Chase Sapphire Preferred^® Card Review [2024]: Why It Never Leaves My Wallet

Card basics

Who should get the Chase Sapphire Preferred?

The Chase Sapphire Preferred^® Card is a great fit for casual and occasional travelers who want to earn valuable travel rewards. If you spend a decent amount on dining, select streaming services, and online groceries, this card will help you quickly rack up Chase Ultimate Rewards points.

Perfect for occasional travelers

You don't have to be a road warrior to get great value from the Chase Sapphire Preferred^® Card. I occasionally travel a few times a year, but the 5X earning on travel purchased through Chase Travel℠ adds up fast. And getting 3X for dining means every date night or happy hour with friends helps grow my points balance for my next trip.

I recently took a weekend trip and used my Chase Sapphire Preferred^® Card to book my hotel stay through the Chase portal. Using the Chase Sapphire Preferred, not only did I earn 5X points on the stay, but I also got a $50 statement credit thanks to the card's annual hotel credit perk. Those rewards helped offset a big chunk of the cost of the getaway.

Who should skip it?

If you rarely spend money on travel or dining out, you'll have a hard time earning enough rewards to make the Chase Sapphire Preferred^® Card worth its $95 annual fee. Infrequent travelers who don't spend much in the card's bonus categories should stick to a $0-annual-fee travel card like the Capital One VentureOne Rewards Credit Card instead.

What should you know before applying?

The annual fee is easy to offset

At first glance, paying $95 a year for a credit card might seem steep. But the Chase Sapphire Preferred^® Card provides several ways to offset that fee and come out ahead. Each account anniversary, you get a $50 hotel credit for stays booked through the Chase portal. That alone covers over half the cost of carrying the card.

You also get bonus points equal to 10% of your total points earned from purchases from the previous year. So if you earn 30,000 points, you'll get 3,000 bonus points. This helps reduce the cost of the card even more. Add additional benefits, like a 25% additional value for your points via Chase Travel, up to $15 in statement credits each quarter through July 2024, and more, and you’d easily earn more than the card’s annual fee.

Pair it with a no-annual-fee Chase card

To really supercharge your rewards, consider combining the Chase Sapphire Preferred^® Card with the $0-annual-fee Chase Freedom Unlimited^®.

Use the Chase Sapphire Preferred^® Card for travel purchased through Chase Travel℠ as well as dining, select streaming services, and online groceries, and the Chase Freedom Unlimited^® for everything else. The Chase Freedom Unlimited^® earns 1.5% cash back on non-bonus purchases in the form of Ultimate Rewards points. I funnel most of my expenses through this potent duo, and my points balance climbs fast.

Let's say your annual spending breaks down like this:

You'll get more value by booking through Chase

The Chase Sapphire Preferred is the perfect middle card in the Chase trifecta. This combo allows you to combine points between Chase cards and earn more value per point. It includes other Chase cards like the Chase Freedom Flex^®, Chase Freedom Unlimited^®, and Chase Sapphire Reserve^®.

The Chase Sapphire Preferred^® Card then allows me to transfer points to Chase's airline and hotel partners or redeem them for 25% more value through the Chase Travel Portal. It's a powerful combination for earning award travel.

Here's a closer look at this card's top benefits

A welcome offer that jump-starts your travels

You can earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's quite a generous offer. I remember when I signed up for this card three years ago, the bonus points covered a big chunk of my flight and hotel costs during my first year of having it. Redeeming the points through Chase Travel, this bonus is worth a whopping $750. Talk about a great way to kick off a travel rewards journey.

Rewards on everyday spending

The Chase Sapphire Preferred^® Card really shines with its rewards rates. You can 5X points on travel purchased through Chase Travel℠; 3X points on dining, select streaming services, and online groceries; 2X points on all other travel purchases, and 1X points on all other purchases.

As someone who loves dining out and traveling, these categories align perfectly with my spending habits. Just last month, I earned over 5,000 points on my restaurant bills and travel bookings alone.

Increased value for each point

One of my favorite perks of the Sapphire Preferred is that the points are worth 25% more when redeemed for travel through Chase Travel. So, if I have 50,000 points, instead of getting $500 in value, I actually get $625 towards travel. Last summer, I redeemed 80,000 points for a $1,000 flight, making each point worth a solid 1.25 cents. It's like a built-in bonus every time I redeem for travel.

Simple annual hotel credit

The Sapphire Preferred helps you earn up to $50 in statement credits each account anniversary year for hotel stays purchased through Chase Travel. While $50 may not sound like much, it's essentially a free night at a lower-tier hotel or a nice discount on a fancier stay. I used my credit earlier this year to cover a portion of my stay at a Hyatt hotel.

Anniversary boost to help offset the annual fee

The 10% anniversary point bonus is a unique feature that I appreciate more each year. This boost basically gives you 10% of all the points you earned on purchases throughout the year.

Having earned a bit over 40,000 last year, my 10% boost amounted to over 4,000 points. At a value of 1.25 cents per point for redeeming through Chase Travel, these points gave me an extra $50. It may not completely cover the $95 annual fee, but along with all the other benefits, it all adds up to more than the annual fee.

Valuable travel and purchase protections

As someone who has faced flight delays and lost luggage before, I can't overstate the importance of good travel protections. The Sapphire Preferred has saved me hundreds of dollars with its trip delay reimbursement and baggage delay coverage.

Plus, the extended warranty and purchase protections give me peace of mind on big-ticket items. These benefits provide a hidden value that you hope you never need but are so grateful for when you do.

DoorDash and Instacart benefits

I recently started using the complimentary DoorDash DashPass subscription that comes with the Sapphire Preferred. It's such a nice perk for those nights when I don't feel like cooking. I'm saving about $5 on delivery fees each time I order, plus $9.99 per month on the subscription.

The Sapphire Preferred also comes with six free months of Instacart+ and up to $15 in statement credits every quarter through July 2024. I usually use this credit to save on my grocery bills. These benefits make the card feel more valuable and rewarding beyond just travel.

Drawbacks: Why you may want a different card

$95 Annual fee

The Chase Sapphire Preferred^® Card's $95 annual fee can be a dealbreaker for some. If you're an infrequent traveler or don't spend much on dining and travel, it might be hard to justify the cost.

I usually do the math each year to make sure I'm getting more than $95 in value from the card. So far, it's been worth it for me since I use the hotel credit and earn enough points to offset the cost, but I can understand why it might not be the right fit for everyone. That’s where the Capital One VentureOne Rewards Credit Card and Chase Freedom Unlimited^® can be great alternatives.

No airport lounge access

As much as I love the Sapphire Preferred, I do wish it came with some form of airport lounge access. When I have long layovers or flight delays, it would be nice to have a comfortable place to relax and recharge. You could consider upgrading to the Chase Sapphire Reserve^® for its Priority Pass lounge access and up to $300 in travel statement credits, which can help offset its $550 annual fee.

No bonus points on groceries or gas

One area where the Sapphire Preferred falls short is its lack of bonus points on groceries (unless purchased online) and gas. As much as I love dining out, I still spend a significant chunk of my budget on grocery store runs and filling up my car.

I ended up getting a separate cash back card with rotating categories, the Chase Freedom Flex^®, to pay for those expenses, but it would be nice to have everything streamlined on one card. It's not a huge drawback, but something to consider if groceries and gas make up a big part of your spending.

Earning & redeeming Chase Ultimate Rewards points

The Chase Sapphire Preferred Card offers significant value with its rewards. By using the card strategically, you can maximize its value.

Potential earnings in years one and two

Here's a look at how your Ultimate Rewards points can add up with the Chase Sapphire Preferred. To calculate these values, we used a point valuation of 1.25 based on the value you can get for your rewards by booking travel through the Chase travel portal.

Remember, this is an estimation. The actual value will be determined by how much you spend and in which categories you spend.

Year one earnings: $1,486

Year two earnings: $789

These values are based on the FinanceBuzz Credit Card Rewards Valuation Model, which takes a look at points earned via spending, the welcome offer, and the annual fee.

The spending bonuses factored into the final values assume the average cardmember isn't going to make all their grocery purchases online, but that they could turn the majority of their travel spending to the Chase travel portal because of the increased earning rate. The value of this card will be even further increased if you take advantage of the DoorDash benefits.

Best ways to earn

When using your Chase Sapphire Preferred Card, you’ll earn 2X points on other travel purchases and 3X points on dining, select streaming services, and online groceries. Dining out can include restaurants, fast food, and even delivery services. The travel category includes some expenses you might not consider, such as:

• Airfare
• Hotels
• Car rentals
• Taxis
• Toll roads
• Parking garages
• Travel agencies

To get the most rewards, use the Chase Sapphire Preferred Card whenever you travel, dine out, order online groceries, or pay for streaming services. Maximizing your redemptions

Points are generally worth 1 cent each, but if you redeem through the Chase Travel program, they’re worth 1.25 cents each because you get a 25% bonus. If you’re trying to maximize value, it makes sense to go through the Chase Travel program rather than redeeming points in other ways, such as statement credits. You can book hotel stays, flights, cruises, and even car rentals with the program.

To offset the annual fee when redeeming your points through the Chase Travel program, you’d have to spend at least $1,520 at the 5X-point level, about $2,533 at the 3X-point level, $3,800 at the 2X-point level, and $7,600 at the 1X-point level.

Booking travel through the Chase Travel program is easy. Just log in to your account and search for the travel arrangements you want to make. You’ll have the option of booking your travel using your accumulated points.

Chase transfer partners

While the Chase Travel program is probably the easiest way to redeem your points, there’s another redemption method that can provide even more value: point transfers. With this approach, you transfer points to a frequent traveler program, such as Marriott Bonvoy or United MileagePlus.

Chase has a number of hotel partners and airline partners. Current Chase travel partners include the following airline loyalty programs:

• Aer Lingus AerClub
• Air Canada Aeroplan
• British Airways Executive Club
• Emirates Skywards
• Flying Blue Air France KLM
• Iberia Plus
• JetBlue TrueBlue
• Singapore Airlines KrisFlyer
• Southwest Airlines Rapid Rewards
• United MileagePlus
• Virgin Atlantic Flying Club

And the following hotel loyalty programs are also Chase transfer partners:

• World of Hyatt
• IHG Rewards Club
• Marriott Bonvoy

Alternatives that might be better for you

While the Chase Sapphire Preferred^® Card is a fantastic travel rewards card, it's not necessarily the best fit for everyone. For example, you might prefer a simpler travel rewards card like the Capital One Venture Rewards Credit Card or a card that offers lounge access and additional travel benefits like the Chase Sapphire Reserve^®.

Capital One Venture Rewards Credit Card

For those who prefer a flat-rate rewards structure specifically for travel, the Capital One Venture Rewards Credit Card could be your card. It offers a straightforward 2 miles per dollar on every purchase, every day, 5 miles per dollar on hotels and rental cars booked through Capital One Travel and 5 miles per dollar on Capital One Entertainment purchases through 12/31/25.

This could be a better fit if your spending is more varied and doesn't heavily fall into the Sapphire Preferred's bonus categories. Plus, the Venture card comes with a TSA PreCheck or Global Entry fee credit, which the Sapphire Preferred lacks. That's an extra $100 in value every four years.

Learn more in our Capital One Venture Rewards Credit Card review.

Chase Sapphire Reserve^®

For frequent travelers who want a more premium experience, the Chase Sapphire Reserve^® could be a better choice than the Sapphire Preferred. It has a higher annual fee of $550, but it also comes with a $300 annual travel credit and Priority Pass lounge access.

This card has an enhanced rewards rates of 5X points on flights and 10X points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually; 3X points on other travel and dining & 1X points per dollar on all other purchases.

I plan on upgrading to the Sapphire Reserve next year since I travel frequently enough to get a ton of value from this card. The lounge access alone saves me, on average, $35 to $80 per visit, and the $300 travel credit essentially knocks the annual fee down to $250 after using it in full.

Learn more in our Chase Sapphire Reserve^® review.

Complementary cards to consider

If you really want to maximize your rewards, consider pairing the Chase Sapphire Preferred^® Card with the Chase Freedom Unlimited^® or the Chase Freedom Flex^®.

Chase Freedom Unlimited^®

The Chase Freedom Unlimited^® is the perfect sidekick to the Sapphire Preferred.

It has $0 annual fee and offers 6.5% cash back on travel purchased through Chase Travel℠, 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service and 3% cash back on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, earn 5% cash back on travel purchased through Chase Travel℠, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service and unlimited 1.5% cash back on all other purchases.

I use my Freedom Unlimited for all my non-bonus spending, then transfer the points to my Sapphire Preferred account. That way, I'm earning at least 1.5% cash back in the form of points with the Freedom Unlimited, and I can take advantage of the Sapphire Preferred's higher 25% redemption value at Chase Travel.

Learn more in our Chase Freedom Unlimited^® review.

Chase Freedom Flex^®

The Chase Freedom Flex^® is another excellent partner for the Sapphire Preferred. Like the Freedom Unlimited, it has $0 annual fee, but it offers a different set of bonus categories.

You'll earn 5% cash back on rotating quarterly categories you activate (on up to $1,500 spent) and travel purchased through Chase Travel℠; 3% cash back on drugstore purchases and dining at restaurants (including takeout and eligible delivery service); and 1% cash back on all other purchases.

You also earn cash back as Ultimate Rewards points, so you can transfer those points to the Sapphire Preferred to get the 25% redemption boost via Chase Travel. Just remember to activate the categories each quarter to earn the bonus rate.

Learn more in our Chase Freedom Flex^® review.

FAQ

Chase Sapphire Preferred review: bottom line

The Chase Sapphire Preferred^® Card is one of my favorite travel rewards cards since it offers excellent value for me, and frequent travelers would agree. With its generous welcome offer, lucrative rewards rates on travel and dining, and additional valuable perks like travel protections and anniversary point boost, the Sapphire Preferred packs a punch.

The $95 annual fee is easily offset if you spend a moderate amount on travel and dining each year, and the card's metal construction adds a touch of luxury. Pair it with a card like the Chase Freedom Unlimited^® or Chase Freedom Flex^® to maximize your rewards on everyday spending, and you've got a winning combination.

Great for Flexible Travel Rewards

Chase Sapphire Preferred^® Card

4.9

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

Chase Sapphire Preferred^® Card

Apply Now

Current Offer

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening

Annual Fee

$95

Rewards Rate

5X points on travel purchased through Chase Travel℠; 3X points on dining, select streaming services, and online groceries; 2X points on all other travel purchases, and 1X points on all other purchases

Benefits and Drawbacks

Benefits

• Generous welcome offer valued at $750 when redeemed via Chase Travel
• High rewards on dining and bookings via Chase Travel
• 25% more value when redeeming points for travel through Chase Travel
• Up to $50 in annual statement credits for hotel stays booked through Chase Travel
• Receive valuable travel protections like trip delay reimbursement and primary rental car insurance

Drawbacks

• Has a $95 annual fee
• Doesn’t offer airport lounge access or premium travel perks like Global Entry or TSA PreCheck credit
• Doesn't offer bonus points on groceries or gas

Card Details

• 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℠.
• Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more.
• Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Travel℠. For example, 60,000 points are worth $750 toward travel.
• Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
• Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2024.
• Member FDIC