When the Chase Sapphire Reserve® first debuted back in 2016, I could barely contain my excitement.
Not only was the Sapphire Reserve the first premium travel credit card from my favorite card issuer, but it also came with perks and features I hadn’t had access to before. My husband and I decided the card offered us enough value to both apply for our own card.
The best part? At the time, the card’s welcome bonus was a whopping 100,000 points (much higher than the current 60,000 bonus points after you spend $4,000 on purchases in the first three months from account opening). The old welcome offer was worth $1,500 if used to book airfare, hotels or other travel through Chase Travel℠.
But times change, as do spending styles and budgets for credit card annual fees. While I still love the card, I recently downgraded to its lower annual-fee version -- the Chase Sapphire Preferred® Card. Here’s why.
Why I first applied for the Chase Sapphire Reserve
The huge welcome bonus on the Sapphire Reserve was a major draw in 2016, but there are other reasons I applied for the card.
For example, I loved that I would get a $300 annual travel credit with the Reserve that applied to any travel purchases, and that it came with Priority Pass Select airport lounge membership (a retail value of $469).
I also loved that the Sapphire Reserve gave me 50% more value for rewards when redeeming for travel through Chase, which I often do when booking hotels, car rentals and excursions.
The Sapphire Reserve also lets consumers transfer their points to Chase airline and hotel partners, which are the best in the business. Some of my favorite Chase transfer partners include Southwest Rapid Rewards, United MileagePlus and World of Hyatt. And all partners allow transfers at a 1:1 ratio.
With all these perks and the huge initial welcome bonus thrown in the mix, I thought the annual fee on the Sapphire Reserve was well worth it. However, when I applied, the annual fee was just $450. It’s now $550.
Chase Sapphire Reserve vs. Chase Sapphire Preferred
- Intro Offer
-
60,000 bonus points Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $900 toward travel when you redeem through Chase Travel℠.
- Annual fee
- $550
- APR
- 22.49% – 29.49% Variable
- Intro Purchase APR
- N/A
- Recommended Credit A credit score is used to indicate an applicant’s credit worthiness and may provide guidance about account eligibility. It does not necessarily guarantee approval for any financial product.
- Excellent
- Rewards rate
-
1x – 10x Earn 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠.; Earn 5x total points on flights through Chase Travel℠.; Earn 3x points on other travel and dining.; Earn 1 point per $1 spent on all other purchases.
- Intro Offer
-
60,000 bonus points Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 when you redeem through Chase Travel℠.
- Annual fee
- $95
- APR
- 21.49% – 28.49% Variable
- Intro Purchase APR
- N/A
- Recommended Credit A credit score is used to indicate an applicant’s credit worthiness and may provide guidance about account eligibility. It does not necessarily guarantee approval for any financial product.
- Good – Excellent
- Rewards rate
-
1x – 5x 5x on travel purchased through Chase Travel℠.; 3x on dining, select streaming services and online groceries.; 2x on all other travel purchases.; 1x on all other purchases.
- Intro Offer
-
75,000 miles Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel
- Annual fee
- $395
- APR
- 19.99% – 29.99% (Variable)
- Intro Purchase APR
- N/A
- Recommended Credit A credit score is used to indicate an applicant’s credit worthiness and may provide guidance about account eligibility. It does not necessarily guarantee approval for any financial product.
- Excellent
- Rewards rate
-
2x – 10x Earn unlimited 10X miles on hotels and rental cars booked through Capital One Travel and 5X miles on flights booked through Capital One Travel.; 5X miles on flights booked through Capital One Travel. ; 2 Miles per dollar on every purchase, every day
I’ve been happy with the Chase Sapphire Reserve® for a long time, but some changes to the Chase Sapphire Preferred® Card made it more attractive to me overall.
The Sapphire Preferred added some new benefits in 2021, including a $50 annual hotel credit for hotels booked through Chase Travel and a 10% anniversary point bonus each year. Even with these additions, the annual fee remained $95.
However, the Sapphire Preferred falls short of the Reserve in a few areas, including its lack of premium travel benefits like airport lounge access, the $300 annual travel credit and a fee credit toward Global Entry, NEXUS or TSA PreCheck membership.
I have airport lounge access through other premium travel credit cards like the Capital One Venture X Rewards Credit Card* and the Delta SkyMiles® Reserve American Express Card, so that isn’t a deal-breaker for me.
The Sapphire Preferred also gives consumers 25% more value for rewards when redeeming points for travel through Chase Travel, compared to 50% with the Reserve. However, I’ll just transfer my points to my husband’s Reserve account to get 50% more value.
Chase lets family members pool rewards if they live in the same household. I’ve been moving our Chase points around between our personal and business accounts for almost a decade now.
Though even with access to my husband’s card, I’d still choose to downgrade because I have airport lounge access and other benefits through other cards. And I can still transfer points to airlines and hotels with the Chase Sapphire Preferred.
The last straw: Why I finally decided to downgrade
There are two main reasons I finally downgraded my Chase Sapphire Reserve®. The first one is its $550 annual fee. The second is the fact that Chase Priority Pass membership will stop allowing restaurant options starting on July 1, 2024.
Losing access to Priority Pass restaurants may sound like a weak reason to downgrade a card, but my husband and I frequent several airports that have Priority Pass dining options, which allow you to eat at participating restaurants and receive a statement credit for up to two guests.
We use this benefit at least three or four times a year, and we often have our kids or friends with us who also dine free because we both have the card.
With Chase dropping its Priority Pass restaurant benefit as Amex and Capital One have already, the membership is less valuable now. I have Priority Pass with other travel credit cards anyway, so there’s no need to pay for it again -- especially since my husband is keeping his Chase Sapphire Reserve®.
How I downgraded the card
Downgrading my card was easy, and it only took a few minutes. Here are the steps I took to switch from the Sapphire Reserve to the Sapphire Preferred.
Call the card issuer
I started the process by calling the number on the back of my credit card and following the prompts until I could speak with a customer service representative. Once I was on the phone with a live human, I explained that I was tired of the Reserve’s high annual fee.
Tell them you want to downgrade
I asked the representative if I could downgrade my card to the Sapphire Preferred and maintain the existing line of credit I had already. The agent looked over my account while I was on the phone and said it appeared I was eligible to downgrade.
Explore available options
It’s worth noting that credit card issuers never guarantee you can upgrade or downgrade their cards. All you can do is call and ask, and you should be prepared to explore the available options they give you. Fortunately, Chase was able to downgrade my card without any fuss.
Benefits of downgrading a credit card instead of closing it
There are several reasons I chose to downgrade my card. While the Preferred only offers a 25% redemption bonus for points when booking travel through Chase Travel, it has the same selection of 1:1 transfer partners.
The Sapphire Preferred also comes with a range of bonus rewards categories I can actually use. For example, I’m now earning 3x points on some streaming services and all my online grocery purchases, which I haven’t been able to in the past.
I was also able to maintain the card’s credit limit, which I’ve had since 2016. Closing the account outright would have reduced my available credit and increased my credit utilization. A higher credit utilization ratio -- how much of your credit you’re using -- can negatively impact your credit score.
I’m also not really giving much up, which I have hinted at already. I have Priority Pass and Delta Sky Club access through other cards, and I can always transfer my points to my husband’s Reserve account for premium travel redemptions through the Chase portal.
At the end of the day, I’m happy with my decision to downgrade my card and looking forward to earning more points for travel with my Chase Sapphire Preferred.
*All information about the Capital One Venture X Credit Card has been collected independently by CNET and has not been reviewed by the issuer.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
