Before the Chase Sapphire Reserve® (see rates and fees) ended its highest-ever welcome bonus offer on June 15, I was seriously considering upgrading my Chase Sapphire Preferred® Card (see rates and fees) to the Reserve. Then, Chase announced some changes.
On June 10, Chase unveiled an overhaul of the Sapphire Preferred, adding and improving statement credits and perks, all without changing the card's $95 annual fee. These changes, while not groundbreaking, were enough to make me hold off on applying for the Sapphire Reserve — at least for now.
Below, I cover the most recent changes to the Chase Sapphire Preferred and how they fill enough of the gap between the Sapphire Preferred and Reserve for me.
The Chase Sapphire Preferred® Card packs a punch for a $95 annual fee card, offering annual travel credits, comprehensive travel protections, flexible rewards and more.
- You can transfer rewards to all of Chase's travel partners including World of Hyatt, Southwest Rapid Rewards and many more
- Long list of travel and shopping protections
- Annual Chase Travel hotel credit
- Has an annual fee
- Requires a high credit score
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn 100,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
- Enjoy benefits such as 5x on travel purchased through Chase TravelSM, 3x on dining, 3x on vacation homes, 3x on gas & EV charging, 3x on top streaming services and online groceries (excluding Walmart, Target, and wholesale clubs), 2x on all other travel purchases, 1x on all other purchases
- Earn up to $100 in statement credits each account anniversary year for hotel stays through Chase Travel
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Get a year of complimentary Apple TV when activated by December 31, 2026 - a value of $156.
- Complimentary DashPass which unlocks $0 delivery fees & lower service fees for a min. of one year when you activate by 12/31/27. Plus, a $10 promo each month on non-restaurant orders.
- Receive one statement credit of up to $120 every four years as reimbursement for the application fee charged to your card for a Global Entry, TSA Precheck® or NEXUS application.
- Transfer points to leading airline and hotel loyalty programs
- Member FDIC
Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
Why I'm sticking with the Sapphire Preferred
New (and updated) perks
The statement credits and partner perks offered by the Chase Sapphire Preferred® Card were one of the main draws when I first applied — which is funny, seeing as the card now offers stronger perks.
I don't cook as often as I should, so the complimentary, one-year DoorDash membership has (unfortunately) netted me a lot of value, and I always viewed the previously $50 hotel credit as essentially a coupon for a future hotel stay. Neither perk is particularly hard to get value from, and when Chase doubled the hotel credit from $50 to $100 in June, it became enough to cover the card's annual fee.
On top of updating its hotel credit, Chase also added two new key perks that I'd been looking for. The first is a credit for Global Entry, TSA PreCheck or NEXUS every four years. While it's considered fairly standard for travel cards, up until recently, the Sapphire Preferred was still lacking the $120 credit. I don't travel super frequently, but TSA PreCheck helps keep my blood pressure in check by getting me through security faster and to my gate sooner.
Secondly, the card now offers a complimentary Apple TV subscription for one year when activated by Dec. 31, 2026 (terms apply). As someone who was sucked into the world of Formula 1 thanks to a certain docuseries, having access to Apple TV means I'm able to catch all of the races. There are also a couple of TV shows exclusively on Apple that I've been meaning to watch, so getting a year's subscription with my card should let me catch up on my binge-watching.
Limited transfer partner changes
Typically, large updates to an existing credit card are a bit like a tug-of-war; with both positive and negative changes, it can be difficult to tell whether the changes are beneficial overall.
Post-Chase Sapphire Preferred overhaul, the biggest negative change for me is the devaluation of transfers to World of Hyatt. While the card is also losing its 10% anniversary points bonus, Hyatt shifting from a 1:1 ratio to 4:3 means you're losing 25% of your transfer value. (Combined with Hyatt's award chart changes in May, that's two devaluations in quick succession.)
To me, while this is clearly negative, Chase does offer three other hotel transfer options. I'm not necessarily loyal to Hyatt, so I don't mind adjusting my exact travel plans based on where I can find the best value. If anything, I'm slightly relieved that every other transfer partner stayed at a 1:1 ratio.
It's still $700 cheaper
This is probably the most obvious reason on my list, but if I can save $700 by not upgrading to the Sapphire Reserve, I will. Though the Sapphire Reserve comes with over $3,000 in annual value, it requires more time and effort to recoup a $795 annual fee vs. a $95 fee. If the Sapphire Preferred had increased its annual fee with these changes, that could have changed the math for me.
There are a handful of perks attached to the Sapphire Reserve that I don't feel I could maximize right now. As I noted above, I'm not a huge traveler; the IHG® One Rewards Platinum Elite Status, $500 credit for stays with The EditSM and access to airport lounges would probably be wasted on me. The Reserve does come with a complimentary Apple Music subscription in addition to Apple TV, but I already have my playlists and library set up in Spotify, so I'm not eager to switch (activation required; subscriptions run through June 22, 2027).
The Sapphire Reserve clearly comes with more monetary value on the surface, but if you have to go out of your way to use credit card perks, you likely don't need them.
Who should consider upgrading to the Reserve?
If you're considering either upgrading to or applying for the Chase Sapphire Reserve®, you'll easily get the most value out of the card if you prioritize travel, at least to some extent.
The Chase Sapphire Reserve® is a standout premium credit card with luxury perks including, hotel credits, complimentary hotel elite status, travel credits, dining credits, rideshare and delivery benefits and much more.
- Access Priority Pass lounges, including unlimited access to Chase Sapphire Lounge® by The Club locations.
- Up to $300 in annual travel credit each account anniversary year
- You can transfer rewards to all of Chase's travel partners including World of Hyatt, Southwest Rapid Rewards and many more
- Top-tier travel and shopping protections
- High annual fee
- Requires a high credit score
- Complicated list of benefits
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn 100,000 bonus points after you spend $6,000 on purchases in the first 3 months from account opening.
- Get $3,000 in annual value with Sapphire Reserve.
- Earn 8x points on all purchases through Chase TravelSM, including The EditSM and 4x points on flights and hotels booked direct. Plus, earn 3x points on dining worldwide & 1x points on all other purchases
- $300 annual travel credit as reimbursement for travel purchases charged to your card each account anniversary year.
- Access over 1,300 airport lounges worldwide with a complimentary Priority PassTM Select membership, plus every Chase Sapphire Lounge® by The Club with two guests. Plus, up to $120 towards Global Entry, NEXUS, or TSA PreCheck® every 4 years
- Get up to $150 in statement credits every six months for a maximum of $300 annually for dining at restaurants that are part of Sapphire Reserve Exclusive Tables.
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Coverage, Lost Luggage Insurance, no foreign transaction fees, and more.
- Get complimentary subscriptions to Apple TV and Apple Music for a minimum of one year when activated by June 22, 2027, a value of $288 annually.
- Member FDIC
Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
The $300 annual travel credit is one of the most flexible available, and for those looking for a more elevated stay, the up to $500 in credit for prepaid stays with The EditSM by Chase Travel can help (minimum two-night stay required). The card also provides great airport lounge access, not just for you but for up to two guests — perfect when traveling with a companion or family.
For those who are interested in more exclusive events or getting a "peek behind the curtain," the card also gives you access to Sapphire Reserve Experiences, ranging from unique dining experiences to individually curated trips.
The Sapphire Reserve does come with a notably higher $795 annual fee, but if you already spend heavily on travel and dining, it can be pretty easy to offset the higher fee thanks to thousands of dollars in added perks.
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