Yesterday I received an interesting email from Chase. The email asked me to rate and review the Chase Sapphire Reserve card. I figured in addition to rating the card on their site I’d also do a quick review on here as well. I’ve had the card just under a year and am happy to say it’s a fantastic card. I’m not going to go so far as to say it’s the best credit card on the market, but it’s pretty darn good. Most credit cards are great for specific types of people, but the Chase Sapphire Reserve is arguably the best all-around credit card out today.
Incredible Sign-Up Bonus
Although the offer is no longer available the card originally came with an absolutely incredible sign-up bonus of 100,000 Ultimate Rewards points. The best part of the offer is that it only required $4,000 in spending to earn the full 100K points. Since the sign-up spending requirement was fairly reasonable I didn’t have to manufacture any spend or go out of my way to earn the bonus.
If I’ve learned anything from the miles and points game it’s to earn and burn. Shortly after earning the full 100K sign-up bonus I started looking for a great way to spend those miles. I ended up burning my miles on a Lufthansa First Class flight from Frankfurt to Newark. Although at 110K United Miles isn’t the cheapest way to book Lufthansa First class I certainly enjoyed the flight. In the end that flight would have cost over $8,000. That value should help offset the annual fee for years to come!
Excellent Points Earning Opportunities
Obviously the 100K sign-up bonus make the card worth opening, but the ongoing points earning potential makes the Chase Sapphire Reserve worth keeping. The card earns 3X points on nearly all travel and at nearly every establishment that serves food. In addition, you’ll also earn 1X point on all other qualifying purchases. For me, the 3X points on travel and dining represents an incredible way to earn Ultimate Rewards points quickly. I’m always amazed by how quickly my UR points total grows though typical monthly spending.
In addition to travel and dining, Chase makes it easy to earn extra points through the Chase Shopping Portal. Whenever I need to purchase anything from a retailer I always first check Ultimate Rewards Shopping for current promotions. I’m always amazed by how many retailers participate in this program and how easy it is to use.
Earning Ultimate Rewards Points With Other Chase Cards
Chase currently offers one of the most diverse lineup of credit cards of any card issuer. Chase offers two cash back cards; the Chase Freedom and Freedom Unlimited cards. The Freedom card earns 1% cash back on all purchases, but comes rotating quarterly bonus categories which yield 5% cash back. Chase’s Freedom Unlimited card only earns a flat 1.5% cash back, but on all categories. Best of all, neither card comes with an annual fee.
By combining the Chase Sapphire Reserve, Chase Freedom, and Chase Freedom Unlimited you’ll earn 1.5X points on non-bonus everyday spending, 5X points on quarterly rotating categories, and 3X points on Travel and Dining.
Chase does such a great job of allowing ‘points’ transfers between cards I often wonder how long it will last. Obviously cash back ‘points’ are only worth $0.01 when used as statement credits. Luckily, when transferring those same ‘points’ to an Ultimate Rewards account you can get far more value from them. Chase lets you transfer points from the Freedom, Freedom Unlimited, and Ink cards to a central Ultimate Rewards account.
Good Travel Benefits
When comparing credit cards I tend to avoid things like travel protection because most annual fee credit cards come with these benefits. What sets this card apart (from less expensive cards) is the complimentary Priority Pass membership. Priority Pass is a lounge network program which maintains an extensive group of partner airport lounges. Priority Pass members (and 2 guests) have access to Priority Pass lounges when traveling and where available. Most Priority Pass lounges are open to everyone regardless of your operating carrier.
Most premium ($400+ annual fee) cards come with Priority Pass membership these days. Priority Pass alone isn’t enough of a benefit to convince me to open the card, but it is another perk which makes the card worth keeping.
An Awesome Metal Card!
I kid, I kid. The Chase Sapphire Reserve is metal, but if all you’re after is a metal card then maybe you shouldn’t open a credit card.
No Foreign Transaction Fees and Accepted Everywhere
The Chase Sapphire Reserve is an excellent travel companion, especially abroad. During my recent trip to Paris I didn’t take or use any Euros. I literally used the Chase Sapphire Reserve card everywhere. There wasn’t a single merchant that didn’t accept the card.
Even better, I didn’t have to pay a single foreign transaction fee on any purchase. Chase waives all foreign transaction fees for the Chase Sapphire Reserve card. This is a fantastic benefit since nearly all of my purchases while traveling were dining or travel related. It was great earning 3X points even while abroad.
$300 Annual Travel Credit
Another great benefit of the Chase Sapphire Reserve card is the $300 annual travel credit. Sadly, Chase recently changed the way travel credits are applied. In the past you could potentially earn 2 credits in a calendar year and now you only get one credit per annual fee paid. This isn’t a huge loss and most card holders probably won’t notice any difference.
The $300 annual travel credit is automatic which means all you have to do is use your card as you would normally. Each (card member) year the first $300 in travel spending is automatically credited from your account.
This $300 travel credit reduces what I call the “effective annual fee” to just $150. That low annual fee is just $55 more than the Chase Sapphire Preferred and the benefits for the reserve are far superior. You only need a few visits to Priority Pass lounges to cover the difference in annual fees.
So, Are There Any Negatives?
If you put this card in a jar, by itself, I’d say no. I have no issues with the card itself. The card’s great, the benefits are great, and customer service is incredible. The issue is competition from other credit cards. I’d argue the bonus categories offered by the Citi Prestige card are superior and that card comes with a very lucrative 4th night free benefit. The American Express Platinum card is now effectively just $150 annually, but comes with much better airport lounge access. I’d bet a ‘normal’ person is better off with the Chase Sapphire Reserve, but frequent travelers may find better value elsewhere.
Final Thoughts
Chase’s Sapphire Reserve card is incredibly popular and for good reason. The card comes with impressive benefits, airport lounge access, and access to the valuable Ultimate Rewards program. If you’re in the market for a more rewarding well-rounded credit card you can’t go wrong with the Chase Sapphire Reserve card. Sure other cards may offer better lounge access or a lucrative 4th night free benefit, but if you’re never in an airport or rarely at a hotel what good are they?
I absolutely love the Chase Sapphire Reserve, but just wish Chase would eliminate the 5/24 rule and bring back the 100,000 point sign-up bonus. Oh yeah, I also wish Chase offered referral bonuses on this card.
