Last updated: July 2026. 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.
At a glance
| Annual fee | $795 (raised in the 2025 refresh — verify) |
| Sign-up bonus | ~100,000–150,000 points after meeting minimum spend (post-refresh offers have run as high as 150k — verify current offer) |
| Bonus value | $2,000–$3,000 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) |
| 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. On the Reserve, points also carry a portal floor through Points Boost: select partners and select dates redeem for up to ~2x value through Chase Travel℠, with a ~1.5¢ floor on eligible bookings (verify current multipliers — Chase adjusts the boosted list). So your realistic floor is ~1.5¢ and your ceiling — via transfers — is often 5–8¢+.
A 75,000-point bonus is therefore worth:
- $750 cashed out (don't) ·
- ~$1,125 toward travel via Chase Travel at the 1.5¢ floor ·
- $1,500+ 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℠ |
| 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 — 4x points on rides plus up to $10/month in in-app credit (currently through Sep 2027 — verify).
- 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 (sweet spots), with examples
Every example uses the same formula: (cash price − taxes) ÷ points × 100 = cents per point (CPP).
1. 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¢.
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.
3. 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.
4. The simple floor: Points Boost at ~1.5¢. No award-chart research — 75,000 points ≈ $1,125 toward an eligible flight or hotel with no blackout dates. Great when a cash fare is cheap and transfers don't beat it.
Reserve vs. Preferred — which one?
| Sapphire Preferred | Sapphire Reserve | |
|---|---|---|
| Annual fee | $95 | $795 (verify) |
| Portal floor | 1.25¢ | ~1.5¢ (Points Boost) |
| 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. You're paying the Reserve's extra $700 purely for credits, lounges, insurance and the higher portal floor. 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.
- One Sapphire at a time: you can't hold both Sapphire cards, and you can't earn a Sapphire bonus if you've had one in the past 48 months.
- 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.
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.
Get the Sapphire Preferred instead if you want the same transfer partners for a $95 fee and won't max the premium credits. Compare Capital One Venture X if you want lounge access at a lower $395 fee — its annual travel credit plus anniversary miles nearly cancel the fee outright.
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
Related: How much are your points worth? · Chase Sapphire Preferred guide · Capital One Venture X guide · Chase transfer partners
