[Edited 9/10/2024: Card offers have changed since this post was written.]

“Should I get the Capital One Venture X Rewards Credit Card or Chase Sapphire Reserve®?”  That’s going to be the million dollar question while the increased offer on Chase’s premium travel credit card is around.  My husband had the Chase Sapphire Reserve for a couple years, and I recently had him downgrade to the Chase Freedom Flex®.  Why?  Because when the Capital One Venture X came out with a bang, with its 100k offer (currently not around), after some comparison, we knew that the Venture X was the premium level travel card for us right now (and we couldn’t justify fees on two premium travel cards.)  But it’s not that simple at times, and it’s important to remember that it truly depends on your travel goals, lifestyle, and current strategy.

Chase Ultimate Rewards are my favorite type of points.  With travel partners such as Southwest & Hyatt, our family’s favorites, we love earning Chase points when and how we can.  Chase also has their unspoken 5/24 rule, so keeping that in mind – it’s good to apply for Chase cards first, over others as feasible.  I have the Chase Sapphire Preferred® Card- when we aren’t working on meeting a minimum spend on a card (like right now), our expenses are divided between my card and my husband’s Venture X card.  It’s a great card for beginners in the world of award travel, and a keeper.  Earning flexible rewards currency is key, because you can transfer to respective airline/hotel travel partners as needed.

Possible Strategies

So let’s say it’s been over 4 years since you have had one of the Chase Sapphire cards.  If so, then you can apply for the current Chase Sapphire Reserve offer.  After a year, you can downgrade to a no-fee option like the Chase Freedom Flex.  If the benefits (on the Reserve) make sense to you, and/or you currently don’t have a premium travel card – then you could keep it.  If you are looking for a card to give you perks like Global Entry/TSA PreCheck credit and lounge access – then you definitely need a card like Chase Sapphire Reserve, Capital One Venture X, or even The Platinum Card® from American Express.  (Check out rates and fees here.  The Venture X and Reserve are more comparable as they have similar perks and benefits; the AMEX Platinum has a much higher fee, though with additional perks.)

If you already have a premium travel card like the Capital One Venture X, you could get the Reserve, and then after a year, downgrade to a no-fee option.  The Reserve has a much higher fee ($550), and if you’re looking for a premium travel card that’s also a keeper, Venture X may win you over with its lower annual fee ($395).  I should reiterate, that while perks are similar, there will be some that don’t overlap – so it’s a good idea to compare the benefits, along with airline/hotel travel partners of both cards and banks, respectively.  Why would you even apply for another premium card if you already have one?  Well, simply put and in this case – Chase points are too valuable to pass up!  But, you would be applying with a strategy, keeping in mind that at least for the first year, you would be paying annual fees on two premium travel credit cards.

Now what if you already have a Chase Sapphire product like the Chase Sapphire Preferred, and it’s been over 4 years?  Similar scenario.  You can downgrade to the Chase Freedom Flex, wait a week or two, and then apply for the Chase Sapphire Reserve.  Again, if Chase Ultimate Rewards are important to your award travel strategy, this is another possible way to earn more of them.

Things to Remember

Chase has strict rules when it comes to applying for their cards.  Here’s what you should know:

• You can only have one Chase Sapphire product at a time.
• You can only apply for a Chase Sapphire product every 48 months.  If it’s been less than that, you are not eligible.  If it’s been over that time period, you are eligible to apply for the increased Chase Sapphire Reserve offer.
• You need to be under 5/24.
• While data varies on what your credit score should be, the higher the better.  Higher scores usually end in faster approvals too.  I’ve read data points saying that some with scores of 700 or lower, let’s say, have stated that they have been approved – but it wasn’t instant.

Remember that the annual fee will be billed on your first statement.  But you’ll make up $300 of it after booking travel – and don’t forget the $100 credit after paying for Global Entry or TSA PreCheck (and that goes for anyone).  Also, if you book a lot of travel in Chase’s travel portal, then this card would be great for you.  It earns 5x-10x points when you book hotels, car rentals, and/or flights in the portal.

Bottom Line

It comes down to what your travel goals are before you can decide if this offer is right for you.  Look at Chase’s travel partners – will they help you get to where you are looking to go in the near future?  Any tentative travel plan where you could really use a good stash of additional Chase points (I mean honestly, who can’t use Chase points?)  Remember, every offer, and the timing of it, won’t be for you.  Personally, neither of us are eligible for this offer right now – but if we were, I’m sure I’d be using one of the above mentioned strategies so I can get my hands on my favorite type of points – Chase Ultimate Rewards!