Chase Sapphire Preferred^® Card Review [2023]: Is It Worth the Hype?

The Chase Sapphire Preferred^® Card is one of the most popular travel rewards cards available now. Because it offers 5X points on travel purchased through Chase Ultimate Rewards®; 3X points on dining, select streaming services, and eligible online grocery purchases; 2X points on all other travel purchases, and 1X points per $1 on all other eligible purchases and a large welcome offer, it’s a great card for regular travelers.

In this Chase Sapphire Preferred review, you'll find out how the card works, what benefits you can expect, and how to make the most out of one of the most recommended rewards cards in the world.

Great for Flexible Travel Rewards

Chase Sapphire Preferred^® Card

Chase Sapphire Preferred^® Card

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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 Ultimate Rewards®; 3X points on dining, select streaming services, and eligible online grocery purchases; 2X points on all other travel purchases, and 1X points per $1 on all other eligible purchases

Benefits and Drawbacks

Benefits

• Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
• 5X points on travel purchased through Chase Ultimate Rewards®
• 25% more value when redeeming rewards for travel through Chase Ultimate Rewards
• 10% anniversary point bonus each year
• $50 annual credit on hotel stays booked through Ultimate Rewards
• Premium travel protection benefits

Drawbacks

• Has annual fee

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 Ultimate Rewards®.
• Enjoy benefits such as 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining, and 2x on all other travel purchases, and $50 annual Ultimate Rewards Hotel Credit, plus more.
• Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. 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

Key takeaways

• The Chase Sapphire Preferred^® Card is a great travel rewards credit card that offers valuable benefits and rewards.
• Using this card, you can earn 5X points on travel purchased through Chase Ultimate Rewards®; 3X points on dining, select streaming services, and eligible online grocery purchases; 2X points on all other travel purchases, and 1X points per $1 on all other eligible purchases.
• The Chase Sapphire Preferred has a $95 annual fee, so you should consider your spending habits and travel preferences to ensure the rewards outweigh the cost.
• Cardholders can enjoy various perks, such as a generous welcome offer, statement credits for hotel stays booked via the Chase Travel portal, an anniversary bonus, and valuable travel benefits like trip delay reimbursement and auto rental collision damage waiver.
• You earn Ultimate Rewards points with the Sapphire Preferred, which you can redeem for various things, including statement credits, travel through the Chase Ultimate Rewards program, or point transfers to airline and hotel loyalty programs.

Who should get the Chase Sapphire Preferred?

The Chase Sapphire Preferred Card is perfect for you if you travel at least a couple of times per year and enjoy spending on travel purchases, eating out, online grocery orders, and streaming services. To qualify for the card, you’ll need a credit score that is good to excellent. With that in mind, it may not be the best choice for those just starting out and who have limited credit histories.

The Chase Sapphire Preferred does have an annual fee of $95, so consider your spending habits before applying. As with any rewards card, you'll want to make sure the rewards are valuable enough to justify the annual fee. For instance, if you don't spend much annually on travel, dining, online groceries, or streaming services, it may be more challenging to earn the rewards you'd need to offset the annual fee. In that case, opting for one of the best no annual fee credit cards would make more sense for you.

Chase Sapphire Preferred basics

Why we like the Chase Sapphire Preferred: benefits and perks

The Chase Sapphire Preferred Card offers several valuable card benefits and perks, including:

• A killer welcome offer: You can earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. Redeem those points through the Chase Ultimate Rewards program, and that bonus is worth $750.
• Amazing earnings: With this card, you'll earn 5X points on travel purchased through Chase Ultimate Rewards®; 3X points on dining, select streaming services, and eligible online grocery purchases; 2X points on all other travel purchases, and 1X points per $1 on all other eligible purchases.
• Additional points value: Your points are worth 25% more when redeemed for travel through Chase Ultimate Rewards.
• Statement credit for hotel stays: Enjoy up to $50 in statement credits each account anniversary year for hotel stays purchased through Chase Ultimate Rewards. This by itself can help offset the annual fee.
• Account anniversary bonus: Each account anniversary, earn bonus points equal to 10% of your total purchases from the previous year. For example, if you spend $25,000 on purchases the previous year, you'll receive 2,500 bonus points on your account anniversary.
• Points for sharing with friends: If you refer a friend and they’re approved for the Chase Sapphire Preferred^® Card, you’ll earn 20,000 bonus points. You can get up to 100,000 bonus points a year through referrals.
• Valuable travel benefits: The Chase Sapphire Preferred^® Card offers complimentary travel protections, such as trip delay reimbursement, baggage delay insurance, trip cancellation insurance, trip interruption insurance, and primary auto rental collision damage waivers.

• Lyft: You'll earn 5x total points on qualifying Lyft rides.

• Purchase protections: With the Chase Sapphire Preferred^® Card, eligible purchases are covered for up to 120 days from damage or theft, and eligible purchases will have their warranties extended by up to one year.
  
• Access to unique experiences: As a cardholder, you qualify for the Chase Preferred Experience, a program that gives you access to exclusive Chase Sapphire events and experiences, such as concerts or restaurant tastings.

• No foreign transaction fees: The Chase Sapphire Preferred^® Card has no foreign transaction fees, making it a great choice for international travelers. And, because it’s a Visa, it’s more likely to be accepted by retailers than other card networks.
• DoorDash benefits: As a cardholder, you'll have to ability to opt in to free DashPass subscription benefits. With DashPass, you'll pay zero delivery fees and reduced service fees on eligible orders over $12. A DashPass subscription normally costs $9.99 per month.
• Instacart benefits: Receive six free months of Instacart+ and $15 per quarter in statement credits toward Instacart purchases. You must join Instacart+ with your eligible card to receive these benefits.

What we don't like about the Chase Sapphire Preferred: Drawbacks

• Annual fee: The Chase Sapphire Preferred^® Card does have an annual fee. While the benefits and perks can offset this cost for many people, the fee may make it less desirable for some. If you would like to earn Chase Rewards without the annual fee consider the Chase Freedom Unlimited^® card. You can compare the Chase Freedom Unlimited^® vs. Chase Sapphire Preferred^® Card and see which better fits your spending habits.
• Requires spending to be worthwhile: For the Chase Sapphire Preferred^® Card to be most beneficial, you'll need to be someone who spends a few thousand dollars per year on dining purchases and travel expenses.
• No premium benefits: If you're looking for high-end travel benefits — such as Priority Pass lounge access, TSA PreCheck/Global Entry fee reimbursement, or an annual travel credit — then a card like The Platinum Card^® from American Express would be a better fit for you. You can weigh the luxury travel benefits against the higher annual fee of the Amex Platinum vs. Chase Sapphire Preferred cards and see which better fits your needs.

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: $1,413.75

Year two earnings: $663.75

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 eligible online grocery purchases. 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. However, it likely makes sense to use another credit card to pay for other transactions — such as gas or in-store groceries — that offers more rewards for your purchases. 

For example, the Blue Cash Preferred^® Card from American Express allows you to earn 6% cash back at U.S. supermarkets (for first $6,000 per year, after that 1%) and on select U.S. streaming services, 3% cash back at U.S. gas stations and on eligible transit, and 1% cash back on other eligible purchases. (Cash back is received in the form of a statement credit.) Keeping at least two credit cards in your wallet helps you to get the most bang for your buck.

Maximizing your redemptions

Points are generally worth 1 cent each, but if you redeem through the Chase Ultimate Rewards 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 Ultimate Rewards 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 Ultimate Rewards 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 Ultimate Rewards 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 Ultimate Rewards 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. Depending on the program and the availability of airfare or hotel stays, you could redeem your points for as much as 1.6 cents each.

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

Chase Sapphire Preferred FAQ

Other credit cards to consider

While the Chase Sapphire Preferred Card is a favorite among people using travel cards, it’s not necessarily right for everyone. You might want to also explore the travel cards available from other credit card issuers.

If you spend a decent amount on travel and restaurant purchases each month, you may also want to consider the American Express^® Gold Card. While the Amex Gold card has a higher $250 annual fee, it also comes with up to $120 in annual dining statement credits and up to $120 in annual Uber Cash (enrollment required). It also has great rewards earning potential: 4X Membership Rewards points at U.S. supermarkets (up to $25,000 per year, after that 1X) and at restaurants, plus takeout and delivery in the U.S., 3X on flights booked directly with airlines or on Amextravel.com, and 1X on all other eligible purchases. 

You can compare the Chase Sapphire Preferred vs. Amex Gold cards side-by-side and see which better fits your spending habits.

Another strong option to consider is the Capital One Venture Rewards Credit Card, which rewards cardholders for all purchases made with the card, not just travel and dining. The Venture Rewards Credit Card may not be as powerful as the Chase Sapphire Preferred, but it is also generally less complex and may be a great fit for beginners to the travel rewards hobby. It also offers a TSA PreCheck or Global Entry fee reimbursement, which the Sapphire Preferred does not. 

Comparing the Capital One Venture vs. Chase Sapphire Preferred cards directly can help you see which one is right for you.

Great for Flexible Travel Rewards

Chase Sapphire Preferred^® Card

Chase Sapphire Preferred^® Card

Apply Now

Why We Like It

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

Apply Now

See how these cards compare:

American Express® Gold Card

• Earn 60,000 Membership Rewards points after you spend $4,000 on eligible purchases within the first 6 months of card membership
• Choose your color: gold or rose gold
• Up to $120 in dining credits per year
• Up to $120 in Uber Cash per year
• $250 annual fee
• Select benefits require enrollment.
• See rates and fees | Terms Apply

Capital One Venture Rewards Credit Card

• Earn a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening
• 2 miles per dollar on every purchase, every day
• Up to $100 Global Entry or TSA PreCheck® credit
• No foreign transaction fees
• 20.99% - 28.99% (variable) purchase APR
• Rates and fees

Chase Sapphire Preferred^® Card: bottom line

The Chase Sapphire Preferred Credit Card is a popular travel rewards credit card that provides great perks for regular travelers. You can earn a sizable welcome offer, statement hotel credits for stays booked via the Chase Travel portal, and Ultimate Rewards points on everyday purchases.

You can also benefit from an anniversary point bonus, exclusive events, and more. But keep in mind that the Chase Sapphire Preferred has a $95 annual fee, so you should make sure that you’d get enough value to make up for its cost.

If the Chase Sapphire Preferred doesn’t fit your needs, explore more options in our lists of the best credit cards for travel or the best no-annual-fee travel credit cards.

Author Details

Kat Tretina Kat Tretina is a personal finance expert focusing on practical financial matters, including student loans, debt repayment, side hustles, insurance, and healthcare. Drawing from her personal experience, she aims to simplify complex financial topics and provide individuals with the information they need to make informed decisions.

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