Chase Sapphire Preferred vs Sapphire Reserve (2026)

Sapphire Reserve is worth $700 more than Preferred only when you use credits past the automatic travel credit. As of September 23, 2026, Reserve costs $795 a year and Preferred costs $95. Preferred fits most people who want transferable points without a credit calendar. Reserve fits travelers who book Chase Travel hotels, want lounge access, and will track semiannual credits.

FinanceRadar data: the average annual fee across the 37 credit cards we verify is $200 as of September 23, 2026, on a published range of $0 to $895, and 18 of them (49%) charge no annual fee (credit card statistics). Sapphire Preferred sits under that average, so it is the smaller bet if you want points without a credit calendar. Sapphire Reserve sits near the top of that range, so the credits have to be spending you already planned. Every card in that set advertises a welcome bonus, so a bonus alone does not separate these two.

Chase refreshed Preferred on June 15, 2026, adding bonus categories and credits while leaving the annual fee unchanged (Chase's announcement). It also ended the 10% anniversary bonus for applications from that date. If you apply now, that bump is gone, so the hotel credit and the new categories have to carry the lower fee.

Figures in the table are from Chase's Preferred and Reserve card pages, checked September 23, 2026. Offers can differ in a branch versus online, and Chase can change them.

Preferred wins on the annual fee

The fee gap is $700, the Reserve annual fee minus the Preferred annual fee. Subtract the automatic travel credit of $300 from the Reserve fee of $795 and $495 is still uncovered. Hotel, dining, and partner credits have to replace that remainder, and only if you would have spent the money anyway. Preferred's hotel credit is $100 against a $95 fee, so one Chase Travel hotel can cover the lower fee, and a year without that stay leaves it unpaid.

Both credits follow the account anniversary, not the calendar year, so a trip far from that date does not refresh them. Qualifying purchases do not also earn points, so counting points on top of the credit overstates the return. Chase markets $3,000 in annual value on the Reserve application page. That figure is a stack of credits you have to use, not a check Chase mails in January.

Preferred wins everyday earning

Preferred earns 3x on dining, gas stations, EV charging, online groceries, streaming Chase publishes, and vacation homes Chase names. The home brands include Airbnb, Vrbo, Plum Guide, HomeAway, Homestay.com, and Vacasa.

Online grocery excludes Target, Walmart, and wholesale clubs, so a warehouse run misses the bonus. The June 15 announcement names DoorDash, Caviar, and Grubhub, so other delivery apps may not earn the higher rate. Chase prints no annual cap on that dining rate, so a heavy restaurant year is not cut off.

Reserve matches the dining rate and then drops to 1x on everything else, including gas, groceries, streaming, and bills, so fuel and groceries earn more on the cheaper card. Skip Reserve when hotels are occasional rather than a monthly habit. Vacation homes booked through Chase Travel earn the portal rate instead, which can lower the multiple.

Reserve wins travel bookings and lounges

Reserve earns 8x on Chase Travel, including The Edit, and 4x on flights and hotels booked direct with the airline or hotel. That favors Reserve when those bookings are trips you already take. Preferred earns 5x on Chase Travel and 2x on other travel, where direct flights, hotels, taxis, and trains earn less than on Reserve.

Bookings through FROSCH by Chase Travel or Valerie Wilson Travel by Chase Travel miss the portal multiple. Preferred's terms put those advisor bookings at the other-travel rate. Reserve pays the portal rate only when you buy directly through Chase Travel, so the advisor path can cut the multiple.

Lounge access is a Reserve benefit and Preferred does not list it, so it offsets nothing if you never visit one. Reserve includes Chase Sapphire Lounges by The Club with up to two guests, plus more than 1,300 Priority Pass lounges. Extra Priority Pass guests are $27 each, a real cost when you do not travel alone.

Dallas/Fort Worth and Los Angeles Sapphire Lounges are listed as coming in 2026. Select Air Canada Maple Leaf Lounges and Air Canada Cafes need a boarding pass and one guest, while Montreal lounges and Signature Suites are excluded. The wider set is in the travel credit card guide.

Reserve wins the credit list on paper

Past the automatic travel credit, hotel credits pay only on prepaid two-night stays. A one-night trip, or a rate you pay at the hotel, does not close the fee gap. The Edit credit is up to $500 a year, with a $250 maximum on each prepaid booking, for calendar year 2026, so one stay cannot use the whole cap. A separate select-hotel credit is up to $250 through December 31, 2026, on prepaid Chase Travel stays at IHG, Montage, Pendry, Omni, Virgin Hotels, Minor Hotels, and Pan Pacific, and the credited portion earns no points.

Chase averaged the Edit extras at over $550 for a two-night stay, using bookings from January through June 2025, and that average is not cash you can claim. An Edit stay can include a property credit, breakfast for two, and a room upgrade if available. The dining credit is up to $150 each half of the year, capped at $300, only at Exclusive Tables restaurants Chase can match on OpenTable. Delivery does not qualify, a skipped half does not roll forward, and a later dinner cannot rescue it.

DoorDash promos, a StubHub and viagogo credit, and Reserve Travel Designers are each capped at $300. They pay only if you already use delivery, tickets, or a designer. DoorDash and the ticket credit run through December 31, 2027, the ticket credit needs activation, and DoorDash arrives as $25 a month, including a $5 restaurant promo, with a skipped month expiring. A $10 Lyft credit runs each month through September 30, 2027, and a $10 Peloton membership credit runs through December 31, 2027 if you activate it, which helps only if you already pay that company.

Both cards include DashPass, valued at $120 a year (offer terms dated February 1, 2025) if you activate by December 31, 2027, so the perk does not separate the cards. Preferred adds a $10 monthly non-restaurant DoorDash promo, smaller than Reserve's pool. Preferred's Apple TV lasts one year, valued at $156, if you activate by December 31, 2026, and then it ends. Reserve values Apple TV plus Apple Music at $288 a year if you activate by June 22, 2027, which counts only if you would have paid that price.

Both cards reimburse up to $120 every four years for Global Entry, TSA PreCheck, or NEXUS, which is a tie. The travel credit, one Edit stay at the per-booking cap, and the dining credit can cover the fee gap before any delivery promo, but only when those hotels and meals are spend you already make. Marriott Bonvoy Gold Elite covers signups from July 1 through September 30, 2026, extended through February 2028 after three paid nights, and IHG Platinum Elite runs through December 31, 2027 if you activate it. Status is not a statement credit, so it does not fund the fee unless you already stay there. If Marriott is the chain you stay with, the Marriott Bonvoy Boundless review covers a card that earns Marriott points directly for a $95 fee.

Hyatt transfers are no longer the same deal

Chase says points are worth 1 cent each through Chase Travel before any promotion. That prices Preferred's 75,000-point bonus at $750 and Reserve's 100,000-point bonus at $1,000, a one-time gap rather than a reason to pay the higher fee every year.

Points Boost can price 100 points at up to $1.50 on Preferred or up to $2.00 on Reserve, only on select flights and hotels, and those offers rotate. Reserve's page labels that boosted bonus $2,000, which assumes the boost covers the whole bonus. Other values vary, so this is not a cash-back rate, and Chase Travel has no blackout dates.

World of Hyatt is the transfer that changed, and it matters if Hyatt nights were why you wanted Preferred. Most partners still move at 1:1, including United, Southwest, British Airways, JetBlue, IHG, Marriott, and Wyndham, so they are not the haircut. Hyatt moves at 4:3 for accounts opened on or after June 15, 2026, so 1,000 Ultimate Rewards points become 750 Hyatt points. Accounts opened before that date keep 1:1 through September 30, 2026, and the new rate hits them on October 1, 2026.

That same announcement ended the anniversary points bonus for Preferred applications on or after June 15, 2026, so new applicants cannot count that bump toward the fee. Earlier applicants still earn it on purchases through October 1, 2026, paid by January 31, 2027, a short tail rather than an ongoing perk. Reserve's page says points transfer out and does not restate a Hyatt ratio, so you cannot read the rate there. The partner list is on Chase's Preferred benefits page.

The welcome bonus favors Reserve once

Reserve's public bonus is larger and harder to hit than Preferred's. The pages require $5,000 in the first three months on Preferred and $6,000 on Reserve before the offer posts.

Chase says to allow six to eight weeks after you qualify. The account must be open and not in default when the bonus posts, so closing it early can block the payout. Balance transfers, cash advances, person-to-person transfers, cryptocurrency, and the fee itself do not count toward the bonus or toward ordinary earning.

The bonus is a one-time offset, and year two is the fee against credits and earn rates, with no second offer. Chase may withhold the bonus if you already held the card or already took that card's bonus. It may also look at cards you opened and closed, so an earlier Sapphire, or a stack of recent applications, can cost you the offer.

The June 15 press release described a limited-time 100,000-point Preferred offer. That number is not on the application page checked September 23, 2026, so do not apply expecting it.

Reserve wins the protection caps

Both cards share trip cancellation up to $10,000 per covered traveler and $20,000 per trip, plus emergency evacuation up to $100,000. Lost luggage is up to $3,000 per covered traveler, and baggage delay is up to $100 a day for five days. Those shared caps do not justify the higher fee, because the cheaper card pays the same amounts.

Reserve's trip delay starts after six hours, and Preferred's starts after 12. A delay that has not hit the longer trigger can pay on Reserve and pay nothing on Preferred. Both cap meals and lodging at $500 per covered traveler.

Reserve purchase protection runs 120 days up to $10,000 per item. Preferred's purchase protection is 120 days up to $500 per item, and Reserve adds return protection up to $500 per item, which matters when you buy expensive goods.

New York residents get 90 days of purchase protection, shorter than the window printed for everyone else. Their U.S. auto rental coverage is secondary, so their own policy pays first. Preferred's auto rental coverage reimburses up to $60,000 on most vehicles with an MSRP of $125,000 or less, so a pricier rental sits outside it. Reserve caps that reimbursement at $75,000 and prints no MSRP limit.

Travel accident coverage is $500,000 on Preferred and $1,000,000 on Reserve when you charge the fare. Reserve roadside help is up to $50 an incident, four times a year, while Preferred's is billed to the card and does not pay for the tow. Reserve lists emergency medical and dental reimbursement up to $2,500, with a $50 deductible, which Preferred does not list, and it pays only after that deductible, with exclusions in each card's guide to benefits.

Who should pick which card

Preferred fits people who pay in full and want Ultimate Rewards on dining, gas, online grocery, or streaming, where the cheaper card out-earns Reserve without a credit calendar. One Chase Travel hotel a year can cover the fee with the hotel credit. If a fee is the wrong shape, use the no-annual-fee credit card guide. People who want cash instead of points should start with the cash back card guide.

Reserve fits people who already use its credits, including two-night Chase Travel hotels, lounges, and dining, DoorDash, Lyft, or Apple. It is a poor fit if you would book those trips only for the credits. Each authorized user adds $195, another fee for a second person, and those users do receive Priority Pass.

After $75,000 of purchases in a calendar year, Reserve opens Hyatt Explorist, IHG Diamond Elite, Southwest A-List, a Southwest credit on Chase Travel, and up to $250 at The Shops at Chase for that year and the next. Most households will not put that spend on one card, so the statuses are not a reason to apply.

Chase prints no numeric credit-score cutoff, and approval is still required. Other products' cutoffs are in the cards by credit score guide, and the catalog ranking is best credit cards. Neither card fits a revolving balance, because the table shows no 0% introductory rate, and interest can erase a year of points. If the choice is really another issuer, see Sapphire Preferred vs Amex Gold, Sapphire Reserve vs Amex Platinum vs Venture X, and Capital One Venture vs Sapphire Preferred.

Gotchas that change the math

The travel credit, the Preferred hotel credit, The Edit credit, and the 2026 select-hotel credit all suppress points on the covered part. Do not add points and the credit on the same dollars. Half-year and monthly credits expire if you miss the window, so a forgotten month is gone rather than saved. The select-hotel credit ends December 31, 2026 unless Chase extends it, and the page does not promise that, so do not assume it returns.

Reserve's terms call it a Visa Infinite for Exclusive Tables, which is why dining credit needs a restaurant Chase can identify. Both cards are issued by JPMorgan Chase Bank, N.A., and Preferred allows an authorized user without a separate fee on the public page. Reserve charges for each authorized user, and those users receive Priority Pass, so adding a person is priced on Reserve and unpriced on Preferred's pages.

Points do not expire while the account stays open, which helps only if you keep the card. Chase says you lose them if the status changes, or if the account closes for misuse, fraud, or other reasons in the rewards agreement. Both cards advertise 5x total on Lyft through September 30, 2027, but Preferred builds it on a 2x travel base and Reserve builds it on the everyday base. Peloton equipment earns 5x total on Preferred and 10x total on Reserve, on purchases over $150 through December 31, 2027, and only if you were going to buy it anyway.

How we compared

We compared the two cards Chase was offering on its own Preferred and Reserve application pages and benefits pages on September 23, 2026, including the June 15, 2026 Preferred announcement. Lounge and Marriott details are from Chase's Reserve benefits page. We did not open accounts, and this is not a hands-on test. Rank is by fit, with no paid placement. This is general information, not personalized financial advice. Financeradar may earn a commission from some links; it never affects rankings (how we make money). Rates in the catalog are explained on how we rate. Purchase APRs across cards we verify are on the credit card APR statistics page.

FAQ

Is the Sapphire Reserve worth $700 more than the Sapphire Preferred?

Only if you will use credits beyond the automatic travel credit on spend you would have made anyway. As of September 23, 2026, the fee gap is $700. After that travel credit, $495 of the Reserve fee is still uncovered, so the other credits have to be real spending. If you will not track them, Preferred is the better card.

What are the annual fees on Sapphire Preferred and Sapphire Reserve in 2026?

Sapphire Preferred is $95 a year and Sapphire Reserve is $795 a year, as printed on Chase's card pages on September 23, 2026. Reserve also charges $195 for each authorized user, so a second person raises the fee again. Preferred's public pages do not print a separate authorized-user fee, so adding someone there shows no second charge.

What is the welcome bonus on Sapphire Preferred vs Sapphire Reserve?

Preferred's page shows 75,000 points after you spend $5,000 in the first three months. Reserve's page shows 100,000 points after you spend $6,000 in the first three months, so the larger bonus also asks for more spend. Chase says it posts six to eight weeks after you qualify. It happens once, and the annual fee continues, so the next year depends on credits and earn rates alone.

Does Sapphire Preferred still transfer to World of Hyatt at 1:1?

New Preferred accounts do not keep the old ratio. Accounts opened on or after June 15, 2026 transfer to World of Hyatt at 4:3, so 1,000 points become 750 Hyatt points, the cost of opening now if Hyatt was the reason. Accounts opened earlier keep 1:1 through September 30, 2026, then change on October 1, 2026. Most other partners still transfer at that same rate.

Which Sapphire card is better if you will not use airport lounges?

Preferred is the better fit when you will not use a lounge, because Preferred does not list lounge access. Its everyday categories cover gas, online groceries, streaming, and select vacation homes that earn the base rate on Reserve. Reserve's lounges, Sapphire Lounges plus Priority Pass with two guests, justify the higher fee only if you will use them or the hotel and dining credits instead.

Does either Sapphire Preferred or Sapphire Reserve charge a foreign transaction fee?

Neither card charges a foreign transaction fee, on both Chase card pages checked September 23, 2026, so a purchase abroad does not add the percentage fee many other cards charge. The rewards category still depends on how the merchant codes the purchase.

What is the APR if you carry a balance on either Sapphire card?

Preferred prints a variable purchase APR of 19.24% to 27.49%, and Reserve prints 19.49% to 27.99%, with both formulas capping the rate at 29.99%. Neither page lists a 0% introductory APR, so these cards fit people who pay in full, because interest can cost more than a year of points.

Cite this: FinanceRadar, "Chase Sapphire Preferred vs Sapphire Reserve (2026)", September 2026.