I just took the plunge for the $450 Chase Sapphire Reserve (CSR) card. I could not resist the 100k UR points signup bonus.

As most of you probably know, the card offers $300 per calendar year travel credit, effectively reducing the annual fee to $150. You get Priority Pass lounge access which I do not need, and Global Entry / PreCheck fee, which perhaps a family member can use but I can't. Primary rental car insurance is nice, probably worth $50 a year to me and more to others. The card also gives you 2 free bags on Southwest. OK, just kidding with that last one...

The ongoing draw is ability to earn 3 points per travel dollar spent (vs. 2 for RR Visa) and to redeem points for travel at 1.5 cents each. You can transfer your existing UR points to your CSR account and redeem those at 1.5 cents also. That's very competitive with the value of RR points, especially considering that the travel will earn miles. I don't think the Chase portal supports purchase of travel on Southwest, however. Maybe it will after Southwest changes to its new reservation software.

If you prefer Southwest points rather than UR points you can transfer UR to Southwest at will. The reverse is not possible, so be sure. These transfers do not move your CP qualifying counter!

If you don't need the RR Visa to qualify for Companion Pass, the CSR looks like a decent option. I imagine the RR Visa managers at Southwest are worrying about this new competitor, just a year after Chase Sapphire Preferred eliminated its 7% earnings advantage. I think the Rapid Rewards people should consider allowing RR points to be transferred to Ultimate Rewards. That would make the RR Visa more attractive and move it a cut above the Chase Sapphire Preferred, only slightly below the CSR.

I will learn more as I use the CSR but right now I rate it above the RR Visa in net value delivered per year for my travel and spending pattern.

What about getting my Companion Pass? I'm planning to merge Starwood and Marriott points and redeem a Travel Package in January. If that option gets devalued before then (and I do expect a devaluation within the next year or two), I have a stash of Choice points I can dump. We need to diversify in this hobby!