The Chase Sapphire Reserve® has a $550 annual fee, but its benefits can make it worth the price. Every year cardholders receive up to $300 in statement credits for travel purchases, and that’s in addition to these ongoing perks:

• Priority Pass membership (access to 1,400+ airport lounges)
• Up to $100 in application fee credits every four years for Global Entry, TSA PreCheck or NEXUS
• Free year of DoorDash DashPass worth $120 (when you activate by Dec. 31, 2024)
• Two free years of Lyft Pink All Access worth $199 a year (when you activate by Dec. 31, 2024)
• $5 in monthly DoorDash credit through Dec. 31, 2024
• Free year of Instacart+ worth $99 when you activate by July 31, 2024
• Up to $15 Instacart statement credits a month through July 2024

Cardholders can also take advantage of many useful travel and purchase coverages. You’ll get trip delay insurance, rental car coverage, purchase protection, extended warranty protection and more.

The Sapphire Reserve also earns Chase Ultimate Rewards® points, which are exceptionally versatile and valuable travel rewards. You can redeem Chase points for cash back, gift cards, travel and transfer them to all 14 of Chase’s partner travel programs.

While there isn’t an officially published minimum credit score requirement, to qualify for Chase Sapphire Reserve®, you’ll typically need a top-notch credit score. To give yourself the best chance of being approved, aim for a FICO Score of 740 or higher.

But remember, Chase considers much more than your credit score when reviewing your application, including how many credit cards you have opened with other banks recently. You may be denied a Chase credit card if you’ve opened five or more credit cards in the past 24 months. This is known as the Chase 5/24 rule.

There are also added limitations based on if you have, or have had, any version of the Sapphire card (including the Chase Sapphire Preferred® Card). You aren’t eligible for a Sapphire Reserve card if you either:

• Currently have any version of the Sapphire card
• Received a welcome bonus from any version of the Sapphire credit card in the last 48 months

The 48-month waiting period applies to when you last earned a bonus, not when you were last approved for a Sapphire card. You typically have up to three months to earn a bonus, so you may need to wait up to 51 months from your last Sapphire card approval date.

To have the best chances of getting approved for the Chase Sapphire Reserve®, we recommend having a strong credit score (740+). However, even with an excellent credit score, you’ll need to meet other requirements to qualify such as falling under Chase’s 5/24 limit.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card story is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit cards. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

Catch up on CNBC Select’s in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.

*Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.