December 7, 2022

Chase Sapphire Reserve Credit Card Review

How to Earn Rewards with Chase Sapphire Reserve

Chase Sapphire Reserve delivers three points per dollar on travel immediately after earning your $300 travel credit, and three points per dollar on dining purchases. All other purchases earn one point per dollar. While that base rate might seem low, you can squeeze out a lot of value, depending on how you redeem your rewards.

A lot of the card’s value is stored in travel benefits, but if you don’t travel often, earning enough rewards each year to offset the annual fee will be tough.

Accelerate your earnings in the first few months with the card’s 60,000-point sign-up bonus. Earn a bonus after you spend $4,000 on purchases in the first 3 months from account opening. That’s $900 toward travel when you redeem through Chase Ultimate Rewards®.

A popular strategy for maximizing the rewards you earn with Chase Sapphire Reserve is pairing it with one of Chase’s no-annual-fee cards, especially one that receives bonus rewards in categories outside of dining and travel. Chase allows you to transfer points from other Ultimate Rewards-earning cards, which you can then redeem at Chase Sapphire Reserve’s bonus travel rate.

How to Redeem Rewards With Chase Sapphire Reserve

Redemption value makes Chase Ultimate Rewards one of the best rewards programs in the credit card industry. The card offers exceptional value when you use points to book travel through Chase and potentially even more value using the right redemption strategy with a transfer partner.

When booking travel through Chase Ultimate Rewards, your points are worth 50% more. As a result, this redemption option is a no-brainer.

But you may be able to identify even more valuable redemption options through Chase’s airline and hotel partners. According to U.S. News research, a handful of these partners offer average redemption values higher than 1.5 cents per point:

Chase travel partner Average value of points or miles
British Airways Executive Club 2.51 cents
Southwest Airlines Rapid Rewards 1.37 cents
United Airlines MileagePlus 1.69 cents
Virgin Atlantic Flying Club 5.29 cents
World of Hyatt 1.99 cents

Keep in mind, though, that if you use your rewards to book travel through Chase Ultimate Rewards, you’re limited to the options available on the platform. While the selection is extensive, you may not have as much flexibility as other general travel cards.

What Is Chase Sapphire Reserve’s APR?

Chase Sapphire Reserve has some impressive features, but APR isn’t one of them. The card has no introductory 0% APR on purchases or balance transfers, so you’ll be on the hook for interest on any balance you carry. Paying your balance in full each month is a good idea to avoid interest charges.

What Are the Fees Associated with Chase Sapphire Reserve?

  • Annual fee: This card’s annual fee is $550 and $75 per authorized user.
  • Balance transfer fee: The Chase Sapphire Reserve has a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater.
  • Cash advance fee: The fee is either $10 or 5% of the amount of each transaction, whichever is greater.
  • Foreign transaction fee: The Chase Sapphire Reserve has no foreign transaction fee.
  • Late payment fee: The late payment fee for this card can be up to $40.
  • Returned payment fee: The returned payment fee for this card can be up to $40.

Should You Get a Chase Sapphire Reserve Card?

  • Can get more than $550 in value from the card annually.
  • Redeem rewards only for travel bookings.
  • Don’t plan to carry a balance.
  • Want to take advantage of premium travel perks, trip protections and no foreign transaction fee.

Questions About Chase Sapphire Reserve

Q: Is Chase Sapphire Reserve a good credit card?
A: Chase Sapphire Reserve has a $550 annual fee, which is more than average. However, it has a total annual value of $514 when redeemed for travel and a $300 annual travel credit. The card is worth it for cardholders who can take advantage of these features.

Q: How much is a point worth for this card?
A: Point values vary depending on how you redeem them.

Q: What credit score do you need for Chase Sapphire Reserve?
A: Prospective cardholders need an excellent credit score to be approved for Chase Sapphire Reserve. You should have a VantageScore of at least 781 to qualify.

Q: Can you upgrade from the Chase Sapphire Preferred Card to Chase Sapphire Reserve?
A: Yes, it’s possible to upgrade your Chase Sapphire Preferred Card to a Chase Sapphire Reserve card. Contact Chase customer service to request an upgrade.

Q: Does Chase Sapphire Reserve get you into airport lounges?
A: Priority Pass Select membership is available to Chase Sapphire Reserve cardholders, offering access to more than 1,000 airport lounges.

Source link