Chase Sapphire Reserve Credit Card Review

Chase Sapphire Reserve Credit Card Review

Unlock a world of travel rewards with the Chase Sapphire Reserve credit card! Earn 10X points on hotels and rental cars, 5X points on flights, and 3X points on general travel and dining, all after spending your first $300 annually on travel. Maximize your everyday purchases with 1X points per dollar.

Enjoy a 60,000-point welcome bonus after spending $4,000 in the first three months. With the included Priority Pass Select membership, you can enjoy a $300 annual travel credit on most travel purchases and access to airport lounges. Plus, reimburse up to $100 for Global Entry or TSA PreCheck every four years for smoother travel experiences. Buckle up for an exciting journey with Chase Ultimate Rewards!

Quick Highlights

Boost Your Points

Travel Perks

• $300 annual travel credit.
• Priority Pass Select membership for airport lounge access.
• Up to $100 Global Entry/TSA PreCheck credit every four years.

Chase Sapphire Reserve Rates and Fee

• Purchase APR: 22.49%–29.49% variable
• Cash Advance APR: 99%
• Balance Transfer APR
• Balance Transfers Fee: Either $5 or 5% of the amount of each transfer, whichever is greater.
• Cash Advances Fee: Either $10 or 5% of the amount of each transaction, whichever is greater.
• Late Payment/Return Payment: Up to $40.
• Foreign transaction fee: None
• Annual fee: $550 ($75 for each authorized user)

Chase Sapphire Reserve Features and Benefits

Travel Convenience

• Trusted Traveler Program Credit: Get reimbursed up to $100 every four years for TSA PreCheck, Global Entry, or NEXUS application fees.
• Extensive Airport Lounge Access: Enjoy Priority Pass lounges and exclusive Sapphire lounges in Boston and Hong Kong (more coming in 2024).
• Hotel Perks: Receive welcome amenities, discounts, and benefits at select hotel collections.

Peace of Mind on the Go

• Primary Auto Rental Coverage: Decline rental car insurance and get reimbursed for damage or theft up to $75,000.
• Trip Protection: Receive up to $10,000 per person, $20,000 per trip for trip cancellation/interruption, and up to $500 per ticket for trip delays.
• Baggage Delay Insurance: Get reimbursed up to $100 daily for delayed luggage (up to 5 days).

Shopping Protection

• Extended Warranty: Enjoy an extra year of warranty protection on eligible purchases.
• Purchase Protection: Get reimbursed for damaged or stolen new purchases for 120 days (up to $10,000 per claim and $50,000 annually).

Perks

While the Chase Sapphire Reserve’s $550 annual fee might seem steep, its valuable perks can easily chip away at the cost, making it worth it for frequent travelers. Here’s how:

1. $300 Annual Travel Credit

• Extremely flexible, covering flights, hotels, parking, tolls, rideshares, and more.
• Effectively reduces the annual fee by $300 if you utilize it fully.

2. Priority Pass Lounge Access

• Unlimited access to 1,200+ lounges worldwide for cardholders and two guests.
• Authorized users also get access to their guests.
• Compared favorably to Priority Pass Prestige membership costs ($469/year).

3. Global Entry/TSA PreCheck Application Fee Credit

• It covers the application fee for Global Entry ($100) or TSA PreCheck ($85) every four years.
• Simplifies travel by allowing access to expedited security lines.

4. Strong Ongoing Rewards

• Earn 10x on hotels/cars, 5x on flights (through Chase UR), and 3x on dining/travel after $300 annual travel credit.
• Competitive rates compared to top travel cards like Capital One Venture X and Amex Platinum.

5. High Point Value & Redemption Flexibility

• Points redeemed through the Chase Ultimate Rewards portal have a 50% higher value (1.5 cents per point).
• Offers flexible redemption options, including travel, gift cards, and statement credits.

Redeem Rewards of Chase Sapphire Reserve 

Maximize Value: While Ultimate Rewards points have a base value of 1 cent each, here’s how to get more out of them:

Travel

• Book through Chase Ultimate Rewards: Get 1.5 cents per point for flights, hotels, car rentals, and cruises booked through the portal.
• Transfer to Travel Partners: Enjoy increased flexibility and potential bonus miles by transferring points to airlines (Aer Lingus, Air Canada, etc.) and hotels (IHG, Marriott, Hyatt) at a 1:1 ratio, with occasional transfer bonuses.

Pay Yourself Back

• Statement Credits: Get 1 cent per point for statement credits, cash back, or gift cards.
• Elevated Categories: Maximize points with 25% more value for gas, groceries, and annual fees or 50% more for charitable donations.

Avoid Lower Value Options

• Shopping: Using points with Amazon or PayPal offers only 0.08 cents per point. Opt for cash back or statement credits instead.
• Transfer bonuses and Pay Yourself Back categories change:  Check regularly for the latest deals.
• Compare redemption options: Consider travel goals, flexibility, and point value before choosing.

Applying for the Chase Sapphire Reserve

The Chase Sapphire Reserve is a premium travel rewards credit card with a high annual fee, so Chase takes careful consideration when evaluating applicants. Here’s a breakdown of the application and approval process:

Eligibility

• Credit Score: While Chase doesn’t disclose a specific requirement, a FICO® Score of at least 700 is generally recommended.
• Recent Applications: Having applied for many cards (5+ in 24 months) can decrease your chances of approval.
• Existing Chase Cards: Having a good relationship with Chase through existing accounts can be helpful.

Application Process

1. Pre-qualification: While not guaranteed, checking if you’re pre-qualified can offer insight into your approval chances without impacting your credit score.
2. Online Application: You can apply directly on the Chase Sapphire Reserve website. Be prepared to provide personal and financial information like income, employment, and Social Security number.
3. Review and Decision: Chase will review your application and may request further information. The decision can take anywhere from a few minutes to 30 days.

Approval and Beyond

• Approval Notification: If approved, you’ll receive notification via email or phone.
• Card Arrival: Your card should arrive within 7-10 business days.
• Meeting Minimum Spend: To earn the welcome bonus, you’ll need to spend a specific amount within a set timeframe (usually three months)

Customer Service

• Helpline: 1-800-432-3117
• Official Website: Chase

Conclusion

The Chase Sapphire Reserve is a premium travel credit card packed with benefits and rewards but comes with a hefty annual fee of $550. Your travel habits and spending patterns determine whether it’s right for you.  If you’re a frequent traveler who values luxury experiences and flexibility, the Reserve offers significant value.

You’ll earn bonus points on travel and dining, enjoy airport lounge access, and receive an annual travel credit that offsets the fee. Additionally, depending on your lifestyle, the Global Entry/TSA PreCheck credit and Door Dash Dash Pass subscription can be worthwhile perks.

However, the annual fee may outweigh the benefits if you travel infrequently or primarily on a budget.  Consider the Chase Sapphire Preferred, which offers a lower cost and many similar perks, or explore cards with specific travel rewards programs aligned with your travel style.

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