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Chase Bank is one of the oldest and largest banks in the US, with a nationwide network of more than 4,700 branches. The bank has 39 personal and business credit cards available, including numerous cash back and travel rewards cards. Chase has issued more than 149 million credit cards to customers.
The Chase Sapphire Reserve® card is Chase Bank’s highest-tier personal rewards card. It’s designed for high-spend individuals who travel frequently. The card’s statement credits and points multipliers more than pay for the annual fee if you spend a lot on hotels, flights, car rentals, and other travel purchases each year.
Suitable for?
The Chase Sapphire Reserve® is designed for individuals who both travel frequently and spend a lot on travel. Most of the card’s benefits are geared towards travel purchases, with the biggest points multipliers available for hotels, rental cars, and flights. Free TSA PreCheck enrollment and Priority Pass lounge access will be most useful for people who fly often.
Since the annual fee is quite high, you need to spend a fair amount annually to make this card worth it. Ideally, you should be able to meet the $4,000 spend requirement to claim the welcome bonus. You should also be able to take advantage of the full $300 annual travel credit every year.
The card does have some dining rewards. However, these aren’t enough on their own to make the annual fee worthwhile, especially when compared against other dining rewards cards.
The Chase Sapphire Reserve® requires a minimum credit score of 720, so it’s only available to individuals with good to excellent credit.
The Chase Sapphire Reserve® card comes with an annual fee of $550. The fee is not waived for the first year. You’ll also pay an additional $75 per year for any authorized users on your account other than the primary cardholder.
The card carries an interest rate of 22.49%-29.49%. Your rate is determined when you are approved for the card.
There are no foreign transaction fees.
Annual Fee | Interest Rate | Foreign Transaction Fee |
$550 + $75/authorized user | 22.49%-29.49% | None |
The Chase Sapphire Reserve® is loaded with rewards.
First, the card comes with an introductory offer of 60,000 bonus points when you spend $4,000 in the first three months after opening your account. These points are worth $900 when spent on travel in the Chase Travel℠ portal.
Every year, you get a $300 statement credit that is automatically applied toward your first $300 in travel purchases. After that, you’ll receive 10X points on hotels and car rentals, 5X points on flights, and 3X points on all other travel purchases.
Another nice benefit to the Chase Sapphire Reserve® card is that you get a statement credit for the fee to enroll in TSA PreCheck or NEXUS. This statement credit is available once every four years.
You’ll also get free enrollment in Priority Pass, which provides access to more than 1,300 VIP lounges in airports and hotels around the world.
When you pay for travel with your Chase Sapphire Reserve®, you automatically receive up to $20,000 in trip interruption insurance. You also receive primary collision insurance when you pay for rental cars with your card.
Finally, you’ll earn 3X points on all dining purchases. Dining purchases earn 10X points when booked through Chase Travel℠.
You can apply for the Chase Sapphire Reserve® online or in person at any Chase Bank branch. To apply online, you must provide your name, birth date, contact information, social security number, employment status, and annual income.
Chase will run a hard credit check and return an approval decision instantly in most cases. You must have a minimum credit score of 720 to qualify for the Chase Sapphire Reserve®.
If you’re approved, Chase will mail your new card to you. It typically arrives in 3-5 days.
Chase offers 24/7 phone support for cardholders. You can also schedule a call or visit a local Chase Bank branch for help. Phone wait times are typically no more than a few minutes.
Chase takes customer security very seriously. Your account is protected by biometric and two-factor authentication. A security dashboard shows all of the merchants that have stored your card information and all linked services that have access to your card information. You can also set up custom purchase alerts.
You’re never liable for fraudulent purchases on your card. It’s easy to temporarily lock it or report it lost or stolen.
The Chase Sapphire Reserve® is a credit card and is not FDIC insured.
You can redeem points earned with your Chase Sapphire Reserve® card through the Chase Travel℠ portal. Points can be redeemed for travel purchases, merchandise, or a statement credit.
You can only be the primary cardholder on one Chase Sapphire card. That means that you must choose between the Chase Sapphire Reserve® and Chase Sapphire Preferred®. You can switch cards in the future.
The Chase Sapphire Reserve® card is a premium travel rewards card that’s hard to beat for anyone who spends a lot on travel each year. The annual fee is expensive, but the card offers up to $1,300 in value in your first year between the welcome bonus and statement credits. Benefits like 10X points on travel purchases, free lounge access, and trip interruption insurance make the annual fee well worthwhile in subsequent years.
This review was based on information on the Chase website and my personal experience as a Chase Sapphire Preferred® cardholder.
