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Christine ran her own business developing and managing insurance and financial services. This stoked a passion for points and miles and she now has over 2 dozen credit cards and creates in-depth, deta...
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Those who choose to serve in our country’s military are highly respected due to the understanding of the commitment and sacrifices the service member must make. Military service also comes with inherent challenges, some of which can be financial.
While not a blanket solution to this problem, the Servicemembers Civil Relief Act of 2003 (SCRA) and the Military Lending Act (MLA) established in 2006 made significant strides toward easing some of the financial restraints affecting those on active-duty military service.
Credit card issuers must adhere to these laws, but some issuers, Chase included, go beyond the law and waive annual fees on certain credit cards for active-duty military members.
The Chase Sapphire Reserve®, which we’ll discuss today, is one of the best military credit cards as it’s loaded with useful benefits and has a high annual fee that can be waived.
In this article, we’ll look at all the key benefits of the card and the potential value each one could have to a qualifying military member.
How Do the SCRA and MLA Acts Work?
In an effort to relieve some of the financial burdens our active-duty military members faced, 2 legislative acts were passed years ago to help address the issue. In brief, the SCRA act applies to the debt of active-duty military members acquired prior to military service. The SCRA caps interest rates, including application fees, transaction fees, and other associated fees, at 6%.
The MLA applies to financial transactions and credit acquired during active-duty military service and caps interest rates, including associated fees, at 36%.
For example, if a service member opens an eligible financial account, then enters active-duty military service, the SCRA would apply. If a service member is already on active duty and is then extended credit, the MLA would apply.
Extending credit to service members via the approval of credit cards fell under these acts when it was amended in 2017. Chase has been extending benefits offered to active-duty military members by waiving annual fees for some of its credit cards ever since.
The Chase Sapphire Reserve card is an eligible card for having the annual fee waived.
Bottom Line: The SCRA and MLA Acts put caps on the maximum interest rates/fees that can be charged for debt incurred or credit extended to eligible military members prior to, and during, active duty. Credit cards fall under the law but some credit card issuers, including Chase, extend additional benefits such as waiving annual fees and associated transaction fees.
Chase Sapphire Reserve Card Overview
Before we look at each of the individual benefits of the Chase Sapphire Reserve card, let’s look at a snapshot of the key features of the card.
Why We Like the Card for Active-duty Military
We like that the Chase Sapphire Reserve card earns well on travel purchases. Booking travel through the Chase travel portal can yield up to 10x earnings, but even travel booked outside of the portal receives 3x points per dollar.
The Potential Value of the Chase Sapphire Reserve Card Benefits [$7,100+ in Value]
With the previous snapshot as a foundation, let’s now look at each benefit with an accompanying estimated potential value for active-duty military members.
Welcome Offer — Value of $900
We estimate the value of Ultimate Rewards points at 2 cents each, therefore the value of the welcome offer can vary depending on how you redeem your rewards.
The 60,000-point welcome offer on the Chase Sapphire Reserve card is available to earn immediately after card approval when you meet minimum spending requirements. The generous welcome bonus can be worth $900 when redeemed for travel via the Chase travel portal or potentially worth $1,200 (or even more) when transferred to travel partners and redeemed for free hotel nights or flights.
Annual Fee Waiver — Value of $550
Premium travel rewards cards like the Chase Sapphire Reserve card also offer premium benefits. These cards, however, typically come with high annual fees. If you can secure a premium travel rewards card and have the annual fee waived, you’re sure to realize added value.
Additional Waived Fees — Value of $75
Adding an authorized user to the Chase Sapphire Reserve card normally comes with a $75 fee for each additional user. Chase waives these fees as well as all other transaction fees, except late fees and insufficient funds fees.
Travel Statement Credit — Value of $300
The $300 travel statement credit is pure economic value and easy to use. Simply make an eligible travel purchase with your card and receive a statement credit equal to the purchase, up to $300 each card anniversary year.
Redeem Rewards for Travel via Chase Travel Portal — Value of $1,500
Plan your next vacation using rewards earned on your Chase Sapphire Reserve card. Image Credit: mario0107 via Pixabay
Earning rewards can be exciting but the real fun comes at redemption time. That’s when you’ll have several ways to redeem your rewards for travel. You can use your rewards to purchase travel via the Chase travel portal and receive 50% more value.
If you redeem 100,000 Ultimate Rewards points a year, instead of receiving the standard 1 cent per point in travel value ($1,000), you’ll receive 1.5 cents per point, or $1,500 in travel.
Access to Hotel and Airline Transfer Partners — Value Varies
The greatest potential value for your Ultimate Rewards points can be when transferring your points to hotel and travel partners. The value of this benefit can vary depending on the transfer partner you use and the value of the hotel night or airline ticket you purchase, but it is reasonable to expect 2 cents per point in value by doing so.
Pay Yourself Back — Value of $1,800
Pay Yourself Back allows you to redeem your Ultimate Rewards points for 1.25 to 1.5 cents each for statement credits that offset rotating category purchases. Examples of these categories include groceries, dining, and qualifying charitable contributions.
If you were to spend $150 each month or $1,800 in a year on dining, as an example, you could reimburse these expenses for 120,000 to 144,000 Ultimate Rewards points (worth $1,800) versus 180,000 Ultimate Rewards points at 1 cent in value each without using Pay Yourself Back.
Redeem Rewards for Statement Credits — Priceless
Redeeming Ultimate Rewards points for a statement credit is not the best value for the rewards earned on your card, but it’s always good to have the option. If you need to pay an unexpected bill or have a household emergency when cash is short, you can always redeem your points for 1 cent each as a statement credit.
If you redeem 100,000 points, for example, you would receive a statement credit of $1,000.
Bottom Line: The Chase Sapphire Reserve card comes with valuable earning and redemption benefits including a welcome offer worth several hundreds of dollars, greater value for rewards used for travel and Pay Yourself Back, and in a pinch you can use your rewards for a general statement credit.
Worldwide Lounge Access — Value of $680
Having complimentary lounge access can provide a quiet retreat from the busy airport. Image Credit: Priority Pass
Airport lounge membership is expensive. Having a complimentary Priority Pass Select membership with the Chase Sapphire Reserve card can save you money by not only providing access to over 1,300 airport lounges throughout the world, but you’ll also have access to participating Priority Pass restaurants, Minute Suites, Be Relax spas, and Gameway locations.
Just 1 traveler using 10 lounge visits per year ($50 x 10 =$500), 5 restaurant visits ($28 x 5 = $140), and 1 Be Relax spa service ($40) could result in $680 worth of value. If traveling with another person, you could double that value.
Global Entry, TSA PreCheck, or NEXUS Fee Reimbursement — Value of up to $100
Pay your Global Entry, TSA PreCheck, or NEXUS application fee or renewal with your card and receive a statement credit equal to the amount of the fee, up to $100 once every 4 years. You can also use your card to pay for family members and/or friends and receive the credit.
The Luxury Hotel & Resort Collection and Visa Infinite Hotel Collection Benefits — Value of $100+
If you’re looking to splurge and be treated royally, perhaps for a special occasion, the benefits that come with these luxury hotel collections could be a nice perk.
Book your stay with Luxury Hotel & Resort Collection using your Chase Sapphire Reserve card and receive daily breakfast for 2, an upgraded room when available, complimentary Wi-Fi, early check-in and late checkout when available, and an onsite benefit worth $100.
Visa Infinite Hotels benefits include all the same benefits as the Luxury Hotel & Resort Collection plus an additional $25 food and beverage credit and VIP status during your stay.
Auto Rental Collision Damage Waiver — Value of $200
Enjoy peace of mind when renting a vehicle by having primary car rental coverage. Image Credit: Robert Nagy via Pexels
Use your card to reserve and pay for your entire rental, decline the rental car agency’s CDW/LDW coverage, and receive protection for damage and theft of the rental car. Exclusions and limitations apply.
If you were to rent a car for 10 days and not have to pay for coverage costing $10 a day, that’s a savings of $200 on just 1 rental.
Trip Cancellation, Trip Interruption, and Trip Delay Insurance — Value of $100
Should a trip you paid for with your card, with rewards earned on your card, or a combination of the 2 need to be canceled or is interrupted for a covered event, you could receive up to $10,000 per trip per person, $20,000 per occurrence, with a maximum of $40,000 within a 12-month period.
If your trip is delayed more than 6 hours for a covered reason, you could receive up to $100 a day for up to 5 days as reimbursement for covered incidental expenses such as lodging, toiletries, and meals.
Baggage Insurance — Value of $100
If your luggage is lost or stolen, you could receive up to $3,000 per person, per trip. If your baggage is delayed 6 hours or longer, you could receive up to $100 per day, for up to 5 days, in reimbursement for covered incidentals.
Limited Medical and Emergency Evacuation Insurance — Value Varies
In the unlikely event you have to use this coverage, the value could be significant. The emergency transportation and evacuation benefit can provide up to $100,000 in coverage for you and eligible family members if you’re accidentally injured or fallen ill and need to be evacuated.
Additionally, you could receive up to $2,500 for emergency medical or dental services and medicines (subject to a $50 deductible). If, after recovery, you need to stay in a hotel room before returning home, you could receive up to $75 per day for up to 5 days.
Roadside Assistance — Value of $50
The roadside assistance benefit that comes with the Chase Sapphire Reserve card will provide help if you’re stranded roadside by dispatching the nearest service provider. The fee for the service call is included, up to $50 per event, for up to 4 service calls per 12-month period.
Service calls can include limited towing, jump-start service, tire changing with an inflated spare, standard winching, fuel delivery, and lockout service. Any services that exceed $50 will be charged to your card.
No Foreign Transaction Fees — Value of $90
Foreign transaction fees can add expense to an international trip. You won’t have to worry about these extra charges on foreign transactions as the Chase Sapphire Reserve card does not charge these fees.
If you were to make $3,000 in foreign purchases, you would save $90.
Bottom Line: The Chase Sapphire Reserve card delivers an extensive list of valuable travel benefits and protections, including primary car rental coverage, trip cancellation/interruption/delay, baggage insurance, evacuation insurance, and roadside assistance. Plus, the card does not charge foreign transaction fees. Learn more about the excellent travel insurance benefits of the Chase Sapphire Reserve card in this detailed article.
Purchase Protection, Return Protection, and Extended Warranty — Value Varies
Shopping benefits and protections can save you money on your purchase and provide protection if you need it. Image Credit: Karolina Grabowska via Pexels
Purchase an eligible item with your card and receive coverage for damage and theft for up to 120 days from the date of purchase with purchase protection. Coverage limits are $10,000 per claim, up to $50,000 per year.
With return protection, you could receive up to $500 per item, up to $1,000 each year, if the merchant will not accept a return within 90 days from the date of purchase.
Extended warranty adds an additional year of warranty protection to eligible items that have manufacturer’s warranties of 3 years or less, up to $10,000 per claim, $50,000 per account.
DoorDash DashPass Membership and Credit — Value of up to $180
Receive a free 1-year DoorDash DashPass membership, normally $9.99 a month, with free delivery for orders more than $12 and reduced fees. You’ll also receive a $5 DoorDash account credit each month. Registration is required to receive the complimentary DashPass. Register by the end of 2023 to receive an entire 12 months of membership as this benefit is set to expire on December 31, 2024.
Instacart+ Membership and Statement Credits — Value of up to $279
If you’re using Instacart now or have been thinking about it, there’s a lot of value to be realized. You’ll be saving the membership fee plus receiving up to $180 in credits over the period of a year.
Chase Offers and Shop through Chase — Value of $100
You could potentially save hundreds of dollars each year if you took advantage of all the available Chase Offers, but let’s be conservative and say you’ll save $100. You can review Chase Offers by logging into your online Chase account online or via the app. Select the offers you want to use, make the required purchase with your card, and receive a statement credit.
You can also earn additional Ultimate Rewards points by making purchases via the Chase shopping portal. Log in to your Ultimate Rewards account and use the Shop through Chase retailer and service provider links to make your purchase.
Hot Tip: The Chase Offers system is intuitive — the more you use your Chase credit card, the more Chase Offers you’ll receive!
Qualification and Requesting Benefits
Who Qualifies for Chase’s Active-duty Military Benefits
Chase has a simple definition of who qualifies for its SCRA and MLA benefits. Active-duty military members, active-duty National Guard members, and National Guard Reserve members who are called to active-duty are described as qualifying for benefits.
It’s simple to request SCRA/MLA benefits with Chase. Image Credit: Chase
You can request benefits by logging in to your online Chase card account, selecting Secure Messages, then New Message, then from the drop-down box, select Servicemembers Civil Relief Act (SCRA). You will then be able to create a message, attach any supporting documents, and submit your message to Chase.
Alternatively, you can mail your request and documents to Chase, Attention SCRA Request, P.O. Box 183240, Columbus, Ohio, 43218-3240.
Chase offers a military hotline for service members to call to discuss benefits. The benefit hotline is open Monday through Friday from 8 a.m. to 9 p.m. EDT. If calling from outside of the U.S., dial 318-340-3308, or within the U.S. call 877-469-0110.
Everything Else You Need To Know
Chase will waive annual fees on personal consumer credit cards for eligible active-duty military members and their spouses but does not waive annual fees for business credit cards. Fortunately, there are Chase business credit cards that have no annual fee or a lower annual fee. Check out our list of the best Chase business credit cards.
You will need an excellent credit score, generally 800 or better, to increase your chances of approval for the Chase Sapphire Reserve card. You may be approved with a 740 score (or higher) with solid accompanying credit history.
Chase does not limit the number of cards you can have with the issuer but does have rules as to the maximum number of cards you’ve secured in the recent past. Be sure to review Chase’s 5/24 rule prior to applying for any Chase card.
Finally, please note that this is a sampling of some of the key benefits of the Chase Sapphire Reserve card and not an all-inclusive list. Plus, we’ve abbreviated benefits descriptions and not added all of the terms and conditions that apply.
Additional Recommended Chase Cards for U.S. Active-duty Military Members
Chase issues a variety of cards that are packed with benefits and have annual fees that can be waived. Keep in mind that each card comes with its own specific welcome offer that you can earn immediately after card approval when completing minimum spending requirements.
Here are just a few Chase-issued cards offering good value for active-duty military:
Chase Sapphire Preferred Card
Why We Like the Card for Active-duty Military
The Chase Sapphire Preferred card is a popular first-time travel rewards card. The card earns flexible rewards for travel purchases and you’ll have several options to redeem those points for travel. Plus, the card has a lower annual fee, making it a card you can keep far beyond your active-duty military service.
If you frequently stay at a particular hotel brand, having the associated hotel-branded credit card can elevate your stay experience, help you earn free nights faster, and deliver benefits that can make travel more comfortable.
The Marriott Boundless card offers a lot of Marriott Bonvoy-related benefits for a mid-tier card. Because of its lower annual fee and Marriott-centric benefits, you may want to keep the card indefinitely.
Why We Like the Card for Active-duty Military
Elevated earning of up to 17x points per dollar spent at Marriott
Realistically, it’s unlikely you’ll be able to realize all the potential value the Chase Sapphire Reserve card can provide, however, with so many available benefits, the card can be one of the best choices for a qualifying military member.
Also, the actual value of the benefits you receive will depend on your spending mix, your redemption priorities, and how many additional benefits you are able to use. If an active-duty military member could use just a few of the card’s benefits, the card easily earns a place in their wallet.
It’s worth noting that Chase is not the only card issuer that waives credit card annual fees for qualifying active-duty service members. Check out our list of these additional top rewards cards we recommend for military members for extraordinary value.
Featured Image Credit: Upgraded Points
Frequently Asked Questions
Yes. The Chase Sapphire Reserve card has a high annual fee that can be waived for qualifying active-duty military members.
The card offers hundreds of dollars in travel statement credits, worldwide lounge access, and up to 50% more value for your rewards when redeemed for travel via Chase Ultimate Rewards.
The card is also packed with valuable premium travel benefits and protections such as primary car rental insurance, trip cancellation, trip interruption, emergency evacuation insurance, and more.
You will need an excellent credit score, generally 740 to 800, to increase your chances of approval for the Chase Sapphire Reserve card. It is possible to be approved at the lower end of the recommended credit score range with strong credit history.
Yes. While there is no limit as to how many Chase cards you can officially have, be sure to review the Chase 5/24 rule prior to applying.
No, unfortunately not. However, for more insight on the best cards for veterans, we’ve put together a potential list in this related article.
Christine ran her own business developing and managing insurance and financial services. This stoked a passion for points and miles and she now has over 2 dozen credit cards and creates in-depth, detailed content for UP.
Disclaimer: Any comments listed below are not from the bank advertiser, nor have they been reviewed or approved by them. No responsibility will be taken by the bank advertiser for these comments.
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