Is the Chase Sapphire Reserve Worth Keeping During Quarantine?

Throughout the quarantine period of 2020 personal finance has consistently been one of the most important topics discussed at home.

Unemployment is at an all-time high, businesses are scrambling to keep their doors open, and travel has come to an abrupt halt.

This environment has placed many travelers and business people on alert and is forcing them to justify the expense of premium credit card fees.

Under normal circumstances, the Chase Sapphire Reserve (CSR) is a vital tool in the traveler’s tool belt, even with the recently increased annual fee of $550.

Travel insurance, travel credits, lounge access, and a plethora of other valuable benefits PLUS the phenomenal Ultimate Rewards Program more than pay for this card.

However, borders are closed and airports are a potential hazard for Coronavirus. Is the card worth it this year? Depending on a few factors I think it is.

Description

When the Chase Sapphire Reserve launched it took the travel world by storm.

The Amex Platinum now had a true rival to contend with.

Boasting an amazingly flexible $300 travel credit, free Priority Pass Membership, 3x points on travel, AND dining redeemable through so many travel partners, there wasn’t a NOT reason to have it.

Booking two trips essentially paid for the annual fee (originally $450) if you used the travel credit and took full advantage of your lounge access.

The Precheck/Global Entry credit sweetened the deal further by reimbursing the cost of either of these programs which enable you to have an expedited experience through airport security.

Trust me, nothing sets the mood for a great trip like breezing through security and being greeted at a lounge with a glass of champagne and a plate of piping hot pasta.

Those were the golden days that seem so long ago. Now that we are grounded at home let’s see what the CSR has to offer, and if it is worth the fee in a Covid-19 world.

Travel Credit

This is the make or break credit for most of us who signed up for the CSR in the first place.

$300 towards travel is incredibly useful, and it also is very liberal in what qualifies to trigger the credit. I’ve had parking garages, Ubers, and of course flights and airline incidentals credited back to my on my statement.

This credit is so easy to burn through that I intentionally hide my CSR until I am ready to book a trip.

Since it is so easy to use I would like to think that everyone who has the card was able to use some of the 2020 credit before quarantine began.

Fortunately, I spent most of mine on a road trip to New England so I got my money’s worth.  If you had a similar experience then you may as well head down to the other benefits.

For those who were saving their credit or have not had the opportunity to use it yet, there is still the entire second half of the year waiting for you.

Some possibilities for maximizing your travel credit would be to book a trip towards the end of the year, or even into 2021.

Why?

Fares are SO LOW.

Most of the airlines have ludicrous deals running 24/7 so that someone, anyone, will book a flight.

If you book your trip now and need to move it later, you will still get a refund or reimbursement, but you will be safe in the knowledge that you maximized your credit and scored a great deal in the process.

Doordash

I honestly was not aware of the Doordash credit/Dashpass benefit until earlier this week.

However, I was STOKED when I learned about it and proceeded to immediately order takeout. This is one of those little lifesaver benefits that are great for quarantine.

Chase is giving Reserve members $120 in credit to Doordash through 2021 in $60 annual allotments.

It is important to note that, unlike the Amex Platinum Uber credit, you can use this credit however you want.

All at once or broken up over time the choice is yours which is a nice feature.

Dashpass is a subscription service that Doordash offers at $9.99 per month which offers subscribers $0 delivery fees with orders over $15.

They claim that the average user saves over $20 a month even with the subscription price

CSR holders have this benefit included with their annual fee, and I can honestly say it was a noticeable savings when I ordered Doordash for the first time.

Simply add your CSR into the payment info in the Doordash App, and it automatically recognizes the card and enrolls you in the program.

This is a phenomenal quarantine benefit because it takes some of the added cost of takeout out of the equation. 

5x Points on Groceries Up to $1,500 Per Month through June 30th

This is a major incentive for CSR holders to hold on to their cards, at least through June.

Since travel and dining are so reduced, the addition of 5x points on groceries is a great way to recoup lost earnings.

The best part is that superstores like Walmart and Target are included in this promotion as long as they have a grocery section. This is worth up to 15,000 ultimate rewards points which is huge.

These are the three most valuable tools to CSR holders during the COVID crisis.

Supplemental benefits like travel insurance and trip delay insurance may still provide some value, but I see these three benefits as the primary lifesavers and reasons to hang on to the CSR during the quarantine.

Alternatives

If you were already on the fence about the CSR to the fee increase or another reason here are a few alternatives to consider:

Chase Sapphire Preferred

If you have the Sapphire Reserve you probably upgraded from the legendary Sapphire Preferred. This is a great alternative because the fee is only $95, Dashpass membership is included, and they are offering 3x points on groceries through June 30th. The most important factor is that you will retain your hard-earned Ultimate Rewards Points which do not work with other Chase products.

Chase Freedom

If you need to drop the fee entirely the Chase Freedom is a great choice. Rotating rewards categories, and a generous sign-up bonus make this a great contender.

Amex Green

If you are looking for something completely different, or an easy way to supplement your Membership Rewards earnings check out the Green Card from American Express. The fee is $150, and it comes with great travel and dining earning at 3x per dollar. Added credits like Clear and lounge buddy make it a great option for travelers who want lounge access and a lower fee.