After the recent devaluation of the Chase Sapphire Preferred card, many cardholders are asking: is it time to upgrade to the Chase Sapphire Reserve? With both cards long considered staples for travel rewards, the latest changes have shifted the value equation—especially for those who maximize points redemptions and travel perks.
Our Take
Mixed. If you’re a heavy traveler or points optimizer, the Sapphire Reserve’s premium perks and higher redemption rates may now justify its steep annual fee. But for casual users, the Preferred still offers solid value—just not the outsized bang-for-buck it once did. The gap has narrowed, but the Reserve isn’t a slam-dunk for everyone.
What Changed
- Sapphire Preferred benefits were reduced (details not specified in source, but a devaluation is confirmed)
- Many are now considering the Sapphire Reserve as an alternative (Miles to Memories)
- No specific dates or new rates provided in the source
Who Benefits Most
- Frequent travelers redeeming through Chase Travel: The Reserve offers 1.5¢ per point value on travel bookings vs. the Preferred’s 1.25¢, so $10,000 in points = $1,500 vs. $1,250—a $250 annual difference for big spenders.
- Airport lounge users: The Reserve’s Priority Pass membership can be worth $300+ per year for those who fly often.
- Travel insurance seekers: The Reserve’s coverage is more comprehensive, potentially saving hundreds in emergencies.
- **High spenders maximizing the current all-time-high 100,000-point Sapphire Preferred bonus (~$2,050 by our valuation) who want to keep maximizing value after the first year by upgrading to Reserve for better redemption rates.
Who Should Be Cautious
- Occasional travelers: If you rarely book through Chase or use travel perks, the Reserve’s $550 annual fee may outweigh benefits.
- Dining/cashback fans: If most of your spend is on dining or everyday purchases, the Preferred’s lower fee and still-solid earning rates may be enough.
- Those who don’t use lounges or travel insurance: You’ll pay for perks you don’t use.
What To Do Right Now
- Review your last year’s travel and Chase points redemptions—calculate if the extra 0.25¢ per point and perks justify the Reserve’s higher fee.
- If you’re sitting on a big Sapphire Preferred bonus, consider redeeming before further changes hit.
- Compare your airport lounge usage to the cost of a standalone Priority Pass.
- If you’re considering an upgrade, call Chase to ask about a targeted upgrade offer—sometimes you’ll get a bonus for switching.
