Should You Open a Chase Sapphire Card in 2024?

Chase offers two versions of its Sapphire travel credit cards -- the Chase Sapphire Preferred® Card and the Chase Sapphire Reserve®.

When it comes to annual fees, these Chase credit cards are at opposite ends of the spectrum. However, both could make good financial sense for consumers whose travel habits allow them to take full advantage of the card's benefits. Here's a quick comparison of the two Sapphire credit cards so you can decide if one of them might be a good fit for you.

The Chase Sapphire Preferred could be a solid mid-tier card

The Chase Sapphire Preferred® Card is designed to be an entry-level travel credit card, and has a $95 annual fee. In addition to having an excellent sign-up bonus and a rewards program that earns several points per dollar on a few popular categories, there are some potentially valuable perks.

For starters, there's a $50 annual statement credit for hotel bookings made on the Chase Travel portal. Plus, each anniversary year (when you renew your card and pay the annual fee), you'll get a bonus equal to 10% of the points you earned in the previous year. And not only can you earn lots of points for everyday spending (such as 3 points per $1 on dining and streaming services), but you get 25% more value if you redeem them through Chase's travel portal.

In addition, the card has no foreign transaction fee, excellent travel and purchase protections, and excellent partner benefits. For example, you'll get a six-month Instacart+ membership and a DoorDash DashPass membership for at least one year.

The Chase Sapphire Reserve looks expensive, but is it?

The Chase Sapphire Reserve® has a much higher $550 annual fee, but it takes the perks to the next level. Like the Chase Sapphire Preferred® Card version, it offers an excellent welcome bonus after meeting spending targets, and it has an even more generous point-earning structure with several 10-points-per-$1 categories such as hotels and car rentals booked through Chase Ultimate Rewards.

Beyond the rewards program, there is a $300 annual credit toward travel purchases (including airfare), which effectively lowers the annual fee to $250 all by itself. Rewards points earned with the card get a 50% bonus when redeemed through the Chase Travel portal.

Perhaps most valuable is the airport lounge access benefit. Cardholders get a Priority Pass Select membership, as well as access to Chase's own lounges, which are just starting to roll out. There's also a $100 credit every four years toward a Global Entry or TSA PreCheck membership, a free Lyft Pink All Access membership for up to two years, and several other partner benefits.

Is one of the Chase Sapphire Cards right for you?

One key point to keep in mind is that while both cards have a variety of benefits, they were designed as travel credit cards. If you don't travel regularly, you might struggle to find enough value in either card.

Having said that, there's an easy value case to be made for both of these cards for frequent travelers who use the benefits. An airport lounge membership can be worth more than the annual fee of the Chase Sapphire Reserve® all by itself, and then there are a ton of perks on top of it. And with the Chase Sapphire Preferred® Card, there are easily enough perks to justify its sub-$100 annual fee.