Chase Sapphire Preferred Card Review
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The Chase Sapphire Preferred® Card is a travel rewards card designed for the occasional traveler. It has a great signup bonus, excellent rewards, and a $50 credit to your account when you book hotels through Chase Travel(SM). You also get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Travel(SM). For example, 60,000 points are worth $750 toward travel.
It’s possible to squeeze even more value out of your points if you transfer them to Chase’s travel partners. You’ll need excellent credit to be approved, but still: this card packs a ton of value. We dive into the details and your approval odds in this Sapphire Preferred review.
Our Rating
4.9/5.0
Welcome Offer
Earn 60,000 bonus points
Annual Fee
$95
0% on Purchases
N/A
Reward Rate
1x – 5x points
0% on Balance Transfers
N/A
Editorial Review
As regular readers know, I save and invest all of my credit card rewards. I’ve been doing this for about two years, and my Credit Card Financial Freedom Fund, as I like to call it, is up to $32,391.95.
My strategy includes a few of the best cash-back credit cards, including the Chase Sapphire Reserve®. That card has a hefty annual fee of $550. For those who want a great travel card without a monster annual fee, the Chase Sapphire Preferred® Card is the answer.
Here’s what you need to know.
Rewards Program
The rewards program includes both bonus points and points earned on everyday purchases.
Bonus Points
The card gets a lot of attention for its welcome bonus points. Here’s how it works: Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 when you redeem through Chase Travel℠.
Normally, these points are worth 1 cent each. However, if you use the points for travel through Chase Ultimate Rewards, you get a 25% bonus. This effectively increases the value of the points, making it one of the largest signup bonuses available on any credit card.
Now to the Fine Print. This bonus is not available to those who have received a bonus from a Sapphire card in the past 48 months. Here’s the fine print from Chase:
This product is available to you if you do not have any Sapphire card and have not received a new cardmember bonus for any Sapphire card in the past 48 months.
Everyday Points
In addition to the bonus points, you’ll earn up to 5x points for every dollar charged to the card. Here’s the breakdown:
- 5x points on travel purchased through Chase Ultimate Rewards
- 3x points on dining
- 2x points on travel not purchased through Chase
- 1x point on all other purchases
There are no reward caps.
Redeeming Points
While there are many ways to use Chase Ultimate Rewards points, there are only two “good” ways to redeem them:
- Booking travel through Chase Ultimate Rewards
- Transferring points to travel partners
Booking Travel Through Chase
Of course, you can redeem points for travel purchased with the Chase Sapphire Preferred® Card. As noted above, travel purchased through Chase Ultimate Rewards qualifies for a 25% bonus, thus extending the value of the points.
Here’s how Chase describes this discount:
Each point you redeem for travel booked through Ultimate Rewards is worth $.0125 (one and a quarter cents), which means that 100 points is worth $1.25 in redemption value. This is like getting a 25% discount on travel you get with points when compared to the cash price. For example, a $500 airline ticket will only cost you 40,000 points. You would need 50,000 points to get $500 in cash through Ultimate Rewards and 40,000 points is 25% less than 50,000. The cost of travel and comparison of the points price and cash price is based on the rates and fares available through the Ultimate Rewards website and travel center, and may not reflect all rates and fares that are available through other sales channels.
Transferring Points
A big bonus comes in the form of transfers. You can transfer your points at full value to any of these Chase airline or hotel partners:
- Airline Partners
- Aer Lingus AerClub
- British Airways Executive Club
- Emirates Skywards
- Flying Blue AIR FRANCE KLM
- Iberia Plus
- Singapore Airlines KrisFlyer
- Southwest Airlines Rapid Rewards
- United Airlines MileagePlus
- Virgin Atlantic Flying Club
- Hotel Partners
- IHG Rewards Club
- Marriott Bonvoy (including Ritz-Carlton)
- World of Hyatt
Potential Value of Rewards
The value of rewards will depend on how the card is used for purchases and how the points are redeemed. Assuming one redeems points for travel through Chase Ultimate Rewards, points are worth $0.0125 each. Based on this valuation, here are some potential reward values per year.
| 5x Monthly Purchases | 3x | 1x | Total Annual Value |
|---|---|---|---|
| $250 | $150 | $1,000 | $405 |
| $500 | $250 | $1,500 | $712.50 |
| $750 | $350 | $2,000 | $1,020 |
| $1,000 | $500 | $3,000 | $1,425 |
| $1,500 | $750 | $5,000 | $2,212.50 |
Other Perks
The Chase Sapphire Preferred® Card offers several additional benefits:
- Chip-Enabled Security: Enjoy enhanced security and wider acceptance with your chip-enabled card when used at a chip card reader
- $0 Foreign Transaction Fees: Pay no foreign transaction fees when you use your card on purchases made outside of the United States
- 1:1 Point Transfer: Transfer points to participating in frequent travel programs at full value. For example, 1,000 Chase Ultimate Rewards points equal 1,000 partner miles/points
- Exclusive Events & Experiences: Access special travel opportunities and exclusive events available to card members. Explore VIP packages to major culinary, entertainment, and sporting events.
Pros & Cons
What we like about the Chase Sapphire Preferred® Card
- Signup bonus for new customers
- Up to 5x points on purchases
- $0 Foreign Transaction Fees
- 25% travel redemption bonus
What could be better
- $95 Annual Fee
- Requires Excellent Credit
Chase Sapphire Preferred vs Reserve
| Sapphire Preferred | Sapphire Reserve | |
|---|---|---|
 |  | |
| Signup Bonus | Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 when you redeem through Chase Travel℠. | Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $900 toward travel when you redeem through Chase Travel℠. |
| Max Reward Rate | 5x on travel booked through Chase | 10x on hotels booked through Chase |
| Annual Travel Credit | $0 | $300 |
| Annual Fee | $95 | $550 |
| Point Bonus* | 25% | 50% |
Who is the Chase Sapphire Preferred® Card Best for?
The Chase Sapphire Preferred® Card is best for those who travel at least once a year and aren’t loyal to specific airline or hotel brands. We do not, however, recommend this card if you plan to use just one credit card. The 1x category covers too many purchases for the average person or family. As such, this card should be carried with a 2% cash back or even a 1.5% cash back credit card.
Chase Sapphire Preferred® Card Alternatives
A better option for those who travel frequently may be the Chase Sapphire Reserve. While it comes with a hefty annual fee, the rewards are better, including a 50% bonus on points redeemed for travel through Chase Ultimate Rewards. In addition, its travel credit offsets more than half of the annual fee.
Chase Sapphire Preferred® Card Rating
Summary
The Chase Sapphire Preferred® Card card’s excellent signup bonus, rewards on everyday purchases, and relatively low fees make it an excellent choice for those looking for a travel rewards credit card.
Welcome Offer
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 when you redeem through Chase Travel℠.
Features & Benefits
| Security | EMV Chip Enabled, Fraud Monitoring, Zero Liability |
| Contactless Payments | Tap to Pay, Apple Pay, Google Pay, Samsung Pay |
| Benefits | Extended Warranty Coverage, Purchase Protection |
| Travel Perks | Auto Rental Collision Damage Waiver, Emergency Travel Assistance, Luggage Protection, Trip Delay Reimbursement, Travel Accident Insurance, Trip Cancellation Insurance |
Rewards
Interest Rates & Fees
| Annual Fee | $95 |
| Foreign Transaction Fee | $0 |
| Regular APR | 21.49%-28.49% (V) APR |
Insurance
Trip Delay Insurance
If your common carrier travel is delayed more than 12 hours or requires an overnight stay, you and your family are covered for unreimbursed expenses, such as meals and lodging, up to $500 per ticket.Trip Cancellation and Interruption Insurance
If your trip is canceled or cut short by sickness, severe weather and other covered situations, you can be reimbursed up to $10,000 per person and $20,000 per trip for your pre-paid, non-refundable travel expenses, including passenger fares, tours, and hotels.Extended Warranty
Extends the time period of the U.S. manufacturer’s warranty by an additional year, on eligible warranties of three years or less.
Purchase Protection
Covers your new purchases for 120 days against damage or theft up to $500 per claim and $50,000 per account.
Lost Baggage Insurance
Reimburses you for essential purchases like toiletries and clothing for baggage delays over 6 hours by passenger carrier up to $100 a day for 5 days.
What Credit Score Is Required to Get the Chase Sapphire Preferred® Card
The following credit score data are based on publicly available information we have collected from various forums. We have no way to confirm the accuracy of this data. In addition, keep in mind that credit card issuers use numerous factors in their underwriting process, and these factors can change at any time.
Lowest Approved Credit Score: 703
Average Approved Credit Score: 770
| App Status | Date | Credit Score | Bureau | Credit Limit |
|---|---|---|---|---|
| Approved | 08/03/2023 | Not Provided | ||
| Approved | 04/19/2023 | Equifax | ||
| Approved | 04/19/2023 | Experian | ||
| Approved | 04/19/2023 | TransUnion | ||
| Approved | 11/11/2023 | Not Provided | ||
| Approved | 04/18/2023 | Experian | ||
| Approved | 05/21/2023 | Experian | ||
| Approved | 04/04/2023 | Equifax | ||
| Approved | 04/04/2023 | Experian | ||
| Approved | 07/06/2023 | Experian | ||
| Approved | 07/06/2023 | Equifax | ||
| Approved | 07/06/2023 | TransUnion | ||
| Approved | 10/19/2023 | Not Provided | ||
| Approved | 06/14/2023 | Experian | ||
| Approved | 04/06/2023 | Not Provided | ||
| Approved | 04/14/2023 | Experian | ||
| Approved | 04/14/2023 | Equifax | ||
| Approved | 04/14/2023 | TransUnion | ||
| Approved | 10/23/2023 | TransUnion | ||
| Approved | 10/03/2023 | Equifax | ||
| Approved | 10/03/2023 | Experian | ||
| Approved | 10/03/2023 | TransUnion |
Pros & Cons
- Welcome offer
- No foreign transaction fee
- Earns Chase Ultimate Rewards points
- Up to 5x points
- Annual fee
- High APR
- Requires good credit
What Are the Best Alternatives?
Chase Sapphire Reserve®
Rating
4.9
Rewards Range
1x - 10x
Annual Fee
$550
Capital One Venture X Rewards Credit Card
Rating
4.9
Rewards Range
2x - 10x
Annual Fee
$395
The Platinum Card® from American Express
Rating
4.5
Rewards Range
1x - 5x points
Annual Fee
$695
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