3 Perks of the Chase Sapphire Reserve Card You Probably Aren't Using -- but Should

The Chase Sapphire Reserve® (see rates and fees) is an ultra-high-end credit card with a great travel rewards program. It certainly isn't cheap, with a $795 annual fee. However, it offers more perks than you might think, and for the right consumer, it could be well worth the cost.

With that in mind, here's a rundown of the perks of the card, including some you might not be aware of.

>> Apply now for the Chase Sapphire Reserve® card. <<

Some perks of the Chase Sapphire Reserve® are well-known

There are a few Chase Sapphire Reserve® perks that pretty much everyone who has the card knows about and understands, especially the Chase Ultimate Rewards points it earns. The reward rate depends on what you're spending money on:

• 8x points per $1 on all purchases through Chase Travel℠, including The Edit℠
• 4x points per $1 on flights and hotels booked direct
• 3x points per $1 on dining worldwide
• 1x points per $1 on all other purchases

Not only are the rewards rates excellent in certain spending categories, but you'll also get a 50% bonus when redeeming them for travel through Chase's portal. Instead of the $0.01 per point cash back value, you'll get $0.015.

Let's say you spend $15,000 per year on the card. It breaks down as $2,000 on hotels and rental cars booked through Chase, $3,000 on flights through the platform, $5,000 on other travel and dining, and $5,000 on other day-to-day purchases. This would earn you 55,000 Ultimate Rewards points, which could be redeemed for $550 in cash back or $825 in travel.

Another well-known perk is the card's $300 annual travel credit. Unlike many competing high-end travel credit cards, whose travel credits are only good for incidentals, the Chase Sapphire Reserve® credit can be used for any travel purchase, including flights and hotel stays. (Note: The high reward rates on Chase Travel spending doesn't include purchases that the credit is applied to -- it kicks in after you use it.)

Other valuable perks

In addition to those perks, there are a few that are very valuable. Here are some of the biggest benefits.

1. Priority Pass airport lounge membership

Cardholders get a free Priority Pass Select airport lounge membership that provides access to over 1,000 airport lounges worldwide. It requires more effort to use the Priority Pass lounge than an airline-run lounge network (you have to separately activate your membership, find lounges in the network, etc.), and as a result, it is often an underutilized benefit. But I can tell you firsthand that Priority Pass lounges are generally very nice. Plus, unlike many other lounge networks, you can bring up to two guests for free.

Priority Pass Select memberships are designed specifically for credit card users, but the standard Priority Pass membership with unlimited visits costs $469 per year plus a $35 guest fee per visit. If you are a frequent traveler and don't have lounge access through another card or membership, this can almost justify the annual fee all by itself.

2. Global Entry or TSA PreCheck credit

The Chase Sapphire Reserve® reimburses cardholders for a $120 Global Entry or $85 TSA PreCheck fee once every four years.

If you aren't familiar, TSA PreCheck allows you to access shorter (and usually faster-moving) security lines at many U.S. airports, while Global Entry can expedite the process of re-entering the U.S. after an international trip. It's worth mentioning that Global Entry includes TSA PreCheck, so it's usually the better option of the two if it's included with a credit card. 

3. Free premium memberships

With the Chase Sapphire Reserve®, you can get some special memberships and credits, including but not limited to:

• A free Lyft Pink All Access membership for up to two years, worth as much as $199 per year.
• Free DashPass membership from DoorDash.

The bottom line

Just because the Chase Sapphire Reserve® comes with a $795 annual fee doesn't necessarily mean the card is expensive. With all of its benefits, it can be a bargain for the right type of consumer. A quick calculation of how much value you could get from all of its various benefits might surprise you. 

>> Apply now for the Chase Sapphire Reserve® card. <<