Chase Sapphire Preferred vs. Sapphire Reserve: Wallet friendly or packed with perks?

The Chase Sapphire Preferred^® Card and Chase Sapphire Reserve® are among the most popular travel credit cards on the market. The Sapphire Reserve is a swanky, luxury travel card with premium lounge access, an array of travel perks and an annual fee to match. The Sapphire Preferred is a more affordable option yet still packed with travel benefits and solid rewards but fewer frills.

To help you determine which card is best for you, we’ll do a deep dive into the differences and similarities between the cards to help you choose which one might be right for you. For a deeper dive into either card, check out our full reviews of the Chase Sapphire Preferred and the Chase Sapphire Reserve.

Chase Sapphire Preferred^® Card vs. Chase Sapphire Reserve®

Chase Sapphire Preferred^® Card vs. Chase Sapphire Reserve®: Annual fee

The Sapphire Reserve’s annual fee costs more than five times the Preferred’s $95 price tag, clocking in at a whopping $550.

Though you’ll pay more for the Reserve, the array of perks can  justify the annual fee for most, especially when you factor in the $300 annual travel credit, which effectively knocks the annual fee down to a more-palatable $250.. If you prioritize luxury travel experiences–whether that’s accessing airport lounges across the word or using TSA PreCheck to breeze through security lines at the airport–then the Reserve is a better bet.

But if you don’t think you’ll use airport lounges , the Preferred’s more modest annual fee makes it a better fit. Those who can’t stomach the Reserve’s hefty annual carrying cost but wants to use rewards to cut down on travel expenses will fare well with the Preferred.

Winner: Chase Sapphire Preferred^® Card

Chase Sapphire Preferred^® Card vs. Chase Sapphire Reserve®: Welcome bonus

At face value, the Sapphire Preferred and Sapphire Reserve cards offer the same enticing welcome bonus: Cardholders earn 60,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening. However, there’s a big difference in the value you get when redeeming your points.

With both cards, your points are worth more than their cash-back value when you redeem them for travel through the Chase Ultimate Rewards® portal. With the Preferred, each point is worth 25% more—so the 60,000 point bonus is worth $750 worth of travel. That means 1 point is worth 1.25 cents.

Yet with the Reserve, your points are worth even more when you redeem through Chase. The 60,000 point bonus is worth $900 when redeemed for travel. In other words, 1 point is worth an impressive 1.5 cents. 

Though the cards have identical welcome bonuses, the Reserve’s redemption value for travel edges out the Preferred because of the 50% more value when you redeem your points for travel through Chase Ultimate Rewards®.

Winner: Chase Sapphire Reserve®

Chase Sapphire Preferred^® Card vs. Chase Sapphire Reserve®: Travel perks

Despite a higher annual fee, the Reserve is appealing to those who desire a premium travel experience. 

The Reserve provides an extensive list of perks, including airport lounge access through the Priority Pass Select membership, a Global Entry, TSA PreCheck NEXUS application fee statement credit every four years, an up-to $300 annual travel credit, a two-year Lyft Pink All Access membership, a minimum one-year DashPass subscription, and a one-year Instacart+ membership plus $15 in statement credits for Instacard each month through July 2024.

Arguably the most valuable benefits of the card are airport lounge access and the $300 travel credit. 

Through Priority Pass, Reserve cardholders and up to two guests can use any one of the more than 1,300 lounges worldwide. The annual travel credit, allows cardholders to receive statement credits to cover up to $300 worth of travel costs a year. The travel credit alone is worth more than half the annual fee. 

Plus, the Lyft Pink membership and Dash Pass subscription can save you money if you frequently use ridesharing services or order takeout. 

In contrast, the Preferred card lacks plush perks like lounge access, an annual travel credit, or a trusted traveler application fee credits. While the Preferred doesn’t include a Lyft Pink membership, the Preferred does provide a minimum one-year DashPass membership, a six-month Instacart+ membership, and an annual $50 credit to cover hotel purchases made through the Ultimate Rewards portal.

The Reserve clearly offers greater perks.. However, the card is best for those willing to pay a high annual fee in exchange for those benefits.

Winner: Chase Sapphire Reserve®

Chase Sapphire Preferred^® Card vs. Chase Sapphire Reserve®: Rewards

Cardholders aiming to maximize rewards on everyday spending should consider the Sapphire Preferred. While the Sapphire Reserve offers a higher redemption rate for travel purchased through the Chase portal than the Sapphire Preferred (50% more value for points vs. 25%), those who want to earn more rewards on their everyday spending should consider the Preferred.

Preferred cardholders enjoy 3x points on dining, online grocery purchases, and select streaming services, plus 1x points on other purchases. Additionally, they earn 5x points on travel purchased through Chase Ultimate Rewards® and 2x points on travel purchases.

On the other hand, Reserve cardholders earn 5x points on flights on travel and 10x points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards®(excluding The Luxury Hotel & Resort Collection), along with 3x points on other worldwide travel. These rewards rates kick in after you spend $300 on travel purchases annually.

Both Preferred and Reserve cardholders earn 3x points on dining, but the Reserve doesn’t offer higher rewards rates on streaming services or online groceries.

While the Reserve is ideal for unlocking higher rewards on travel-related purchases made through Chase, the Preferred is better suited for cardholders desiring elevated rewards across multiple spending categories.

Winner: Chase Sapphire Preferred^® Card

How to redeem Chase Ultimate Rewards

When it comes to redeeming your rewards, there isn’t a significant difference in how you can use your points with both cards. Both cards allow cardholders to redeem points through the Chase travel portal, transfer to different loyalty programs, receive cash back, and more. 

Book travel through the Chase portal

You’ll maximize the value of your points by using them for travel bookings—like hotel stays, flights, and car rentals—through the Chase Ultimate Rewards portal.

The key difference between the two cards is the boosted redemption value you get when booking travel through Chase. Your points are worth 25% more with the Preferred and 50% more with the Reserve.

Transfer points to travel partners

With both cards, you can transfer your points 1:1 to one of Chase’s 14 airline and hotel partners which includes  United MileagePlus®, JetBlue TrueBlue, and Marriott Bonvoy. Pay with points 

You can use your points to pay for purchases on Amazon.com or PayPal. However, note that the redemption value is lower for this method.

Earn cash back

You can redeem your points for a statement credit—which reduces your credit card balance. When you do so, one point is worth one cent. You can also get your rewards directly deposited into a checking or savings account.

Buy gift cards

You can buy gift cards from select retailers with your rewards. The redemption value varies, but one point is typically worth one cent.

Winner: Tie

Chase Sapphire Preferred^® Card vs. Chase Sapphire Reserve®: Travel protections and insurances

A travel credit card can help ease some of the burden if something goes wrong when traveling—whether it’s the airline losing your luggage or a flight getting delayed due to bad weather.—. 

Both cards offer similar protections like trip cancellation and interruption insurance, trip delay reimbursement, baggage delay insurance, and an auto rental collision damage waiver. 

Yet  the fine print reveals that many of these protections vary between the two cards. 

For example, Preferred cardholders get trip delay reimbursement if their travel is delayed more than 12 hours and requires an overnight stay. Then, the cardholder and their family are reimbursed up to $500 per ticket. 

However, Reserve cardholders can get reimbursed up to $500 per ticket if their trip is delayed just six hours or more compared to the 12-hour delay required to be eligible for reimbursement on the Preferred card .  

Reserve cardholders are also covered by travel accident insurance and lost luggage reimbursement. With travel accident insurance, you get $1 million of coverage for accidental death or dismemberment while traveling. Lost luggage reimbursement offers up to $3,000 coverage for damage or loss of checked luggage by the airline for you or your family members.

Although both cards offer an impressive slate of insurances, the Reserve offers more robust travel protections and more extensive  coverage over  the Preferred.

Winner: Chase Sapphire Reserve®

Is the Chase Sapphire Preferred^® Card or the Chase Sapphire Reserve® right for you?

Between the two travel cards the Chase Sapphire Reserve is the superior choice for frequent travelers due to its standout perks, like extensive airport lounge access, extensive travel protections, and an enhanced redemption value when cashing in rewards through Chase.

While the Reserve caters to those ready to invest in a premium travel experience and are willing to pay a higher annual fee, the Preferred remains a solid choice for occasional travelers. It’s an excellent option for consumers seeking an affordable card with a substantial welcome bonus, rewards flexibility, and generous perks.

Ultimately, choosing the best card comes down to your tolerance for annual fees, your spending habits, and travel preferences.

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