Chase Sapphire Preferred vs. Reserve: Why the Cheaper Card Can Win

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I'm thrilled that the Chase Sapphire Preferred® Card (see rates and fees ) has increased its welcome offer to 100,000 bonus points, earned after spending $5,000 on purchases in the first three months from account opening.

I applied for this card last year when the bonus was also 100,000 points and have been very happy with it since, having just paid my annual fee for year No. 2.

The more premium Chase Sapphire Reserve® (see rates and fees ) is also currently offering 100,000 bonus points, though those points are earned after spending $6,000 on purchases in the first three months from account opening.

Sure, I've looked at upgrading to the more premium Sapphire Reserve, which undoubtedly comes with more bells and whistles (and a very different annual fee). But for me, the numbers just don't add up when considering my travel and spending patterns.

Here's why I'm happy with my Sapphire Preferred Card and have no plans to upgrade to the Sapphire Reserve.

Related: Value simplicity? Why the Chase Sapphire Preferred is now the only card you need

The Sapphire Preferred combines an excellent welcome bonus with a low annual fee

For me, the standout reason I applied for the Sapphire Preferred is the epic welcome bonus with a low annual fee. For a limited time only, new applicants can earn 100,000 bonus points after spending $5,000 on purchases in the first three months from account opening.

While other cards offering six-figure welcome bonuses often come with annual fees approaching $1,000, the Sapphire Preferred still charges just $95 for its annual fee — a number that's well within reason for all that it offers.

This card was an absolute no-brainer in my first year of having it, but I'm happily keeping it for the foreseeable future.

Related: Chase Sapphire Preferred 100,000-point bonus — all your questions answered

I can recoup the annual fee immediately every year

An awesome perk of the Sapphire Preferred is the up to $100 statement credit each year for prepaid hotel bookings made through Chase Travel℠ . This couldn't be easier to use. When my $95 annual fee is due each membership year, the credit is loaded at the same time, and I can redeem it for a one-night stay of any value at more than 600,000 hotels worldwide and come out $5 ahead immediately.

Meanwhile, the Sapphire Reserve offers a range of included credits to offset that steep $795 annual fee. For example, it offers up to $300 for DoorDash purchases (two separate monthly $10 nonrestaurant promos and one monthly $5 restaurant promo when you activate your DoorDash DashPass membership by Dec. 31, 2027).

I simply do not have the energy for that sort of mental gymnastics to keep track of complex benefits to save money on food deliveries.

Related: The hidden cost of premium credit card perks: Keeping track of them

DOORDASH The Sapphire Preferred has excellent earning rates for a low-annual-fee card

I regularly use Lyft for airport transfers when I'm in the U.S., as I find it's usually slightly cheaper than Uber. Because of that, I love earning 5 points per dollar spent on eligible Lyft rides (through Sept. 30, 2027) with my Sapphire Preferred . The Sapphire Reserve offers the same earning rate, so that's no temptation to upgrade.

The Sapphire Preferred also earns a generous 3 points per dollar in categories I spend in regularly:

Dining

Gas

Electric vehicle charging

Vacation homes booked with Airbnb, Vrbo, Plum Guide, HomeAway, Homestay.com and Vacasa

Online grocery purchases (excluding Target, Walmart and wholesale clubs)

Select streaming services

While I don't own a car due to my central London location, I rent one regularly when I travel. I also love Airbnbs for extended vacation stays. So, the Preferred's increased earning rates in these categories — which are higher than the Sapphire Reserve's 1 point per dollar earnings for the same purchases (with the exception of dining) — are valuable to me.

As a Netflix, Spotify and Paramount+ subscriber, I also appreciate earning more points for streaming services when paying with my Sapphire Preferred. The card even recently added a one-year complimentary Apple TV subscription (must be activated by Dec. 31) to its lineup of perks, a welcome extra I've thoroughly enjoyed — despite being proudly on #TeamAndroid — due to its impressive selection of shows and movies.

Related: Why the Chase Sapphire Preferred is one of the best cards for everyday spending

Both cards have some of the best transfer partners in the industry

I love transferring my Chase Ultimate Rewards points at a 1:1 rate to Air Canada Aeroplan and Air France-KLM Flying Blue to book business-class flights across the Atlantic from just 60,000 points or miles (which I've done many times). I'm also fond of transferring Chase points to World of Hyatt to book great-value hotel stays with no taxes or pesky resort fees.

Sure, the recent news that Chase points earned with the Sapphire Preferred and transferred to World of Hyatt will devalue from 1:1 to 4:3 starting Oct. 1 for Preferred Card holders who signed up for the card before June 15 (or effective immediately for new cardholders who signed up on or after June 15) wasn't great news.

But I still have several months until the transfer ratio changes take effect for me, and a reduction is fairly mild given what great rates Hyatt still has after switching to a five-tiered award chart earlier this year. In fact, so far, the new Hyatt pricing at popular properties isn't nearly as bad as I had expected .

So while I'll need to pivot my transfer strategy later this year — my plan is to transfer my Ultimate Rewards balance to Hyatt at a 1:1 rate in September, then focus on other Chase transfer partners like Aeroplan and Flying Blue through the end of 2026 — the change with Hyatt isn't enough to justify paying an additional $700 in annual fees to upgrade to the Sapphire Reserve , in my opinion.

Related: How much more will Chase Sapphire Preferred Card holders need to spend for the same Hyatt stays?

ERIC ROSEN/THE POINTS GUY My home airport doesn't have a Sapphire lounge

I'm based in London, though I travel frequently across the Atlantic, where you'll find me everywhere from Las Vegas to Niagara Falls on the New York-Ontario border.

However, because my home airport, London's Heathrow Airport (LHR), doesn't have a Chase Sapphire Lounge and I don't travel consistently enough from a particular terminal, committing to a high-annual-fee card like the Sapphire Reserve in exchange for regular lounge access doesn't make a ton of sense for me.

Related: First look inside Chase's new Sapphire Lounge in Las Vegas — complete with a Champagne parlor

I rarely book fancy hotels and business-class seats with cash, so Points Boost and The Edit don't appeal to me

Sapphire Reserve cardholders have access to Points Boost , which allows you to redeem Ultimate Rewards points through Chase Travel for up to 2 cents each. ( Sapphire Preferred Card holders have access to Points Boost as well, but at lower redemption value rates.)

That's unquestionably an incredibly valuable way to use your Chase points , though there's a catch.

Points Boost is usually reserved for luxury (i.e., expensive) hotels and flights. If you're often in the market for these sorts of upgraded experiences, I love that for you, but it's just not a fit for me.

For my hotel stays, a Hyatt Regency or Thompson via a World of Hyatt transfer suits me just fine. And while I love a lie-flat bed when I fly, I choose to hunt for saver-level availability via transfer partners.

For the same reason, The Edit by Chase Travel (available to Sapphire Reserve cardholders, with credits included) doesn't appeal to me right now, as this program usually only features high-end properties I'm not willing to pay $500 a night for, even after considering The Edit's covering of daily breakfast for two, a room upgrade at check-in (when available) and early check-in and late checkout (when available).

If you're regularly searching for premium hotel rooms to book with cash (or cover with points through Chase Travel), definitely consider the Sapphire Reserve for The Edit perks, but it's just not for me right now.

Related: Why Chase's Points Boost is an outstanding (kind of surprising) new way to book hotels on points

Thompson Houston. SUMMER HULL/THE POINTS GUY I don't spend money on Peloton, StubHub or Viagogo

The Sapphire Reserve offers several credits that the Sapphire Preferred does not, and two that I quickly dismissed were:

Up to $120 per year for Peloton subscriptions (through Dec. 31, 2027)

Up to $300 per year with StubHub/Viagogo that's split into two up to $150 biannual credits (activation required; through Dec. 31, 2027)

There's no room in my city apartment for a big Peloton bike, and my "outdoor" bicycle, which doesn't require a subscription, works just fine for exercise. I also use it to ride to my local fitness center, where there's a wide range of exercise options (including Peloton bikes), so it's unlikely I'll ever purchase a Peloton subscription.

Then there's my intense dislike of ticket resale platforms and their eye-wateringly inflated prices for sold-out concerts.

My personal rule is that if I can't get a ticket through official sellers when tickets first go on sale — or I can't find one at or close to face value through a family member or friend who can't attend — I don't go. In my eyes, no artist is worth $500 per ticket just because bot software is faster than I am at buying a concert ticket.

I'm certainly not paying $2,700 per ticket to see Harry Styles at Madison Square Garden this summer just because I have a credit card with a $150 biannual credit to use up, thank you very much.

Related: I kept the receipts: Here's how much the Sapphire Reserve was actually worth to me this year

STUBHUB Bottom line

The Chase Sapphire Preferred Card remains one of the most valuable cards on the market, especially with its highest-ever increased welcome offer of 100,000 bonus points, earned after spending $5,000 on purchases in the first three months from account opening, available for only a limited time.

For me, the combination of a six-figure bonus, strong earning rates in categories I regularly spend in and a low annual fee I can recoup each year immediately with the Chase Travel hotel credit means there is no reason to pay an extra $700 to upgrade to the Sapphire Reserve , even though it has a longer list of perks.

The premium credits and Sapphire Lounge access are valuable to some, but they do not align with my current lifestyle.

If you missed out on the best-ever 100,000 bonus points welcome bonus on the Sapphire Preferred last year, I'd seriously consider it this year. And if you have the Sapphire Reserve, remember that you may now be eligible for the Preferred welcome bonus, too , thanks to Sapphire eligibility changes Chase made earlier this year.

Related: Chase Sapphire Preferred vs. Sapphire Reserve: Which is better for you?

Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.