Sapphire Reserve Card
Perhaps those who have read my past articles saw this one coming. Since the new version’s launch, I’d been planning to downgrade my current Sapphire Reserve card to a Freedom once the 2025 annual fee hits. My account’s annual fee is unfortuitously hitting beyond this year’s deadline for the grandfathered $550 amount. Rather than immediately accepting the hiked $795 annual fee, I’m opting to sit back until I feel the need to upgrade a Freedom account to a Reserve. That plan hasn’t changed. But what has quickly evolved is my sense of urgency – or, more accurately, the lack thereof. It’s to the point where I’m not sure when I’ll be back, if ever. I’m reflecting on this situation today.
Earning and Redeeming is Overwhelmingly Complete
My wife and I have historically cashed out Chase Ultimate Rewards points, even in the pre-Pay Yourself Back days at one cent per point. For years, it’s been the optimal redemption in our situation. (Some of you are probably spitting out their coffee at such a thought.) Since PYB started over five years ago, we’ve enjoyed cashing out at 1.5 cents per point and more recently at 1.25 cpp. Extra cashout value via PYB has been our primary justification for holding the CSR.
While my Reserve annual fee timing isn’t great, the way it lines up with our other Chase earning cards and the recent/current PYB categories is. My wife and I almost-exclusively focus on earning Ultimate Rewards in 5x categories on the Ink Business Cash and Freedom products. I just recently finished up maximizing the 5x earning on all of the Business Cash accounts. I feel this quarter’s Freedom 5x categories are pretty lame, with the exception of PayPal. But regardless, the vast majority of our Ultimate Rewards earning is done for almost a year. We’ll continue earning 5x on Freedoms, but that amount is relatively negligible in comparison to our level of Ink Business Cash earning already completed.
Another consideration is we’re wrapping up on the redemption side, too. Coupling that with the generous PYB categories continuing for the fourth quarter, particularly grocery stores, we’ll zero out our Ultimate Rewards balances prior to the Reserve’s annual fee posting. We’ll have no major need for PYB – the primary driver for us holding the Reserve – for almost a year.
Insufficient Benefits Beyond
In my view, Chase did another masterful job launching the newest version of the Sapphire Reserve card. It wasn’t perfect, but Chase dominated the points and travel conversation for weeks. Friends and family asked me more about this card than any product since the initial rollout of the same card in 2016.
But over time, reality has set in. I’ve moved off my initial thought – for now, at least. At this point, the benefits beyond Pay Yourself Back don’t provide my family and I enough to justify paying the Reserve’s hiked annual fee.
Certain annual benefits could be merely nine-month ones. Elsewhere, I’ll take Amex’s wider variety of Resy credit dining options over the Sapphire Reserve Exclusive Tables alternatives. I find it more difficult to view the relatively-limited selection of Chase’s Exclusives Tables restaurants than Amex’s wide array of Resy options. I don’t think Chase did that on accident.
Useful, Just Not Enough Right Now
I concede that the card offers a few other attractive benefits, such as The Edit Credits, a newer Chase Travel Credit, complimentary Apple TV+ and Music subscriptions, StubHub, and Sapphire Lounge access. I’ve particularly looked at The Edit options fondly, back as far as when it was called the wordier-but-more-meaningful Chase Luxury Hotel & Resort Collection. The stacking opportunities and now maximizing with this credit make it an attractive option for many Reserve cardholders.
But we’ve got a full plate elsewhere. I’ve been busy enough with other options to the point where I’ve had no need for The Edit. The newer Chase Travel Credit arriving in 2026 is equally unnecessary for us. We’re jam-packed with hotel free night certificates from Hilton, Marriott, and IHG. Amex Fine Hotels & Resorts satisfies many other needs. Our moderate-at-most travel demands simply don’t have room for The Edit right now. StubHub may be useful, but our needs there are firmly unpredictable. Free Apple subscriptions can be discounted (or found free) elsewhere. While I find Sapphire Lounges superior to Centurions, we don’t currently travel enough through airports offering one.
The Future
Back to that “if ever” in the intro. I can’t necessarily assume I’ll be returning to the Sapphire Reserve card in the future. At this point, most of it hinges on my ability to earn a high volume of Ultimate Rewards points. I feel this is a safe assumption, but so much can easily change in 2026. I’m more focused on the long-term future of Pay Yourself Back, a benefit that’s essentially just extended a few months at a time. If it vanishes or devalues, so does our interest in returning to the Reserve.
Like many things in our points and travel hobby, it will come down to math. Depending on the state of earning and burning points via PYB, and, of course, our future valuation of other card benefits, we may be better off cashing out at one cent per point without paying annual fees. That’ll be a fun exercise for later.
Sapphire Reserve Card – Conclusion
I’ll soon be watching the Sapphire Reserve card from the sidelines, and that’s just fine. I welcome Chase convincing me to pick it up again sooner rather than later, but I don’t have high expectations. Amex has made a resounding case for the Platinum’s permanent place in my portfolio, while the Sapphire Reserve card can’t even justify a temporary one. I don’t see that changing in the next year or so, and beyond that is questionable, too. So, Sapphire Reserve card, be gone!
Are you holding on to your Reserve? Why or why not?
The Amex Platinum’s credits are easier to use than those of the CSR. There is subjective value in that ease. And, while the earn rate via Chase Travel was what initially caught my eye, other platforms are comparable or better.
So, like you, we are downgrading to a Freedom and honestly don’t know if or when we might revisit the CSR
I hear you, Tom!
I dropped the Reserve when the last annual fee increased and haven’t looked back. Chase misses the mark on a lot on this card.
Two CSR benefits alone are worth my keeping it. The $300 travel credit and Priotiy Pass / CS lounges. If I was already paying the $795, I’d have received more from those two than the new fee. So far this calendar year, I’ve been to CS lounges in Hong Kong (twice) and Philly. Will be in the Boston one in about two weeks. Pus, four PP lounges in Asia and at least three other PP lounges in the U.S. but I’m losing count. I really don’t have much use for the Edit and other credits but do appreciate primary auto rental insurance. The other travel insurance is nice but I have an annual plan. I am looking into getting a Chase Bonvoy and then upgrading to a Ritz-Carlton after the waiting period, assumig that fee doesn’t go up to or past the CSR. So *maybe* in two years I will revealuate whether to keep CSR or go with R-C.
I’m glad it’s working out for you, Steve! Thanks for reading.