Card benefits change often, and this page may be out of date by the time you read it. Always check the bank’s page and your card’s guide to benefits for the current terms before you rely on a benefit.
The Sapphire Reserve is Chase’s premium card: a $795 annual fee, a long list of credits, Sapphire and Priority Pass lounges, strong travel insurance, and Ultimate Rewards points that transfer to airlines and hotels (including World of Hyatt at 1:1).
Since the 2025 refresh it’s a card you have to work to break even on. Below is every credit with how often it resets and the catch, the earning rates, the protections in the bank’s own numbers, and my verdict on who should get it.
Sapphire Reserve at a glance
- Annual fee: $795; $195 for each authorized user
- Current public offer: 100,000 points after $6,000 in purchases in the first 3 months (as of October 14, 2026, per Frequent Miler)
- Is it the best ever?: No. It was 150,000 points until June 2026, so if you’re not in a hurry it may be worth waiting for another increase.
- Foreign transaction fee: None
- Best for: Frequent travelers who’ll use the lounges, the $300 travel credit and most of the other credits without changing their habits, and anyone who wants Chase points to move to Hyatt at 1:1.
- Skip it if: You’d be paying $795 for credits you’d have to go out of your way to use. The Sapphire Preferred does most of the job for $95.
- Bank’s page: Chase Sapphire Reserve on chase.com
Jump to: Highlights · Earning · Credits · Lounges and status · Insurance · Transfers · Application rules · My take · The catch · Keep it? · Offer history · Quick Answers
The highlights
- 8x Chase Travel, 4x flights and hotels booked direct, 3x dining, 1x elsewhere
- $300 annual travel credit, applied automatically
- $500 The Edit hotel credit: two $250 credits on prepaid 2-night stays at The Edit properties booked through Chase Travel
- $300 dining credit: $150 per half-year at Exclusive Tables restaurants
- $300 StubHub credit: $150 per half-year, through 12/31/2027
- Apple TV and Apple Music free for 12 months, activate by June 22, 2027 (or a $15 monthly Apple One discount instead)
- DoorDash: DashPass, a $15 monthly promo on any order, and two $10 monthly promos that each need their own non-restaurant order
- $10 monthly Lyft credit, plus 5x on Lyft, through 9/30/2027
- $10 monthly Peloton membership credit, plus 10x on Peloton equipment, through 12/31/2027
- Points transfer to Chase’s airline and hotel partners, including World of Hyatt at 1:1 (the only Chase card that still does)
- Global Entry, TSA PreCheck or NEXUS credit every four years
- Sapphire Lounges and Priority Pass with two guests; Maple Leaf Lounges on Star Alliance flights
- IHG Platinum status; Points Boost up to 2 cents per point on select Chase Travel bookings; $75K spend unlocks Hyatt Explorist, IHG Diamond and Southwest A-List
- Primary rental car coverage up to $75,000, trip delay at 6 hours, trip cancellation, lost bag, emergency medical and return protection; no foreign transaction fees; $195 per authorized user
How it earns
| Category | Rate | Caps and fine print |
|---|---|---|
| Chase Travel (including The Edit) | 8x | No cap. Purchases covered by the $300 travel credit or The Edit credit earn no points. |
| Flights booked direct with the airline | 4x | Direct bookings only; other travel earns 1x. |
| Hotels booked direct with the hotel | 4x | Direct bookings only. |
| Dining worldwide | 3x | Includes takeout and eligible delivery. |
| Lyft rides | 5x | Through 9/30/2027. |
| Peloton equipment and accessories over $150 | 10x | Up to $5,000 in purchases, through 12/31/2027. |
| Everything else | 1x | — |
Points are worth 1 cent each in Chase Travel, or up to 2 cents with Points Boost on select hotels (including The Edit) and select flights. Transfers to partners are usually the better use, unless applying multiple credits to a The Edit booking with Points Boost.
Credits and how to use them
Chase markets these as more than $3,000 a year in value. Here’s what each one actually takes.
| Credit | Amount | How often | Where / how | The catch |
|---|---|---|---|---|
| Travel credit | Up to $300 | Each account anniversary year | Automatic statement credit on travel purchases | Purchases it covers earn no points. The easiest credit on the card. |
| The Edit hotel credit | Up to $250 per booking, $500 a year | Calendar year | Prepaid stays of 2+ nights at The Edit properties through Chase Travel | Needs two prepaid two-night stays at expensive hotels; those purchases earn no points. |
| Dining credit | $150 + $150 | January–June and July–December | Sapphire Reserve Exclusive Tables restaurants booked on OpenTable | A curated list of restaurants, mostly in big cities. |
| StubHub / viagogo credit | $150 + $150 | January–June and July–December | StubHub and viagogo purchases; activation required | Ends 12/31/2027. Worthless if you don’t buy tickets. |
| DoorDash promo (any order) | $15 a month | Monthly | One promo on any qualifying DoorDash order, restaurants included, with the included DashPass | Through 12/31/2029. The easy one, if you order delivery at least once a month. |
| DoorDash promos (non-restaurant) | Two $10 promos a month | Monthly | Grocery, convenience and other non-restaurant orders | Each $10 promo needs its own separate non-restaurant order, so using both means two extra orders a month. Through 12/31/2029. |
| DashPass membership | Valued at $120 | 12 months | Activate by 12/31/2029 | — |
| Lyft credit | Up to $10 a month | Monthly | In-app credit on rides | Ends 9/30/2027. |
| Peloton credit | $10 a month | Monthly | Eligible Peloton memberships; activation required | Ends 12/31/2027. Only if you already pay for Peloton. |
| Apple TV and Apple Music | Valued at $324 a year | At least 12 months | Activate by June 22, 2027; or choose a $15/month Apple One discount instead (any plan, including Family) | Only worth something if you’d pay for them anyway. Annoyingly, Apple One subscribers don’t get the same value: the alternative is a $15 monthly Apple One discount ($180 a year) instead of the free services. |
| Global Entry, TSA PreCheck or NEXUS | Up to $120 | Once every 4 years | Pay the application fee with the card | — |
Lounges, status and other perks
- Chase Sapphire Lounges by The Club with up to two guests.
- Priority Pass Select membership covering 1,300+ lounges, with up to two guests.
- Select Air Canada Maple Leaf Lounges and Air Canada Cafés in the U.S., Canada and Europe with an eligible boarding pass.
- IHG One Rewards Platinum Elite status through December 31, 2027.
- The Edit hotel benefits on bookings through Chase Travel: $100 property credit, daily breakfast for two, Wi-Fi, a room upgrade and early check-in/late check-out (some subject to availability).
- Reserve Travel Designers, a custom itinerary service Chase values at up to $300 per trip.
- Spend $75,000 in a calendar year to unlock World of Hyatt Explorist, IHG Diamond Elite, Southwest A-List, a $500 Southwest Chase Travel credit and a $250 credit for The Shops at Chase, for the rest of that year and the next.
- Dedicated customer service team, 7 days a week.
Insurance and protections
Green highlights mark where this card is at the top of the cards I review.
| Benefit | What the bank says |
|---|---|
| Auto rental collision damage waiver | Top tier: primary, up to $75,000 for theft and collision damage on most rentals in the U.S. and abroad; no card I review has a higher limit, and the others at $75,000 aren’t primary in the U.S. (secondary inside the U.S. for New York residents) |
| Trip cancellation / interruption | Up to $10,000 per covered traveler and $20,000 per trip One-way and award tickets: Award tickets count: the guide covers trips where all or a portion of the cost (such as award taxes) is charged to the card or paid with Ultimate Rewards points. Its cancellation section doesn’t mention a round-trip requirement. |
| Trip delay | Top tier: up to $500 per covered traveler after a delay of more than 6 hours or an overnight stay (6 hours is the shortest wait of the cards I review; most mid-tier cards need 12) One-way and award tickets: Yes to both: one-ways are covered, and an award ticket counts if you put a portion of the fare (the taxes and fees) on the card. Amex’s version requires a round trip paid on the card. |
| Baggage delay | Top tier: up to $100 a day for up to 5 days after a 6-hour delay (most cards with this cap it at 3 days) One-way and award tickets: Yes to both: the guide covers round-trip or one-way fares paid all or in part with the card or points. |
| Lost luggage | Up to $3,000 per covered traveler One-way and award tickets: Yes to both, same rule as baggage delay. |
| Emergency evacuation and transportation | Up to $100,000 on trips 100+ miles from home |
| Emergency medical and dental | Up to $2,500, $50 deductible, on trips 100+ miles from home |
| Travel accident insurance | Up to $1,000,000 |
| Roadside assistance | Up to $50 per incident, 4 times a year |
| Purchase protection | 120 days, up to $10,000 per item (90 days for New York residents) |
| Return protection | Within 90 days, up to $500 per item and $1,000 per 12 months |
| Extended warranty | Adds one year to U.S. warranties of three years or less |
Coverage rules for one-way and award tickets come from Chase’s Guide to Benefits for the Sapphire Reserve (effective 10/01/24) and The Points Guy’s reading of it; claims always need receipts and the carrier’s delay confirmation.
For how this compares with other cards, see my card travel benefits comparison.
Transfer partners
Ultimate Rewards points transfer to Chase’s airline and hotel partners, and the Reserve is now the only Chase card that still moves points to World of Hyatt at 1:1 (the Sapphire Preferred moved to 4:3 for new applicants on June 15, 2026 and for existing cardholders on October 1, 2026). Ratios and transfer times for every partner are in my transfer partners guide.
Application rules for this card
- You can’t get this card if you have it open now. You can hold the Sapphire Preferred and the Reserve at the same time: Chase has allowed that since June 23, 2025.
- The bonus is once per card. Chase’s January 2026 memo says you can earn a bonus on each Sapphire card “one time per card,” even if you hold the other one, and the card page says the bonus may not be available if you previously held this card or received its bonus. Chase may also consider how many cards you’ve opened and closed (the Sapphire pop-up).
- Chase’s 5/24 rule applies: you’ll be denied if you’ve opened 5 or more personal cards from any bank in the last 24 months.
The full rules for every bank are in my credit card application rules guide.
My take
A $795 fee for just 25,000 more points than the Preferred’s offer. But $300 is a “free” travel credit, making it more like $495 in my eyes. Unless you’ll use the lounges and would already use at least $495 of the coupon-book credits regardless, the Preferred is the better card, and the Reserve is a worse deal than it was before the 2025 refresh.
Where it still wins: it’s now the only Chase card that transfers to Hyatt at 1:1, and the insurance is the best Chase offers. It’s the best card for rental car coverage and trip/bag delay coverage. If you travel frequently enough that these could make a difference, this card might be worth it regardless.
In any case, I personally would hate to sign up at a 100k bonus when 150k was available in the past.
The catch
Since the 2025 refresh this is a $795 coupon book. Only the $300 travel credit is easy. The Edit credit needs two prepaid 2-night stays a year at expensive hotels; the dining credit only works at a curated list of restaurants in big cities; the StubHub, DoorDash, Lyft and Peloton credits are worthless if you don’t already use those services, and most of them end in 2027.
The old 1.5¢ portal redemption is gone for new cardholders. Points Boost gives up to 2¢ only on select hotels and select flights, and everything else in Chase Travel is worth a penny, so transfers to Hyatt and the airlines are where the value is. Lounge access is the Sapphire Lounges (only at a handful of airports) plus Priority Pass.
Everything I just mentioned is truly bad unless you already spend in these categories. Chase, like other banks with similar types of hard-to-use credits, hopes that you forget to use these benefits.
Keep it after year one?
The fee to me is $795 minus the easy-to-use $300 travel credit, which equals $495. Only if you fly often enough to use the lounges and will use more than $495 worth of the Edit, dining and StubHub credits without changing your habits would I consider this worth it. If you’re honest and the answer is that you wouldn’t, or even that it would be hard, the Sapphire Preferred does 80% of the job for $95, and you can product-change to it (though I would prefer you earn the bonus for that card, too).
Offer history
| Offer | Ended |
|---|---|
| 150K after $6K in 3 months (best ever) | 2026-06 |
| 100K after $5K in 3 months (old $550 card) | 2025-06 |
Quick Answers
$795 a year, plus $195 for each authorized user, as of October 2026. It isn’t waived the first year.
As of October 14, 2026 the public offer is 100,000 points after $6,000 in purchases in the first 3 months. It was 150,000 points until June 2026.
Think of it as $495 after the easy $300 travel credit. It’s worth it only if you’ll use the lounges and more than $495 of the other credits (The Edit, dining, StubHub) without changing your habits, or if its insurance would matter to you. Otherwise the Sapphire Preferred gives most of the value for $95.
Yes. As of October 2026 it’s the only Chase card that still transfers to World of Hyatt at 1:1. The Sapphire Preferred moved to 4:3 for new applicants on June 15, 2026 and for existing cardholders on October 1, 2026.
Yes. Chase has allowed holding both since June 23, 2025, and since January 2026 the bonus is once per card, so holding the Preferred doesn’t block the Reserve’s bonus.
Last checked: October 14, 2026. Card terms change often, so confirm on the bank’s page before you apply. There are no affiliate or referral links on this site, ever; links go to the bank’s own page.
Changelog
- October 14, 2026: Corrected the dates the Sapphire Preferred moved to 4:3 Hyatt transfers (June 15, 2026 for new applicants, October 1, 2026 for existing cardholders).