Rewards Credit Cards July 4, 2020 2

Chase Sapphire Reserve Credit Card Review

Chase Sapphire Reserve Credit Card

Hello Friends, I hope all is well with you! Today, I am going to be reviewing the Chase Sapphire Reserve rewards credit card. These opinions are my own, and I am in no way influenced by anyone.

Overall Verdict: The Chase Sapphire Reserve rewards credit card is made for frequent travelers. It offers a high reward amount on dining and travel purchases, luxurious benefits, and offers a travel credit. The downside to this card is the hefty annual fee, and the low reward amount on purchases outside travel and dining.

Some things about this card I like:

  1. Great benefits
  2. Sign-up bonus
  3. Bonus point opportunities
  4. High reward amount on travel and dining

Some things about the card that I don’t like:

  1. Hefty annual fee
  2. Low reward amount on all other purchases

What type of reward are you getting?

The Chase Sapphire Reserve credit card offers you the chance to earn points for every dollar that you spend. You accumulate the points in your account until you are ready to use them. Chase offers you a variety of ways to redeem your points. You can redeem them as cash that can be deposited into the bank account that is linked to the card, you are able to redeem them for gift cards, you can redeem your points for a statement credit, and you are able to redeem them for travel through Chase Ultimate Rewards (you get a 50% point bonus if you do). The last option will give you a 50% bonus on your points if you book through Chase Ultimate Rewards. For example, if you have 50,000 points (which is equivalent to $500), you can gain an extra 25,000 bonus points (which is equivalent to $250) by booking your travel through Ultimate Rewards. I’ve seen tickets that are more expensive than third party travel sites and tickets that are cheaper than third party travel sites; it just depends.

Is there an annual fee?

The Chase Sapphire Reserve credit card has a hefty $550 annual fee.

What is the rewards amount?

The Chase Sapphire Reserve credit card gives you the opportunity to earn 3x points for every dollar that you spend on dining and travel. All other purchases will earn you 1x points for every dollar that you spend. Chase also offers you the opportunity to earn points by shopping at certain stores or buying certain brands. You may earn 10% extra points at Walmart or earn an extra $5 for signing up with AT&T. There are limits to the amount of points you can get on these extra bonus offers. The stores and the limits vary depending on the deal, so make sure to check out the details.

Is there a bonus offer?

There is a 50,000 sign-up bonus when you spend at least $4,000 in purchases in the first three months of your accounting opening. If you book through Ultimate Rewards, the 50,000 points could turn into 75,000 points, which would equal about a 19% return on the money you would have spent regardless.

Are there foreign transaction fees?

There are no foreign transaction fees.

Are there any other benefits?

This rewards card does offer luxurious and wonderful benefits. It’s important to mention that you will get these benefits only if you use the card on those purchases. Additionally, this is not an exhaustive list.

These extra benefits include:

  1. Zero liability protection – you are not responsible for unauthorized purchases
  2. Fraud protection – your account is being monitored for fraudulent activity
  3. Purchase protection – this covers new purchases for 120 days against damage or theft up to $500 per claim
  4. Extended warranty protection – this extends the time period for the manufacturer’s warranty
  5. Complimentary DoorDash’s subscription service – you get unlimited deliveries with $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on eligible food purchases with DashPass
  6. Lyft cash back – you get 10x points on Lyft rides through March 2022
  7. Auto rental collision damage waiver – you need to decline the rental company’s collision insurance and use your card for the rental car purchase. You are covered for theft or collision incidents on most cars in the U.S and abroad. Coverage is primary to your insurance. Chase’s rental insurance will be maxed out before you use your personal car insurance
  8. Trip cancellation and trip interruption insurance – you can be reimbursed if your trip is canceled or cut short for covered situations
  9. Trip delay reimbursement – you are reimbursed for expenses for expenses up to $500 per ticket if your common carrier travel is delayed more than 12 hours
  10. Annual travel credit – you automatically receive up to $300 in statement credits as reimbursement for travel purchases charged to you credit card
  11. Lounge access – You can get access to 1,000 ore more VIP lounges in over 500 cities worldwide after you sign up for priority pass

For more information and details on their benefits, check out their benefits page.

What is the interest rate and are there any other fees?

There is no introductory APR offer on the Chase Sapphire Reserve rewards credit card. The APR is between 16.99% and 23.99%, but this depends on your credit score.

Their other fees include:

  1. Cash advance fee – $10 or 5% of the amount of each cash advance, whichever is greater
  2. Late payment fee –up to $39
  3. Balance transfer fee – $5 or 5% of the amount of each cash advance, whichever is greater
  4. Returned payment fee – up to $39

For more information on their fees, check out their fee schedule.

How is the customer service like?

There are a couple of ways to contact their customer service. The first way would be to call the number on the back of the card. The second way would be to send them a secure message through their online message portal. One of the benefits to this card is that you have direct access to 24/7 customer service. It’s important to note that your experience with their customer service will vary from time to time.

Should you get the Chase Sapphire Reserve Credit Card?

Who it’s perfect for:

  1. Frequent travelers
  2. People who spend a lot of money on dining and travel
  3. People who want the luxurious travel benefits
  4. People who can justify the annual fee
  5. People who have excellent credit scores

Who it isn’t perfect for:

  1. People who want a no annual fee card
  2. People who spend on a variety of categories
  3. People who don’t travel frequently
  4. People who don’t spend a lot of money on dining and travel

If you are still unsure if a rewards credit card makes sense, check out my post on Why You Should Use Rewards Credit Cards.

Additionally, if this card isn’t right for you, I invite you to check out my credit cards page for more information on other cards.

About the author

Mr. NahasFinance:

2 Comments

  1. ceridwensilverhart

    July 6, 2020
    Reply

    I really appreciate you reviewing the different types of reward credit cards out there. I'm happy with the card I have at present, but if I decide to make a change to a reward card, I'll know where to look for a comparison that isn't written by someone trying to sell me a specific card. Thank you!

    I also wanted to let you know I nominated you for a Sunshine Blogger Award. I think it's great that you are providing lessons in financial literacy on your blog and I wanted to express that through this nomination. No pressure if award posts are not your thing. I know they don't work for everyone.

    • Mr. NahasFinance

      July 6, 2020
      Reply

      Hello, I hope all is well with you! I am so glad that you liked the post; this really made my day :D I just want to be able to help people become financially literate. May I ask which credit card you have? Did I write a review about it?

      Thank you for nominating me for the award, I truly do appreciate you and all your kind words. Honestly, I am not really an award post type of person, your comment and engagement with me is the award in my book. If you would like though, you could re-blog one of my posts to your blog, only if you would like though :D Thank you again!

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