Chase Sapphire Reserve Limited Time Perks during COVID-19

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Chase added limited time features to their Chase Sapphire Reserve and Chase Sapphire Preferred cards in response to reduced travel opportunities in 2020.

Both of these Chase cards waive the annual fee for military servicemembers and civilian spouses of active duty troops with the MLA law.

Amex also recently added some outstanding benefits to their cards due to reduced travel opportunities during COVID-19. Check out the Amex cell phone and streaming credits, worth up to $40 per month per card.

Temporary Chase Sapphire Reserve Benefits

The Chase Sapphire Reserve (read the full review) normally has a $550 annual fee, but that's waived for active duty military and their spouses.

Pay Yourself Back

From May 31 to September 30, 2020, you can redeem Ultimate Reward points for 1.5 cents for a statement credit towards purchases at dining, grocery stores, and home improvement stores such as Home Depot of Lowe's (Lowes military discount info here).

Chase is calling this the “Pay Yourself Back” tool. This is in addition to redeeming the points for 1.5 cents on travel.

This is an easy way to cash out Ultimate Reward points. You can consolidate UR points from cards like the Chase Freedom Flex and Chase Freedom Unlimited to your CSR to get even more value out of the points earned with the Freedom cash back cards.

Normally UR points cash out at 1 cent per point. But with Pay Yourself Back, you can use your 50,000 point welcome bonus and buy $750 worth of groceries or gas. That's a great benefit!

$300 Chase Travel Credit Now Groceries and Gas

Between 1 June and 31 Dec 2020, the $300 annual travel credit will include purchases at gas stations and grocery stores. Since military servicemembers pay no annual fees, this is essentially a free $300 to spend on gas or groceries until the end of the year.

With the annual travel credit so easy to use now, the CSR is the clear winner for now in the eternal Chase Sapphire Reserve versus Amex Platinum battle. All military servicemembers should definitely add a CSR to their collection this year. It's $300 of free gas or groceries for the rest of 2020!

Check here if your Commissary is a grocery store.

Chase Sapphire Reserve No Annual Fee for Military
  • Learn how to apply for the Chase Sapphire Reserve
  • $550 annual fee waived to $0 for US military + spouses with Chase MLA policy
  • Earn 50,000 Chase Ultimate Reward Points after $4000 of spend in the first 3 months – $750 value when redeemed through Chase Ultimate Rewards
  • $300 annual travel credit
  • 10x points on hotels and rental cars & 5x points on air travel booked through Chase Ultimate Rewards after the first $300 spent on travel annually
  • 3x Points on other Travel (airfare, hotels) after earning the $300 travel credit
  • 3x Dining restaurants, takeouts, delivery)
  • Ultimate Reward Points redeemed through the Chase travel portal are worth 1.5 cents, a 50% bonus
  • Priority Pass lounge and restaurant access with over 1300+ airport lounges worldwide
  • Up to $100 application fee credit for Global Entry
  • Primary car rental auto insurance and trip cancellation/interruption insurance
  • No foreign transaction fees
  • Learn more in the Chase Sapphire Reserve review

Temporary Chase Sapphire Preferred Benefits

Between 31 May and 30 September 2020, you can redeem Chase Ultimate Rewards points for 1.25 cents each towards a statement credit that offsets purchases at dining (restaurants, takeout, and delivery), grocery stores, and home improvement.

This benefit obviously is not as good as the Chase Sapphire Reserve, so I recommend all military servicemembers and their civilian spouses pick up a CSR. You can compare the Sapphire Reserve versus Sapphire Preferred in this article.

Chase Sapphire Preferred Military SCRA MLA
  • Learn how to apply for the Chase Sapphire Preferred
  • Earn 80,000 Chase Ultimate after spending $4000 in the first 3 months of card membership
  • 80,000 points = $1000 minimum value when redeemed through Chase Ultimate Rewards travel portal
  • New benefits include $50 annual Ultimate Rewards Hotel Credit
  • 5x points on travel purchased through Chase Ultimate Rewards portal
  • 3x points on dining (includes takeout, delivery, and dine-in)
  • 2x points on all other travel purchases
  • Points can also be redeemed with “Pay Yourself Back” for 1.25 cents each on eligible purchases
  • No foreign transaction fees, great for overseas OCONUS assignments, TDY, and PCS
  • Primary rental car insurance coverage & trip cancellation/interruption insurance
  • Unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for one year with DashPass, DoorDash's subscription service. Must activate by 3/31/22.
  • Earn 5x total points on Peloton Equipment and accessory purchases through 03/31/2022
  • Upgrade to a Chase Sapphire Reserve after 1 year (compare Reserve vs Preferred)
  • $95 annual fee waived for military and spouses with Chase Military Lending Act

Summary of Temporary Chase Benefits

Credit card companies are adapting to the decreased travel opportunities available.

Personally I do not plan to cash out my Ultimate Reward points at 1.5 cents each as I am confident I can get more value from the points by saving them for a transfer to a travel partner like Singapore Airlines, Hyatt, or Emirates. Usually I try to get at least 3 cents per point when I redeem UR points for travel.

These Chase temporary benefits are a great complement to the Amex temporary benefits. I recommend picking up at least one Amex Platinum card and one Chase Sapphire Reserve card per person.

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