Why I’m Switching Back To The Chase Sapphire Preferred

Recently, I got an email thanking me for signing up for the Chase Sapphire Reserve® card five years ago. It prompted me to call and speak with a friendly customer service representative at the bank who helped me end my time with the Chase Sapphire Reserve, at least for now. Once again, I’m a proud holder of the Chase Sapphire Preferred® Card.

I hold over a dozen credit cards, so I’m constantly weighing annual fees against benefits. After looking at the Sapphire Reserve’s benefits vs. the cost and considering other cards in my wallet, I said goodbye to the ultra-premium $550-annual-fee rewards card. Here’s a look at my decision and what I plan to do going forward.

Why I wanted a Chase Sapphire Reserve

When the Chase Sapphire Reserve card was released, it stood out for its vast value compared to other rewards cards. While it had a steep annual fee compared to any other card I had, the Priority Pass Select lounge access upon enrollment, the up to $300 annual travel statement credit and high rewards on dining and travel clearly outweighed the cost for me.

Aside from the two annual visits to a United Club lounge my United℠ Explorer Card
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The information for the United℠ Explorer Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.

offers, access to premium lounges was a huge draw, particularly as I travel quite a bit both for work and fun. It seemed like a great deal after considering the value of the annual travel credit and other benefits.

However, over time, Chase increased the perks on the $95-annual-fee Sapphire Preferred, making it a more valuable card than it had been in the past. That led me to reevaluate the cost vs benefits I was getting from my Chase Sapphire Reserve card.

Small price, mighty benefits: Here are 11 benefits of the Chase Sapphire Preferred card

Chase Sapphire Reserve cost vs. benefits

When I sat down to review my Chase Sapphire Reserve card, I started by looking at the benefits I actually used every year.

• $300 annual travel credit: The most significant benefit of the Chase Sapphire Reserve card is arguably the $300 annual travel credit, which makes the annual fee effectively just $250 provided you spend at least that much on travel every year. I always used this credit, and it was one of the biggest reasons I considered keeping the card.
• Elevated rewards on travel and dining: My favorite rewards points are Chase Ultimate Rewards®. I get a ton of value from the elevated rewards rate on travel and dining, but after considering what I can get from the Sapphire Preferred (see below), I decided this wasn’t enough to justify the high annual fee.
• 50% more value when redeeming rewards through Chase for travel: I certainly like this upgraded value when booking through Chase Travel℠, but I often transfer points to travel partners, and the Sapphire Preferred still offers elevated value, so it wasn’t a deal breaker for me to lose this perk.
• Lounge access… sort of: I love Priority Pass lounge access, but I often can’t find a lounge or restaurant that takes my pass at the airport. Furthermore, Chase announced that the restaurant dining credit wouldn’t be included anymore starting in July 2024, which was the only major differentiator for me compared to The Platinum Card® from American Express (terms apply), which I also hold. With the loss of the airport restaurant dining perk, I didn’t see a big reason to keep two cards with lounge benefits and steep annual fees. Chase Sapphire lounges look cool, but I have not visited an airport with one since they launched the program.
• Trusted traveler credit: The Global Entry or TSA PreCheck application fee credit always comes in handy, but for an average of $20 per year and getting the same benefit from other cards, it wasn’t a huge differentiator.
• DoorDash benefits: I occasionally took advantage of the DoorDash subscription and credit benefits, but not every month. I find DoorDash is not nearly as good as GrubHub or Uber Eats most of the time, so this wasn’t enough of a benefit to keep me around.

The extensive travel insurance and purchase protection benefits are of tremendous value. Still, when comparing them to the Sapphire Preferred, the difference is again not enough for me to justify paying hundreds of dollars per year more.

Big value from the Chase Sapphire Preferred

The Chase Sapphire Preferred credit card still has an annual fee, but at $95 per year, it’s much less than the Reserve’s annual fee, which increased to $550 — up from its original annual price tag of $450. And the Preferred packs a ton of value into a lucrative package.

Here are some of the most significant benefits that drew me back to one of my first travel rewards cards:

• $50 statement credit for hotels booked through Chase: I pay for a hotel stay at least once per year, so this benefit effectively cuts the annual fee in half.
• Elevated rewards on dining and online grocery purchases: This gets me the same rewards rate at restaurants, and as my wife does much of our grocery shopping online, this could also replace our American Express® Gold Card that we use for grocery shopping at U.S. supermarkets, saving us the $250 annual fee (terms apply, rates & fees).
• High rewards on eligible streaming services: This is an upgrade for us. We had been earning minimal rewards in this category with my Chase Freedom Unlimited® or my wife’s Capital One Venture Rewards Credit Card
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  The information for the Capital One Venture Rewards Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
  
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• Still a great rewards rate on travel: While the 1 point less for travel purchases is a drawback compared to the Sapphire Reserve, the difference doesn’t justify the much higher annual fee.
• 10% anniversary points bonus: Not offered through the Sapphire Reserve, the Sapphire Preferred gives you a bonus on the points you earned the previous year. So $25,000 in spending on the Sapphire Preferred equals 2,500 annual bonus points.
• 25% more value when redeeming points through Chase Travel: While the redemption value is 1.25 cents per point instead of 1.50 cents per point with the Reserve, the difference doesn’t add up to enough for me to keep the more expensive card. And for the points I transfer to partners, I get the same value and options.

Travel and purchase benefits are very similar, so I wasn’t worried about losing the great value and service Chase offers from those account perks. 

For a sub-$100 annual fee, get top-notch car rental coverage: These are the Chase Sapphire car rental benefits

My go-forward travel rewards card combo

So, what does my family’s miles-and-points-earning credit card setup look like now? Here’s the updated plan:

Chase Ultimate Rewards

Chase points are still my favorite, and most cards come with bonuses or high rewards in certain categories.

American Express Membership Rewards®

Just because I like Chase points most doesn’t mean I don’t get a ton of value from the American Express Membership Rewards program. I don’t earn there as quickly, but I still have a few Amex cards in my family’s rewards card stash.

Capital One miles

I also have the Marriott Bonvoy Boundless® Credit Card
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The information for the Marriott Bonvoy Boundless® Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.

and the Marriott Bonvoy Business® American Express® Card
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The information for the Marriott Bonvoy Business® American Express® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.

(terms apply). Each gives me a free Marriott night, worth up to 35,000 Bonvoy points, and with both, I’m well on my way to earning Platinum status at my favorite hotel chain every year. The free night credits are enough for me to justify the cards.

The only other card I use regularly is the Amazon Prime Visa
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The information for the Prime Visa has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.

, which gives us 5% back at Amazon.com, Amazon Fresh and Whole Foods Market with an eligible Prime membership, 5% back on travel booked through Chase, 2% back at gas stations, restaurants, and on local transit and commuting (including rideshare), and 1% back on all other purchases — all with no annual fee.

Keeping cards in line with your goals

While I don’t mind spending four figures every year on credit card annual fees, I want to know that I’m getting far more than that back from rewards and benefits. After bulking up my credit cards over the last few years, I decided to cut back on annual fees, close a couple of unused accounts and streamline my family’s miles and points earning strategy. Switching my Sapphire Reserve to a Sapphire Preferred was part of that strategy.

The miles and points hobby can be lucrative, and I love a good lounge visit. But spending too much on cards that don’t give you the maximum value isn’t the best plan. Now, I’m confidently back on track to get the most out of every dollar I spend on annual fees, and I still have plenty of opportunities to earn free and discounted flights and hotel nights.

Which one is right for you? We compare the Chase Sapphire Preferred vs Chase Sapphire Reserve.

^{For rates and fees for the American Express® Gold Card please visit this page.}

^{For rates and fees for The Platinum Card® from American Express please visit this page.}