Yes, the Chase Sapphire Reserve® Credit Card is a premium travel credit card, which makes it harder to get than most cards in the same segment. Chase requires all new applicants to have a high, steady annual income and an excellent credit score. Unless you can meet those requirements, it’ll be hard to qualify for this credit card.

The Chase Sapphire Reserve® Credit Card charges an annual fee of $550, and it’s not the only fee you’ll have to pay while using it. There’s also a 5% balance transfer fee, a 5% cash advance fee and up to $40 in late payment or return fees.

While there is no preset initial spending limit for the Chase Sapphire Reserve® Credit Card, all new cardholders are guaranteed at least $10,000 to start. However, if you have a lot of income and a satisfactory credit history, that amount might be higher.