After the recent devaluation of the Chase Sapphire Preferred, many points enthusiasts are wondering if it’s finally time to upgrade to the premium Chase Sapphire Reserve. With changes to earning rates and redemption values, the gap between the two cards has shifted—potentially making the Reserve’s $550 annual fee easier to justify for frequent travelers.
Our Take
Mixed. For high-spending travelers who maximize travel credits and value premium perks, the Reserve is now a stronger contender than ever. But for those who don’t use luxury benefits or spend heavily on travel, the Preferred can still be a solid value—even after the cutbacks.
What Changed
- Sapphire Preferred travel redemption rate: 1.25¢/point → 1¢/point (effective June 15, 2026)
- Sapphire Preferred no longer earns 3x on online grocery (now 2x, effective June 15)
- Sapphire Reserve travel redemption rate remains 1.5¢/point
- Sapphire Reserve keeps 3x on travel/dining, $300 travel credit, and Priority Pass
Who Benefits Most
- Frequent travelers redeeming $2,000+ in points/year: With Reserve’s 1.5¢/point rate, 100,000 points are worth $1,500 vs. $1,000 on Preferred—a $500 annual difference at our 2.05¢/point valuation if you use the travel portal.
- Luxury travelers using Priority Pass and travel insurance: If you use the $300 travel credit and lounge access, the Reserve’s effective fee drops to $250, making premium perks a bargain.
- Big spenders on travel/dining: $20,000/year at 3x = 60,000 points, worth $1,230 (Reserve) vs. $1,230 (Preferred), but Reserve’s better redemption rate tips the scale.
- Cardholders who value top-tier insurance: Reserve’s trip delay, cancellation, and rental coverage are best-in-class, worth hundreds if you ever need them.
Who Should Be Cautious
- Casual travelers: If you redeem less than $1,000/year in points or rarely use lounges, the Reserve’s higher fee likely outweighs the benefits.
- Grocery-focused spenders: With Preferred’s drop to 2x on online grocery, neither card is a grocery powerhouse—consider alternatives.
- Travelers who only transfer points: Both cards transfer to partners at 1:1, so if you only use transfers, the Reserve’s higher fee may not be justified.
What To Do Right Now
- Review your last 12 months of travel/dining spend and points redemptions—calculate your real-world value.
- If you use the travel portal for redemptions, estimate how much the 1.5¢/point rate would save you versus 1¢/point.
- Check your lounge usage and travel insurance needs—do you use or want these perks?
- If you’re considering an upgrade, compare the current Reserve bonus: 100,000 points after $6,000/3mo (~$2,050 value, rated "excellent" in our tracker).
- If you don’t maximize perks, consider keeping the Preferred or looking at alternatives like the Amex Gold for everyday spend.
