For most cardholders weighing an upgrade from the Preferred to the Reserve today, the short answer is: keep the Preferred. The annual fee gap between the two cards is $700, and the Reserve’s credits that help close that gap require consistent use of specific partner programs. If you travel frequently, book hotels through Chase Travel, and subscribe to Apple services, the Reserve’s credits stack up well. For most readers, the Preferred’s lower fee and stronger grocery and streaming earnings make it the better card.
Here is how the two cards compare in 2026, including a key 2026 change that affects anyone applying today.
At a Glance: CSP vs. CSR in 2026
| Chase Sapphire Preferred | Chase Sapphire Reserve | |
|---|---|---|
| Annual fee | $95 | $795 |
| Dining | 3x | 3x |
| Travel (non-portal) | 2x | 3x |
| Groceries (online) | 3x | 1x |
| Streaming | 3x | 1x |
| Chase Travel portal | 5x bookings | 5x flights, 10x hotels+car rentals |
| Points value at Chase Travel | 1.25cpp* | 1.0cpp* (new cardholders) |
| Hotel credit | $50/year via Chase Travel | $250 The Edit (via Chase Travel) |
| Travel credit | None | $300/year (auto-applies) |
| Dining credit | None | $300 Sapphire Exclusive Tables |
| Other credits | None | $300 StubHub, $250 Apple TV+/Music, $120 Peloton |
| Anniversary perk | 10% bonus on points earned | Hyatt Explorist at $75K spend (mid-2026) |
*Points redemption rates at Chase Travel have changed for new cardholders as of June 2025. Rates shown per verified card terms as of 2026-03-22 (CSP) and 2026-03-31 (CSR). Verify current redemption rates at chase.com before applying.
The $700 Annual Fee Gap
The fee difference between the two cards is $700 per year. To justify the Reserve over the Preferred, you need at least $700 more in annual value from the Reserve’s benefits. Chase has loaded the Reserve with credits to help you get there, but count the ones you will actually use.
The $300 travel credit applies automatically to travel purchases, so nearly every traveler captures it. The $250 The Edit hotel credit applies to qualifying stays through Chase Travel’s curated hotel collection. The $300 Sapphire Exclusive Tables credit covers dining at select partner restaurants. The $300 StubHub credit covers event tickets. The $250 Apple TV+/Music credit covers Apple streaming subscriptions. The $120 Peloton credit covers equipment or membership.
On paper, that list totals over $1,500 in credits. In practice, what matters is how many you will use every year. The $300 travel credit is nearly automatic for anyone who flies or books hotels. The Apple, Peloton, and Exclusive Tables credits require being in specific ecosystems. Count your real usage, not your optimistic usage.
Chase Sapphire Preferred: Better for Most Cardholders
The Preferred has three advantages over the Reserve that are easy to overlook when you are staring at the Reserve’s credit list.
Grocery and streaming earnings. The Preferred earns 3x on online grocery purchases (excluding Target, Walmart, and wholesale clubs) and 3x on select streaming services (verified 2026-03-22). The Reserve earns 1x on both. For a household spending $500 a month on groceries, the Preferred earns 18,000 more points per year from that category alone. At the Preferred’s verified portal rate of 1.25cpp, those extra points are worth $225 toward travel.
Travel category earning versus fee cost. The Reserve earns 3x on travel (versus 2x on the Preferred) and 10x on hotels and car rentals through Chase Travel. But the 1x point premium on general travel earns roughly 6,000 extra points per year for someone spending $500/month on travel. That additional value is $75 at 1cpp. You need a lot of travel spending to close a $700 fee gap from earning rates alone.
Fee simplicity. At $95, the Preferred does not require tracking credits, participating in partner programs, or meeting minimum spend thresholds for any benefit. The anniversary 10% point bonus, $50 hotel credit via Chase Travel, and 5x on Chase Travel bookings are straightforward benefits that most cardholders capture without effort.
Apply for Chase Sapphire Preferred
Chase Sapphire Reserve: When It Makes Sense
The Reserve is the right card if you book hotel stays through Chase Travel consistently, travel often enough to use the $300 travel credit automatically every year, and draw on at least two or three of the additional credits.
Portal earning advantage. The Reserve earns 10x on hotel and car rental bookings through Chase Travel, and 5x on flights. A $1,500 hotel booking earns 15,000 points at 10x. That same booking earns 7,500 points on the Preferred at 5x. The higher earn rate is the Reserve’s strongest case for heavy portal users.
Travel credit stack. The $300 travel credit plus the $250 The Edit hotel credit equals $550 in credits that most frequent travelers will use without extra effort. Adding the Apple TV+/Music credit brings you to $800 if you already subscribe to Apple services. That more than covers the $700 fee gap over the Preferred.
Hyatt status (mid-2026). The Reserve is launching World of Hyatt Explorist status for cardholders who spend $75,000 per year, expected mid-2026. Explorist includes complimentary breakfast at select Hyatt properties, room upgrades, and late checkout. For dedicated Hyatt loyalists who spend at that level, this benefit is a meaningful differentiator.
Apply for Chase Sapphire Reserve
The 2026 Redemption Rate Change
The Reserve used to redeem points at 1.5 cents per point through Chase Travel, making every point worth 20% more than on the Preferred (1.25cpp at the time). A 100,000-point balance was worth $1,500 on the Reserve versus $1,250 on the Preferred, a $250 advantage from that factor alone.
For new cardholders who applied after June 23, 2025, the Reserve’s standard redemption rate through Chase Travel dropped to 1.0 cent per point. Points Boost applies on select premium bookings and can push the effective rate higher on specific itineraries, but the standard rate changed. Per verified terms, the Preferred continues to offer 1.25cpp through Chase Travel as of March 2026, though both cards’ portal rates have shifted since the June 2025 program update. Verify current rates at chase.com before applying.
If you are an existing Reserve cardholder who applied before October 26, 2025, points earned before that date are still worth 1.5cpp through October 2027. For anyone applying today, plan on the new rates and evaluate based on category earnings and credits rather than redemption rate differences.
Who Should Upgrade to the Reserve
Upgrade if most of these apply:
- You book two or three hotel stays per year through Chase Travel and will use The Edit credit
- You travel enough to capture the $300 travel credit automatically
- You subscribe to Apple TV+ or Apple Music and want the $250 credit
- You dine at Sapphire Exclusive Tables restaurants regularly
- Your hotel and flight spending through the Chase portal is high enough for 10x to materially outperform 5x over the $700 fee difference
Stay on the Preferred if:
- Groceries and streaming are your highest spending categories
- You do not book hotels frequently through Chase Travel
- You prefer a simple card with no credits to track
- You would not reliably use the Apple, Peloton, or Exclusive Tables credits
Holding Both Cards
Chase ended the one-Sapphire-at-a-time restriction in June 2025. You can now hold both the Sapphire Preferred and the Sapphire Reserve at the same time. That changes the calculus slightly: rather than choosing one or the other, you could hold the Preferred for groceries and streaming (3x on both) while using the Reserve for hotel and flight bookings through Chase Travel (10x and 5x).
If you are considering a product change from the Preferred to the Reserve, Chase typically allows this after 12 months of holding the Preferred, usually without a hard credit pull. Chase sometimes offers a bonus for cardholders who upgrade, though availability varies and is not guaranteed.
Bottom Line
For most cardholders, the Chase Sapphire Preferred is the better value: a $95 annual fee, 3x on groceries and streaming that the Reserve does not match, and strong travel transfer partners. The Reserve makes sense when you travel frequently through Chase Travel, will use the hotel and dining credits consistently, and want the portal’s higher earn rates on hotels. Run your actual credit usage against the $700 fee gap before making the switch.
Frequently Asked Questions
Q: Can I hold both the Chase Sapphire Preferred and Reserve at the same time?
A: Yes, as of June 2025. Chase ended the one-Sapphire rule, so you can now hold both cards simultaneously. This makes it possible to use each card for the categories where it earns most: Preferred for groceries and streaming, Reserve for hotel and flight bookings through Chase Travel.
Q: When did the Reserve raise its annual fee to $795?
A: The Reserve raised its annual fee in 2025. The prior fee was $550. The current $795 fee applies to new cardholders and to existing cardholders at renewal.
Q: What changed about Chase Travel redemption rates in 2025?
A: Chase replaced the guaranteed per-point redemption rates with a Points Boost program in June 2025. New cardholders now redeem at a 1.0cpp baseline through Chase Travel, with Points Boost available on select premium bookings. The prior rates (1.5cpp for CSR, 1.25cpp for CSP) applied to legacy cardholders. Verify current terms at chase.com.
Q: Does the Preferred earn 3x on all grocery purchases?
A: The Preferred earns 3x on online grocery purchases, excluding Target, Walmart, and wholesale clubs (Costco, Sam’s Club, BJ’s). In-store grocery spending does not qualify for the 3x category, only online orders. Rates verified 2026-03-22.
Q: What is the Sapphire Reserve’s $300 Sapphire Exclusive Tables credit?
A: The Exclusive Tables credit applies at select dining partner restaurants curated through Chase’s Sapphire dining program. The credit posts automatically when you pay with the Reserve at a participating location. Restaurant availability varies by city.