The Reserve was refreshed in 2025 — its fee, credits and redemption structure changed. Confirm the current offer, fee and credits on the issuer's page before you apply.
The Chase Sapphire Reserve® is the premium sibling of the Sapphire Preferred — same Ultimate Rewards transfer program, but a bigger annual fee, richer travel credits, lounge access, and the strongest travel insurance Chase offers. After the 2025 refresh the fee jumped to $795, so the honest question isn't "is it a good card?" (it is) but "do the credits and lounges you'll actually use cover that fee?" This guide runs that math.
Advertiser disclosure: we may be compensated when you're approved through our links. It doesn't affect our editorial take. Terms apply — see the issuer's Rates & Fees.
Quick answer
- Best for: frequent travelers who'll use the credits, lounges and Points Boost
- Annual fee: $795 — the $300 travel credit alone drops the net fee to ~$495
- Welcome bonus: 100,000 points after $6,000 spend in 3 months — ~$2,000 in travel at our 2.0¢ valuation (verify current offer)
- Key benefit: Priority Pass Select plus Chase Sapphire Lounges; points worth ~2.0¢ each at our valuation via transfers (Chase Travel is a 1.0¢ base for new cardholders, up to 2¢ on select Points Boost bookings)
- Earning: 8x on Chase Travel, 4x on flights and hotels booked direct, 3x dining, 1x everything else
Free tool: find the credit card that earns the most for how you spend, and track every statement credit at kritdeals.com/points-path, or in the free KritDeals app for iPhone and Android.
At a glance
| Detail | Value |
|---|---|
| Annual fee | $795 (raised in the 2025 refresh — verify) |
| Sign-up bonus | 100,000 points after $6,000 spend in 3 months (the 150,000-point limited-time offer ended earlier in 2026 — verify current offer) — ~$2,000 in travel at our 2.0¢ valuation |
| Best for | Frequent travelers who'll use the credits, lounges & Points Boost |
| Points earned | Chase Ultimate Rewards (transferable) |
| Points worth | ~2.0¢ each (our valuation) |
| Key perk | Priority Pass Select + Chase Sapphire Lounges; $300 annual travel credit |
| Foreign transaction fee | None |
| Card network | Visa (Infinite) |
Apply now → see the current offer
What the points are worth
We value Ultimate Rewards points at 2.0¢ each because they transfer 1:1 to Hyatt, United, Air Canada, Air France/KLM, British Airways, Virgin Atlantic and more. One important post-refresh change: for anyone applying now (on or after 23 June 2025), there is no fixed 1.5¢ portal rate — Chase Travel℠ redemptions are 1.0¢ base, and Points Boost pays up to 2¢ only on select flights and hotels, as a rotating promotion rather than a floor (verify the current boosted list). Only cardholders who applied before June 23, 2025 keep the old fixed 1.5¢ — and only on points earned before October 26, 2025, redeemable through October 26, 2027. So a new cardholder's guaranteed baseline is 1.0¢, and your ceiling — via transfers — is often 5–8¢+.
A 100,000-point bonus is therefore worth:
- $1,000 cashed out or spent through Chase Travel at the 1.0¢ base rate ·
- up to ~$2,000 on a select Points Boost flight or hotel (not guaranteed — verify eligibility) ·
- $2,000+ transferred to a partner for a well-chosen award.
Where your points can go
The Sapphire Reserve's points transfer to these airline and hotel programs — tap any partner to see how to use those miles, what they're worth, and the best redemptions:
Airline transfer partners United MileagePlus · Air Canada Aeroplan · Air France/KLM Flying Blue · British Airways / Qatar Avios · Qatar Qsuite award · Virgin Atlantic · Singapore KrisFlyer · Southwest Rapid Rewards · JetBlue TrueBlue
Hotel transfer partners World of Hyatt · IHG One Rewards · Marriott Bonvoy
For every transfer ratio, transfer time and current bonus, see the complete transfer partners chart.
Earning rates
| Rate | Category |
|---|---|
| 8x | Travel booked through Chase Travel℠ |
| 5x | Lyft rides (through September 30, 2027) |
| 4x | Flights and hotels booked directly with the airline/hotel |
| 3x | Dining worldwide (incl. takeout & delivery) |
| 1x | Everything else |
At 2.0¢/point, 3x dining = an effective 6% back in travel value, and 8x on portal travel is a huge 16% — the reason heavy portal bookers lean Reserve over Preferred.
Benefits & credits
Credits are where the $795 fee is meant to be recovered. Values below change often — verify each before you count on it.
- $300 annual travel credit — applied to travel purchases each cardmember year. Easy, near-cash; effectively drops the net fee to ~$495 on day one.
- Up to $500 a year in "The Edit" hotel credit — toward prepaid stays of two-plus nights at Chase Travel's Edit luxury-hotel collection. As of 2026 it's structured as two credits of up to $250 each per calendar year (it previously used fixed biannual windows) — verify the current mechanics.
- Up to $250 a year in Chase Travel hotel credit — a separate credit for one prepaid two-plus-night stay at select partner brands (IHG, Montage, Pendry, Omni, Virgin Hotels and others). Added in the refresh — verify the eligible list.
- Up to $300 a year in dining credit — at "Sapphire Reserve Exclusive Tables" restaurants, split into two $150 semi-annual windows.
- Up to $300 a year in StubHub / viagogo credit — toward event tickets, split into two $150 semi-annual windows.
- Up to $300 a year in DoorDash credit — monthly promos (a restaurant credit plus grocery/retail promos) plus complimentary DashPass; enrollment required.
- Lyft — 5x points on rides (see the earning table) plus up to $10/month in in-app credit, both through September 30, 2027 (enrollment required for the credit).
- Up to $120 a year in Peloton credit — up to $10/month toward an eligible membership.
- Complimentary Apple TV+ and Apple Music — roughly $250/year of value (enrollment required; verify the current end date).
- Points Boost — the redemption engine described above: up to ~2x value on select Chase Travel flights and hotels (verify the current boosted partners/dates).
- Priority Pass Select membership (enrollment required) plus access to Chase Sapphire Lounges and the growing Reserve lounge network.
- Complimentary IHG One Rewards Platinum Elite status (activation required; currently through 2027).
- Global Entry / TSA PreCheck / NEXUS credit — up to the program fee once every ~4 years.
- Primary auto rental CDW — decline the counter's insurance; you're covered first, not after your own policy.
- Trip cancellation/interruption, trip delay, baggage delay and lost-luggage coverage — the most generous limits in Chase's lineup.
- No foreign transaction fees.
Best uses
Every example uses the same formula: (cash price − taxes) ÷ points × 100 = cents per point (CPP).
- Transfer to Hyatt for outsized hotel value. Hyatt shines at the top of its award chart, where cash rates soar but points stay fixed. A Category 8 night listing at $1,500 for 45,000 World of Hyatt points: (1,500 − 0) ÷ 45,000 × 100 = 3.33¢/point. Hyatt is the best-value transfer Chase offers, and even mid-tier nights routinely clear 1.75–2¢.
- Transatlantic business class via Air France/KLM Flying Blue. A ~$4,000 lie-flat seat to Europe for 55,000 Flying Blue miles + ~$250 taxes: (4,000 − 250) ÷ 55,000 × 100 = 6.8¢/point — the redemption that pays for the card several times over.
- Star Alliance business via Air Canada Aeroplan (no fuel surcharges). A ~$4,200 seat to Europe for 60,000 Aeroplan points + ~$200: (4,200 − 200) ÷ 60,000 × 100 = 6.67¢/point.
- The simple route: Chase Travel, boosted when you can get it. No award-chart research — 100,000 points = $1,000 toward any Chase Travel booking at the 1.0¢ base rate, or up to ~$2,000 if your flight or hotel happens to be on the current Points Boost list (up to 2¢, select travel only — it's a promotion, not a floor). Check the boosted list before assuming the higher rate.
Who should get it
Get the Reserve if you fly enough to use lounges, will spend the $300 travel credit without trying, book meaningful travel through the portal at 8x, and want the best trip insurance Chase sells. For a genuine frequent traveler the credits routinely erase the fee.
- Good alternative: Sapphire Preferred — the same transfer partners for a $95 fee, if you won't max the premium credits.
- Good alternative: Capital One Venture X — lounge access at a lower $395 fee; its annual travel credit plus anniversary miles nearly cancel the fee outright.
Reserve vs. Preferred — which one?
| Sapphire Preferred | Sapphire Reserve | |
|---|---|---|
| Annual fee | $95 | $795 (verify) |
| Portal rate | 1.0¢ base (new applicants) | 1.0¢ base; Points Boost up to 2¢ (select) |
| Dining | 3x | 3x |
| Portal travel | 5x | 8x |
| Lounge access | — | Priority Pass + Sapphire/Reserve lounges |
| Best for | Getting started, low fee | High travel spend, lounge + credit users |
The transfer partners and their values are identical — a mile moved from either card is worth the same. Note that neither card offers new applicants a fixed portal multiplier any more: the old 1.5¢/1.25¢ rates survive only for pre-refresh cardholders, on points earned before October 26, 2025, redeemable through October 26, 2027. You're paying the Reserve's extra $700 purely for credits, lounges, insurance, the 8x portal earn and Points Boost access. If you won't use those, the Preferred captures ~90% of the value.
Fine print worth knowing
- 5/24 rule: Chase generally won't approve you with 5+ personal cards (any issuer) opened in the past 24 months.
- Sapphire bonus rules changed June 23, 2025: you can now hold both the Sapphire Reserve and the Sapphire Preferred, and the old 48-month clock is gone — replaced by a once-per-lifetime bonus per Sapphire product. A past Reserve bonus likely blocks a new Reserve bonus for good, but doesn't block a first-time Preferred bonus.
- The $300 travel credit posts automatically against travel spend — no enrollment — but resets each cardmember year, not calendar year.
- Rotating credits (DoorDash/Lyft/Apple/StubHub) require enrollment and can be discontinued; don't buy the card for a perk that may vanish.
Bottom line
The Sapphire Reserve is a credit-driven premium card: it earns the same elite Ultimate Rewards points as the Preferred, but justifies its $795 fee through a $300 travel credit, lounge access, top-tier insurance and an 8x portal rate. Do the credit math for your travel before applying — if you'll use them, it's excellent; if you won't, drop to the Preferred and keep the same partners. Pair either with a no-fee Chase Freedom card to earn faster.
Apply now → see the current offer
Note: Sign-up bonuses and benefits change. Always confirm current terms on the issuer's site before applying.
FAQ
Is the Sapphire Reserve worth $795? Only if you'll use the credits and lounges. The $300 travel credit takes the net fee to ~$495, and the rest has to come from credits you'd actually use — The Edit, dining, StubHub, DoorDash and the others. For a genuine frequent traveler they routinely erase the fee.
Do Reserve points still get 1.5¢ in the Chase portal? Not for new applicants (on or after 23 June 2025): Chase Travel is a 1.0¢ base, with Points Boost paying up to 2¢ on select flights and hotels. Pre-refresh cardholders (who applied before June 23, 2025) keep 1.5¢ only on points earned before October 26, 2025, redeemable through October 26, 2027.
Can I hold both the Reserve and the Preferred? Yes, since June 23, 2025. The old 48-month clock is gone, replaced by a once-per-lifetime bonus per Sapphire product. The 5/24 rule still applies.
Does the $300 travel credit need enrollment? No. It posts automatically against travel spend and resets each cardmember year, not calendar year. The rotating credits (DoorDash, Lyft, Apple, StubHub) do require enrollment.
Related guides
- Chase Sapphire Reserve card page
- Sapphire Preferred vs. Sapphire Reserve · Sapphire Reserve vs. Amex Platinum
- Venture X vs. Sapphire Reserve
- Chase Sapphire lounge locations · Which credit cards include Priority Pass
- Chase Ultimate Rewards · Chase transfer partners
- Best travel credit cards · How much are your points worth?
