Maximizing the New Chase Sapphire Reserve Card

Credit card revamps strike again!

In June 2025, Chase overhauled their Sapphire Reserve Card from top to bottom. First, they jacked the annual fee to $795 USD. Then, as is so inevitable, they stuffed it with perks, earning rate upgrades… and it became a credit card coupon book. This was their attempt to compete with the American Express Platinum Card (US), but then something strange happened.

While most US-based blogs have lambasted the product changes, I think the angle that gets missed is that this card may actually work better for Canadians than for Americans. The earning rates hold up after currency conversion, most of the credits actually work from Canada, and the lounge access hasn’t been gutted, yet.

So is it worth it for Canadians who’ve gone through the arduous process of signing up for American credit cards? Let’s take a look at how to not simply tolerate the new Chase Sapphire Reserve Card, but maximize its value.

Make the Earn Rates Earn for You

Let’s start by looking at the new Ultimate Rewards points earning rates on the card:

• 10x on eligible Peloton equipment/accessories (through Dec 31, 2027, up to $5,000 spent)
• 8x on all Chase Travel purchases
• 5x on Lyft (through Sept 30, 2027)
• 4x on flights and hotels booked directly
• 3x on dining worldwide
• 1x on everything else

First up, I have to laugh at the Peloton category. Is that company still solvent? Does anyone seriously believe customers are paying $5,000 on spin bikes with knockoff iPads in Anno Domini 2026?

Now that my clowning is done, let’s talk about exchange rates and their implications on your daily earnings.

Since every dollar charged to the CSR is denominated in USD, Canadians need to account for currency conversion. At a spot rate of roughly 1 USD = 1.36 CAD at the time of writing, your effective earn rates per loonie come out to about 5.9x on Chase portal purchases, 3.7x on Lyft, 3x on direct flights and hotels, 2.2x on dining, and 0.7x on everything else. Chase charges zero foreign transaction fees, so you’re only paying the exchange rate, not a 2.5% surcharge on top.

These earning rates on Chase Ultimate Rewards points are still competitive. The 2.2x on dining alone is above the Canadian American Express Platinum Card. 3.7x on Lyft is excellent, assuming it’s available in your city (here in Edmonton, it’s often cheaper than Uber).3x on Travel is again excellent in Canada. Personally, I’d skip the Chase travel portal because I’d rather earn full Marriott Bonvoy points or Aeroplan points when booking my own voyages. It’s the 0.7x category on everything else that will kill your daily earning rates.

Chase UR are uniquely valuable because they can be transferred to programs that are often harder to access, such as Singapore Airlines KrisFlyer Miles or World of Hyatt (an exclusive Chase partner, in fact).

Alright, so what else could make signing up for this card enticing? Or worth maximizing?

Welcome Bonus

As of early 2026, the public offer is 125,000 Ultimate Rewards points after spending $6,000 USD in the first three months. That’s the highest public offer this card has ever had, and it’s worth well north of $2,000 USD when transferred to the right partner. Targeted offers of up to 175,000 points have been spotted too, so check Chase’s pre-qualification tool before applying.

Chase Sapphire Reserve Card

Apply Now Learn More Terms & Conditions apply

Chase Sapphire Reserve Card

The Chase Sapphire Reserve card is a premium credit card that offers a number of valuable benefits that includes travel credits, airport lounge access, and more.

OFFER
125,000 Ultimate Rewards points

MINSPEND
$6,000

EST. VALUE
$2,125+

ANNUAL FEE
$795

FOREX FEES
No

EXPIRY
–

Now, the bonus eligibility situation. Chase has been running its own version of Amex pop-up jail since the June 2025 relaunch, but fear not: they’re changing for the better!

The latest change, effective late January 2026, simplifies things: one welcome bonus per Sapphire card, per lifetime. 

In theory, if you’ve never had the Reserve bonus, you’re eligible, even if you currently hold a Sapphire Preferred. While the old 48-month rule is officially gone, Chase may still pop-up you during the application. The good news is the pop-up appears before a hard credit pull, so you can bail with no damage to your credit score or wallet if you are determined to not be eligible for the welcome bonus.

Hit the Coupon Book

Before we get into this, a note on currency. Every credit on the card is, of course, in USD. For Canadians, this means the real value fluctuates with the exchange rate, and given that the loonie has been weaker than the greenback for the better part of a decade, this usually works in your favour.

I’ve written at length about the scourge of credit card coupon booking, so it causes me physical pain to admit that this coupon book, specifically for Canadians, is actually pretty good.

The Good Credits

First up is a $300 USD annual travel credit that fires automatically on any travel purchase, flights, hotels, Uber, parking, tolls, and transit. No portal or curated merchant list, which is a big difference from the more restrictive Fine Hotels & Resorts credits on American Express Platinum cards.

A $300 USD StubHub/viagogo credit ($150 USD per half-year) is also available. If you’re a hockey or music fan, this pays for itself. NHL games, concerts, festivals, go nuts. This credit does work in Canada, but only if you purchase through stubhub.com, not stubhub.ca. The Canadian site may charge in USD, but won’t necessarily code correctly. Stick to the .com. I’m an Oilers fan, so I covet this benefit.

Cardholders will receive a complimentary Apple TV+ and Apple Music subscription (through June 2027). This subscription should work globally. ~$288 USD annually if you’d be paying for both, $0 if you wouldn’t. Nobody pays full price for streaming anymore. Just don’t forget to cancel.

The card also offers a Global Entry/NEXUS reimbursement, up to $120 USD every four years. Straightforward to use and definitely a benefit for frequent travelers. Finally, cardholders will also receive IHG One Rewards Platinum Elite status (through December 2027). Free, automatic, and nice to have even if you stay at IHG infrequently.

The Mid Credits

The Chase Sapphire Reserve card offers $500 USD in annual Edit hotel credits (provided as two $250 USD credits for prepaid two-night stays, now usable anytime during the year), plus a one-time $250 USD hotel credit for 2026 at select brands like IHG and Omni. Right now, you can stack both. I wouldn’t go out of my way to overpay for a five-star hotel that I only sleep at and use the shower in just to burn these.

There are also $120 USD in Lyft credits (provided as $10 USD per month). These are usable only in the United States, but could be useful if you find yourself down there semi-regularly.

One of the more unique credits is the $300 USD Chase Exclusive Tables dining credit. This can offer borderline value depending on your lifestyle. This program has ~275 restaurants, almost all in major US cities. I don’t know about you, but I don’t exactly eat Michelin-starred whatever on the regular. Some resourceful cardholders have found creative ways to extract value from dining credits, and I’ll leave it at that.

The “What Was Chase Thinking?” Credits

The Chase Sapphire Reserve has $300 USD in DoorDash credits, and while these are for use in the United States only, even if they worked in Canada, the redemption structure is needlessly byzantine: two $10 USD non-restaurant promos and one $5 USD restaurant promo per month, each on separate orders, non-stackable, non-rollover. Sad!

There are also $120 USD in Peloton membership credits ($10 USD/month). Peloton. ‘Nuff said.

The Rundown on Chase Sapphire Reserve Credits

The “Good” pile of credits comes out to roughly $1,020 USD in annual value (~$1,390 CAD) before you touch anything in the mid-tier. That already covers the $795 USD annual fee with room to spare. Start dipping into the mid-tier credits, even partially, and the math pulls further ahead of the Canadian Amex Platinum’s coupon book. 

Of course, this only matters if you can use these credits on things you actually care about. Don’t go to a Blue Jays game for $25 beers if you hate baseball just to get your credit’s worth.

Airport Lounge Access

One more thing. The Sapphire Reserve includes Priority Pass Select with unlimited visits and two free guests, for both primary cardholders and authorized users. You also get access to the Chase Sapphire Lounge network in the United States (including the stunning Chase Sapphire Lounge in Boston) and select Air Canada Maple Leaf Lounges when flying on a Star Alliance carrier.

Why does this matter? Because the Canadian Amex Platinum is capping Priority Pass and Plaza Premium visits to six per year starting January 2027, with guest visits counting against your total. Chase has no visit cap. Authorized users get their own membership. In a world where lounge access is being slashed across the board, the Sapphire Reserve is a refreshing change of pace.

Conclusion

The Chase Sapphire Reserve isn’t a card you hold passively. Coming in with a $795 USD annual fee, which converts to well over $1,080 CAD, it demands effort to get maximum value.

But if you’re a Canadian who’s already in the US credit card game, the math is easy to maximize. The usable credits cover the annual fee, the earn rates hold up after conversion, Ultimate Rewards points transfer to programs we actually care about, and the airport lounge access is better than what our own premium cards are about to offer in the near future.