Written by
Geoff Williams
Geoff Williams
CardRatings Contributor
Geoff is a freelance journalist and has been since the 1990s. He specializes in personal finance and small business issues and has seen his work published with numerous news outlets including The Wall Street Journal, CNNMoney.com, Reuters, The Washington Post and Consumer Reports. He also has written a couple of history books, including "C.C. Pyle's Amazing Foot Race" (about a 1928 cross-country marathon) and "Washed Away" (about the flood of 1913) and has a pop culture blog called TheTVProfessor.com.
Edited by
Jennifer Doss
Jennifer Doss
CardRatings Executive Editor
Jennifer Doss is a credit card analyst and the executive editor of CardRatings.com. She has worked as both a print and online journalist and has over a decade of experience in the media industry. Her published work has covered a broad range of topics, from finance and technology to travel and dining. Through extensive travel experiences and her personal interest in food, she has come to appreciate the unique rewards and benefits of responsible credit card use, and enjoys helping people understand the ins and outs of the industry. As a finance expert, she strives to provide user-friendly online resources that help everyday people get the most out of their credit cards.
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The card_name annual fee is AnnualFees. Yes, that’s an eye-popping amount, no doubt about it, although there are cards with higher fees. On the other hand, it isn’t smart to dismiss all credit cards that have a high annual fee, or any annual fee. You’ll want to first look at the benefits and rewards that come with the card, and card_name has a lot.
While you’re poring through all of the benefits and rewards, if you do some basic math, you should be able to quickly determine whether you’re going to save and earn back more than AnnualFees a year. If it looks like you easily will, then that AnnualFees annual fee could be worth it. If you realize that you aren’t traveling much (card_name offers a lot of benefits and points for travelers), and that you’re not really going to be using the credit card all that often, then, sure, suddenly AnnualFees isn’t such a great bargain, and you probably should find a Chase credit card with no annual fee or at least a smaller one, such as the card_name.
Let’s start by looking at the top card_name benefits. Knowing what that annual fee can get you should help you determine whether or not the high cost is worth it.
Top Chase Sapphire Reserve® benefits
First things first, the card_name offers an introductory offer to new cardholders of 60,000 points (earned once spending $4,000 in the first three months of opening an account), and it is worth $900 when redeemed through Chase Travel℠. That alone easily offsets the annual fee the first year.
Cardholders also receive a reimbursem*nt of up to $300 in statement credit each account anniversary to cover a variety of travel expenses, including airfare and hotel charges. This is an ongoing perk, and again, puts a very large dent in offsetting the annual fee.
Other ongoing perks include:
- 5x total points earned on flights and 10x total points earned on hotels and car rentals when you purchase travel through Chase Travel immediately after the first $300 is spent on travel purchases annually
- 3x points earned on other travel and dining and 1x point per dollar spent on all other purchases
- Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass Select
- Up to $100 application fee credit every four years for Global Entry, NEXUS, or TSA PreCheck enrollment
- Trip cancellation/interruption insurance, auto rental collision damage waiver, and lost luggage insurance
A couple of other benefits worth mentioning:
- Earn 10x total points on eligible Lyft rides. Plus, get a complimentary two-year Lyft Pink All Access membership includingmember-exclusivepricing and benefits. (Must activate by12/31/24.Membership automatically renews annually.) Lyft Pink All Access membership costs $199 a year, so if this is something you normally pay for out of pocket, the card_name could ultimately end up saving you money.
- Get complimentary access to DashPass – a membership for both DoorDash and Caviar – which unlocks $0 delivery fees and lower service fees on eligible orders for a minimum of one year when you activate by12/31/24. With DashPass you also get $5 in DoorDash credits each month, redeemed at checkout. On its own, DashPass costs $9.99 monthly, so again, you stand to save with the Reserve card if this is already one of your monthly expenses.
Ultimately, when it comes to deciding whether or not the card_name annual fee is worth it for you, you have to determine whether or not you’ll take advantage of the card’s numerous perks, and do the math on whether or not you can offset the cost of the card. For example, if you need to renew your Global Entry membership, regularly pay for Lyft rides and Doordash deliveries, and pay for airport lounge access when you travel, then you’ll likely find that the cost of carrying the card_name card in your wallet is worth it. Same can be said if you regularly dine out or make travel purchases.
On the other hand, if you consider yourself a homebody, the annual fee likely won’t be worth it for you.
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How to get Chase Sapphire Reserve® annual fee waived
There’s no guarantee, but it’s certainly worth a try to ask Chase to waive the annual fee for its card_name card. The Chase customer service line is 1-800-432-3117. If you use either of the Sapphire cards – the card_name or the card_name – a lot and are a responsible customer – meaning, you swipe often so Chase makes money on the processing fees and you consistently pay on time – you may be able to get them to waive the fee for a year or offer you an incentive to keep the card, such as a points bonus if you spend a certain amount within a specific time frame. Then again, Chase may not offer anything and you can then consider whether a product change is right for you. It’s anybody’s guess, but you won’t know unless you try.
One note: If you’re considering applying for the card_name, you could try applying in-branch. There is anecdotal evidence that you can get the Chase Sapphire Preferred® annual fee waived for the first year if you apply for the card in-person in a Chase branch rather than online. Obviously, you’ll want to make sure that the in-branch bonus offer is as good as what you can snag online.
And that bonus offer part is important: Keep in mind that annual fees exist because the credit cards that have them usually offer a lot of generous cash back rewards or points that can be redeemed for awards or miles that can go toward travel purchases. If you’re irked about the fee, maybe you aren’t getting enough mileage out of the credit card and should either try and use the rewards more, to get more bang for your buck out of the credit card, or look into applying for a Chase credit card with no annual fee. There are several out there, such as CardName and CardName.
How do I get a Chase Sapphire Reserve® retention offer?
Some customers may find that if they call the customer service phone number (1-800-432-3117) and mention they’re thinking of canceling or downgrading their credit card, Chase might offer a retention credit of $150 to $250 to keep you as a customer.
That said, you could also be informed that there is no such thing, or that you aren’t eligible.
You’re most likely to get a retention offer if you’ve used the card quite a bit during the previous year and kept the account paid up, always paying your bill by the due date. That said, the anecdotal evidence for card_name retention offers isn’t good. That doesn’t mean they don’t happen; it just means they don’t seem to be common.
Is the Chase Sapphire Preferred® card’s annual fee worth it?
The card_name sister card, the CardName, has an annual fee of annual_fees which is much easier to offset. Especially when you look at it compared to other cards under $100.
For starters, card_name welcomes eligible cardholders with 60,000 bonus points once spending $4,000 on purchases within the first three months of opening an account. That’s worth $750 when redeemed through Chase Travel℠. Additionally, it offers bonus rewards when you spend in popular everyday categories, in addition to travel, so it’s an easy card to rack up rewards with. Especially if you travel a lot, the annual fee is easy to offset.
But like any credit card, it’s only worth paying the annual fee if you use the card a lot – and in the right categories. If you only use card_name at the supermarket and rarely eat out or grab carryout, and you never travel, another credit card may be a better bet, maybe one without an annual fee or one that offers a lot of cash back when you spend money in other categories.
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Is Chase worth keeping in your wallet?
Chase is a top-tier brand that offers a lot of excellent credit cards. Chase has a wide array of credit cards, some that are especially focused on travel rewards (like the card_name and the card_name), some that are generous with rewards for general everyday spending (CardName) and others that are excellent for business owners (i.e., CardName).
So, yes, one can make a great case for why Chase is worth keeping in your wallet.
Ask the experts:
What makes the card_name worth it for you?
- Holly Johnson Cardratings Contributor
Not only does the card_name have a $300 annual travel credit that applies to any travel purchases made, but it comes with Priority Pass Select airport lounge membership (retail value $469). Getting 50% more value when using points to book travel through Chase is another lucrative feature I maximize throughout the year.
Geoff Williams
CardRatings Contributor
Geoff is a freelance journalist and has been since the 1990s. He specializes in personal finance and small business issues and has seen his work published with numerous news outlets including The Wall Street Journal, CNNMoney.com, Reuters, The Washington Post and Consumer Reports. He also...Read more
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