3 reasons I'm keeping the Chase Sapphire Reserve in my wallet

Sometimes it's hard to justify paying a high annual fee for a premium credit card year after year.

There's one card, however, that has been a constant in my wallet for almost a decade. I opened my Chase Sapphire Reserve® (see rates and fees) when it debuted in 2016 and have never thought about canceling or downgrading it.

Nearly 10 years after its unveiling, the Sapphire Reserve has finally had its own full refresh, which included an annual fee hike and an overhaul of earning rates, card benefits and design.

The new eye-watering $795 annual fee does hurt. But despite the massive changes and new annual fee, I still plan on keeping my Sapphire Reserve — and here are the top three reasons why.

The $300 credit is still flexible

When Chase announced changes to the Sapphire Reserve, my first fear was either losing the $300 flexible travel credit or the issuer implementing some restrictions on its use. These fears weren't unfounded, as many other issuers have restrictions on travel statement credits, making it challenging to redeem and maximize them.

For example, the Capital One Venture X Rewards Credit Card comes with a $300 travel credit. However, it can only be used toward travel booked through the Capital One Travel portal. There are times when booking through a portal is pricier, and there can be several other reasons to book directly rather than through a third party.

Because Chase has a broad definition of what counts as travel, the $300 credit is still the most useful travel credit from any issuer, especially for a premium credit card. For example, I've booked bush flights with a tour operator in Tanzania to get to Serengeti National Park — and by putting the purchase on my Sapphire Reserve, I received a $300 credit within a few days. The wide application and accessibility of this credit effectively brings down the annual fee from $795 to $495.

Related: What you need to know about direct versus third-party travel bookings

The new earning rates benefit me

Since opening my card nearly 10 years ago, I have raved about its bonus-earning categories. The Sapphire Reserve has a wide definition of dining that includes fast food, casual, fine dining, cafes and more, alongside earning bonus points on travel.

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Apart from the card's new earning rates of 8 points per dollar for flights, hotels, rental cars, cruises, activities and tours booked through Chase Travel℠, here are the bonus categories and earning rates that apply to me the most:

Diving deep into my expenses, the majority of my travel expenses are on airfare and hotels. I always book my airfare directly with the airline using my Sapphire Reserve or American Express Platinum Card® and almost always opt to stay at hotels.

Yes, it's tough to see that all other travel now only earns 1 point per dollar — but among my overall travel expenses, those purchases accounted for less than 10% of them. Even if I do want to book rental cars, activities and tours, I can do so through Chase Travel and earn an incredible 8 points per dollar.

Overall, these new rates are very promising, especially earning 4 points per dollar on direct hotel bookings. I already put a substantial amount of airfare purchases on my Amex Platinum due to its 5 points per dollar earning rate booked directly with airlines or through American Express Travel® (up to $500,000 per calendar year, then 1 point per dollar after that) — but the Sapphire Reserve's new earning rate will probably have me putting more airfare purchases on there too from now on.

It's easy to maximize the new statement credits

The new $795 annual fee can be hard to swallow, especially if you're paying annual fees on other credit cards as well. In my opinion, the new statement credits on the Sapphire Reserve make up for the increase.

Not only do I get more than $1,500 in benefits, but the overall statement credits feel more tailored to the avid traveler and entertainment seeker.

New travel credits

The Sapphire Reserve already has an excellent and flexible $300 travel credit, but the new up to $500 annual statement credit for The Edit by Chase Travel, Chase's collection of luxury hotels and resorts (split into two $250 biannual statement credits for prepaid bookings), is such a valuable addition.

Keep in mind that in order to get the up to $250 statement credit biannually, The Edit hotel reservation must be a minimum two-night stay.

New lifestyle and dining credits

The following statement credits are unique and innovative, challenging the Sapphire Reserve's biggest rival, the Amex Platinum. These benefits include:

• StubHub or Viagogo credit: Up to $300 annual statement credit for concert and event ticketsfor purchases through 12/31/27 (split into two $150 biannual credits; activation required)
• Dining credit: Up to $300 annual dining statement credit and primetime reservations at Sapphire Reserve Exclusive Tables through OpenTable (split into two $150 biannual credits automatically applied within the Sapphire Reserve Exclusive Tables program)
• Apple TV+ and Apple Music benefit: Valued up to $250, an Apple TV+ and Apple Music subscription through 6/22/27 (one-time activation per service is required through chase.com or the Chase Mobile app)

The addition of these three statement credits per calendar year is more than enough for me to look past the increase of the annual fee.

No issuer, so far, gives statement credits for entertainment purchases — so this is an excellent way for me to score tickets to a Los Angeles Lakers game or catch my favorite comedian.

The statement credit for Sapphire Reserve Exclusive Tables is also a great addition, because I can easily use it at restaurants within California or when traveling domestically and looking to eat at a nice restaurant.

I did not expect the benefits of Apple TV+ and Apple Music, but I am excited about them. I already pay for a premium Spotify account, but if I'm getting Apple Music at no additional cost, I can easily switch providers.

With so many streaming services and the costs associated with all the subscription fees, I'm happy to see that I'll no longer have to pay for Apple TV+.

Bottom line

I love premium credit cards for all the perks and benefits they have. Above all, I am a huge fan of the Sapphire Reserve and it's been one of the primary cards in my wallet that's helped me fuel my luxury travel.

The changes to the Sapphire Reserve are major, but I find them to be well-balanced, especially at a time when issuers are becoming more restrictive with perks and benefits. I welcome these new changes and foresee keeping the Sapphire Reserve for another decade.

To learn more, see our full review of the Chase Sapphire Reserve.

Apply here: Sapphire Reserve