The Chase Sapphire Reserve is the premium Chase credit card. You will earn 3x on all travel (excluding the $300 travel credit) and dining. On top of that you will earn up to $300 in travel credits each year. Cardholders will receive 50% more value when you redeem points for travel through the Chase Ultimate Rewards portal. Other benefits include Global Entry application fee rebate as well as special rental car privileges. If you are looking for a premium credit card, this is it.

Card Rating*: ⭐⭐⭐⭐½

*Card Rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.

HOW MUCH IS THE ANNUAL FEE?

It’s $550, but remember that there is a $300 annual travel credit each account anniversary year, in addition to other perks, like a $100 Global Entry or TSA Precheck credit every four years.

Who is this card for?

The Chase Sapphire Reserve would be great for travelers looking for a card with premium perks. First, Ultimate Rewards are one of the most valuable points currencies. They’re incredibly easy to redeem, with a wide range of airline and hotel transfer (Because of Chase’s 5/24 rule, you’ll want to apply for Chase cards first before turning to other issuers.)

The Sapphire Reserve’s $550 annual fee is a valid concern, but the $300 annual travel credit drops your real out-of-pocket cost to $250 a year. That’s before you factor in other perks like the DoorDash credits, Lyft Pink membership, Global Entry fee credit and Priority Pass lounge access.

Like the bonus categories, this annual credit is automatically applied to a broad range of travel purchases in the U.S. and abroad.

Some people might be better off applying for the Chase Sapphire Preferred Card. For example, you may find that the Sapphire Reserve’s 3x bonus on dining and travel worldwide might be a more rewarding for you.

On a similar note, points earned with the Sapphire Reserve are worth 1.5 cents each when redeemed through Ultimate Rewards Travel. Meanwhile, points earned with the Sapphire Preferred are worth just 1.25 cents each.

Crunch the numbers on your spending habits and don’t make a decision based on the annual fees alone.

WELCOME BONUS

At 2 cents apiece for Ultimate Rewards points according to TPG valuations, the 50,000-point bonus (after you spend $4,000 in the first three months) on the Sapphire Reserve is worth $1,000. That’s equivalent to nearly two years of the annual fee.