Chase Sapphire Preferred vs Sapphire Reserve: How to decide which travel rewards credit card is best for you
The Chase Sapphire Preferred and Sapphire Reserve are incredibly popular, but one offers a much higher bonus, and the other comes with extra perks.
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- The
Chase Sapphire Reserve® andChase Sapphire Preferred® Card earn Ultimate Rewards points. - While the
Chase Sapphire Reserve® offers more perks, it has a much higher annual fee. - The Preferred is better if you're new to rewards cards, and it offers a much bigger welcome bonus.
- Read Insider's guide to the best Chase credit cards.
The two flavors of the Chase Sapphire card have helped catapult travel rewards into a mainstream obsession. The
While the
Chase Ultimate Rewards points are some of the most valuable credit card rewards around, so having either the
Let's dig into the Chase Sapphire cards' biggest differences to help make your choice easier.
Comparison: Chase Sapphire Preferred vs Chase Sapphire Reserve
Annual fee | ||
Rewards rate | 5x points on Lyft rides through March 2022 2x points on travel and dining 2x points on up to $1,000 per month in grocery purchases (then 1x) through April 30, 2021 1 point per dollar on everything else | 10x points on Lyft rides through March 2022 3x points on travel (after earning the $300 travel credit) and dining 3x points on up to $1,000 per month at grocery stores (then 1x) through April 30, 2021 1 point per dollar on everything else |
Welcome bonus | ||
Travel benefits | Primary car rental insurance Trip interruption/cancellation Trip delay insurance Baggage delay insurance Lost luggage reimbursement Extended warranty Purchase protection | Priority Pass Select airport lounge membership Global Entry or TSA PreCheck application fee credit Primary car rental insurance Complimentary elite status with Avis, National, and Silvercar car rental agencies Emergency medical/dental Medical evacuation/transportation insurance Trip interruption/cancellation Trip delay insurance Baggage delay insurance Lost luggage reimbursement Extended warranty Purchase protection |
Statement credits | Up to $60 back on an eligible Peloton Digital or All-Access Membership through December 31, 2021 Complimentary year of DoorDash DashPass membership (activation required by December 31, 2021) | Up to $300 in statement credits each cardmember year toward travel purchases (through December 31, gas and grocery purchases also qualify) Up to $120 back on an eligible Peloton Digital or All-Access Membership through December 31, 2021 Complimentary year of Lyft Pink membership when you activate by March 31, 2022 Complimentary year of DoorDash DashPass membership (activation required by December 31, 2021) |
Points value through Chase Travel Portal and Pay Yourself Back | 1.25 cents per point | 1.5 cents per point |
Authorized user fee
| $0 | $75 |
Foreign transaction fee | No | No |
Review | Chase Sapphire Preferred card review | Chase Sapphire Reserve card review |
Chase Sapphire card benefits and rewards
Aside from the annual fee, the biggest differences are that the
Read more: How to earn, redeem, and maximize Chase Ultimate Rewards points
The
Another benefit that's available only with the
Redeeming Chase Ultimate Rewards points
Chase offers cardholders great options for redeeming points, including several that don't involve travel. You can exchange them for cash back at 1 cent per point, or use them to purchase travel through the Chase Travel Portal - with a 25% bonus for
Read more: 4 reasons to apply for the Chase Sapphire Preferred Card now, beyond a record-high welcome bonus
With the
The Pay Yourself Back option is an especially good way to use points during the coronavirus pandemic if you want to cut down on costs but aren't ready to book travel.
Which Chase Sapphire card should you get?
Along with the perks, though, the
So what, if anything, makes the
Here are a few questions to ask yourself when deciding between the two cards. Keep in mind that many
How much do you spend on travel and dining?
To start, let's keep it simple and focus on the points earning.
Without considering any other perks or benefits, the deciding factor between the two cards should be whether you spend enough on dining and travel that earning an extra point per dollar is worth the
The
For argument's sake, let's assume you value your points at 1.5 cents each (that's the value of points used to purchase travel through Chase or for paying yourself back for eligible purchases, with the 50% bonus if you hold the Sapphire Reserve). You would need to spend $11,233 on dining and travel each year to make up the $155 annual fee difference between the two cards.
That breaks down to $936 a month - and this calculation takes into account the points you wouldn't earn on travel purchases covered by the $300 annual statement credit.
Here's how this calculation breaks down:
- Difference in annual fees between cards: $155
- Value of Chase points not earned on the Reserve's $300 travel credit: $13.50
- Value of the additional Chase points earned with the Reserve: 1.5 cents apiece
- Calculation: $155 + $13.50 / $0.015 = $11,233
If you value Chase points higher because you transfer them to partners like British Airways, Hyatt, and United to book higher-value redemptions, simply substitute your valuation of Chase points for $0.015 in this equation to find your breakeven point.
Of course, this will still require you to pay the
Whether you want to front
Moving on from points earning ...
Will you use the Chase Sapphire Reserve's benefits?
In exchange for a higher annual fee, the
- Up to $60 in DoorDash credits in 2021
- Complimentary one-year Lyft Pink membership
- 10x points on Lyft rides through March 2022
If you already use Lyft and DoorDash frequently, these benefits could make the annual fee worth it.
But if you aren't interested in ordering food delivery through DoorDash and you don't use ride-hailing services like Lyft, these new perks won't move the needle much - and you'll still have to pay
How do you value the Sapphire Preferred's higher sign-up bonus?
Despite the higher annual fee, the welcome bonus on the
It could be worth earning the higher bonus with the
How do you value the trip delay insurance?
A lot of discussion around the
Read more: The best credit cards with travel insurance
That's why I like the extra layer of security added by the
If the trip delay insurance activating sooner is worth the higher annual fee, then you should consider the
Will you use the airport lounge access?
The
While amenities vary by lounge, most of them tend to offer private Wi-Fi, free hard and soft drinks, snacks, and comfortable seating. Some lounges also feature heartier food options, sometimes included or sometimes for an additional charge.
Read more: Your credit card could get you a free drink and a comfortable place to relax at the airport
You can take a look at Priority Pass's full network of lounges by clicking "Find a Lounge" on the upper-left corner of this page to gauge whether the membership will be useful for you. The network is more robust abroad as the number of US locations is relatively limited and they tend to be found in international terminals, so you may not always be able to access lounges before domestic trips.
Several airports also have restaurants that are part of the Priority Pass network. At these restaurants - including the Grain Store at London's Gatwick - you'll get a certain amount credited on the bill for you and each guest. At the Grain Store, each guest is entitled to a £15 credit.
If you don't think you'll have much use for the Priority Pass membership, you might prefer the
Do you already have Global Entry/TSA PreCheck?
If you don't have Global Entry and TSA PreCheck, you should really get it. With PreCheck, you can use special security lines at most US airports. In those lanes, you can keep your shoes, belt, and light jacket on, leave your laptop in your bag, and only go through a metal detector instead of a full-body scanner. The process is much quicker than regular security, and it's much less uncomfortable.
With Global Entry, you can skip the immigration line when returning from the US and scan your passport at an unmanned kiosk instead. It prints a receipt you bring to the customs stop after baggage claim, and just like that, you're good to go.
You can apply to either program, but Global Entry usually includes TSA PreCheck and the $100 application fee is only a bit more than the $85 you'd pay to just apply for PreCheck. Plus, the
Will you add any authorized users to your account?
If you're looking to add authorized users, like a spouse or child, keep in mind that the
Each authorized user gets his or her own Priority Pass Select membership at least. There's no fee to add an authorized user to your
Bottom line
Ultimately, the two biggest things to consider when deciding between the cards are whether you're willing to pay the higher annual fee for the
You'll also want to factor in the difference between the cards' welcome bonuses, since the
Beyond that, take a look at the difference in perks and see which is best for you.
Sarah Silbert is the senior reviews editor at Personal Finance Insider. She's covered personal finance and credit card rewards for six years, and she's a Certified Educator in Personal Finance (CEPF).
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