depending on the gift card, but generally, it’s one cent per point.

Additional benefits

In addition to earning points on purchases, the Chase Sapphire Reserve card also comes with the following benefits:

  • $300 annual travel credit: You’ll automatically receive up to $300 in statement credits each account anniversary year.
  • 50% more redemption value: Your points are worth 50% more when redeemed for travel through Chase Ultimate Rewards®.
  • Complimentary airport lounge access: After enrolling in Priority Pass™ Select, you can access 1,300+ VIP lounges in over 500 cities worldwide.
  • Global Entry or TSA PreCheck® or NEXUS fee credit: Get reimbursed for the application fee charged to your card by receiving one statement credit of up to $100 every four years.
  • Lyft: In addition to earning 10x total points on Lyft rides, you also get a complimentary two-year Lyft Pink All Access membership. You must activate by Dec. 31, 2024.
  • Gopuff: Get a $10 monthly statement credit. This promotion runs through December 31, 2023.
  • DoorDash DashPass subscription: Complimentary membership includes both DoorDash and Caviar. You must activate by December 31, 2024. 
  • Instacart benefit: Receive one year of complimentary Instacart+.
  • Trip cancellation/interruption insurance: Get reimbursed up to $10,000 per person and $20,000 per trip for your pre-paid, non-refundable travel expenses if the trip is canceled or cut short by sickness, severe weather, or other covered situations.
  • Auto rental collision damage waiver: Receive primary coverage up to $75,000 for theft and collision damage for rental cars in the U.S. and abroad when you decline the rental company’s collision insurance and charge the entire rental cost to your card. 
  • Lost luggage reimbursement: You’re covered up to $3,000 per passenger if you or an immediate family member check or carry on luggage that is damaged or lost by the carrier.
  • Trip delay reimbursement: You and your family are covered for unreimbursed expenses up to $500 per ticket if travel is delayed more than 6 hours or requires an overnight stay
  • Emergency evacuation and transportation: Get covered for medical services and transportation up to $100,000 if you or a member of your immediate family are injured or become sick during a trip far from home that results in an emergency evacuation.
  • Purchase protection: New purchases are covered for 120 days against damage or theft, up to $10,000 per claim and $50,000 per year.
  • Return protection: Get reimbursed up to $500 per item, and $1,000 per year, on eligible items within 90 days of purchase.
  • Extended warranty protection: The U.S. manufacturer’s warranty is extended by an additional year on eligible warranties of three years or less.

Is the Chase Sapphire Reserve right for you?

The Chase Sapphire Reserve card is clearly designed for frequent travelers who prefer a premium experience. This card is a solid choice if you believe you can get more than $550 in value out of the card each year, which should be possible if you plan to book travel through the Chase portal and take advantage of perks such as travel protection, airport lounge access, statement credits, and free DashPash and Instacart+ memberships. 

Credit cards similar to Chase Sapphire Reserve

When choosing a travel rewards card, it’s a good idea to compare several options and see which cards best fit into your spending and travel habits. If you’re considering the Chase Sapphire Reserve, you may also want to learn more about these similar travel cards.

Chase Sapphire Preferred Card vs. Chase Sapphire Reserve

If you’re looking for a Chase card that offers similar travel perks but a lower annual fee, you may want to consider the Chase Sapphire Preferred® Card instead. This card comes with an annual fee of just $95 versus $550 for the Sapphire Reserve. Cardholders can still earn an impressive 5 points for every dollar spent on travel purchases, and boost point values by 25% when purchases are made through the travel portal. 

Plus, a unique feature of the Sapphire Preferred card is that each account anniversary, you’ll earn bonus points equal to 10% of your total purchases made the previous year.

The Platinum Card from American Express vs. Chase Sapphire Reserve

If there’s another premium travel rewards card that rivals the Chase Sapphire Reserve, it’s The Platinum Card® from American Express. This card has a slightly higher annual fee at $695, but makes up for it with lucrative offerings. For instance, the Platinum Card currently offers a welcome bonus where cardholders can earn 80,000 points when you spend $6,000 within the first six months of card membership, which some experts value at $1,600. You can also unlock over $1,500 in statement credits per year with this card. Terms apply.

To view rates and fees of The Platinum Card® from American Express, see this page.

Frequently asked questions

Is the Sapphire Reserve hard to get?

This card may be difficult to get if you don’t meet the eligibility requirements. Chase requires excellent credit in order to qualify for the Chase Sapphire Reserve card, which generally translates to a FICO score of 740 and up.

Is it worth getting Chase Sapphire Reserve?

Getting the Chase Sapphire Reserve may be worth it if you’re able to extract enough value out of the card to cancel out the annual fee of $550.

Does Chase waive annual fees for Sapphire Reserve?

In some instances, Chase may decide to waive the annual fee on its cards for the first year to encourage new sign-ups. Currently, however, the Chase does not waive the annual fee for the Sapphire Reserve card.

Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.

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EDITORIAL DISCLOSURE: The advice, opinions, or rankings contained in this article are solely those of the Fortune Recommends editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.