I'm keeping my Chase Sapphire Reserve card for its benefits.
Since high school when I got my first passport, I've been fixated on travel. Over time, I've utilized various credit cards to finance my journeys, including airline and cash-back cards.
Since its launch in 2016, I have desired the Chase Sapphire Reserve® due to its extensive travel insurance, annual $300 travel credit, and free luxury hotel room upgrades. However, it comes with a high annual fee of $550.
Last year, I decided to take advantage of my fiance and I's frequent travels by using a credit card that offered travel perks to offset the annual fee.
Though we were mistaken, it has more than paid for itself several times over.
Although I received the welcome bonus in the first year, I am keeping the Chase Sapphire Reserve card for another year because it is the only card I will pay an annual fee for.
Chase Ultimate Rewards® points
I received a welcome bonus of 60,000 Chase Ultimate Rewards points after spending $4,000 on purchases in the first three months of opening my Chase Sapphire Reserve account. This bonus allowed me to use $900 for hotels and airfare through Chase Travel℠, which is nearly twice the $550 fee I paid for the account.
For a limited time, the welcome bonus has been increased to 75,000 points after spending $4,000 on purchases in the first 3 months from account opening, which is equivalent to $1,125 toward travel when redeemed through Chase Travel℠.
Although the welcome bonus is only valid for the first year, I will still accumulate points using the card to fund future travels. Chase Ultimate Rewards points can be transferred to various airline and hotel loyalty programs at a 1:1 ratio, including:
- Aer Lingus
- Air Canada
- Air France-KLM
- British Airways
- Emirates
- Iberia
- JetBlue
- Singapore
- Southwest
- United
- Virgin Atlantic
- Hyatt
- InterContinental Hotels Group
- Marriott
TSA PreCheck and Global Entry credit
TSA PreCheck has helped me save a few minutes at my home airport, but Global Entry has been extremely useful over the years. It allowed me to skip an hours-long line at Chicago O'Hare when returning from Toronto and make a tight connection after a girls' trip to Mexico. Additionally, it saved me an eternity at customs and immigration after a 13-hour flight from Taiwan to San Francisco.
I can enjoy a $100 application fee credit for TSA PreCheck and Global Entry every four years with my Chase Sapphire Reserve, which I need to renew before 2025, resulting in savings this year.
Priority Pass lounge access
I enjoy playing a game at the airport where I attempt to spend as little as possible. Although we strive to bring snacks from home and purchase lunch before arriving at our destination, it can be challenging.
The lounge access provided with my Chase Sapphire Reserve is one of the reasons I love it. With a free Priority Pass™ membership, I can enter over 1,300 airport lounges worldwide. I can bring up to two guests for free, so my fiance can join me.
If I didn't have my Chase Sapphire Reserve, I would have to pay approximately $469 annually for Priority Pass lounge access, and each guest would cost an additional $35 per visit. The lounges I've visited provide a range of amenities, including hot meals, snacks, drinks, and a comfortable atmosphere. Some lounges also offer showers and the option to rent a room for a brief rest.
Sapphire Lounges are not the only place to relax, as Chase has started its own network of these elite lounges in Boston and New York City. However, entry into these lounges requires a Sapphire Reserve card, which costs $100 per visit without one. A standalone Priority Pass membership only grants one complimentary Sapphire Lounge visit per year, after which it costs $75 each time. The only exception is in Hong Kong, where Priority Pass members have unlimited access to the Sapphire Lounge.
Although lounge access does not directly offset the $550 annual fee of Chase Sapphire, it indirectly saves us money in other ways. Additionally, the relaxed state of mind it provides is invaluable.
The $300 travel credit
When you renew your Chase Sapphire Reserve card, you receive an annual travel credit of $300 that is automatically applied to travel expenses.
We use our credit card to offset the $550 annual fee, which we pay because we travel a lot. Last year, we used it to book a luxury hotel room in Toronto. In 2024, it will cover our flights to friends' weddings and family gatherings.
The credit can also be used for airfare and hotel rooms.
- Parking
- Tolls
- Taxis and car services
- Car rentals
- Train tickets
- Campgrounds
- Cruises
- Bus tickets
- Travel agency services
- Timeshares
You'd be surprised how quickly you can accumulate $300 in parking and toll fees.
The Chase Sapphire Reserve does not charge foreign transaction fees, which helped us save money during our travels in Canada and Asia. With our upcoming international trips, this perk will continue to be valuable.
It comes with travel insurance
I had to cancel a planned road trip in September 2023 due to a family emergency. Unfortunately, I didn't purchase travel insurance when I reserved the rental house and thought I would be out nearly $500.
I was able to file a claim easily and got reimbursed because my Chase Sapphire Reserve comes with travel insurance. The policy covers trip delays and cancelations, lost baggage, emergency medical care, and rental car damage. It's comparable to offerings from top travel insurance companies, which usually cost between 3% and 5% of non-refundable trip expenses. For instance, it would have cost approximately $300 to insure our flight between Japan and Taiwan last year.
I've thought about purchasing an annual travel insurance plan to safeguard all our trips, but it would amount to approximately $1,000 for both my partner and me, as per several leading carriers' quotes. This is significantly more expensive than the annual fee of the Chase Sapphire Reserve.
My card's coverage ensures that I don't need to worry about travel insurance, as all non-refundable trip expenses are automatically covered. This not only saves me money but also time and mental energy.
I can transfer Ultimate Rewards points between cards
We opted to renovate our bathroom last winter and searched for a 0% intro APR card to allow us more time to settle the expenses.
We opted for Chase Freedom Unlimited®, which offers 0% APR for the first 15 months on purchases and balance transfers, but after that, it has a variable APR ranging from 20.49% to 29.24%.
We have enough time to pay for the new bathroom and clear the balance before our 15-month introductory period ends.
Transferring points from my Chase Freedom Unlimited to the Sapphire Reserve card will make them worth 1.5 cents per point for an upcoming trip to Southeast Asia, which is sweeter than the 1 cent I'd get from Chase Freedom.
It's great for wedding and honeymoon expenses
We've been surprised at how expensive weddings are since we got engaged in March. According to The Knot, the average cost of a wedding in Ohio was about $30,000 in 2023. Although we hope to come in below that, we'll still have to pay a significant amount.
We aim to utilize the Chase Sapphire Reserve to cover hotel accommodations and catering from renowned local restaurants in Cincinnati. The card offers 3x points on travel expenses, dining, and hotels, and 10x points on car rentals made through Chase Travel after the $300 annual travel credit is exhausted. Additionally, cardholders receive 10x points on Lyft rides, 5x points on flights, and 10x points on Chase Dining purchases through March 2025.
We'll receive a bonus for categories like invitations and dress alterations since they earn one point for every dollar spent.
We'll use the Chase Ultimate Rewards portal to book our honeymoon at a luxury hotel or resort from the collection, which offer complimentary upgrades like late checkout, wifi, and room upgrades.
We are sticking with the credit card we have for our wedding expenses, rather than opening a new one.
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