Chase Sapphire Reserve vs. Citi Strata Elite: Premium travel benefits that are worth the price tag

Citi is no longer accepting applications for the Citi Custom Cash® Card product as of May 28, 2026. 

Lately, credit card issuers have been busy retooling their premium credit cards with valuable new benefits (and increased annual fees). One such card is the Chase Sapphire Reserve® (see rates and fees), which added a few hundred dollars in statement credits, subscriptions and more last summer.

Meanwhile, the premium Citi Strata Elite℠ Card was launched in July last year and comes with its own impressive collection of unique credits and memberships.

CNBC Select walks through the annual fees, welcome bonuses, rewards and more to help you decide between the Chase Sapphire Reserve vs. Citi Strata Elite.

The Chase Sapphire Reserve charges an annual fee of $795 (see rates and fees). The Citi Strata Elite charges an annual fee of $595.

While both of these price tags are well above the average credit card annual fee, the perks they offer are similarly above average. Depending on your lifestyle, paying these fees can be an absolute no-brainer (we'll get into that shortly).

The Chase Sapphire Reserve is currently featuring its highest-ever welcome bonus of 100,000 Chase Ultimate Rewards® points after spending $6,000 on purchases within the first three months from account opening. This is one of the highest bonuses we've ever seen for a points-earning Chase credit card, worth a minimum of $1,500 in cash back (and $3,000+ when redeemed toward travel).

The Citi Strata Elite offers a bonus of 75,000 Citi ThankYou® Points after spending $6,000 on purchases within the first three months from account opening. These points come with many of the same redemption options as Chase Ultimate Rewards® points and are also worth at least 1 cent each toward travel.

Given the Sapphire Reserve's bonus earns 75,000 more points for the same amount of spending, it wins this category.

The Chase Sapphire Reserve offers a decent selection of bonus categories, though they are travel-heavy (as you'd expect for a travel credit card). You'll get:

• 8X points on all purchases made through Chase Travel℠, including The Edit℠
• 4X points on flights booked directly with airlines
• 4X points on stays booked directly with hotels
• 3X points on dining worldwide
• 1X points on all other eligible purchases

The travel-centric Citi Strata Elite provides similar bonus categories but with varying return rates:

• 12X points on hotels, car rentals, and attractions booked via Citi Travel
• 6X points on airfare booked through Citi Travel
• 6X points at restaurants on Citi Nights℠ (every Friday and Saturday from 6 p.m.–6 a.m. ET)
• 3X points at restaurants at any other time
• 1.5X points on all other eligible purchases

The Citi Strata Elite gets the edge thanks to its minimum 1.5X return rate.

The Chase Sapphire Reserve and Citi Strata Elite earn points that can be redeemed for everything from cash back to first-class airfare to Amazon purchases.

Below are popular redemptions for both Chase points and Citi points.

Book travel through a proprietary travel portal

Both Chase and Citi offer online travel portals that let you purchase airfare, hotel stays, rental cars and more with cash, points or a mix of both. The value you'll get per point depends on the specific cards:

• Through Chase Travel℠, the Chase Sapphire Reserve gives you a value between 1 and 2 cents per point, depending on what you book. The card's Points Boost feature may boost your points' value by up to 2 cents apiece if you book an eligible hotel or flight from a rotating selection of options.
• Through Citi Travel, the Citi Strata Elite gives you a fixed 1 cent per point, no matter what you book.

Transfer partners

You can often get the best value from your points by transferring them to airline and hotel loyalty programs partnered with your card issuer. You can easily earn at least 2 cents in value per point with this option.

The Chase Sapphire Reserve and Citi Strata Elite have many transfer partners in common, along with their own unique partners. There are significantly more Citi transfer partners than Chase — but that doesn't mean it's best for your travel strategy. Examine the lists below to decide which issuer's transfer partners will best serve you. All transfer partners are 1:1 unless otherwise specified:

Redeem for cash back

It's rarely the best value to cash out your points for a statement credit or direct deposit, but many points collectors do it anyway because it's so convenient.

Again, Chase points can be redeemed at 1 cent per point. Citi points can be redeemed at varying values depending on which card you have. When redeeming for cash back, points earned with the Citi Strata Elite are worth 0.75 cents apiece. But if you also own either the Citi Double Cash® Card or Citi Custom Cash® Card and pool your rewards with one of those cards, your ThankYou® Points can be worth 1 cent per point toward cash back.

One of the most important aspects of a card when deciding whether it will work for your long-term is its ongoing benefits.

Both the Chase Sapphire Reserve and Citi Strata Elite are geared toward travelers, offering statement credits and travel-focused memberships. With a bit of strategy, you can get more than $1,000 in value from either option.

Lounge access

Airport lounges often come with free food and alcohol. Some even offer shower suites, day beds and children's playrooms. If you've not experienced an airport lounge, it's every bit as cool as its sliding glass doors suggest.

The Chase Sapphire Reserve and Citi Strata Elite offer excellent airport lounge access, both granting entry into more than 1,500 Priority Pass^TM lounge locations. They also offer unique access to select lounge networks:

• The Chase Sapphire Reserve gets you into Chase Sapphire Lounges and Air Canada Maple Leaf Lounges/Cafes in the U.S., Canada and Europe (you must have an eligible boarding pass).
• The Citi Strata Elite provides up to four American Airlines Admirals Club day passes each year.

Paying for similar access would cost you several hundred dollars per year.

Statement credits

The Chase Sapphire Reserve includes a long list of travel, dining, and lifestyle perks that can help offset the annual fee for cardholders who maximize the benefits. You'll get:

• $300 annual travel credit: Up to $300 in statement credits for any purchases that register as travel on your card statement each account anniversary year
• Global Entry, NEXUS or TSA PreCheck® credit: Up to $120 in statement credits every four years for application fees for these programs
• Credit for stays with The Edit℠: Up to $500 in annual credits for prepaid stays with The Edit by Chase Travel, a selection of luxury hotels and resorts. Earn up to $250 in statement credits on up to two bookings per year (minimum two-night stay required)
• StubHub and viagogo credits: Up to $300 in annual StubHub and viagogo credits for concerts or events (up to $150 semiannually through Dec. 31, 2027; activation required)
• Airport lounge access: Enroll to receive unlimited access to Priority Pass lounges, including Chase Sapphire Lounge by The Club locations and select Air Canada lounges
• DoorDash perks: Enroll to receive a year of complimentary DoorDash DashPass membership when you activate by Dec. 31, 2027. Earn up to $300 in annual DoorDash value through promos, including $5 in monthly promo credit at restaurants and two $10 monthly discounts on non-restaurant orders (through Dec. 31, 2027)
• Apple TV+ and Apple Music subscriptions: Complimentary Apple Music and Apple TV+ subscriptions (activation required; subscriptions run through June 22, 2027)
• Peloton membership: Up to $120 annual credits for Peloton memberships through Dec. 31, 2027 ($10 in monthly credit; activation required)
• Lyft perks: Up to $120 in annual Lyft in-app credits through Sept. 30, 2027 ($10 in credits per month)
• $250 Chase Hotels credit: Up to a $250 credit for select Chase Travel Hotel stays of two nights or more, made before Dec. 31, 2026
• $300 annual dining credit: Up to $150 in dining credits twice per year via the Sapphire Exclusive Tables program on OpenTable. Earn a $150 credit at eligible restaurants between Jan. 1 and June 30, and between July 1 and Dec. 31

The Citi Strata Elite doesn't have as many statement credits, but they still far outweigh the card's annual fee. You'll get:

• Up to $300 in annual hotel credits: Every calendar year, receive $300 off prepaid hotel stays of two or more nights booked through Citi Travel
• Up to $200 in annual Splurge Credits^℠: Choose up to two eligible brands to receive a combined reimbursement of up to $200 per calendar year. Brands include American Airlines (with exclusions), Best Buy, Live Nation (with exclusions), 1stDibs and Future Personal Training
• Up to $200 in annual Blacklane Credits: Book premium global chauffeur service Blacklane and receive up to $100 between January and June and another $100 between July and December
• Up to $120 in TSA PreCheck® or Global Entry credits: Receive a statement credit to reimburse either Global Entry or TSA PreCheck® every four years

Additional benefits

The Chase Sapphire Reserve is famous for having arguably the best travel insurance and shopping protections on the market, including:

• Purchase protection
• Return protection
• Extended warranty protection
• Roadside assistance
• Auto rental collision coverage (primary)
• Baggage delay insurance
• Lost luggage reimbursement
• Trip cancellation/interruption insurance
• Trip delay reimbursement
• Travel accident insurance
• Travel and emergency assistance
• Emergency evacuation and transportation
• Emergency medical and dental

With the Citi Strata Elite, you receive the following coverages:

• Trip delay insurance
• Lost/damaged luggage insurance
• Trip cancellation and interruption insurance
• Rental car insurance (secondary within the U.S.)
• Extended warranty protection
• Purchase protection

Both cards offer exclusive use of proprietary hotel booking platforms that grant elite-like benefits when staying at select hotels. You'll get perks like free breakfast, property credits, room upgrades (when available) and more.

The Chase Sapphire Reserve also features perks such as complimentary IHG One Rewards Platinum Elite Status, the second-highest level (through Dec. 31, 2027) and additional perks after spending $75,000 in a calendar year, including:

• IHG One Rewards Diamond status
• $500 Southwest Airlines Chase Travel credit
• $250 The Shops at Chase credit
• Southwest Airlines A-list status

When it comes to applying for the Citi Strata Elite vs. the Chase Sapphire Reserve, the best rewards credit card for you depends on your lifestyle.

In terms of potential value, the Chase Sapphire Reserve wins handily over the Citi Strata Elite — but its annual fee is higher, and some of its statement credits, like Peloton or DoorDash, may have a rather limited appeal.

And while these cards have a handful of similar benefits, don't eliminate the possibility that opening both could be worthwhile. If you go this route, just be sure to spread out your applications over a few months in order to avoid denial and minimize the impact on your credit score.

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 review is based on rigorous reporting by our team of expert writers and editors. 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.

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Information about the Citi Custom Cash® has been collected independently by CNBC Select and has not been reviewed or provided by the issuer of the card prior to publication.