Originally Posted by mia

Agreed, it's a $150 card provided you don't double count the $300 reimbursement and think that you obtained a reimbursed expense for "free". You paid for it.

The differences between Sapphire Preferred ($95) and Sapphire Reserve ($150 net) are these:

3x vs 2x points per dollar on travel and dining
Priority Pass membership
VISA Infinite benefits

If you are an AS flyer Priority Pass may seem appealing because the Alaska Boardrooms accept Priority Pass, but there are many reports of PP holders turned away due to crowding. See this thread:

http://www.flyertalk.com/forum/chase...embership.html

Otherwise, Ultimate Rewards is not a good match for Alaska Airlines program. I would also look at American Express Platinum because it provides the same Priority Pass benefit, plus some additional lounge access, plus Starwood and Hilton hotel status -and- Membership Rewards points can be transferred to Virgin America, though at the rate 200:100. Not sure how long this will last, BUT American Express has an excellent track record of advance notice when transfer partnerships end. Currently the American Express new account bonus is larger.