Chase Sapphire Preferred ($95/yr) vs. Reserve ($795/yr): Which Card Wins?

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Each of Chase's personal Sapphire cards earns valuable Chase Ultimate Rewards points.

While the mid-tier Chase Sapphire Preferred® Card (see rates and fees ) and the premium Chase Sapphire Reserve® (see rates and fees ) are in the same family, the two cards diverge in benefits, earning rates and annual fees.

The Sapphire Reserve offers many perks in exchange for a high $795 annual fee . Meanwhile, the Sapphire Preferred — which has recently added new benefits and changed some features — is a simpler option for $95 a year .

Consider your travel style and your overall points and miles strategy before choosing. Let's compare.

Sapphire Preferred vs. Reserve comparison

Card

Sapphire Preferred

Sapphire Reserve

Annual fee $95 $795

Earning rates

5 points per dollar spent on all travel booked through Chase Travel℠, eligible Lyft rides (through Sept. 30, 2027) and eligible Peloton equipment and accessory purchases over $150 (through Dec. 31, 2027)

3 points per dollar spent on dining, gas and electric vehicle charging*, vacation homes at multiple top brands*^, online grocery purchases (excluding Target, Walmart and wholesale clubs) and select streaming services

2 points per dollar spent on all other travel worldwide

1 point per dollar spent on all other purchases

10 points per dollar spent on eligible Peloton equipment and accessory purchases over $150 (through Dec. 31, 2027)

8 points per dollar spent on all Chase Travel purchases

5 points per dollar spent on Lyft rides (through Sept. 30, 2027)

4 points per dollar spent on flights and hotels booked directly

3 points per dollar spent on dining purchases worldwide

1 point per dollar spent on all other purchases

(Purchases that qualify for the annual $300 travel credit will not earn points.)

Welcome bonus Earn 100,000 bonus points after spending $5,000 on purchases in the first three months from account opening. Earn 100,000 bonus points after spending $6,000 on purchases in the first three months from account opening.

Key benefits

Annual $100*# hotel credit when you book through Chase Travel

DoorDash DashPass subscription (activation required) and monthly DoorDash credits on nonrestaurant purchases (through Dec. 31, 2027)

Global Entry, TSA PreCheck or Nexus application fee credit*

One-year complimentary Apple TV subscription (when activated by Dec. 31, 2026)*

Travel and purchase protections

Annual $300 travel credit

Complimentary subscriptions for Apple TV and Apple Music (through June 22, 2027)

Complimentary IHG One Rewards Platinum Elite status (through Dec. 31, 2027)

DoorDash DashPass subscription

The Edit hotel credit

Global Entry, TSA PreCheck or Nexus application fee credit

Lyft in-app credits (earned monthly; through Sept. 30, 2027)

OpenTable credit (no prepayment, payment or reservation through OpenTable required)

Peloton membership credits (through Dec. 31, 2027)

Spending-incentivized credits, including IHG, Hyatt and Southwest Airlines status and credits with Southwest Airlines and The Shops at Chase

StubHub and Viagogo credit (through Dec. 31, 2027; activation required)

Travel and purchase protections

Lounge access None

Chase Sapphire Lounge access

Priority Pass Select membership

Authorized user annual fee $0 $195 for each user

*This is a new or enhanced Sapphire Preferred benefit.

^The top brands eligible for 3 points per dollar spent include Airbnb, Vrbo, Plum Guide, HomeAway, Homestay.com and Vacasa.

#Cardholders receive up to $100 in statement credits for prepaid hotel stays booked through Chase Travel; current cardholders who have already used their $50 will receive an additional $50.

Sapphire Preferred vs. Reserve welcome bonus

New applicants for the Sapphire Reserve earn 100,000 bonus points after spending $6,000 on purchases in the first three months from account opening.

These points are worth $2,050, according to TPG's July 2026 valuations .

Meanwhile, you can earn 100,000 bonus points after spending $5,000 on purchases in the first three months from account opening with the Sapphire Preferred . This is worth $2,050, when considering TPG's valuations. It's the highest offer we've seen in the card's history .

THE POINTS GUY You can hold both the Sapphire Reserve and the Sapphire Preferred , but there are restrictions that may make some new applicants ineligible for bonus offers.

If you've previously earned a bonus on the Sapphire Reserve, you almost certainly won't be eligible for a second bonus on the Sapphire Reserve. If you previously earned a bonus on a Sapphire Preferred, you almost definitely will be ineligible for a second bonus on the Sapphire Preferred.

It's important to remember Chase's 5/24 rule when applying for one of the issuer's cards.

Winner : Sapphire Preferred. Its current offer requires $1,000 less in minimum spending to earn it.

Sapphire Preferred vs. Reserve benefits

The Sapphire Preferred and the Sapphire Reserve are separated most distinctly by their benefits. Let's break down what you can expect.

With the $95 Sapphire Preferred, you'll receive:

Annual hotel credit : Receive a $100 hotel credit when you book through Chase Travel . This has doubled from $50.

Apple TV subscription : Enjoy one complimentary year of Apple TV (when activated by Dec. 31). This is a new Sapphire Preferred perk.

DoorDash : Enjoy a complimentary DoorDash DashPass subscription for at least one year (when you activate by Dec. 31, 2027) and $10 in monthly credits ($120 annually) for nonrestaurant purchases (through Dec. 31, 2027).

Global Entry , TSA PreCheck or Nexus : Receive up to $120 in statement credits every four years. This is a new benefit on the Sapphire Preferred.

It's worth noting that the Sapphire Preferred discontinued the 10% annual anniversary points bonus for cardmembers who applied on or after June 15. If you applied before then, eligible purchases made through Oct. 1 will continue to earn the 10% bonus. If eligible, you'll receive your last anniversary bonus by Jan. 31, 2027.

THE IVENS HOTEL/FACEBOOK The $795 Sapphire Reserve provides:

Apple Music and Apple TV : Receive up to $288 in statement credits annually for subscriptions (one-time activation for both services is required; through June 22, 2027).

DoorDash : Receive up to $25 in monthly promos, plus at least one complimentary year of DashPass (activate by Dec. 31, 2027).

Global Entry, TSA PreCheck or Nexus : Receive up to $120 in statement credits every four years.

Lyft : Receive up to $120 annually (up to $10 each month; through Sept. 30, 2027; does not apply to Wait & Save, bike or scooter rides).

OpenTable : Receive up to $300 annually (split into two up-to-$150 biannual credits) for dining at Sapphire Reserve Exclusive Tables restaurants (no prepayment, payment or reservation through OpenTable required).

Peloton subscriptions : Receive up to $120 annually (up to $10 each month) for Peloton subscriptions (through Dec. 31, 2027).

StubHub/Viagogo : Receive up to $300 annually (activation required; split into two up-to-$150 biannual credits; through Dec. 31, 2027).

The Edit : Receive up to $500 annually (split into two up-to-$250 credits that can be used at any time but cannot be combined) for prepaid The Edit bookings (of two nights or more).

Travel : Receive up to $300 toward all travel purchases.

You can enjoy extra benefits after spending $75,000 on the Sapphire Reserve in a calendar year, including:

IHG One Rewards Diamond Elite status

Southwest Rapid Rewards A-List status

World of Hyatt Explorist status

A $500 Southwest Airlines credit when booking through Chase Travel

A $250 credit for The Shops at Chase

A distinction for many travelers will be the Sapphire Reserve's lounge access. Chase currently has eight Sapphire Lounges and plans to open at least two more. Plus, the Priority Pass network includes over 1,900 lounges worldwide.

ZACH GRIFF/THE POINTS GUY The Sapphire Reserve's beloved travel credit broadly applies to travel purchases and is automatically applied. Conversely, the Sapphire Preferred's $100 hotel credit is limited to bookings through Chase Travel.

Both cards come with a suite of travel protections . The more premium Sapphire Reserve has broader coverage with certain policies . However, the Sapphire Preferred now includes emergency evacuation and transportation coverage as part of its benefits with the refresh, which is a solid addition for the lower annual fee.

Winner : Sapphire Reserve. The more premium card comes with lounge access, a more flexible travel credit and a list of statement credits to maximize.

Related: Chase Sapphire Reserve statement credits: What they are and how to use them

Earning points with the Sapphire Preferred vs. Reserve

There are notable variations in how the Sapphire Preferred and the Sapphire Reserve earn points.

With the Sapphire Preferred, you'll earn:

5 points per dollar spent on all travel booked through Chase Travel, eligible Lyft rides (through Sept. 30, 2027) and eligible Peloton equipment and accessory purchases over $150 (through Dec. 31, 2027)

3 points per dollar spent on dining, gas and EV charging, vacation homes at multiple top brands, online grocery purchases (excluding Target, Walmart and wholesale clubs) and select streaming services

2 points per dollar spent on all other travel worldwide

1 point per dollar spent on all other purchases

CREAM_PH/GETTY IMAGES The Sapphire Reserve earns:

10 points per dollar spent on eligible Peloton equipment and accessory purchases over $150 (through Dec. 31, 2027)

8 points per dollar spent on all Chase Travel purchases

5 points per dollar spent on eligible Lyft rides (through Sept. 30, 2027)

4 points per dollar spent on flights and hotels booked directly

3 points per dollar spent on dining purchases worldwide

1 point per dollar spent on all other purchases

The two cards earn at the same rate on Lyft rides and dining.

The Reserve outshines the Preferred on Chase Travel purchases and flights and hotels booked directly, an important consideration for frequent travelers.

In contrast, the Sapphire Preferred earns more in a diverse set of categories, including select streaming services, gas and EV charging, vacation homes and online groceries . Plus, it has a general travel bonus category that the Sapphire Reserve does not.

If you book Airbnb stays , the Sapphire Preferred certainly wins out. If you book cruises or other general travel (outside of flights or hotels booked directly or through Chase Travel), you're better off earning 2 points per dollar spent on the Preferred instead of 1 point per dollar spent on the Reserve.

Winner : Tie. This depends on what you value. While the Sapphire Reserve offers higher earning rates in many travel categories, the Sapphire Preferred earns bonus points for multiple everyday purchases, so the best option will depend on your spending habits.

Related: Which purchases count as dining with the Chase Sapphire Preferred and Chase Sapphire Reserve?

Redeeming points with the Sapphire Preferred vs. Reserve

Chase's Points Boost feature lets certain cardholders get more value per point when booking eligible travel through Chase Travel (up to 2 cents per point; the exact value you get depends on which card you have and what you're booking; check your rewards program agreement for the full details).

Sapphire Reserve cardholders can get up to 2 cents per point on select hotel and flight bookings made through Chase Travel.

Sapphire Preferred holders can get up to 1.75 cents per point on select flight bookings and up to 1.5 cents per point on select hotel bookings.

LECHATNOIR/GETTY IMAGES The base redemption rate for Chase Travel redemptions not eligible for Points Boost on both the Sapphire Preferred and the Sapphire Reserve is 1 cent per point.

Holding the Sapphire Reserve unlocks higher potential value through Points Boost than the Sapphire Preferred. However, you'll have to make a Points Boost-eligible booking with select hotels and flight itineraries to get more than 1 cent per point in value.

You can also redeem your points for cash back or gift cards, but these redemptions typically offer poor value.

Winner : Sapphire Reserve. You could get up to 2 cents per point with select Points Boost bookings, which is higher than the Sapphire Preferred rate of up to 1.75 cents per point.

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

Transferring points with the Sapphire Preferred vs. Reserve

The best way to get maximum value from your points earned with the Sapphire Preferred or the Sapphire Reserve is to transfer them to one of Chase's travel partners .

These partners include valuable loyalty programs such as Air Canada Aeroplan , United MileagePlus and World of Hyatt . When you transfer points, you can make stellar redemptions . Not to mention, Chase often offers transfer bonuses that add even more value to your points when you transfer them.

There is a key change to factor in with the Sapphire Preferred's latest refresh. If you applied for the card on or after June 15, your transfer ratio to World of Hyatt is reduced to 4:3 (down from 1:1). If you applied before June 15, the new ratio takes effect Oct. 1.

The Sapphire Reserve's 1:1 World of Hyatt transfer ratio is not changing.

Given that World of Hyatt is one of the most popular programs for transferring Ultimate Rewards points , this Sapphire Preferred change is worth noting.

ZACH GRIFF/THE POINTS GUY Credit cards managing editor Giselle Gomez has transferred her Chase points to Hyatt at a 1:1 ratio for two stays. She used 24,000 points to book three nights at the Hyatt Place North Charleston in South Carolina during a holiday weekend. The same booking would've cost $200 per night in cash, netting her 2.5 cents per point in value.

Giselle also used 20,000 points at the Hyatt House Scottsdale/Old Town in Arizona for a two-night stay in a two-bedroom suite that would've cost $800, getting 2 cents per point on this redemption.

Winner : Sapphire Reserve. Given that the Sapphire Preferred is in the process of changing its World of Hyatt transfer ratio from 1:1 to 4:3, the premium card wins out.

Related: How I got a 20X return on my Chase Sapphire Preferred last year

Should I get the Sapphire Preferred or the Sapphire Reserve?

The Sapphire Reserve outperforms the Sapphire Preferred in key earning rates, travel perks and redemption value (especially since it will maintain the 1:1 transfer ratio for World of Hyatt). However, those advantages come with a much higher $795 annual fee.

Before choosing, think carefully about how often you travel and whether you'll realistically use the Reserve's many travel and lifestyle credits.

If you value airport lounge access, want top-tier travel protections and can maximize the Reserve's credits, the Sapphire Reserve will likely deliver more overall value .

If you prefer simplicity , want strong earning rates on everyday spending and don't want to manage multiple statement credits, the Sapphire Preferred remains one of the best mid-tier travel cards on the market.

Related: 10 reasons to choose the Chase Sapphire Preferred over the fancier Chase Sapphire Reserve

How to upgrade from the Sapphire Preferred to the Sapphire Reserve

You can upgrade from the Sapphire Preferred to the Sapphire Reserve by calling the number on the back of your card. You can do the same if you want to downgrade your Sapphire Reserve to the Sapphire Preferred.

DRAGANA991/GETTY IMAGES You have to hold your card for at least 12 months before you can downgrade. However, you won't be eligible for a welcome offer on your new card if you choose to upgrade or downgrade your existing card.

Related: 6 reasons to upgrade your Chase Sapphire Preferred to the Sapphire Reserve

Bottom line

Both the Sapphire Preferred and the Sapphire Reserve have earned a strong reputation among travelers for their valuable rewards and flexible redemption options.

If you value airport lounge access, can maximize statement credits and appreciate high earning rates, the Sapphire Reserve is the pick for you.

If you're into simplicity, don't mind the less advantageous transfer ratio for World of Hyatt and don't want to pay a high annual fee, apply for the Sapphire Preferred instead.

To learn more, read our full reviews of the Sapphire Preferred and the Sapphire Reserve .

Apply here: Chase Sapphire Preferred Card

Apply here: Chase Sapphire Reserve

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.