Credit Cards
Chase Sapphire Reserve Review
Premium travel card with transfer partners and extensive benefits
Read Review → Important Notice: The U.S. Bank Altitude Reserve was discontinued for new applications on November 11, 2024. This review is intended for existing cardholders evaluating retention decisions.
Executive Summary
Bottom Line: The U.S. Bank Altitude Reserve was discontinued for new applications in November 2024, ending one of the most unique premium travel cards available. Current cardholders retain all benefits, making this review essential for existing users considering retention decisions.
Key Facts: $400 annual fee with $325 travel credit, 3x points on mobile wallet purchases and travel, 1.5 cents per point for travel redemptions
Status: No longer accepting new applications as of November 11, 2024
Card Overview and Discontinuation
| Card Status | Discontinued November 11, 2024 |
| Annual Fee | $400 (waived for military) |
| Authorized Users | $75 each |
| Welcome Bonus | 50,000 points after $4,500 spend in 90 days |
| Travel Credit | $325 annually for travel and dining |
| Mobile Wallet Bonus | 3x points (Apple Pay, Google Pay, Samsung Pay) |
| Travel Earning | 3x points on all travel purchases |
| Base Earning | 1x points on all other purchases |
| Priority Pass | 8 complimentary visits annually |
| Redemption Value | 1.5 cents per point for travel |
U.S. Bank stopped accepting new applications for the Altitude Reserve on November 11, 2024, marking the end of one of the most distinctive premium travel cards in the market. The card's unique 3x points earning on mobile wallet purchases created a niche that no other premium card has replicated.
Pros and Cons Analysis
✅ What Made It Unique
- Lowest effective annual fee among premium cards at just $75 ($400 fee minus $325 credit)
- Unmatched mobile wallet earning with 3x points on Apple Pay, Google Pay, Samsung Pay
- Broad travel credit covering travel and dining purchases automatically
- Fixed redemption value at 1.5 cents per point for travel purchases
- Military benefits with complete annual fee waiver for active duty
- Real-Time Rewards system for instant travel redemptions
❌ What Limited Its Appeal
- No transfer partners preventing optimization through airline/hotel programs
- Limited Priority Pass visits with only 8 free annually
- Technical mobile wallet issues plaguing 2024 cardholders
- Narrow travel category excluding dining and vacation rentals
- Aggressive account closures for gift card purchases
- Card discontinued making it unavailable to new applicants
Earning Structure Deep Dive
Points Earning Categories
| Category | Rate | Travel Redemption Value | Annual Value on $5,000 Spend |
|---|---|---|---|
| Prepaid Hotels/Cars (Portal) | 5x | 7.5% | $375 |
| Mobile Wallet Purchases | 3x | 4.5% | $225 |
| Travel Purchases | 3x | 4.5% | $225 |
| All Other Purchases | 1x | 1.5% | $75 |
Mobile Wallet Coverage
The card's signature benefit covered purchases made through:
- Apple Pay at NFC-enabled terminals
- Google Pay for Android users
- Samsung Pay with both NFC and MST technology
Technical problems beginning in December 2023 disrupted mobile wallet earning, with purchases frequently earning only 1x instead of 3x points. U.S. Bank issued adjustment points to affected cardholders but recommended removing and re-adding cards to mobile wallets.
Welcome Bonus Analysis
Bonus Requirements
- Amount: 50,000 points ($750 travel value)
- Spending requirement: $4,500 in first 90 days
- Annual fee exclusion: Fee doesn't count toward minimum spend
- Eligibility: Once every five years (previously lifetime restriction)
The welcome bonus provided substantial value when redeemed through Real-Time Rewards at 1.5 cents per point, delivering $750 toward travel purchases.
Travel Benefits and Protections
$325 Annual Travel and Dining Credit
The credit automatically applied to purchases in these categories:
- Airlines, hotels, car rentals
- Ground transportation, cruise lines
- Restaurants, takeout, food delivery
- Resets on cardmember anniversary (not calendar year)
Priority Pass Access
| Annual Visits | 8 complimentary (cardholder + guests) |
| Additional Visits | $35 per person |
| Global Network | 1,300+ lounges worldwide |
| Guest Policy | Guests count toward annual limit |
Travel Insurance Benefits
- Trip cancellation/interruption: Up to $2,000 per traveler
- Trip delay: Up to $500 per ticket for delays over 6 hours
- Baggage delay: Up to $100 per day for delays over 6 hours
- Primary rental car coverage: No deductible required
- TSA PreCheck/Global Entry: Up to $100 credit every 4 years
Interest Rates and Fee Structure
APR and Fee Details
| Purchase APR | 21.74% - 28.74% Variable |
| Balance Transfer APR | 21.74% - 28.74% Variable |
| Cash Advance APR | 29.99% Variable |
| Balance Transfer Fee | 3% (minimum $5) |
| Cash Advance Fee | 5% or $10, whichever is greater |
| Late Payment Fee | Up to $41 |
| Foreign Transaction Fee | $0 |
Redemption Options and Values
Real-Time Rewards System
The Real-Time Rewards feature offers 1.5 cents per point for travel purchases through an innovative text-based system, working for car rentals over $250 and hotel stays exceeding $500.
Redemption Value Comparison
| Redemption Method | Value per Point | Best Use Case |
|---|---|---|
| Real-Time Rewards Travel | 1.5¢ | Hotels, car rentals |
| Altitude Rewards Center | 1.5¢ | Flight bookings |
| Cash Back | 1.0¢ | Statement credits |
| Gift Cards | 1.0¢ | Retail purchases |
| Amazon/PayPal | 1.0¢ | Online shopping |
Major Limitation: The absence of transfer partners represents the card's most significant limitation compared to Chase and Capital One offerings, preventing point transfers to airline and hotel loyalty programs.
Competitive Analysis
Premium Travel Card Comparison
| Card | Annual Fee | Mobile Wallet | Travel Credit | Lounge Access | Transfer Partners |
|---|---|---|---|---|---|
| Altitude Reserve | $400 | 3x points | $325 | 8 visits | None |
| Chase Sapphire Reserve | $795 | 1x points | $1,500+ credits | Unlimited | 14 partners |
| Capital One Venture X | $395 | 2x miles | $300 | Unlimited | 19 partners |
| Amex Platinum | $795 | 1x points | $1,400+ credits | Unlimited | 21 partners |
Effective Annual Fee Analysis
With its $400 annual fee offset by a generous $325 travel and dining credit, the card's effective cost of just $75 made it one of the most affordable premium options before discontinuation.
Value Analysis and Break-Even Points
Break-Even Spending Requirements
| Comparison Point | Required Annual Mobile Wallet Spend |
|---|---|
| vs 2% Cash Back Card | $3,000 |
| vs 2.25% Cash Back Card | $3,529 |
| vs 2.5% Cash Back Card | $4,090 |
Real-World Value Scenarios
Scenario 1: Heavy Mobile Wallet User
- $10,000 annual mobile wallet spending: 30,000 points = $450 travel value
- $325 travel credit utilized
- Total value: $775 vs $75 effective annual fee = $700 net benefit
Scenario 2: Moderate User
- $5,000 annual mobile wallet spending: 15,000 points = $225 travel value
- $325 travel credit utilized
- Total value: $550 vs $75 effective annual fee = $475 net benefit
Who Should Have Applied (Historical)
Perfect Candidates (Pre-Discontinuation)
- Heavy mobile wallet users spending $5,000+ annually through digital payments
- Samsung Pay users leveraging MST technology at non-NFC terminals
- Simple redemption preference valuing fixed 1.5¢ over transfer complexity
- U.S. Bank customers with existing banking relationships
- Military members receiving complete annual fee waiver
Should Have Considered Alternatives
- Transfer partner optimizers seeking maximum redemption value
- Frequent travelers needing unlimited lounge access
- Premium perk collectors wanting luxury benefits
- Gift card purchasers (risk of account closure)
Guidance for Current Cardholders
Should You Keep the Card?
Keep the card if:
- You consistently earn over $400 annually from mobile wallet bonuses
- You fully utilize the $325 travel/dining credit
- You value the simplicity of fixed 1.5¢ redemptions
- Technical mobile wallet issues have been resolved for you
Consider alternatives if:
- Transfer partners are essential for your travel goals
- You need unlimited lounge access
- Mobile wallet technical issues persist
- Annual value doesn't exceed $75 effective fee
Alternative Cards for Different Needs
| Need | Recommended Alternative | Key Benefit |
|---|---|---|
| Transfer Partners | Chase Sapphire Reserve | 14 transfer partners |
| Lower Annual Fee | Capital One Venture X | $395 fee, transfer partners |
| Mobile Payments | No direct alternative | Consider cash back cards |
| Military Benefits | Chase Sapphire Reserve | Fee waived under MLA |
2024 Technical Problems
Mobile Wallet Earning Problems
Technical problems beginning in December 2023 disrupted the card's core value proposition, with mobile wallet purchases frequently earning only 1x instead of the advertised 3x points. The timing of these issues, occurring less than a year before discontinuation, may have contributed to the card's closure.
U.S. Bank's recommended fixes:
- Remove card from mobile wallet
- Re-add card to mobile wallet
- Contact customer service for point adjustments
- Monitor statements for correct earning rates
Historical Application Requirements
Pre-Discontinuation Requirements
- Credit Score: Typically 740+ required
- Income: Undisclosed but aligned with premium standards
- Banking Relationship: Not required after September 2022
- Independence: Not subject to Chase 5/24 rule
U.S. Bank eliminated the previous requirement for existing banking relationships in September 2022, opening applications to a broader audience before the eventual discontinuation.
Final Verdict and Legacy
Overall Assessment: 3.8/5 (Current Holders Only)
- Historical Market Position: The Altitude Reserve carved out a unique niche with mobile wallet earning and affordable premium benefits
- Current Status: Valuable for existing cardholders who maximize mobile wallet spending
- Future Outlook: No comparable replacement available in current market
Retention Decision Framework
Retain if you:
- Earn $400+ annually from mobile wallet purchases
- Fully utilize the $325 travel/dining credit
- Prefer simplicity over transfer partner optimization
- Experience consistent mobile wallet earning
Consider switching if you:
- Need transfer partners for award travel
- Require unlimited lounge access
- Face ongoing mobile wallet technical issues
- Don't spend enough to justify the effective $75 fee
Market Impact and Legacy
The Altitude Reserve's discontinuation removes innovation from the premium travel card space. Its combination of low effective annual fee, mobile wallet earning bonus, and straightforward redemption options served a specific audience well. No current card replicates its exact feature set, making existing cardholders holders of an increasingly rare benefit.
Common Questions for Current Holders
Q: Will my existing card benefits change?
A: No, all current benefits remain intact for existing cardholders.
Q: Can I still earn the welcome bonus?
A: No, new applications are closed as of November 11, 2024.
Q: What happens to my points if I cancel?
A: Points remain valid until expiration or account closure.
Q: Is there a comparable replacement card?
A: No current card offers the same mobile wallet earning structure.