I'm with you about the PP. I justify the Reserve for me as dining/travel is a huge part of my spend. However, for you, you're looking at the portal redemption to make the case or not. Thus, I see that you'd need yearly redemptions of 22,000 UR to make it worthwhile.

The Reserve's annual fee is $55 higher than the Preferred(assuming you have enough rebates to cover the $300 travel credit).

So... $55/.0025=22,000 where .0025 is the difference in redemption value between card brands.

Personally, with low dining/travel spend and NO known potential reward redemptions from the portal on the horizon, I'd go with the Preferred unless you have GE or precheck due up.