Should I Upgrade to a Chase Sapphire Reserve?

If you're about to do a lot more traveling, an upgrade might make sense, but consider the higher annual fee.
JT Genter
By JT Genter 
Updated

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

The Chase Sapphire Preferred® Card is one of our absolute favorite starter travel cards. From flexible and valuable points to wide-ranging travel protections, the Chase Sapphire Preferred® Card offers a lot of valuable benefits for just a $95 annual fee.

However, after building up a balance of Chase Ultimate Rewards® points, you might be wondering if it's worth it to upgrade your Chase Sapphire Preferred® Card to a Chase Sapphire Reserve®. Doing so would boost the value of your points, unlock even higher earning rates in certain categories, and add valuable perks like airport lounge access and TSA PreCheck application fee reimbursement. The downside: The Chase Sapphire Reserve® charges a much higher annual fee.

So, is it worth it to upgrade? And if so, how do you do it? Let's take a look.

Comparing the Chase Sapphire Preferred® Card vs. the Chase Sapphire Reserve®

Before you can decide whether it's worth it to upgrade the Chase Sapphire Preferred® Card to the Chase Sapphire Reserve®, you need to know the key differences between the two cards. Here's an overview.

Key features
Chase Sapphire Preferred Credit Card
Chase Sapphire Preferred® Card
Apply now

on Chase's website

Chase Sapphire Reserve Credit Card
Chase Sapphire Reserve®
Apply now

on Chase's website

Annual Fee

$95

$550 plus $75 for each authorized user.

Earn rates

• 5 points per $1 on travel booked through Chase.

• 3 points per $1 on dining (including eligible delivery services and takeout), select streaming services and online grocery purchases (not including Target, Walmart and wholesale clubs).

• 2 points per $1 on other travel.

• 1 point per $1 on other purchases.

• 10 points per $1 on Chase Dining, hotel stays and car rentals purchased through Chase.

• 5 points per $1 on air travel purchased through Chase.

• 3 points per $1 on other travel and dining not booked with Chase.

• 1 point per $1 on other purchases.

Redemption bonus

Points worth 25% more when redeemed for travel booked through Chase.

Points worth 50% more when redeemed for travel booked through Chase.

Anniversary bonus

10% of your total purchases in the previous year.

None.

Travel credits

$50 in statement credits toward hotel stays purchased through Chase Ultimate Rewards®.

$300 annual travel credit.

Other travel benefits
  • Travel protections, including auto rental collision damage waiver and baggage delay insurance.

  • No foreign transaction fees.

  • Priority Pass Select lounge access.

  • Statement credit for Global Entry, TSA PreCheck or NEXUS application fee every four years.

  • Complimentary Lyft Pink membership for two years.

  • Travel protections, including auto rental collision damage waiver and baggage delay insurance.

  • No foreign transaction fees.

Other benefits
  • Complimentary DashPass for at least one year through Dec. 31, 2024.

  • $10 monthly Gopuff statement credit through Dec. 31, 2023.

  • Complimentary DashPass for at least one year through Dec. 31, 2024.

  • $10 monthly Gopuff statement credit through Dec. 31, 2023.

Still not sure?

What you don't see in the chart above are the sign-up bonuses offered by these cards. That's because the bonus offer is irrelevant when you're upgrading; only new accounts are eligible for the sign-up bonus.

Can you upgrade the Chase Sapphire Preferred® Card to the Chase Sapphire Reserve®?

Chase Sapphire Preferred® Card holders can upgrade to a Chase Sapphire Reserve® once their card account has been open for at least a year. So it's not a question of can you, but rather should you upgrade.

As you can see in the chart above, these two cards offer different earning rates, different travel perks and very different annual fees. When comparing the Chase Sapphire Preferred® Card versus the Chase Sapphire Reserve®, the Chase Sapphire Preferred® Card offers a compelling value when you're first signing up for a card. However, there's a good argument for upgrading to the Chase Sapphire Reserve® once you've had a Chase Sapphire Preferred® Card for a bit.

🤓Nerdy Tip

Chase refers to the process of switching from one card to another as a "product change" rather than an upgrade, so that's the terminology you'll hear Chase agents use when you call.

Get up to 100,000 bonus points with our favorite Chase cards
Check out our nerdy picks for the best Chase credit cards and find the right card for you.

Boost the value of your Ultimate Rewards® points

Say you've built up a balance of 100,000 Ultimate Rewards® points through a Chase Sapphire Preferred® Card. You have the option to redeem those points for $1,250 worth of travel by booking through Chase's travel portal.

However, by upgrading to the Chase Sapphire Reserve®, these same 100,000 Ultimate Rewards® points are worth $1,500 when redeemed through Chase's travel portal. That's a 20% boost to the value of your Ultimate Reward® points.

And the larger your point balance, the more valuable this upgrade will be. A Chase Sapphire Preferred® Card holder who has built up a balance of 300,000 points would see a whopping $750 increase in the value of their points just by upgrading to a Chase Sapphire Reserve®.

Upgrading your travel perks

Another reason to consider an upgrade from the Chase Sapphire Preferred® Card to a Chase Sapphire Reserve® is to boost your travel perks. The Chase Sapphire Preferred® Card offers a ton of valuable travel protections — including auto rental collision damage waiver and baggage delay insurance. However, the card doesn't provide a lot of travel perks.

Meanwhile, the Chase Sapphire Reserve® offers premium travel benefits like Priority Pass Select airport lounge membership, a $300 annual travel credit, TSA PreCheck or Global Entry application fee reimbursement, and more. These perks can be precious for those traveling more frequently.

So, you might consider upgrading to a Chase Sapphire Reserve® shortly before you start traveling more. Make sure to upgrade far enough in advance that you have time to enroll in Priority Pass and TSA PreCheck or Global Entry.

Downsides to upgrading the Chase Sapphire Preferred® Card to the Chase Sapphire Reserve®

Despite its much higher annual fee, the Chase Sapphire Reserve® falls short of the Chase Sapphire Preferred® Card in a few ways. Make sure you factor these aspects into your decision of whether or not to upgrade your Chase card.

First, you will lose the 10% anniversary bonus when you upgrade a Chase Sapphire Reserve®. If you've spent a significant amount on your Chase Sapphire Preferred® Card in the past cardholder year, you may want to wait until after your anniversary bonus has been posted before you upgrade your account.

Also, Chase Sapphire Preferred® Card holders earn 3x points on online grocery stores and streaming services. These purchases only earn 1x points when charged to a Chase Sapphire Reserve®.

Finally, the Chase Sapphire Preferred® Card now offers up to $50 in statement credits each account anniversary year for hotel stays purchased through the Chase's travel portal. If utilized, this perk offsets more than half of the card's annual fee. The Chase Sapphire Reserve® $300 annual travel credit also offsets more than half of that card's annual fee and is much easier to use. However, it's one more aspect to factor in when comparing the two cards.

How to upgrade the Chase Sapphire Preferred® Card to the Chase Sapphire Reserve®

To upgrade from a Chase Sapphire Preferred® Card to a Chase Sapphire Reserve®, you'll need to call the number on the back of your card to speak with a Chase customer service representative. That agent can check if you're eligible for a product change and submit your request.

Keep your card handy, as you'll need to have the last four digits of your card and the ZIP code on your account to verify your identity before you can discuss your account options.

If you're considering an upgrade from the Chase Sapphire Preferred® Card to the Chase Sapphire Reserve®

Both the Chase Sapphire Preferred® Card and Chase Sapphire Reserve® are excellent travel cards. But the right card for you will depend on your spending patterns, how much you travel and what perks you want while traveling.

The Chase Sapphire Preferred® Card is an excellent card for those just starting out. But, current cardholders that are about to start traveling a lot more may consider upgrading their card to the Chase Sapphire Reserve®. Doing so will increase the value of your Ultimate Rewards® points and add travel perks like airport lounge access and $300 in travel credits.

However, upgrading isn't going to be right for all travelers. Consider the much higher annual fee and loss of perks like the 10% anniversary points bonus, $50 hotel credit and bonus points in certain spending categories.

Chase Sapphire Preferred® Card

Chase Sapphire Reserve®

Chase Sapphire Preferred Credit Card
NerdWallet rating 
Chase Sapphire Reserve Credit Card
NerdWallet rating 

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024, including those best for:

Travel Cards from Our Partners
Chase Sapphire Preferred Credit Card

on Chase's website

Chase Sapphire Preferred® Card
5.0
NerdWallet Rating
Rewards rate

1x-5x

5x on travel purchased through Chase Ultimate Rewards®, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases.

Points

Intro offer

60,000

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®.

Points
Chase Freedom Unlimited Credit Card

on Chase's website

Chase Freedom Unlimited®
5.0
NerdWallet Rating
Rewards rate

1.5%-6.5%

Enjoy 6.5% cash back on travel purchased through Chase Travel; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.

Cashback

Intro offer

$300

Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!

Capital One Venture Rewards Credit Card

on Capital One's website

Capital One Venture Rewards Credit Card
4.7
NerdWallet Rating
Rewards rate

2x-5x

Earn unlimited 2X miles on every purchase, every day. Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options.

Miles

Intro offer

75,000

Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel.

Miles
See more travel cards
Get more smart money moves – straight to your inbox
Sign up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money.