Chase Sapphire Reserve vs Preferred 2024

Deciding between the Chase Sapphire Reserve and the Chase Sapphire Preferred is a common debate for travelers. Both cards offer incredible value, but they target completely different spending habits and travel goals. If you want to maximize your rewards in 2024, comparing these two options is the perfect place to start.

Here is exactly how the two leading Chase travel cards stack up against each other this year.

Welcome Bonus Comparison

As of 2024, both the Chase Sapphire Preferred and the Chase Sapphire Reserve are offering a standard welcome bonus of 60,000 Ultimate Rewards points. To earn this bonus, you must spend $4,000 on purchases within the first three months of opening your account.

While the number of points is identical, the value of those points depends on the card you hold. When you book travel directly through the Chase Travel portal, your points get a percentage boost.

  • Chase Sapphire Preferred: Points are worth 1.25 cents each in the portal. Your 60,000-point bonus equals $750 in travel.
  • Chase Sapphire Reserve: Points are worth 1.5 cents each in the portal. Your 60,000-point bonus equals $900 in travel.

Annual Fees and Statement Credits

The most obvious difference between the two cards is the upfront cost.

The Chase Sapphire Preferred charges a very reasonable $95 annual fee. To help offset this cost, the card provides a $50 annual statement credit for hotel stays purchased through the Chase Travel portal. If you use this credit, your effective annual fee drops to just $45.

The Chase Sapphire Reserve carries a premium $550 annual fee. However, it includes a highly flexible $300 annual travel credit. This credit automatically reimburses you for your first $300 in travel purchases each year. It covers flights and hotels, but it also applies to everyday transit like parking garages, ride-shares, and tolls. When you subtract the $300 credit, the effective annual fee drops to $250.

Earning Rates

Both cards reward you for dining and travel, but the specific multipliers differ.

Chase Sapphire Preferred Earning Rates:

  • 5x points on travel purchased through Chase Travel.
  • 3x points on dining, select streaming services, and online grocery purchases (excluding Target, Walmart, and wholesale clubs).
  • 2x points on all other travel purchases.
  • 1x point on all other purchases.
  • A 10% anniversary point bonus based on your total spending from the previous year.

Chase Sapphire Reserve Earning Rates:

  • 10x points on hotels and car rentals purchased through Chase Travel.
  • 5x points on flights purchased through Chase Travel.
  • 3x points on other travel and dining.
  • 1x point on all other purchases.

Keep in mind that on the Reserve, the 3x, 5x, and 10x travel multipliers only begin after you have spent your $300 annual travel credit.

Transfer Partners

While the Chase Travel portal offers great value, transferring your points to partner airlines and hotels often yields the highest return. Fortunately, both the Preferred and the Reserve have access to the exact same 1:1 transfer partners.

You can transfer your Ultimate Rewards points directly to programs like World of Hyatt, United MileagePlus, Southwest Rapid Rewards, and Air France KLM Flying Blue. Transferring points to World of Hyatt is incredibly popular, as you can frequently book luxury hotel rooms for 2 cents to 3 cents per point.

Travel Perks and Protections

This is where the Chase Sapphire Reserve justifies its higher price tag.

The Reserve offers Priority Pass Select membership, giving you access to over 1,300 airport lounges worldwide. It also provides a statement credit of up to $100 every four years to cover your application fee for Global Entry, NEXUS, or TSA PreCheck.

Both cards offer excellent travel insurance, including primary auto rental collision damage waivers. This is a massive benefit for the $95 Preferred card, as it allows you to decline the rental agency’s expensive insurance. However, the Reserve offers slightly better coverage limits for trip cancellation and interruption insurance (up to $10,000 per person and $20,000 per trip).

Which Card is Right for You?

The Chase Sapphire Preferred is the better choice for beginners or infrequent travelers. The $95 annual fee is easy to justify, and the 3x points on dining and online groceries make it a great everyday card.

The Chase Sapphire Reserve is built for frequent flyers who spend heavily on travel and dining. If you easily spend $300 a year on travel (to trigger the credit) and you value airport lounge access, the premium perks easily outweigh the $250 effective annual fee.

Frequently Asked Questions

Can I hold both the Chase Sapphire Preferred and Reserve at the same time? No. Chase rules dictate that you can only hold one Sapphire-branded card at a time.

What is the 48-month rule? You are not eligible for a new Sapphire welcome bonus if you have received a sign-up bonus from any Sapphire card in the past 48 months. If it has been more than 48 months, you can apply again, provided you downgrade or cancel your current Sapphire card first.

Can I upgrade my Preferred to a Reserve later? Yes. You can request a product change from the Preferred to the Reserve (or vice versa) after you have held the card for at least one full year.

Does the Chase Sapphire Preferred offer airport lounge access? No. Only the Chase Sapphire Reserve comes with Priority Pass lounge access.