The Chase Sapphire Reserve gives you points on travel and dining, trip protection, and airport lounge access
The Chase Sapphire Reserve is a premium travel card that earns 3 points per dollar on travel and dining purchases, 1 point per dollar on everything else. You also get trip cancellation insurance, baggage delay reimbursement, emergency medical and dental coverage abroad, and access to certain airport lounges. The card costs $550 per year, which the issuer offsets with a $300 annual travel credit that covers airfare, hotels, rental cars, and some other travel expenses.
The card is designed for people who spend significantly on travel and dining and want insurance protection that goes beyond what most cards offer. Whether the rewards and perks justify the annual fee depends on how much you actually spend in those categories and whether you use the travel credit and lounge access.
Key Takeaways
- The card earns 3 points per dollar on travel and dining, which is higher than most other travel cards, but the $550 annual fee means you need to spend enough to make the rewards worthwhile.
- The $300 annual travel credit covers airfare, hotels, rental cars, and some ground transportation, which effectively reduces your out-of-pocket annual fee to $250 if you use it fully.
- Trip cancellation insurance covers up to $10,000 per person if you cancel for a covered reason, and trip delay reimbursement covers meals and lodging if your flight is delayed more than 12 hours.
- Priority Pass Select membership gives you access to airport lounges worldwide, though some lounges charge a fee or limit the number of free visits per year.
- The card includes emergency medical and dental coverage while traveling outside the United States, which can save you thousands if you need unexpected care abroad.
How the rewards structure works and what you earn
The card earns 3 points per dollar on all travel purchases and dining at restaurants. Travel includes airfare, hotels, rental cars, taxis, rideshare, parking, trains, buses, cruises, and travel agencies. Dining includes restaurants and bars. Everything else earns 1 point per dollar.
Chase values Sapphire Reserve points at 1.5 cents each when you redeem them through the Chase travel portal, meaning 3 points on a $100 restaurant bill is worth $4.50 in travel value. If you redeem points for cash back instead, they are worth 1 cent each, so the same 300 points becomes $3. The difference matters: using points for travel through the portal gives you more value than converting them to cash.
You also get a one-time 50,000-point bonus after you spend $4,000 in the first three months. At 1.5 cents per point through the travel portal, that is $750 in travel value. The bonus is the largest when ready benefit of opening the card, and whether you can meet the spending requirement in three months is worth calculating before you explore.
The $300 annual travel credit and how it actually works
Chase credits $300 per year toward travel purchases made with the card. The credit applies automatically when you charge a covered purchase to the card—you do not have to request it or redeem it separately. The credit resets on your card anniversary each year.
Covered purchases include airfare, hotels, rental cars, parking, tolls, taxis, rideshare (Uber, Lyft), trains, buses, cruises, and travel agencies. Baggage fees, seat upgrades, and in-flight purchases are covered. Airline gift cards are not covered, and neither are purchases made through third-party booking sites that do not show the airline or hotel as the merchant.
The credit is per cardholder, not per trip, so if you have an authorized user on the account, they do not get a separate $300 credit. If you spend less than $300 on travel in a year, you lose the unused portion. If you spend more, the credit covers the first $300 and you pay the rest out of pocket.
Trip protection insurance and what it actually covers
The card includes trip cancellation insurance that reimburses you up to $10,000 per person if you cancel a prepaid trip for a covered reason. Covered reasons include illness, injury, or death of you or an when ready family member; a natural disaster at your destination; or being called to jury duty or military service. You must cancel before you depart, and you must have paid for the trip with the card.
The card also covers trip delay reimbursement up to $300 per person if your flight is delayed more than 12 hours or requires an overnight stay. The coverage pays for meals and lodging while you wait. You need to charge the airfare to the card and have a ticket showing the delay.
Baggage delay reimbursement covers up to $100 per day for essential items if your checked baggage is delayed more than 12 hours, up to $500 total. Baggage loss reimbursement covers up to $2,500 per person if an airline loses your baggage permanently. Both require you to have paid for the airfare with the card.
These protections have limits and exclusions. For example, trip cancellation does not cover cancellations due to pre-existing medical conditions unless you bought the card within 14 days of your initial trip deposit. Read the full terms in your card agreement or on Chase's website before you rely on any of these coverages.
Airport lounge access through Priority Pass Select
The card includes a Priority Pass Select membership, which gives you access to over 1,400 airport lounges worldwide. You can bring up to two guests with you into the lounge. The membership is included with the card at no extra cost.
Most Priority Pass lounges are free to enter with your membership, though some charge a fee ($25 to $35 per visit is common). A few lounges limit the number of free visits per year—typically 10 free visits, then a fee for additional visits. You can check which lounges charge fees and which have visit limits on the Priority Pass website or app before you travel.
Lounge amenities vary widely. Most offer free food, beverages, Wi-Fi, and seating. Some have showers, nap rooms, or business centers. Others are basic. If you travel frequently through major hubs like New York, Los Angeles, or Chicago, lounge access can be valuable. If you rarely travel or only use small airports, you may never use it.
Emergency medical and dental coverage abroad
The card covers emergency medical and dental expenses up to $250,000 if you need treatment while traveling outside the United States. This covers emergency dental work (not routine cleanings or cosmetic work) and emergency medical care for sudden illness or injury. You must be traveling on a trip paid for with the card.
This coverage is secondary, meaning your health insurance is the primary payer. The card only covers costs your health insurance does not cover. If you do not have health insurance, the card's coverage becomes primary up to the limit. The coverage does not include evacuation or repatriation, which is a separate benefit on some premium cards.
If you travel internationally, check whether your health insurance covers you abroad and what you would pay out of pocket. In many countries, emergency care is far cheaper than in the United States, so this coverage may protect you only in expensive destinations like Australia or Western Europe.
Other perks: concierge, dining credits, and purchase protection
The card includes a 24/7 concierge service that can help with travel planning, restaurant reservations, and other requests. The concierge is available by phone and does not charge a fee, though you pay for any services they book (like a hotel or restaurant reservation).
You also get purchase protection that reimburses you up to $10,000 per claim if an item you buy with the card is damaged or stolen within 120 days. This covers most items except jewelry, furs, and a few other categories. The coverage is secondary to your homeowner's or renter's insurance.
Some versions of the Sapphire Reserve have included dining credits or statement credits for specific merchants, but these change periodically. Check your card agreement or Chase's website to see what credits are currently available with your account.
Whether the $550 annual fee makes sense for your spending
The annual fee is $550, which is high compared to other travel cards. Whether it is worth it depends on three things: how much you spend on travel and dining, whether you use the $300 travel credit, and whether you use the lounge access and other perks.
If you spend $10,000 per year on travel and dining, you earn 30,000 points, worth $450 through the travel portal. Add the $300 travel credit and you have $750 in value against the $550 fee, leaving you $200 ahead before you count lounge access or insurance. If you spend $5,000 per year on travel and dining, you earn 15,000 points worth $225, plus the $300 credit, for $525 in value—roughly breaking even on the fee.
If you do not use the $300 travel credit, the math gets harder. You would need to spend more on travel and dining to justify the fee through points alone. If you never use airport lounges and do not travel internationally, the insurance and concierge benefits may not matter to you either.
Calculate your own spending before you open the card. If you spend less than $5,000 per year on travel and dining combined, or if you cannot use the $300 travel credit, a card with a lower annual fee may be a better fit.
Frequently Asked Questions
Can I use the $300 travel credit for anything besides flights and hotels?
Yes. The credit covers airfare, hotels, rental cars, parking, tolls, taxis, rideshare, trains, buses, cruises, travel agencies, baggage fees, and seat upgrades. It does not cover airline gift cards or purchases made through third-party sites that do not show the airline or hotel as the merchant.
Do I have to use Priority Pass lounges, or do I lose the benefit if I do not travel?
You do not have to use it. The membership is included with the card, but there is no penalty if you never enter a lounge. If you do not travel frequently, you can straightforward ignore this benefit.
What happens to my points if I cancel the card?
Your points remain in your account as long as you have at least one other Chase card open. If you close all your Chase cards, your points expire. You can redeem points before you cancel to avoid losing them.
Does the trip cancellation insurance cover cancellations due to a pre-existing medical condition?
Only if you bought the card within 14 days of your initial trip deposit. If you opened the card more than 14 days after you booked the trip, pre-existing conditions are not covered. This is a common exclusion on travel insurance.
Is the concierge service the same as the concierge on other premium cards?
The service is similar across premium cards, but quality and responsiveness can vary. Chase's concierge is available 24/7 by phone and can help with travel planning and reservations. It is not a personal travel advisor—it is a booking and planning service.