Chase recently made a significant change to its Chase Sapphire Reserve® card by increasing the annual fee from $550 to $795. This change was accompanied by the addition of several new benefits, bringing the potential annual value of the card to over $2,700, according to Chase. This increase in membership cost has left many wondering if the Chase Sapphire Reserve is still worth it, especially for existing cardholders.
While the promise of over $2,700 in annual value sounds appealing, similar premium travel cards like The Platinum Card® from American Express and the Capital One Venture X Rewards Credit Card have shown that not all benefits are easy to utilize. Many times, trying to make use of monthly, biannual, or annual credits on unnecessary purchases can be challenging.
The new Chase Sapphire Reserve follows the trend of offering various credits similar to the Amex Platinum, with differences in the specific credits offered. To determine if the new benefits of the Chase Sapphire Reserve align with your needs, consider looking over the benefits and credits, evaluating your travel and lifestyle preferences, and seeing if there is alignment between the two.
For example, as a Sapphire Reserve cardholder, you can enjoy complimentary Apple TV+ and Apple Music subscriptions, valued at $250 annually. If these are services you would use, it adds value to your membership, but if not, it may not be a worthwhile benefit for you.
The card also offers various other benefits, such as statement credits for travel purchases, airport lounge access, IHG Platinum Elite status, dining credits, StubHub credits, and more. Each of these benefits has its own value, and it’s essential to assess whether they align with your preferences and spending habits to determine if they will add value to your membership.
In terms of alternatives, the Chase Sapphire Preferred card and the Amex Platinum card are worth considering. The Sapphire Preferred has a lower annual fee of $95 and offers high-quality travel rewards, travel coverage, and purchase protections. The Amex Platinum is a traditional competitor to the Sapphire Reserve, offering similar benefits but with a higher annual fee.
Ultimately, the decision to get the Chase Sapphire Reserve will depend on whether you can derive enough value from the credits and benefits to offset the $795 annual fee. Frequent travelers may find the various travel credits and perks valuable, while others may find the card too complicated to use effectively. Assessing your spending habits and preferences will help determine if the card is worth it for you.
