Chase Sapphire Preferred vs Reserve: Which Is Better?

The Chase Sapphire Preferred and Chase Sapphire Reserve are two of the most popular travel credit cards in the United States, and choosing between them is one of the most common dilemmas for travel hackers. Both cards earn Chase Ultimate Rewards points, both offer transfer access to the same airline and hotel partners, and both come with solid travel protections. But the differences in annual fee, earning rates, perks, and redemption value create two distinct value propositions.

This head-to-head comparison breaks down every meaningful difference to help you decide which card is the better fit for your wallet and travel habits.

The Basics at a Glance

The Sapphire Preferred carries a $95 annual fee, while the Reserve costs $550. That $455 difference is the central question in this comparison: do the Reserve’s additional perks and higher earning rates justify the extra cost?

Both cards earn Chase Ultimate Rewards points, which can be transferred to the same partner airlines and hotels. Both charge no foreign transaction fees. And both provide trip cancellation insurance and primary rental car coverage. The similarities are significant, which is why the decision comes down to the details.

Earning Rates Compared

Chase Sapphire Preferred:

• 3x on dining and online grocery purchases
• 2x on travel
• 5x on Chase Travel hotel and car rental bookings
• 1x on everything else

Chase Sapphire Reserve:

• 3x on dining and travel (broader travel category)
• 10x on Chase Travel hotel and car rental bookings
• 1x on everything else

The earning rates are closer than many people realize. Both cards earn 3x on dining. The Preferred earns 2x on travel while the Reserve earns 3x, a difference of just 1 additional point per dollar spent on travel. The Preferred adds 3x on online grocery purchases, which the Reserve does not match.

For a traveler who spends $500 per month on dining, $300 per month on travel, and $400 per month on groceries, the annual point difference between the two cards is approximately 7,200 points. At a conservative value of 1.5 cents per point, that is about $108 in additional value from the Reserve’s higher travel earning. The Preferred’s grocery bonus partially offsets this gap.

The real earning rate difference shows up in Chase Travel portal bookings, where the Reserve earns 10x compared to the Preferred’s 5x. If you book hotels and rental cars through Chase Travel regularly, this gap is substantial.

Redemption Value: The 1.25x vs 1.5x Difference

This is where the two cards diverge most meaningfully. When you redeem points through the Chase Travel portal, the Preferred gives you 1.25 cents per point, while the Reserve gives you 1.5 cents per point.

On a 50,000-point redemption, the Preferred yields $625 in travel value, while the Reserve yields $750. That is a $125 difference on a single redemption. For travelers who redeem points through the portal rather than transferring to partners, this bonus adds up quickly over a year.

However, it is important to note that the savviest travel hackers transfer points to partner airlines and hotels rather than redeeming through the portal. When you transfer points to Hyatt, United, or Southwest, both cards transfer at the same 1:1 ratio. The 1.5x portal bonus is irrelevant if you never use the portal for redemption.

If your primary redemption strategy involves transfer partners, the earning rate difference matters more than the redemption multiplier.

The $300 Travel Credit

The Reserve includes a $300 annual travel credit that automatically applies to travel purchases charged to the card. This includes flights, hotels, taxis, ride-shares, tolls, parking, and more. The credit resets every cardmember year.

This credit is straightforward to use. If you spend at least $300 on any combination of travel purchases during the year, it activates automatically. Most travelers who carry this card spend well over $300 on travel annually, making this credit essentially guaranteed.

When you subtract the $300 credit from the Reserve’s $550 annual fee, the effective annual fee drops to $250. Compared to the Preferred’s $95 fee, the real gap is $155, not $455.

Airport Lounge Access

The Reserve includes complimentary Priority Pass Select membership, which grants access to over 1,300 airport lounges worldwide. This perk alone is valued at $429 per year if purchased independently.

Priority Pass lounges offer complimentary food, drinks, Wi-Fi, and comfortable seating. For travelers who experience frequent layovers or early arrivals at the airport, lounge access transforms the travel experience. Some Priority Pass locations also include sit-down restaurant credits, which provide a free meal before your flight.

The Sapphire Preferred does not include any lounge access. If airport lounges are important to you, this is a significant differentiator.

The value you extract from lounge access depends on how often you fly. A traveler who visits lounges 10 or more times per year might value this perk at $500 or more. A traveler who flies twice a year might value it at $60. Be honest about your travel frequency when evaluating this benefit.

Global Entry and TSA PreCheck Credit

Both cards offer a statement credit for Global Entry ($100) or TSA PreCheck (approximately $78) enrollment. This credit renews every four years with your membership.

Since both cards offer this perk, it does not factor into the comparison. It is a nice benefit on either card, but it does not tip the scale in either direction.

Travel Protections

Both cards offer strong travel insurance, but the Reserve’s coverage is generally more generous.

Trip cancellation and interruption insurance: Both cards cover up to $10,000 per person and $20,000 per trip for prepaid, non-refundable travel expenses if your trip is cancelled or interrupted for covered reasons.

Trip delay reimbursement: The Reserve covers up to $500 per ticket for delays of 6 hours or more. The Preferred covers the same amount but with a 12-hour delay threshold. The Reserve’s lower threshold is a meaningful advantage for dealing with common flight delays.

Lost luggage reimbursement: Both cards cover up to $3,000 per passenger for lost luggage.

Primary rental car insurance: Both cards provide primary coverage for rental car damage and theft, meaning you do not need to file with your personal auto insurance first. This is a significant benefit that many rental car insurance add-ons charge $15 to $30 per day for.

The Break-Even Analysis

To determine which card saves you more money, calculate the value of the Reserve’s additional perks and compare it to the fee difference.

Reserve additional perks over Preferred:

• $300 travel credit: $300
• Priority Pass lounge access: varies ($0 to $500+ depending on usage)
• Higher portal redemption rate (1.5x vs 1.25x): depends on redemption volume
• Better trip delay coverage: varies
• Higher travel earning rate (3x vs 2x): depends on travel spending

Fee difference after travel credit: $155

If you use the travel credit (virtually guaranteed) and visit airport lounges at least three or four times per year, the Reserve already pays for the fee difference. Add in the higher earning rates and better redemption value, and the Reserve becomes the clear winner for travelers who fly more than a few times annually.

The Preferred wins for travelers who fly once or twice a year, rarely visit airport lounges, and prefer to keep annual fees minimal. The $95 fee is easy to justify with a single good redemption, and access to the Chase transfer partners is identical.

The Upgrade and Downgrade Strategy

You do not have to pick one card forever. A common strategy is to start with the Sapphire Preferred, earn the sign-up bonus, and then upgrade to the Reserve after a year if your travel frequency justifies it. You can also downgrade from the Reserve to the Preferred if your travel decreases, preserving your points and account history while reducing the annual fee.

Chase allows product changes between Sapphire cards without a hard credit inquiry. This flexibility means your choice today does not lock you in permanently.

One important note: Chase’s rules state that you cannot earn a sign-up bonus on a Sapphire card if you have received a Sapphire bonus in the previous 48 months. Plan your initial application and any product changes with this timeline in mind.

Our Recommendation

For travelers who take three or more trips per year and spend at least $1,000 monthly on the card, the Chase Sapphire Reserve is the better value despite its higher annual fee. The travel credit, lounge access, and superior earning and redemption rates more than cover the fee difference.

For travelers who take one or two trips per year, are building their credit history, or prefer to minimize annual fees, the Chase Sapphire Preferred delivers outstanding value at $95 per year. It provides access to the full Chase transfer partner network, strong travel protections, and solid earning rates at a fraction of the Reserve’s cost.

Either card is an excellent choice. The important thing is to pick one, start earning points, and put them to work for your next trip.