What the Chase Sapphire Card is and who it's built for
Chase makes two Sapphire cards: the Sapphire Preferred and the Sapphire Reserve. Both are rewards cards meant for people who travel or eat out regularly and want to turn those purchases into points. The main difference is the annual fee — Preferred costs $95 per year, Reserve costs $550 per year — and what those points are worth when you redeem them.
The Sapphire cards are not entry-level cards. They require good credit (usually a score of 700 or higher) and they're designed for people who spend enough to make the rewards outweigh the annual fee. If you rarely travel or dine out, a card without an annual fee will almost certainly save you money.
Both cards earn the same base rewards: 2 points per dollar on travel and dining, 1 point per dollar on everything else. The real difference is in how much those points are worth when you cash them in, and what perks come with the card.
Key Takeaways
- Sapphire Preferred charges $95 per year and lets you redeem points at 1.25 cents each through Chase's travel portal, or transfer them to airline and hotel partners at varying rates.
- Sapphire Reserve charges $550 per year but lets you redeem points at 1.5 cents each through the travel portal, and includes travel credits that can offset the annual fee for some cardholders.
- Both cards earn 2 points per dollar on travel and dining purchases, which is standard for premium rewards cards in this category.
- You'll need good credit to be approved, and you should only choose one of these cards if you spend enough on travel and dining to earn back the annual fee in rewards value.
- Chase allows you to downgrade either card to a no-annual-fee version (like the Chase Sapphire Preferred to a Freedom card) if the rewards stop making financial sense.
How rewards work on both Sapphire cards
Points are earned on every purchase. With Sapphire, you get 2 points per dollar on travel (flights, hotels, rental cars, taxis, trains, parking) and dining (restaurants and bars). Everything else earns 1 point per dollar. There's no cap on how many points you can earn in a year.
The value of those points depends on how you redeem them. If you book travel through Chase's website portal, Sapphire Preferred points are worth 1.25 cents each, and Sapphire Reserve points are worth 1.5 cents each. That means a point earned on a $100 dinner is worth $1.25 (Preferred) or $1.50 (Reserve) when you use it to book a flight.
You can also transfer points directly to airline and hotel partners — companies like United, Southwest, Marriott, and Hyatt. The value varies by partner and by how you use them. Some people find they get more value this way, especially if they have a specific hotel chain or airline they use regularly. Chase publishes the transfer partners for each card on their website.
Points don't expire as long as your account stays open, but they're forfeited if you close the card.
Annual fees and what they include
Sapphire Preferred costs $95 per year with no additional perks tied to the fee. You're paying for the ability to earn 2 points per dollar on travel and dining, and to redeem at 1.25 cents per point. If you spend $8,000 per year on travel and dining, you'll earn roughly $200 in rewards value (at 1.25 cents per point), which covers the fee and leaves you ahead. If you spend less, the math doesn't work.
Sapphire Reserve costs $550 per year, but it includes a $300 annual travel credit. That credit is applied automatically each year and covers things like flights, hotels, rental cars, and some rideshare services. For many cardholders, this credit brings the real annual cost down to $250. The card also includes trip cancellation insurance, emergency medical and dental coverage abroad, and other travel protections. The 1.5-cent redemption value on points (versus 1.25 cents on Preferred) adds up over time if you're a heavy spender.
Both cards charge a foreign transaction fee of 0% — meaning you won't pay extra when you use the card overseas, which is valuable if you travel internationally.
What credit score you need and how the process works
Chase typically approves Sapphire cards for people with a credit score of 700 or higher, though some people with scores in the 680–700 range have been approved. Your score is just one factor — Chase also looks at your income, how long you've had credit accounts open, and how much debt you already carry.
You can explore online through Chase's website. The process takes about 10 minutes and asks for your name, address, income, and employment information. Chase will do a hard inquiry on your credit report, which temporarily lowers your score by a few points. You'll usually get a decision within minutes, though some applications are flagged for manual review and take a few days.
If you're approved, the card arrives in the mail within 7 to 10 business days. You can request expedited shipping for an additional fee, or ask Chase to rush it if you need it sooner.
Comparing Sapphire Preferred and Sapphire Reserve side by side
| Feature | Sapphire Preferred | Sapphire Reserve |
|---|---|---|
| Annual Fee | $95 | $550 |
| Annual Travel Credit | None | $300 |
| Points per Dollar (Travel & Dining) | 2 points | 2 points |
| Points per Dollar (Other) | 1 point | 1 point |
| Redemption Value (Travel Portal) | 1.25 cents per point | 1.5 cents per point |
| Foreign Transaction Fee | 0% | 0% |
| Travel Insurance | Limited | Comprehensive |
When to downgrade or close your Sapphire card
If you stop traveling or dining out as much, the annual fee may no longer make sense. Chase lets you downgrade to a card without an annual fee — usually the Chase Freedom or Chase Freedom Flex — without closing the account. Your existing points stay in your account and can still be redeemed. You can downgrade anytime, and there's no penalty.
If you want to close the card entirely, you can do that too, but your points will be forfeited once the account closes. So if you have a large balance of points, redeem them before you close the account.
Chase also has a rule called the "5/24 rule" that affects how often you can get new Chase cards. If you've opened 5 or more credit cards (from any bank) in the last 24 months, Chase will usually deny your process. This matters if you're thinking about getting both the Preferred and Reserve — you may need to space them out or choose one.
How Sapphire points compare to other rewards cards
The 2 points per dollar on travel and dining is competitive but not unique. The American Express Gold Card also earns 4 points per dollar on dining and 3 points per dollar on flights booked directly with airlines (though it costs $250 per year). The Capital One Venture X earns 5 points per dollar on flights booked through their portal and costs $395 per year.
Where Sapphire stands out is flexibility. You can redeem points through Chase's travel portal, transfer to partners, or use them for cash back (though cash back is worth less — typically 0.8 cents per point). Other cards lock you into one redemption method or charge you more to switch.
If you don't travel much, a card like the Chase Freedom Flex (no annual fee) earns 5% cash back on rotating categories and 1.5% on everything else, which may be a better fit.
Frequently Asked Questions
Can I have both the Sapphire Preferred and Sapphire Reserve at the same time?
No. Chase's rules say you can only hold one Sapphire card at a time. If you want to switch from one to the other, you'll need to downgrade or close the first card before explore for the second. Some people downgrade to a no-fee card instead, which lets them keep their points and account history while avoiding the annual fee.
What happens to my points if I close the card?
Points are forfeited when the account closes. If you have a large balance, redeem them before you close. If you downgrade to a different Chase card instead of closing, your points stay in your account and you can use them anytime.
Do I have to use the $300 travel credit on the Reserve, or does it expire?
The credit is applied automatically each year and covers most travel purchases (flights, hotels, rental cars, rideshare, parking). It doesn't roll over — if you don't use it in a year, you lose it. Some cardholders use it strategically by booking travel in December to use the current year's credit, then again in January to use the next year's credit.
What's the difference between transferring points to partners and redeeming through the portal?
Redeeming through the portal is simpler — you book directly on Chase's website and points are deducted automatically. Transferring to partners (airlines, hotels) takes a few days and requires you to book through that partner's website, but the value per point can be higher if you know how to use the partner's loyalty program. It's a trade-off between convenience and potential value.
Can I use my Sapphire card internationally?
Yes. Both cards charge 0% foreign transaction fees, so you won't pay extra when you use them overseas. The Reserve also includes emergency medical and dental coverage abroad, which Preferred doesn't have. You should notify Chase before you travel so they don't flag your purchases as fraudulent.