Why I am keeping the Chase Sapphire Reserve card, even at $795 a year

CNN

6 hours ago

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I have had the Chase Sapphire Reserve® credit card since 2017, and I've been very happy with it. It has been my primary credit card for most travel and dining purchases, thanks to its points-earning potential. With 3 Chase Ultimate Rewards points per dollar spent on travel and dining, I have earned hundreds of thousands of points over the years. And when something went wrong while traveling, like a canceled or delayed flight, the Chase Sapphire Reserve's travel insurance came through repeatedly, refunding the expenses I had incurred as a consequence.
That's why I didn't mind paying its $550 annual fee. Year after year, the Chase Sapphire Reserve has paid for itself — and then some — through points, travel credits and peace of mind. But then the bank announced that it was raising the Chase Sapphire Reserve's annual fee to $795, effective June 23, a brutal 45% hike that had many card holders wondering if they should keep the Reserve or seek less expensive alternatives.
So, I looked at the new credits and earning structure that Chase announced with the annual fee change, did the math and decided that the Chase Sapphire Reserve still makes sense for me, even at an annual fee of $795. Once the card's various credits are factored in, that intimidating figure drops, in my situation, to just $15.
And that's without counting all the credits the card offers; some are too impractical to use if you don't have time to track them, or they just don't interest me. That $15 figure is based on using only the credits that make sense for my spending habits.
Here's why the Chase Sapphire Reserve will remain in my wallet and why you might find yourself in a similar position — or not.
Annual fee equivalent after this credit is counted: $495
The new version of the Chase Sapphire Reserve keeps one of the most attractive features of the old one: an automatic credit of $300 toward travel purchases, resetting every year on your membership anniversary. Chase defines what counts as travel broadly, so this credit applies to everything from subway rides to airfare, including ride-share services, car rentals, vacation homes, hotels and more. Just put that expense on the card, and it gets erased automatically, up to the $300 limit.
Importantly, flights and hotels booked directly now earn 4 points per dollar instead of 3 points per dollar before the annual fee change. Since I spend a lot on those, that has swayed me to keep the card, even with earnings on travel other than flights and hotels slashed to 1 point per dollar instead of the previous 3 points per dollar.
Annual fee equivalent after this credit is counted: $375
I live in Brooklyn, New York, and like many Americans who live in cities, I use ride-share services often. My favorite is Lyft, mostly because it tends to be cheaper than Uber on rides to and from JFK and LaGuardia airports.
Through Sept. 30, 2027, Chase Sapphire Reserve card holders receive a $10 monthly Lyft in-app credit. This translates to a yearly total of up to $120 that helps offset the card's annual fee. (Enrollment is required, and the credit only applies to rides in the US.)
Indeed, credits don't roll over each month, and don't cover Wait & Save rides or bike and scooter rentals. But I do use Lyft several times a month, and for rides that the credit covers, so this is useful for me.
It's not great that the Chase Sapphire Reserve now earns 5 points per dollar on Lyft rides, which is half of what it earned when Lyft rides yielded a spectacular 10x points. But 5 points per dollar is still something I highly value. For example, in 2024, I spent around $3,000 on Lyft, which at 5x means 15,000 points. Those are worth about $307, according to The Points Guy. And if $3,000 seems a lot to spend on Lyft, consider that, like many New Yorkers, I do not own a car. Holding a credit card that earns a high return on Lyft ride-shares is important, and no card competing with the Sapphire Reserve would get me more than 3x on that.
Annual fee equivalent after this credit is counted: $75
The restaurant credit that comes with the Chase Sapphire Reserve card does require some effort to work, but the payoff is worth it. This benefit comes in the form of an annual credit of up to $300 at Chase Sapphire Reserve Exclusive Tables, which can be booked on OpenTable. It's split into two biannual credits: $150 from January to June and $150 more from July to December, and it requires activation.
The good news is that once you've activated it, the credit is applied automatically after you pay with the card at a participating restaurant. The bad news is that those restaurants tend to be expensive, but $150 could take a big part of the sting off. Plus, there are many restaurants to choose from, in the US, Canada and Mexico. New York City alone has dozens, according to the list published by OpenTable.
If you don't live in or travel to an area with eligible restaurants, this credit is of little value, but for card holders in major metro areas, it's attractive.
Annual fee equivalent after this credit is counted: $15
One of the new perks of the Chase Sapphire Reserve is complimentary membership to DashPass, which would cost $120 annually otherwise (activation required by Dec. 31, 2027). DashPass includes $0 delivery fees and lower service fees on eligible DoorDash orders for a minimum of one year.
Once membership is activated, you receive a $5 discount each month at checkout on one qualifying restaurant order on DoorDash. I often order from local restaurants via DoorDash, so I will easily use the full $60 a year from this credit.
In addition, you get two $10 promos each month to save on groceries and retail orders. I don't use DoorDash to shop for groceries, but if you do, then the complimentary DoorDash membership can total $300 a year in value.
Airport lounge access may be the best single benefit of the Chase Sapphire Reserve for me, and it hasn't changed with the higher annual fee.
The card comes with a Priority Pass Select membership (activation required), which gives access to more than 1,300 Priority Pass lounges worldwide, with up to two guests. It also grants entrance to Chase Sapphire Lounges, with up to two guests. Chase Sapphire Lounges are currently found at six airports in the US — Boston, New York LaGuardia, New York JFK, Philadelphia, Phoenix and San Diego — plus Hong Kong.
Card holders also get access to select Air Canada Maple Leaf Lounges in the US, Canada and Europe when they're flying on a Star Alliance airline, including, for example, United and Air Canada.
It's hard to quantify the value of this benefit, but if you fly with some frequency out of airports with eligible lounges, it's a very useful perk. It gets you into lounges, with free food and drink plus space to relax, even when flying economy. For the Priority Pass lounges alone, the same level of access would cost $469 a year, the cost of a Priority Pass membership with unlimited visits but no included guests.
There are other credits that come with the Chase Sapphire Reserve card and would amount cumulatively to a higher value than the annual fee, but I didn't factor them in my calculation.
The biggest is up to $500 in annual statement credit for stays booked on The Edit, a collection of luxury hotels and resorts curated by Chase (split into two biannual credits of $250). For travelers who like to stay at luxury properties, this could be a hugely valuable perk. For me, it doesn't do much, since I often prefer vacation rentals and don't spend a lot of time in hotels when traveling.
Other credits that I personally wouldn't use are the following:
Up to $300 in annual statement credit for concert and event tickets purchased on StubHub or Viagogon (split into two $150 biannual credits, activation required; through Dec. 31, 2027).
Up to $250 in annual statement credit for Apple TV+ and Apple Music subscriptions (one-time activation per service required, on chase.com or the Chase mobile app; through June 22, 2027).
Up to $120 in annual statement credits toward Peloton memberships, $10 monthly (through Dec. 31, 2027).
Together, these credits amount to $1,170, more than offsetting the annual fee. While they wouldn't be useful for me, they might well be very attractive for others.
If the Chase Sapphire Reserve's new $795 annual fee doesn't work for you anymore, you might take a second look at its direct competitor: the The Platinum Card® from American Express, the other top-end travel rewards card. For an annual fee of $695, it offers many similar benefits to the Sapphire Reserve, including excellent lounge access, a spate of statement credits and the American Express Membership Rewards ecosystem of transferable points — but at an annual cost that isn't much lower.
The Capital One Venture X Rewards Credit Card, with an annual fee of $395, earns 10x on hotels and rental cars, and 5x on flights booked through Capital One Travel. It also offers the same $300 annual travel credit as the Chase Sapphire Reserve, although only when booking through Capital One. It also offers complimentary airline lounge access, both at Capital One's own lounges and Priority Pass lounges.
The little sibling in the Chase Sapphire family of cards, the Chase Sapphire Preferred, could also be an attractive choice. For an annual fee of $95, the Preferred still earns 3x points on dining and 2x on all travel.
CNN Underscored's team of expert editors and contributors carefully reviews credit cards, travel rewards and loyalty programs to help readers navigate changes and make informed financial decisions. For this story on the Chase Sapphire Reserve, senior money editor and credit card expert Alberto Riva applied his years of industry knowledge and personal experience to ensure every detail is accurate and actionable. Our recommendations are grounded in real-world value, not hype, and backed by thorough analysis, expert insight and a commitment to clarity and transparency.
Editorial disclaimer: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.