Chase Sapphire Reserve® Credit Card

The Chase Sapphire Reserve® is still one of the most powerful premium travel cards, but the refreshed version is no longer “set it and forget it.” The headline value now comes from a mix of strong earn rates, a simple $300 travel credit, and a stack of use-it-or-lose-it lifestyle credits split across calendar halves.

While the $795 annual fee is steep, the $300 annual travel credit (automatic) reduces your baseline effective cost if you typically spend $300/year on travel.

If you also reliably use the $300 dining credit (eligible restaurants) and/or $500 The Edit hotel credit, the math can swing heavily in your favor, but only if those categories fit your real spending.

At a Glance

• Welcome Offer: 3 Months
• Rewards Rate:
  • 8X points on purchases through Chase Travel (including The Edit)
  • 4X points on flights booked directly
  • 4X points on hotels booked directly
  • 3X points on dining worldwide (restaurants; includes takeout/eligible delivery)
  • 1X on all other purchases
• Annual Fee: $795
• Authorized User Fee: $195 per person
• Travel Credit: $300 annual travel credit, automatically applied to travel purchases (travel purchases that trigger the credit don’t earn points).
• Dining Credit: Up to $300 annually (up to $150 Jan–Jun and $150 Jul–Dec) at eligible restaurants via OpenTable / Sapphire Exclusive Tables.
• Hotel Credit: Up to $500 annually for prepaid 2+ night stays with The Edit (split $250 Jan–Jun + $250 Jul–Dec).
• Redemption Bonus: Points are $0.01 each when redeemed through Chase Travel, with Points Boost offers that can increase their value to up to 2X on select flights/hotels.
• Lounge Access: Complimentary Priority Pass Select membership + access to Chase Sapphire Lounge by The Club (generally up to 2 guests; $27 per additional guest).
• Transfer Partners: 1:1 transfers to programs like United MileagePlus, World of Hyatt, Southwest Rapid Rewards, British Airways Executive Club, and more.
• Foreign Transaction Fee: None

Overview

Launched in 2016, the Sapphire Reserve remains Chase’s flagship premium travel card, now rebuilt around higher earn rates and a credit stack that rewards people who actually use the benefits each year.

The biggest strategic change versus the old CSR: the “1.5¢ portal value on everything” model is gone. In its place: 1¢ baseline through Chase Travel plus Points Boost on select redemptions.

Rewards & Benefits

The Earning Power

The earn structure is now very clean:

• 8X if you book through Chase Travel (portal-first strategy).
• 4X if you book flights or hotels directly (portal-optional strategy).
• 3X dining worldwide (restaurants; includes takeout/eligible delivery).

One important nuance: purchases that qualify for the $300 travel credit or The Edit credit do not earn points.

Redemption Value

You basically have two paths:

1. Transfer (High Ceiling)
   You can transfer points 1:1 to airline/hotel partners; this is where the outsized value lives (especially Hyatt).
2. Chase Travel (High Convenience, Variable Value)

• Baseline: points are worth $0.01 each in Chase Travel.
• With Points Boost, select flights/hotels can be priced at up to 2X value. Availability depends on the current offers.

Lounge Access

• Access to 1,300+ Priority Pass lounges + Sapphire Lounges, typically with up to two guests, then $27 per additional guest.
• No Priority Pass restaurant credits (this benefit ended July 1, 2024).

Credits & Lifestyle Value

Key credits currently advertised on the offer page include:

• $300 annual travel credit (simple, automatic).
• $300 dining credit (applicable to eligible restaurants; split into two half-year windows).
• Up to $500 The Edit hotel credit (prepaid 2+ nights; split half-year).
• $300 DoorDash promos (includes a $5 monthly restaurant promo + two $10 monthly promos for groceries/retail; through 12/31/2027) + 12 months DashPass when activated by 12/31/2027.
• $120 Lyft credits + 5X on Lyft rides through 9/30/2027.
• $300 in ticket credits at StubHub / viagogo (activation required; through 12/31/2027).

Fees & Requirements

• Annual fee: [N/A]; authorized users: $195 each.
• Minimum credit line: The Sapphire Reserve is a Visa Infinite product; a $10,000+ credit line is common, and Chase states it requires at least a $10,000 limit for upgrades.
• Approval constraints: Expect Chase to be sensitive to recent account openings (the commonly referenced “5/24” concept is widely reported; Chase also notes it may deny applicants who opened five new accounts in the last 24 months).

Borrower Experience

Global Entry / TSA PreCheck

• Up to $120 statement credit every 4 years for Global Entry, TSA PreCheck, or NEXUS.

DoorDash & Lyft

• DoorDash: DashPass + monthly promos (structure varies by month/category; see terms).
• Lyft: $10/month credit + 5X through 9/30/2027.

Travel Protections

• Trip Delay Reimbursement: Delays of 6 hours or more, or overnight, are reimbursed up to $500 per covered traveler (per the benefit terms on the offer page).
• Auto Rental Coverage: primary coverage up to $75,000 for theft/collision damage (with standard conditions; NY residents have special limitations).

Who It’s Best For

The Portal Optimizer

If you’re willing to book through Chase Travel (especially when Points Boost is strong on routes/hotels you actually want), the combination of 8X earning + occasional up-to-2X redemption value is uniquely potent.

Direct Bookers

If you prefer booking flights/hotels directly, 4X direct flights + 4X direct hotels is a rare premium-card structure that doesn’t punish you for avoiding portals.

Hyatt Loyalists

If you actually redeem with World of Hyatt, the 1:1 transfer option can still be a cornerstone strategy.

Who Should Skip It

People Who Won’t Use the Credit Stack

If you’ll use only the $300 travel credit and ignore the rest, you’re paying $495, which is still reasonable for heavy spenders, but it’s no longer the slam dunk it once was.

Travelers Who Want Guaranteed Portal Value

If you loved the old “1.5¢ per point on everything in the portal” logic, this is no longer that product. Today it’s 1¢ baseline + Points Boost when available.

People Maximizing Priority Pass Restaurants

That perk is now gone on CSR with the new refresh.

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Bottom Line

The refreshed Sapphire Reserve is best viewed as a premium rewards engine + credit bundle:

• If you use the $300 travel credit each year and derive value from several of the lifestyle credits, it can justify [N/A].
• If you want a premium travel card that’s mostly “one clean mechanic,” this is now less elegant than it used to be (because the value is split between credits + Points Boost availability).