Does it make sense to hold both the Chase Sapphire Preferred and Reserve?

The Chase Sapphire Preferred® Card (see rates and fees) and Chase Sapphire Reserve® (see rates and fees) are two of the most popular travel rewards credit cards on the market — and for good reason.

Both cards earn valuable Chase Ultimate Rewards points, offer strong travel protections and unlock the ability to transfer points to valuable airline and hotel partners.

That raises a fair question: Does it ever make sense to carry both cards — and pay both annual fees?

While Chase historically limited cardholders to one Sapphire-branded card at a time, it's now technically possible to carry both — you just likely won't receive the welcome bonus on the second card.

So if you're eyeing this Sapphire lineup, here's when carrying both cards might be worth it — and when it's probably not.

Can you hold the Chase Sapphire Preferred and Reserve at the same time?

Yes, you can. However, you're unlikely to receive the welcome bonus on the second card. For example, if you already have the Sapphire Preferred, Chase typically won't offer you a welcome bonus on the Sapphire Reserve. That said, you can still apply and hold both cards — you just won't get that initial boost.

Bonus eligibility depends on several factors, including previously earned bonus offers and the number of cards opened and closed, according to a Chase spokesperson.

It's worth noting that any card application will take up one of your 5/24 slots, so before applying, consider whether the second card delivers enough ongoing value to justify that trade-off.

Advice for existing Sapphire Reserve cardholders

If you applied for the Sapphire Reserve before June 23, your benefits will remain the same until Oct. 25. However, new applicants from June 23 onward are subject to the refreshed earning and redemption structures.

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Related: Chase Sapphire Reserve changes: New earning rates, more statement credits for a higher annual fee

So, if you currently hold the Reserve and want the Preferred, consider waiting until late October to apply — once your existing benefits have changed. That's because the existing Reserve cardholders will soon earn just 1 point per dollar spent on general travel purchases, while the Preferred will continue to earn 2 points — making it the better card for that category.

Advice for existing Sapphire Preferred cardholders

If you want to add the Reserve while already holding the Preferred, you'll be applying under the new structure — so you can go ahead and apply now, as there's no benefit to waiting.

That said, if you're eligible for a business card, I'd recommend the Chase Sapphire Reserve for Business℠ (see rates and fees) instead. You'll still get premium travel perks — and unlike with the consumer version, you may be eligible for the welcome bonus, provided you can meet the card's high minimum spending requirement.

Related: Chase Sapphire Reserve vs. Sapphire Reserve for Business: Which is right for you?

Why frequent travelers should choose the Sapphire Reserve

In our head-to-head comparison of the two Sapphire cards, the Sapphire Reserve remains the better choice for frequent travelers thanks to:

• Increased redemption value through Chase Travel℠ (up to 2 cents per point)
• Global lounge access (including Chase Sapphire and Priority Pass lounges)
• Valuable statement credits, including a $300 annual travel credit
• Comprehensive travel protections

However, the Reserve comes with a hefty $795 annual fee — which can be a deal-breaker for more casual travelers.

When having both cards isn't worth it

Even though Chase now allows you to hold both cards, that doesn't mean you should. For most travelers, the math — and the benefits — just don't add up.

Duplicate benefits

Both cards offer:

• The same travel partners for point transfers
• The same earning rates on dining and Lyft rides
• Strong travel protections (although the Reserve's are more robust)

There's overlap — and for most people, one card will cover the essentials.

High combined annual fees

The Sapphire Reserve costs $795 per year (effectively $495 when factoring in the annual travel credit), and the Preferred costs $95 (effectively $45 with its $50 hotel credit). That's $890 in fees for two cards that deliver many of the same benefits.

Better value in other card combinations

Rather than doubling up on Sapphire cards, many would be better off pairing their Sapphire card with a Chase Freedom Flex® or Chase Freedom Unlimited® (see rates and fees), which earn bonus points across key spending categories with no annual fee — and pool into the same Ultimate Rewards ecosystem.

(Note that the Freedom Flex is closed to new applicants for at least the month of July.)

The information for the Chase Freedom Flex has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

When having both cards can work

Despite the overlap, there are a few niche cases where holding both cards can make sense.

To leverage bonus categories

You can double up on category bonuses if you use the Sapphire Preferred for:

• General travel purchases (excluding flights and hotels)
• Online grocery delivery
• Select streaming services

And then use the Sapphire Reserve for:

• Flights and hotels booked directly
• Travel through the Chase portal

Both earn 3 points per dollar spent on dining worldwide and 5 points per dollar spent on Lyft rides through Sept. 30, 2027.

Here's the math — it's worth adding the Sapphire Preferred to your Reserve if you maximize the $50 annual hotel credit and spend at least*:

• $183 per month on general travel; or
• $92 per month on streaming and online groceries combined

*Based on our July 2025 valuation of Chase points at 2.05 cents each.

That's roughly $45 per week for a commuter or $23 per week on streaming and grocery delivery — a pretty low bar.

Still, you might get better value by opening one of the best cards for general travel, streaming or online groceries — and earning a welcome bonus on it.

To maximize portal redemptions

While both cards offer the same value when transferring points to airline and hotel partners, the Sapphire Reserve gives you 15% to 33% more value when redeeming points through the Chase Travel portal — depending on whether you're using the fixed-value option (1.5 cents per point) or the new Points Boost feature, offering up to 2 cents per point on select bookings.

This extra value can make a meaningful difference if you frequently book flights, hotels or rental cars through the Chase portal and prefer simplicity over transferring points to partners. In this two-card setup, you could earn points on the Preferred and redeem them through the Reserve, effectively stretching their value.

Related: Why Chase's Points Boost is an outstanding (kind of surprising) new way to book hotels on points

In a 2-player setup

"Two-player mode" is a strategy where two people in the same household — typically partners, family members or close roommates — each open different credit cards to unlock more bonuses, multipliers and perks than one person could alone.

One person might carry the Reserve for premium travel benefits, while the other holds the Preferred to earn a welcome bonus and maximize categories like general travel, streaming and online groceries.

Chase allows point transfers between household members, so you can pool rewards and redeem them through the Reserve for better value.

If you're considering adding an authorized user, note that the Reserve charges $195 annually — only worth it if they need lounge access when traveling solo. The Preferred allows authorized users, making it a more cost-effective way to share benefits.

Smarter alternatives

For most people, holding both Sapphire cards isn't the most efficient strategy — especially when there are better, lower-cost ways to maximize Chase Ultimate Rewards points.

Pair with a Freedom card

Pairing a single Sapphire card (either the Preferred or the Reserve) with a Freedom Flex or Freedom Unlimited gets you excellent earning potential — without doubling up on annual fees.

The Freedom Flex earns 5 points per dollar spent in rotating quarterly categories (think gas stations, grocery stores and Amazon), while the Freedom Unlimited earns a flat 1.5 points per dollar spent on everything.

Since both cards have no annual fee, they're easy keepers — and because you can pool points across your Chase accounts, you can still transfer them to partners or redeem them for boosted value through the Chase travel portal.

Pair with the Ink Business Preferred

If you're eligible for business cards, there's another smart move: the Ink Business Preferred® Credit Card.

I've been a Reserve cardholder for nearly a decade, and while I'm excited about the bump from 3 points to 4 points per dollar spent on flights and hotels booked directly, I'm disappointed by the loss of bonus points on the rest of my travel spending.

So here's my plan: I'm considering upgrading one of my two existing no-annual-fee Ink Business Unlimited® Credit Cards (see rates and fees) to the Ink Business Preferred in late October. I wouldn't get the welcome bonus because I'm over 5/24, but I'd still earn 3 points per dollar spent on the general travel purchases the Reserve will soon stop rewarding.

The information for the Ink Business Preferred has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

I've crunched the numbers: If you spend at least $200 a month on general travel purchases, the Ink Business Preferred can justify its $95 annual fee. That's purely based on the extra points you'd earn from its travel bonus category, using our July 2025 valuation of Chase points at 2.05 cents each.

And that doesn't even include the card's other bonus categories — like shipping, social media advertising and internet services — or its excellent cellphone protection. It also offers one of the most valuable welcome bonuses available on a business card, assuming you're eligible.

Bottom line

It's now possible to hold both the Sapphire Preferred and Reserve, though for most people, it's not the most practical move.

If you're aiming to maximize bonus categories, stack travel perks or split benefits across a household, there are select cases where carrying both makes sense.

Still, a more cost-effective — and usually more rewarding — setup is to pair your Sapphire Preferred or Reserve with one of the following:

• Freedom Flex or Freedom Unlimited
• Ink Business Preferred (if eligible for a business card)

When it comes to credit cards, smarter beats more.

For more details, read our full reviews of the Sapphire Preferred and Sapphire Reserve.

Related: 7 Chase Sapphire Preferred benefits you might not know about