Over the past year, the credit card landscape has seen its fair share of changes, with alterations in benefits, fees, and rewards structures prompting many to reconsider their card choices. A particularly impactful change came in July 2024 when Chase decided to remove access to Priority Pass restaurants from the Chase Sapphire Reserve® and other Chase-issued cards. This shift has left many cardholders pondering whether the Sapphire Reserve still holds enough value to justify its place in their wallets.
Understanding the Change
The Chase Sapphire Reserve was one of the last remaining cards to offer Priority Pass restaurant access, a benefit that allowed cardholders to enjoy up to $28 in credits per person at airport restaurants. This perk was especially valued by frequent travelers for mitigating the often high costs of airport dining. Its removal has undoubtedly diminished the appeal of the Sapphire Reserve for many.
Impact on Cardholders
The response to this change among cardholders has been mixed. For those who frequently utilized the Priority Pass restaurant credits, this adjustment might tip the scales towards considering other credit card options. However, for travelers like myself and other TPG staffers who rarely encounter Priority Pass restaurants at our most-frequented airports, the impact is less significant.
Emily Thompson, TPG credit cards editor, expressed her disappointment but also noted the continuing benefits that make the card valuable to her. The $300 travel credit, ease of earning and redeeming Chase Ultimate Rewards points, and access to exclusive amenities like the Sapphire Lounge at LaGuardia Airport keep her loyal to the Sapphire Reserve.
Evaluating Your Options: Downgrading vs. Canceling
For those reconsidering their commitment to the Sapphire Reserve, there are a couple of strategies to consider: downgrading to another Chase card with a lower annual fee or canceling the card outright. Here are the pros and cons of each:
Downgrading:
- Credit Score Impact: Downgrading helps preserve your credit score by maintaining your credit line and history.
- Continued Benefits: Transitioning to another card in the Chase portfolio allows you to retain some benefits and potentially reduce your annual fees.
- Chase’s 5/24 Rule: Downgrading does not count as opening a new account, thus not affecting your status under Chase’s 5/24 rule.
Canceling:
- Negative Credit Impact: Canceling a card can negatively affect your credit score by impacting your credit utilization ratio.
- Loss of Benefits: You’ll forfeit any unused credits and perks, such as the $300 travel credit and Global Entry/TSA PreCheck credits.
- Forfeiture of Points: Canceling your card could mean losing any unredeemed Chase Ultimate Rewards points, unless you transfer them to another Chase card or a partner program before closing your account.
Recommended Strategies
- If Keeping the Card: Evaluate how you use the card’s remaining benefits, such as the travel credit and the points system. If these align with your spending habits and travel goals, retaining the Sapphire Reserve might still be a sound decision.
- If Downgrading: Consider switching to the Chase Sapphire Preferred® Card or a no-annual-fee card like the Chase Freedom Unlimited®. These cards offer different benefits and lower fees, which might better suit your current financial strategy.
- If Canceling: Ensure you redeem any outstanding rewards and utilize remaining benefits before closing the account to avoid losing these valuable perks.
Making an Informed Decision
The removal of Priority Pass restaurant access from the Chase Sapphire Reserve® is significant, but it doesn’t necessarily negate the card’s value for everyone. By carefully considering how you use the card’s benefits and analyzing your other credit card options, you can make an informed decision that aligns with your financial and travel needs. Whether you choose to keep, downgrade, or cancel your Sapphire Reserve, make sure it’s a choice that supports your overall credit management and travel strategy.
