Benefits of the Chase Sapphire Reserve

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The Chase Sapphire Reserve® is so loaded with benefits that its annual fee might be considered a bargain even at $450. Chase Sapphire Reserve® benefits fall into three general categories: rewards points you earn by putting spending on the card, perks you receive for carrying the card and “peace-of-mind” protections you get for being a cardholder.

Here’s what you get with this card.

Points: Spending rewards

Rewards on the Chase Sapphire Reserve® come as Chase Ultimate Rewards® points, which offer a great deal of flexibility and a potentially high redemption value per point. (Learn more about Chase Ultimate Rewards® points.)

A big sign-up bonus

Chase Chase Sapphire Reserve Credit Card

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The issuer describes it this way: “Earn 50K bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 toward travel when you redeem through Chase Ultimate Rewards® .”

Bonus rewards on travel and dining

You earn 3 Chase Ultimate Rewards® points per dollar spent on travel and dining worldwide, and 1 point per dollar on all other purchases.

50% more value when redeeming for travel

Ultimate Rewards® points are usually worth 1 cent apiece. But Chase Sapphire Reserve® cardholders who redeem them for travel booked through Chase can get 1.5 cents per point. That gives you an effective rewards rate of 4.5% on travel and dining and 1.5% on other purchases.

Point transfers to airlines and hotels

You can transfer your points to about a dozen airline and hotel loyalty programs at a 1:1 ratio. Depending on the program and how you use the transferred points, you could squeeze out even more value than the 1.5 cents per point you get for booking through Chase. Transfer partners:

  • Airlines: United, Southwest, JetBlue, Aer Lingus, Air France/KLM, British Airways, Iberia, Singapore Airlines, Virgin Atlantic.
  • Hotels: Marriott, IHG, Hyatt.

Perks: Goodies for carrying the card

$300 a year in travel credit

If there’s a single, signature Chase Sapphire Reserve® benefit, this is probably it. The card automatically reimburses you for $300 in travel expenses charged to the card each year. (However, purchases reimbursed with the credit do not earn 3X points.) The automatic credit effectively cuts the annual cost of carrying the card to $150. Learn more about travel credits.

TSA Precheck/Global Entry credit

Every four years, you’re eligible for a credit of up to $100 as reimbursement for the application fee for TSA Precheck or Global Entry, when you charge the fee to your card. TSA Precheck gets you access to expedited airport security lines; Global Entry gives you the same access, plus quicker customs screening when entering the country. Learn more about TSA Precheck and Global Entry.

No foreign transaction fees

Many credit cards slap a surcharge on all purchases made outside the U.S. — typically 3% of the purchase amount. Good travel cards like the Chase Sapphire Reserve® do not impose this fee. See NerdWallet’s best no foreign transaction fee credit cards.

Priority Pass Select lounge access

Chase Sapphire Reserve® benefits include the ability to enroll in Priority Pass Select at no cost. Membership gives you access to more than 1,000 lounges in over 500 cities worldwide. Note that Priority Pass Select lounges do not include those operated by the big U.S. carriers American, Delta and United. Learn how to maximize Priority Pass Select.

Luxury hotel benefits

Cardholders staying at one of the high-end properties in Chase’s Luxury Hotel & Resort Collection can enjoy an array of perks: daily breakfast for two, free Wi-Fi, room upgrades when available, early check-in and late checkout, and a “special benefit unique to each property,” such as a spa package, restaurant credit or gift card.

Cardholder hotline

Don’t mess around with general-purpose customer service phone trees. Chase Sapphire Reserve® customers get 24/7 access to a dedicated customer support line.

Protections: Peace-of-mind benefits

Chase Sapphire Reserve® benefits include protections that kick in when you shop with your card and when you book travel with your card. Keep in mind that with some of these benefits, certain conditions and exclusions will apply. (For example, don’t expect to be able to buy a Ferrari with your card, total it and then get reimbursed under the purchase protection benefit.)

Shopping protections

Purchase protection

When you buy something with your card, it’s covered against theft or damage for up to 120 days, for up to $10,000 per item and $50,000 per year. Learn more about price protection.

Return protection

If you want to return something you’ve bought but the store won’t take back, you might be able to get reimbursed through Chase. The coverage is good for 90 days after purchase, up to $500 per item and $1,000 per year. Learn more about return protection.

Extended warranty

This benefit adds an extra year onto manufacturers’ warranties of three years or less. Learn more about extended warranty protections.

Travel protections

Rental car coverage

Pay for an auto rental with your card and decline the rental agency’s insurance coverage, and you’re covered for up to $75,000 against collision or theft. Coverage is primary — meaning you don’t have to involve your own insurance at all — and available both in the U.S. and abroad. Learn more about credit card rental car coverage.

Trip cancellation or interruption insurance

Get reimbursed for up to $10,000 per person and $20,000 per trip if you have to cancel or cut short your trip because of sickness, weather and other covered situations. Reimbursement applies only to prepaid, nonrefundable travel expenses.

Trip Delay Reimbursement

If your airline, train, bus or other ticketed travel experiences a delay that lasts more than six hours or requires an overnight stay, you’re covered for unreimbursed expenses up to $500 per ticket.

Lost Luggage Reimbursement

This provides up to $3,000 of coverage per passenger if your checked or carry-on luggage is damaged or lost by the airline. Applies to the cardholder and immediate family members.

Medical emergencies during travel

If you or an immediate family member get sick or injured while traveling and need an emergency evacuation, you can be covered for up to $100,000 for medical services and transportation.

More about the card

This article originally appeared on NerdWallet