Since it’s one of the most feature-packed travel cards on the market, the Chase Sapphire Reserve® doesn’t come cheap. It has a $550 annual fee, although Chase has been charging a discounted renewal fee of $450 for existing cardholders during the COVID-19 pandemic. Still, that annual fee alone is enough to make some consumers think twice.
But if you can use this card’s perks, you’ll come out far ahead in terms of value. To demonstrate that, I’m going to cover my recent results with the card.
Before we begin, I should mention that almost anyone could do as well or better than I did. I didn’t travel anywhere. I also didn’t spend that much, as I put less than $1,000 per month on my Chase card. Here’s a full breakdown of how I got over $550 of value from my Chase Sapphire Reserve® in just two months.
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$300 in grocery store credits
The Chase Sapphire Reserve® normally offers a $300 annual travel credit. In a typical year, this is easy for cardholders to use. However, the pandemic obviously changed that.
In response, Chase expanded the travel credit so that it also covers gas station and grocery store purchases. This is currently scheduled to last through June 30, 2021.
Groceries are one of my biggest monthly expenses, so this credit saved me $300 on my supermarket spending in a matter of weeks.
$150 statement credit
Card issuers sometimes have special retention offers to convince you to keep your credit cards open. In November, I heard that Chase was offering statement credits to many cardholders who called in.
To see if I could get one myself, I called the number on the back of my card. Once I got through to a representative, I asked if there were any special offers for my Chase Sapphire Reserve® account.
Sure enough, the representative told me I had a $150 statement credit he could activate. As you can probably guess, since no one turns down a free $150, I accepted the deal.
$70 in DoorDash benefits
Chase is partnered with DoorDash, and the Chase Sapphire Reserve® offers two benefits with the food delivery service:
- A DashPass subscription: Provides unlimited deliveries with a $0 delivery fee and reduced service fees on qualifying food orders over $12. This service normally costs $9.99 per month, but Chase Sapphire Reserve® cardholders get a minimum of one year free.
- DoorDash credits: The Chase Sapphire Reserve® offered $60 of DoorDash credits in 2020 and offers another $60 credit through 2021.
These benefits were trickier to use. I don’t live in the United States, and DoorDash isn’t available in my area. But I definitely wasn’t going to let a $60 credit go to waste.
Instead, I placed a delivery for some family members during the holidays. I also made sure to sign up for my free DashPass subscription and set it up so that it won’t automatically renew and charge me after the subscription ends.
$46 in Chase Ultimate Rewards points
I earned quite a few Chase Ultimate Rewards points despite not spending much, in large part because of a limited-time offer. Starting Nov. 1, 2020, and lasting through April 30, 2021, the Chase Sapphire Reserve® earns 3 points per $1 on grocery store purchases (up to a bonus cap of $1,000).
In November and December, I earned 3,051 points with my Chase Sapphire Reserve®. That included 2,454 points from $818 in eligible grocery purchases.
With the Chase Sapphire Reserve®, points are worth at least $0.015 each. There are three ways you can redeem points at that rate:
- Book travel through the Ultimate Rewards travel portal.
- Get statement credits toward purchases made at grocery stores, on dining, at home improvement stores, or for donations with select charitable organizations. This is available through Chase’s Pay Yourself Back option, which lasts through April 30, 2021.
- Make purchases through Chase Dining, which offers private dining events, takeout, outdoor seating reservations, and more. This also lasts through April 30, 2021.
You can also transfer points to Chase travel partners and potentially get even more value.
Regardless, I know I’ll get at least $0.015 per point. That gives the 3,051 points I earned a value of $45.77.
Impressive value with the Chase Sapphire Reserve®
Overall, I’m happy I kept my Chase Sapphire Reserve®. Chase charged me a $450 annual fee in October, but I’ve gotten $566 in value from the card. I’m already up over $100 without any travel.
Most consumers can get just as much value and potentially much more. That’s especially true for new cardholders, who can also get a 50,000-point sign-up bonus (at least a $750 value) after they spend $4,000 in the first three months.
If you’re looking for premium travel rewards cards, you should see if the Chase Sapphire Reserve® fits your lifestyle and your spending habits.
View more information: https://www.fool.com/the-ascent/credit-cards/articles/how-ive-scored-over-550-from-my-chase-sapphire-reserve-in-2-months/