The two Sapphire cards and what separates them

Chase makes two Sapphire cards: the Sapphire Preferred and the Sapphire Reserve. The Preferred costs $95 per year and earns 2 points per dollar on travel and dining. The Reserve costs $550 per year and earns 3 points per dollar on the same categories, plus it includes a $300 annual travel credit and lounge access. The Reserve is built for people who spend enough on travel and dining to recover the annual fee; the Preferred works for people who want the same earning structure at a lower cost.

Both cards use the same Ultimate Rewards program, which means points transfer to the same airline and hotel partners and redeem for the same cash value. The difference is not the program itself — it is the earning rate, the perks bundled in, and whether the annual fee makes sense for your spending. Neither card is worth keeping if you do not use the benefits. If you open a Sapphire and do not spend on travel or dining, close it before the annual fee hits.

Key Takeaways

  • Sapphire Preferred earns 2x points on travel and dining for a $95 annual fee; Sapphire Reserve earns 3x points on the same categories for a $550 annual fee plus a $300 travel credit.
  • Both cards let you transfer points to 13 airline and hotel partners at a 1:1 ratio, or redeem them for cash back at 1 point per $0.01.
  • The Reserve includes Priority Pass lounge access, which covers airport lounges worldwide; the Preferred does not.
  • Points earned on either card do not expire as long as your account stays open, and you can combine points across multiple Chase Ultimate Rewards cards.

How points work and what they are worth

Both cards earn Ultimate Rewards points, which have a baseline value of 1 point = $0.01 when you redeem them for cash back. That means 100 points equals $1. If you use the card only for cash back, a 2x card earns 2% cash back and a 3x card earns 3% cash back.

The real value comes from transferring points to travel partners. Chase lets you move points to 13 airline partners (including United, Southwest, American, and Delta) and 3 hotel partners (Hyatt, IHG, and Marriott Bonvoy) at a 1:1 ratio. A point transferred to an airline partner is often worth more than $0.01 — sometimes 1.5 cents or higher, depending on the airline and the flight you book. A point transferred to Hyatt can be worth significantly more, especially for luxury properties. The catch is that you have to know how to value the transfer, and not every redemption is a good deal.

Points do not expire as long as your account is open. If you open a Sapphire card, earn points, and never use them, they stay in your account indefinitely. You can also combine points across multiple Chase Ultimate Rewards cards you own — so if you have both a Sapphire and a Chase Freedom card, you can pool the points and transfer them together.

Annual fees and whether they pay for themselves

The Sapphire Preferred charges $95 per year with no automatic credit to offset it. You recover the fee by earning more points than you would on a no-fee card. If you spend $5,000 per year on travel and dining, you earn 10,000 points (at 2x), worth $100 in cash back — enough to cover the fee and come out $5 ahead. If you spend less, the fee may not be worth it.

The Sapphire Reserve charges $550 per year, but it includes a $300 annual travel credit that covers airfare, hotels, rental cars, taxis, rideshare, parking, tolls, trains, buses, and some travel agencies. The credit posts as a statement credit when you charge travel to the card, so you do not have to claim it or jump through hoops. That brings the true annual cost down to $250. You also get Priority Pass Select lounge access, which covers airport lounges worldwide — a benefit worth $100 to $200 per year depending on how often you travel. Between the travel credit and lounge access, the Reserve can pay for itself if you use both benefits. The 3x earning on top of that is extra.

Travel perks beyond points

The Sapphire Reserve includes Priority Pass Select, which gives you access to over 1,400 airport lounges worldwide. You can bring one guest for free. Lounge access is useful if you travel frequently enough to spend time in airports — you get a quiet place to work, free food and drinks, and sometimes showers. If you fly once a year, it is not worth much. If you fly four or more times per year, it can add real value.

Both cards include trip delay reimbursement, which covers meals and lodging if your flight is delayed more than 6 to 12 hours (depending on the card). Both also include trip cancellation insurance, which reimburses prepaid, non-refundable trip costs if you cancel for a covered reason like illness or injury. These are safety nets, not perks you plan to use. The Reserve adds concierge service, which is a phone line you can call to book restaurants, make travel arrangements, or get recommendations. The quality varies — it is not a personal travel agent, but it can save time if you need a reservation at short notice.

Earning on categories outside travel and dining

Both Sapphire cards earn 1 point per dollar on everything else — groceries, gas, utilities, and other purchases. That is the same as a basic no-fee card. If you want higher earning on groceries or gas, you would pair a Sapphire with a Chase Freedom Unlimited (1.5x on everything) or a Chase Freedom Flex (5x on groceries up to $1,500 per year, then 1x). The Sapphire is built for travel and dining; it is not a catch-all card.

The 1x earning on non-travel categories means the Sapphire is most valuable when your spending is concentrated on travel and dining. If you spend equally across all categories, a flat-rate card will earn you more overall.

Transfer partners and redemption strategy

The value of a Sapphire card depends heavily on how you redeem. If you transfer points to airline partners, you need to know which flights are available at which point costs. Some flights cost far more points than others, and a "good" redemption on one airline might be a bad one on another. If you do not want to learn transfer values, redeeming for cash back at 1 point per $0.01 is simpler and may provide — you just get a lower return on your points.

Chase's transfer partners are strong. Hyatt is particularly valuable because Hyatt properties tend to have favorable point costs compared to other hotel chains. United, Southwest, and American are the largest airline partners, so you have the most flight options with them. IHG and Marriott Bonvoy are useful if you stay at those chains regularly. The breadth of partners means you have options, but it also means you need to do the work to find the best redemption for your trip.

Comparing Sapphire to other travel cards

The Sapphire Preferred competes with cards like the Capital One Venture X (10x on hotels and rental cars booked through the portal, 5x on flights) and the American Express Gold (4x on flights and hotels booked directly, 4x on restaurants). The Venture X charges $395 per year; the Gold charges $250. Each has different earning rates and transfer partners, so the best choice depends on where you spend.

The Sapphire Reserve competes with premium cards like the American Express Platinum ($695 per year, 5x on flights and hotels booked directly) and the Capital One Venture X. The Platinum has higher annual fees but also higher earning on booked travel. The Reserve's advantage is the $300 travel credit, which is broader than the Platinum's $200 airline fee credit. If you value lounge access and a wide travel credit, the Reserve may cost less than the Platinum while delivering similar benefits.

Frequently Asked Questions

Can I transfer points between my Sapphire and other Chase cards?

Yes. If you have a Sapphire Preferred, Sapphire Reserve, Chase Freedom Unlimited, or any other Chase Ultimate Rewards card, you can combine points across all of them and transfer them together to airline or hotel partners. This is useful if you earn points on multiple cards and want to pool them for a single transfer.

What happens to my points if I close the card?

Your points stay in your Chase Ultimate Rewards account as long as you have at least one other Chase Ultimate Rewards card open. If you close all your Chase Ultimate Rewards cards, your points expire after a set period. Keep at least one card open if you want to preserve points long-term.

Does the $300 travel credit on the Reserve cover everything?

The credit covers airfare, hotels, rental cars, taxis, rideshare, parking, tolls, trains, buses, and some travel agencies. It does not cover travel insurance, baggage fees, or meals during travel. The credit posts as a statement credit, so you do not have to submit receipts.

Is the Sapphire worth it if I do not travel much?

If you do not spend regularly on travel and dining, the annual fee is hard to justify. The 2x earning on the Preferred only beats a no-fee card if you spend enough to earn back the $95 fee. If travel and dining are not major spending categories for you, a flat-rate card like the Chase Freedom Unlimited may be better.

Can I get both the Sapphire Preferred and Reserve at the same time?

Chase typically limits you to one Sapphire card at a time. If you want to switch from one to the other, you usually have to close the first card or downgrade it to a no-fee Chase card. Check Chase's current rules before explore, as policies can change.