My collection of credit cards with annual fees has shrunk considerably over the past few years. However, one super-premium card has managed to keep it’s place in my wallet, at least for now. And since its annual fee posted recently, it’s time for my Chase Sapphire Reserve 2024 review.
As you may recall, my war on annual fees was triggered by changing priorities. Cards that remained in my wallet had to earn their keep by providing enough overall return to at least offset its annual fee and by providing benefits that I find valuable enough to pay for with my now drastically reduced discretionary spending monies. That resulted in quite a few cards being closed or downgraded to free versions and also put one of my favorite cards at risk of being closed. So, does it make the cut? Let’s find out in my Chase Sapphire Reserve 2024 review as I break down the numbers to see how this card performed last year.
Chase Sapphire Reserve 2024 Review
As I usually do, I’m going to begin my Chase Sapphire Reserve 2024 review by going over hard numbers. Compared to 2022, my spending was way down in 2023. In 2022, I earned a total of 39,586.57 Ultimate Rewards points with my Sapphire Reserve. If we value those points at $0.015 each, that amounts to $593.79 worth of points. However, last year, my earnings came out as follows:
- Dining: 7,401 (a third of 2022)
- Travel: 229 (1.3% of 2022)
- Other: 680
- Total: 8,310
As you can see, in 2023, I earned a fifth of the points that I did in 2022. The value of those points, of course, reflects that at $124.65. However, last year, I did maximize the $300 annual travel statement credits with charges for Hawaiian Airlines flights, baggage fees, rental cars, etc. Plus, last year, my Global Entry membership came up for renewal, which was covered by the card, adding another $100 ($120 in the future) in value. I also received at least one Instacart $15 statement credit.
In total, the card returned $539.65 in value to me in 2023, falling short of the $550 annual fee – $625 for me because I have an authorized user. Theoretically, that means I should have downgraded the card this year when the annual fee came up. However, as painful as it was to eat the annual fee, especially in leiu of enough spending to offset it (and knowing this year would be even worse), I decided to keep the card.
Why I Kept My Sapphire Reserve
I’m not going to lie, this was a decision I had a really difficult time making. On the one hand, I knew the card was going to fall short of offsetting itself in 2023, and will struggle to do so even more this year. Moreover, I was actually looking forward to the Sapphire Preferred’s earning structure, which gives you the same 3x points on dining, 2x points on travel, 3x points on online grocery services like Instacart, 3x points on select streaming services, and 5x points for Chase Travel purchases. However, knowing that I was still going to attempt to travel here and there, I wanted to maintain the Sapphire Reserve’s best-in-class protections, including:
- Trip Delay Reimbursement
- Trip Cancellation/Interruption Insurance
- Primary Auto Rental Collision Damage Waiver
- Baggage Delay Insurance
- Roadside Assitance
- Travel & Emergency Assistance
- Travel Accident Insurance
- Lost Luggage Reimbursement
- Emergency Evacuation & Transportation
- Emergency Medical & Dental Benefits
Yes, the Sapphire Preferred offers many of these, too, but its protections either kick in later and/or have lower coverage levels. These types of coverages are even more critical as travel becomes more of a luxury for me.
The card does still offer Instacart+, DoorDash Dash Pass, and Lyft Pink membership, which I didn’t count in my valuation section above, though I have gotten more use out of Dash Pass this past year, and continue to do so this year. By how much, I can’t say, and I’m too lazy to look it up. I’m sure the statement credits for DoorDash alone could have boosted me close to $600 in return.
Chase Sapphire Reserve 2024 Review, Final Thoughts
As you can see in my Chase Sapphire Reserve 2024 review, the card didn’t quite earn its keep. However, it came close! As such, I’ve decided to let it live in my wallet for at least another year. Was this at least partially an irrational review? Perhaps. But with my ruthless downgrading and canceling lately, I think I deserve at least one irrational decision like this. Whether the card survives beyond its 2024 membership year, though, remains to be seen!
At any rate, one thing is clear – if the benefits of the card is something you continue to find value in, the Sapphire Reserve is certainly worth keeping. It’s nominal annual fee remains at $250, so long as you make use of the annual travel credits, which isn’t hard to do, especially when compared to the way Amex structures its statement credits nowadays. That’s why, even if I decided not to keep, my stance in my Chase Sapphire Reserve 2024 review is to continue to recommend the card that those who can afford it and make use of it.
The Ritz Carlton Credit Card is a great alternative to the Chase Sapphire Reserve with a lower annual fee. It has the same Travel Insurance Benefits as the Sapphire Reserve Card and Global Entry Credit, The Ritz Card has a Priority Pass membership for main cardholder and authorized users that allows unlimited number of guests to many lounges. Each year cardholders receive 3 Ritz Club Lounge Certificates. Even if you don’t stay at Ritz Carlton properties, the Annual 85K Marriott Bonvoy Free Night Certificate and $300 Airline Credit will easily offset the $450 annual fee. The card is a grandfathered product from Chase which means you can not apply directly. To get the card you have to have another Chase Marriott Credit Card and request an upgrade.
Yes! That card has been on my consideration list for some time now. However, my hang up is that I’d use that card even less, as I don’t really have a desire to earn anymore Bonvoy points. If anything, my Hyatt card is seeing an uptick in usage ;). But it is a card I’ll seriously look at when I do my re-evaluation next year!