When the Chase Sapphire Reserve launched in 2016, it felt like the travel card to end all travel cards. I jumped on board, kept it for years, and happily paid the annual fee while I was getting outsized value from the $300 travel credit, strong earning rates and best-in-class travel protections.
But eventually the math stopped working for me. In late 2024 I wrote about why I decided to walk away from the $550 Sapphire Reserve and shift my setup to the Chase Sapphire Preferred for earning points and the Ritz-Carlton card for airport lounge access.
Now Chase has completely revamped the Sapphire Reserve: the annual fee has jumped to $795, but in return they’re advertising “over $2,700 in annual value” from a pile of travel, dining and lifestyle credits, plus new ways to earn and redeem points.
In this post, I’m looking at where that $2,700 number actually comes from, how realistic it is for a typical traveler to capture, and whether the new Sapphire Reserve is worth adding to your wallet in a world where the Sapphire Preferred and other premium cards already exist.
Annual Fee
The Chase Sapphire Reserve now has a $795 annual fee. That’s a big jump from the $550 I was paying when I decided to cancel the card, and it’s one of the main reasons this version of the Reserve is no longer a “set it and forget it” choice.
If you want to add cards for authorized users, each authorized user costs $195 per year. They get their own Priority Pass membership and many of the same travel protections, but they don’t get additional sets of the big lifestyle credits like The Edit or StubHub.
With that kind of price tag, you really need to look at which credits you’ll actually use and how much value you’ll realistically get back each year. Chase might say “over $2,700 in value,” but your number is likely to be much lower.
Welcome Offer
At the time of this update, the public offer for the Sapphire Reserve has been as high as 125,000 Chase Ultimate Rewards points after spending $6,000 on purchases in the first three months from account opening. That can change over time, so be sure to check the current offer on Chase’s site or by using our referral link.
If you decide the Sapphire Reserve makes sense for you, we’d appreciate it if you considered applying through our referral link. We receive a bonus in the form of Ultimate Rewards points if you’re approved, which helps support this site at no additional cost to you.
Eligibility Rules (They’ve Changed)
Chase completely overhauled the Sapphire application rules in 2025, and the fine print is very different from when I first got the card:
- No more 48-month rule. Chase used to make you wait four years between Sapphire bonuses. That rule is gone.
- No more “one Sapphire at a time” rule. You can now hold the Chase Sapphire Preferred and the Chase Sapphire Reserve at the same time, as long as you’re approved for both.
- Once-per-lifetime bonus per product. The trade-off is that you can only earn the welcome bonus on each Sapphire card once in your lifetime. If you’ve ever received a welcome offer on the Sapphire Reserve before, you won’t be eligible for another Reserve bonus in the future, even if you cancelled the card years ago.
- Chase 5/24 still applies. In most cases you’ll still need to be under Chase’s unofficial 5/24 rule to be approved, meaning you’ve opened fewer than five new personal credit cards from any bank in the past 24 months.
Chase now shows a pop-up during the application process letting you know if you’re not eligible for the welcome offer. If you see that message and decide to continue anyway, you can still be approved for the card, but you won’t get the bonus – so make sure to read that screen carefully before you hit “submit.”
How The Sapphire Reserve Earns Points
Even with all the new credits and perks, the Sapphire Reserve is still built around being a strong travel and dining card. Points post as Chase Ultimate Rewards, which you can later redeem through Chase Travel, transfer to airline and hotel partners, or use with Pay Yourself Back.
Here’s how the current earning structure works:
- 8x points on travel booked through Chase Travel – You’ll earn 8 points per dollar on eligible flights, hotels, rental cars, cruises, activities and tours when you book through Chase Travel 1
- 4x points on flights and hotels booked directly – When you book directly with an airline or hotel (not through an online travel agency), you’ll earn 4 points per dollar.2
- 3x points on dining worldwide – You’ll earn 3 points per dollar at restaurants around the world, including sit-down dining, fast food, cafés, coffee shops and most food delivery services that code as restaurants.3
- 1x point on everything else – All other eligible purchases earn 1 point per dollar.
If you’re used to the “old” Sapphire Reserve that earned 3x on almost all travel, the big change is that you now earn your best travel multiplier either by going through Chase Travel (8x) or by buying flights and hotels directly (4x). General travel, like parking, tolls and trains, still earns points but at the base 1x rate.
That’s not necessarily bad, but it does mean you’ll want to be a little more intentional about where you book big trips. If you’re comfortable using the Chase Travel portal for most of your flights and hotels, 8x can add up very quickly. If you prefer to book direct with airlines and hotel chains, 4x is still solid — especially when you factor in the protections the card provides.
Between 8x on Chase Travel bookings, 4x on direct flights and hotels, and 3x on dining worldwide, the Reserve is still one of the better “every trip, every meal” cards out there. The question is whether the extra points and credits justify paying $795 a year instead of sticking with the Sapphire Preferred or another lower-fee option.
1–3. Earning rates are based on Chase’s current Sapphire Reserve rewards disclosures and may change; always double-check the latest terms before applying or relying on a specific rate.
Credits & “Over $2,700 In Value” – What Are You Really Getting?
Most of Chase’s “over $2,700 in annual value” claim comes from a long list of travel, dining and lifestyle credits. On paper they add up nicely, but many of them are split into small chunks, tied to specific merchants, or expire after 2027. If you’re not already using these services, the real value to you is going to be much lower than what Chase’s marketing suggests.
$300 Annual Travel Credit
This is the easiest one to use and the part of the package that still feels the most like “real” money. Each year, you get up to $300 in statement credits automatically applied against eligible travel purchases charged to your card – things like airfare, hotels, tolls, parking, taxis, trains and more.
Because the credit is broad and automatic, it’s not hard to wipe out the full $300 just by living your normal travel life. I still don’t think of statement credits as exactly the same as cash (I’ve even written about that for Amex in this post), but this is one credit I’m comfortable valuing close to face value for most frequent travelers.
$500 In Hotel Credits With The Edit
The Sapphire Reserve adds a new hotel perk through The Edit by Chase Travel, an invite-only collection of higher-end properties. You can get up to $500 per year in statement credits on prepaid stays booked through The Edit – split into two $250 credits, one you can use between January and June and another between July and December.
There’s a two-night minimum on these stays, and you have to book through Chase Travel to get the credit and the extra perks (like free breakfast and a $100 on-property credit at many Edit hotels). If you’re already the type of traveler who books two Edit-level stays a year, this can be very lucrative. If you usually stay at mid-range brands or book with other programs, it’s more “nice if it happens” than guaranteed value.
$300 Annual Dining Credit
New for the latest version of the card is a $300 annual dining credit tied to the Sapphire Reserve Exclusive Tables program (run through OpenTable). You can receive up to $150 in statement credits from January through June and another $150 from July through December for eligible dining at participating restaurants.
The catch is that this only works at select restaurants in the program, not every place that codes as dining. If you live in or frequently visit cities where Exclusive Tables has good coverage – and you’re willing to make at least one reservation in the first half of the year and one in the second – this can be a substantial value. Otherwise, it’s going to be tougher to max out.
$300 in StubHub & viagogo Credits
Live event fans get up to $300 in credits per year on concert and event tickets purchased through StubHub and viagogo. Just like the dining credit, this is split into two $150 chunks – one for the first half of the year and one for the second – and you have to activate the benefit before using it.
If you go to at least one pricy event every six months, this can offset a good chunk of a pair of tickets. If your idea of a night out is Netflix and pajamas, this credit may not move the needle for you at all.
DoorDash: $300 In Promos + DashPass Membership
Chase values the DoorDash benefits at $420 per year, made up of:
- Up to $300 in monthly promos – a $5 restaurant credit and two $10 non-restaurant credits (grocery, convenience, etc.) each month when you order through DoorDash as a DashPass member.
- A complimentary DashPass membership that Chase pegs at $120 in value, with $0 delivery fees and reduced service fees on eligible orders when activated by 12/31/27.
This is one of those “use it or lose it” situations: the credits don’t roll over, so you have to remember to place at least one order most months to get any real value. If you’re already leaning on DoorDash regularly, great. If not, I’d be careful about counting the full $420 in your personal math.
Apple TV+ & Apple Music: $288 In Streaming Subscriptions
Cardholders can get complimentary Apple TV+ and Apple Music subscriptions through June 22, 2027, which Chase values at $288 per year once both are activated.
If you’re already paying for either Apple TV+ or Apple Music, this can be a straightforward savings. If you weren’t going to subscribe in the first place, it’s more of a “fun extra” than hard savings – and I’d personally count it as real value only if you were planning to keep at least one of those services anyway.
Peloton: Up To $120 In Credits + 10x Points
The Sapphire Reserve throws in up to $120 per year in statement credits toward eligible Peloton memberships (think $10 per month), plus 10x total points on eligible Peloton equipment and accessory purchases over $150 through the end of 2027.
That’s fantastic if you’re already deeply embedded in the Peloton ecosystem and paying for a membership each month. If you’re not, it’s very easy to overvalue this perk just because it sounds big on the benefit sheet.
Lyft: $120 In Ride Credits + 5x Points
Finally, you get up to $120 in Lyft ride credits each year – $10 in credits per month through September 30, 2027 – plus 5x total points on eligible Lyft rides.
As with DoorDash, the credits don’t roll over. If you’re using Lyft at least once a month in a city where it’s your go-to rideshare, this is easy value. If you mostly drive yourself or rely on another service, it’s more of a nice-to-have.
All of these numbers are how Chase gets to its “over $2,700 in annual value” headline. The key question isn’t whether that math adds up on paper – it’s how much of it lines up with your everyday spending and travel habits.
Airport Lounge Access
The Sapphire Reserve still does very well on lounge access, even if it isn’t quite as simple as “Priority Pass for everything” anymore.
- Chase Sapphire Lounges by The Club – Cardholders get complimentary access to Chase’s own Sapphire Lounges (often branded “by The Club”) for themselves and up to two guests per visit. These lounges are still in limited airports, but if you fly through one of those hubs regularly, this can be a big quality-of-life perk.
- Priority Pass Select (no more restaurants) – You also get a Priority Pass Select membership with access to 1,300+ airport lounges and certain “experiences” worldwide, again with complimentary entry for you and two guests. However, Priority Pass restaurant and bar credits are no longer included with the Sapphire Reserve, so this is strictly lounges and other non-restaurant locations.
- Other partner lounges – Depending on the airport, your Priority Pass card may also get you into a handful of partner lounges and non-traditional spaces (like game lounges or minute-suites style rooms), but that varies by location.
Between the Sapphire Lounges and regular Priority Pass locations, the Reserve can cover a good number of your layovers — especially if you’re not already getting lounge access from another card like the Ritz-Carlton card or Venture X.
Travel Protections & Insurance
One area where the Sapphire Reserve has always shined is its built-in travel protections, and that’s still true today. If you’re the person who books most of the family’s flights and hotels, this can be a big part of the card’s value.
- Primary rental car coverage – When you decline the rental agency’s collision damage waiver and pay for your car with the Sapphire Reserve, you get primary coverage for theft and damage up to a generous limit. I’ve gone into more detail about how this works in this post about the Sapphire Reserve’s rental car perks, but the short version is that you can often avoid involving your personal auto insurance for covered claims.
- Trip delay reimbursement – If your common carrier trip (like a paid or award flight) is delayed by at least six hours or requires an overnight stay, you can be reimbursed for reasonable expenses such as meals and a hotel room, up to a set dollar amount per covered traveler. This is one of the most valuable protections for real-world travel headaches.
- Trip cancellation and interruption coverage – If you have to cancel or cut short a covered trip due to an eligible reason (illness, severe weather, etc.), the card can reimburse you for non-refundable prepaid expenses like flights, tours and hotels, up to the stated limits.
- Baggage delay and lost luggage – If your checked bags are delayed beyond a certain number of hours, you’re eligible for reimbursement of essential items like clothing and toiletries. If your luggage is lost or damaged by the carrier, you may also be covered up to the card’s benefit limits.
- Emergency medical evacuation and accident coverage – The Sapphire Reserve includes coverage for emergency evacuation when you’re traveling and things go really wrong, plus accidental death and dismemberment coverage when you’re on a covered trip. I’ve written before about how valuable evacuation coverage can be in this post.
- Purchase protection and extended warranty – Eligible purchases made with the card are covered against damage or theft for a limited time after purchase, and certain items may qualify for an extended warranty beyond the manufacturer’s original coverage.
As always, the exact coverage amounts, definitions and exclusions live in Chase’s benefit guide, and those details matter. But compared to many other cards, the Sapphire Reserve still sits near the top of the pack for built-in travel protections — which is part of why I kept it for as long as I did.
How To Use Sapphire Reserve Points
The Sapphire Reserve earns Chase Ultimate Rewards points, which are valuable mainly because you have multiple ways to use them: booking travel through Chase, erasing certain charges with Pay Yourself Back, or transferring to airline and hotel partners for outsized redemptions.
Booking Travel Through Chase (Points Boost)
One of the biggest changes to the “new” Sapphire Reserve is how points work when you book travel through Chase. Instead of a flat 1.5 cents per point on all travel (like the old version of the card offered), Chase now uses a Points Boost system that can make your points worth up to 2 cents each on select flights and hotels booked through Chase Travel.
In practice, that means:
- Some hotels and flights in the Chase Travel portal will show a higher “boosted” value, letting you get more than 1 cent per point when you apply your balance.
- Other options may be closer to 1 cent per point, especially for lower-priced or heavily discounted bookings.
If you’re flexible about which airline or hotel you book and you don’t mind shopping inside the Chase Travel portal, Points Boost can be a solid way to stretch your Ultimate Rewards without needing to dive into award charts and transfer partners. Just be aware that not every flight or hotel will give you that headline “up to 2x” value — you’ll want to compare cash prices and points quotes side by side.
Pay Yourself Back (Still Useful, Not Center Stage)
Back in 2020 and 2021, Pay Yourself Back was one of the Sapphire Reserve’s biggest selling points. These days it’s still around, but it’s more of a backup option than the main event.
As of now, Sapphire Reserve cardholders can use Pay Yourself Back to erase certain purchases at an elevated value. Most eligible categories redeem at 1.25 cents per point, with select charities still at 1.5 cents per point. Current categories (through December 31, 2025) include:
- Grocery stores (excluding Walmart and Target) – 1.25 cents per point
- Department stores – 1.25 cents per point
- Gas stations – 1.25 cents per point
- Select charities – 1.5 cents per point (including organizations like the American Red Cross, Feeding America, Habitat for Humanity, UNICEF USA, World Central Kitchen and others)
- Your Sapphire Reserve annual fee – 1.25 cents per point
When you use Pay Yourself Back, you first make an eligible purchase on your card, then go into your Ultimate Rewards account within 90 days and choose how many points you want to apply. Chase then issues a statement credit against that charge.
I wouldn’t choose the Sapphire Reserve just for Pay Yourself Back anymore, but it’s still a nice safety valve. If you don’t have a good travel redemption lined up, being able to cash out points at 1.25–1.5 cents each for groceries, gas, charities or even your annual fee is better than being stuck at 1 cent per point as a basic statement credit.
Who Should Get The Chase Sapphire Reserve?
At this point, you’ve seen the good, the bad, and the “do I really need Peloton credits?” So who is the Sapphire Reserve actually right for in its new, $795 form?
This Card Does Make Sense If…
- You travel several times a year and don’t have overlapping lounge benefits. If you don’t already get airport lounge access from another card like the Ritz-Carlton card or an Amex Platinum, the combination of Sapphire Lounges and Priority Pass can make a big difference in how your trips feel.
- You’ll realistically use a lot of the credits. If you regularly stay at Edit-level hotels, eat out at participating Exclusive Tables restaurants, buy StubHub tickets, order DoorDash, stream Apple TV+/Music, ride with Lyft and already pay for a Peloton membership, you can get a large chunk of that “$2,700+” headline value back without changing your behavior very much.
- You book a lot of travel through Chase or directly with airlines and hotels. People who are constantly buying flights and hotel stays – especially through Chase Travel – can rack up points quickly with 8x and 4x earning, then turn those points into more trips via transfers or Points Boost.
- You know (or want to learn) how to use transfer partners. If you’re comfortable moving points to programs like World of Hyatt, Virgin Atlantic, Air Canada Aeroplan, etc., and you enjoy hunting for good redemptions, the Reserve’s earning structure plus 1:1 transfers can still deliver excellent value.
You Should Probably Skip It If…
- You don’t travel enough to justify a $795 fee. If you’re only taking one or two trips a year and you’re not using lounges, the protections and earning rates are nice, but you’ll likely come out ahead with a cheaper card like the Chase Sapphire Preferred.
- You hate juggling lots of small, merchant-specific credits. The new Sapphire Reserve is very “coupon book” heavy: $10 here, $15 there, split in half-year chunks. If that sounds exhausting, you probably won’t touch enough of the benefits to make the fee worthwhile.
- You already have overlapping premium cards. If you’ve built a setup like mine with the Sapphire Preferred for earning and the Ritz-Carlton card for lounges, or you’re pairing another strong travel earner with an Amex Platinum or Capital One Venture X, adding a $795 Sapphire Reserve may duplicate perks you already get elsewhere.
- You prefer simple cash-back or flat-value redemptions. If you don’t want to bother with portals, transfer partners or keeping track of which categories are boosted this quarter, the Reserve’s complexity may feel more like homework than a helpful tool.
In other words, the Chase Sapphire Reserve has evolved from a “must-have” for almost every points enthusiast into a very powerful but very specific tool. For the right traveler who can use the credits and earn a lot of points, it can still be a winner. For many others, a lower-fee setup built around the Sapphire Preferred and a separate lounge card will make more sense—and cost much less.
Final Thoughts
The Chase Sapphire Reserve isn’t the simple slam-dunk it was when it first came out. Today it’s a $795-a-year card packed with strong earning on travel and dining, excellent built-in protections, solid transfer partners and a long list of credits that range from genuinely useful to “only if you already live in that ecosystem.”
For the right person, that can still be a great deal. If you travel often, value lounge access, regularly book Edit-level hotels, lean on services like DoorDash, Lyft, Apple and Peloton, and are willing to be a little intentional about how you book and redeem travel, it’s entirely possible to get far more value back than you pay in fees.
If that doesn’t sound like you, that’s OK. There’s nothing wrong with deciding that you’d rather keep your annual fees lower and your setup simpler, even if that means giving up some bells and whistles. I reached that point myself, as I wrote in my goodbye post to the Sapphire Reserve, and plenty of other travelers will land in the same place.
But if you’ve read through the benefits and thought, “I’d easily use most of these every year,” then the Sapphire Reserve can still be a powerhouse travel card. And if you decide it belongs in your wallet, we’d appreciate it if you considered applying through our referral link, which helps support the site at no additional cost to you.
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