Why I’ll Never Upgrade to the Chase Sapphire Reserve Card

The Chase Sapphire Preferred^® Card has been one of my wallet’s most reliable credit cards. Plenty of newcomers have emerged on the rewards scene, but I’m loyal to Chase Ultimate Rewards points.

That said, you may wonder why I’m not going for the more premium Chase Sapphire Reserve^® instead. After all, this luxury card comes with benefits that the Chase Sapphire Preferred card sorely lacks, whether that’s complimentary lounge access or better earning rates on travel purchases.

Here are some of the reasons why upgrading to the Chase Sapphire Reserve card isn’t in my future.

Benefits Overlap With Other Cards in My Wallet

What exactly does the Chase Sapphire Reserve card have over the Chase Sapphire Preferred card?

There are quite a few benefits that you’ll get jumping from a $95 annual fee to a much greater $550 annual fee:

For some travelers, the Chase Sapphire Reserve card is the better choice, even with the higher annual fee. However, as with any card, a personalized analysis is necessary to see if it aligns with your travel preferences. Here are a few examples for my situation.

I lived in New York City for a few years but moved away before the Chase Sapphire Lounge opened at LaGuardia Airport (LGA) in early 2024. If that lounge had been available while I was there, simply having access to the lounge would have been enough to convince me to get the Chase Sapphire Reserve card. Otherwise, Chase’s network of lounges is still pretty small, though the issuer is working hard to open up new locations.

I much prefer having The Platinum Card^® from American Express, which gives me access to the wide network of Centurion lounges. Priority Pass access is another benefit of the Amex Platinum card (upon enrollment).

A Global Entry or TSA PreCheck application credit is definitely a valuable perk, but it’s offered by so many other cards on the market, many of which don’t charge a $550 annual fee.

That said, the $300 travel credit is one of the easiest benefits to use on the Chase Sapphire Reserve card — effectively cutting the annual fee by more than half. However, given that many of the card’s benefits overlap with other cards I already have, there’s no real need for me to opt for the premium version of the Chase Sapphire Preferred card.

I Prefer Transferring Points vs. Booking Through Chase Travel

While the Chase Sapphire Reserve card gives you 50% more value when redeeming points through Chase Travel — making each point worth 1.5 cents — this isn’t my preferred method to book.

I prefer to use Chase’s transfer partners most of the time to maximize the value of my Chase Ultimate Rewards points. For example, by transferring points to World of Hyatt, I can book hotels and get 2 to 4 cents per point in value, or by transferring to Flying Blue, I can secure a business class ticket to France and achieve up to 6 cents per point value. The list goes on.

While Chase Travel has vastly improved over recent years, it’s still a third-party booking portal. You won’t be able to earn hotel points on third-party stays, and if you ever need to change or cancel a flight, good luck. Booking directly with an airline or hotel, whether with cash or points, is almost always worth it to me.

I Won’t Be Eligible for the Welcome Bonus Offer

There are some interesting rules from Chase. For instance, Chase only allows you to have 1 Sapphire card at a time. If you currently have the Chase Sapphire Preferred card (like I do), that means you’re not eligible to apply for the Chase Sapphire Reserve card.

Instead, I could choose to upgrade my Chase card. However, I don’t want to do that because that would make me ineligible to earn the welcome bonus offer on the Chase Sapphire Reserve card. To make matters even more complicated, the issuer has a 48-month rule for applicants to receive welcome offers within the Chase Sapphire card family.

Chase Sapphire Reserve^®

U.P. Rating 

The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

A top player in the high-end premium travel credit card space that earns 3x points on travel and dining while offering top luxury perks.

Apply Now(at Chase's secure site)

Chase Sapphire Reserve^®

A top player in the high-end premium travel credit card space that earns 3x points on travel and dining while offering top luxury perks.

Welcome Offer

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.

60,000 points

UP's Bonus Valuation*:

$1,200

Annual Fee

$550

APR

21.74% - 28.74% Variable

Credit Recommended

Upgraded Points credit ranges are a variation of FICO^®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.

Excellent (740-850)

Why We Like This Card

If you’re looking for an all-around excellent travel rewards card, the Chase Sapphire Reserve^® is one of the best options out there.

The card combines elite travel benefits and perks like airport lounge access, with excellent point earning and redemption options.  Plus it offers top-notch travel insurance protections to keep you covered whether you’re at home or on the road.

Don’t forget the $300 annual travel credit which really helps to reduce the annual fee!

Pros & Cons

Pros

• 10x total points on hotels and car rentals when you purchase travel through Chase TravelSM immediately after the first $300 is spent on travel purchases annually
• 10x points on Lyft purchases through March 31, 2025
• 10x points on Peloton equipment and accessory purchases over $250 through March 31, 2025

Cons

• $550 annual fee
• Does not offer any sort of hotel elite status

Read Full Review

Card Highlights

• Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
• $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year.
• Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases
• Get 50% more value when you redeem your points for travel through Chase Travel℠. For example, 60,000 points are worth $900 toward travel.
• 1:1 point transfer to leading airline and hotel loyalty programs
• Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select and up to $120 application fee credit every four years for Global Entry, NEXUS, or TSA PreCheck^®
• Count on Trip Cancellation/Interruption Insurance, Auto Rental Coverage, Lost Luggage Insurance and more.
• Member FDIC

Financial Snapshot

• APR: 21.74% - 28.74% Variable
• Foreign Transaction Fees: None

Rewards Center

Chase Ultimate Rewards

At this point, I’ve had the Chase Sapphire Preferred card in my wallet for more than 48 months. If I ever decide I want the Chase Sapphire Reserve card, here’s what I would do rather than upgrading:

• Downgrade Chase Sapphire Preferred card to a $0-annual-fee Chase Freedom Unlimited^®
• Wait at least a few weeks
• Apply for the Chase Sapphire Reserve card to get the welcome bonus offer

Right now, the Chase Sapphire Reserve card has the following welcome bonus: Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months.

If I were to upgrade my Chase Sapphire Preferred card — rather than downgrade and submit a new application for the Chase Sapphire Reserve card — then I would lose the opportunity to earn those bonus points.

The Chase Sapphire Preferred Card Holds Merit

The Chase Sapphire Preferred card is the anchor card in my wallet that allows me to earn Ultimate Rewards points. I can pool rewards earned on my Chase cash-back cards, including the Ink Business Unlimited^® Credit Card and the Chase Freedom Flex^®, to turn them into transferable rewards points.

BEST BEGINNER CARD

Chase Sapphire Preferred^® Card

U.P. Rating 

The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

A fantastic travel card with a great welcome offer, good benefits, and perks for a moderate annual fee.

Apply Now(at Chase's secure site)

Chase Sapphire Preferred^® Card

A fantastic travel card with a great welcome offer, good benefits, and perks for a moderate annual fee.

Welcome Offer

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.

60,000 bonus points

UP's Bonus Valuation*:

$1,200

Annual Fee

$95

APR

20.74% - 27.74% Variable

Credit Recommended

Upgraded Points credit ranges are a variation of FICO^®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.

Good to Excellent (670-850)

Why We Like This Card

The Chase Sapphire Preferred^® card is one of the best travel rewards cards on the market. Its bonus categories include travel, dining, online grocery purchases, and streaming services, which gives you the opportunity to earn lots of bonus points on these purchases.

Additionally, it offers flexible point redemption options, no foreign transaction fees, and excellent travel insurance coverage including primary car rental insurance. With benefits like these, it’s easy to see why this card is an excellent choice for any traveler.

Pros & Cons

Pros

• 5x points on all travel booked via the Chase Travel portal
• 5x points on select Peloton purchases over $150 (through March 31, 2025)
• 5x points on Lyft purchases (through March 31, 2025)

Cons

• $95 annual fee
• No elite benefits like airport lounge access or hotel elite status

Read Full Review

Card Highlights

• Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
• Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more.
• Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Travel℠. For example, 60,000 points are worth $750 toward travel.
• Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
• Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2027.
• Member FDIC

Financial Snapshot

• APR: 20.74% - 27.74% Variable
• Foreign Transaction Fees: None

Rewards Center

Chase Ultimate Rewards

Final Thoughts

Upgrading your card isn’t always the best option. Often, it’s wiser to submit a new application so you’re eligible for a welcome bonus offer, though Chase’s strict rules about owning multiple Sapphire cards add some complexity. That’s why I’m sticking with the Chase Sapphire Preferred card for now.