Is the Chase Sapphire Reserve® Worth the $795 Annual Fee?
On rewards alone, the Chase Sapphire Reserve® never out-earns the no-fee Hilton Honors American Express Card — its $795 fee has to be justified by credits and perks, not the earn rates.
Rates verified 2026-07-28.
Method: we compare what the Chase Sapphire Reserve® earns against the best no-annual-fee card in the same category — the Hilton Honors American Express Card — because the alternative to paying a fee is not earning nothing, it is a good free card. Full methodology.
Three spending levels
| Profile | Chase Sapphire Reserve® | Hilton Honors American Express Card | After the $795 fee |
|---|---|---|---|
| Light spender ($1,200/mo) | $203/yr | $542/yr | −$1,135 behind |
| Typical spender ($2,400/mo) | $408/yr | $1,082/yr | −$1,469 behind |
| Heavy spender ($4,500/mo) | $767/yr | $2,030/yr | −$2,059 behind |
The breakeven curve
| Monthly spend | Margin vs. Hilton Honors American Express Card (after fee) | Verdict |
|---|---|---|
| $500 | −$936 | keep the free card |
| $1,000 | −$1,076 | keep the free card |
| $1,500 | −$1,217 | keep the free card |
| $2,400 | −$1,469 | keep the free card |
| $3,500 | −$1,779 | keep the free card |
| $5,000 | −$2,200 | keep the free card |
| $7,500 | −$2,903 | keep the free card |
Caveats that can move this math: 8X Chase Travel. Statement credits and perks are not counted unless you would have spent that money anyway.