If you’re planning a big vacation or trip, it’s a smart idea to sign up for a travel rewards credit card. You’ll earn valuable rewards and even get access to benefits like complimentary rental car insurance and baggage coverage. But with so many credit cards out there, finding the right one for you can be overwhelming.
The Chase Sapphire Preferred Card is one of the most popular travel rewards cards available now. Because it offers 5X on Lyft rides, 2X points on eligible dining and travel, and 1X points per $1 on all other eligible purchases and a large sign-up bonus, 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.
#1 Travel Rewards Card
- 60,000 point sign-up bonus
- 2X points on eligible dining and travel purchases
- 3x points on grocery purchases — up to $1,500 per month (ends June 30, 2020)
- 25% more value when redeeming rewards for travel through Chase Ultimate Rewards
- Premium travel protection benefits
- Has annual fee
- Typically need to spend thousands to reap rewards
Who should get the Chase Sapphire Preferred?
The Chase Sapphire Preferred Card is perfect for you if you travel at least a couple times per year and enjoy spending on travel arrangements and eating out. 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 signing up. 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 or dining, 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 credit cards with no annual fee would make more sense for you.
|Intro bonus||Earn 60,000 points after spending $4,000 on purchases in the first 3 months|
|Reward rate||5X on Lyft rides, 2X points on eligible dining and travel, and 1X points per $1 on all other eligible purchases|
|Recommended credit score||Excellent, Good|
|Foreign transaction fee||None|
Chase Sapphire Preferred benefits and perks
The Chase Sapphire Preferred Card offers several valuable benefits and perks, including:
- A killer sign-up bonus: If you spend $4,000 on purchases within the first three months of account opening, you’ll earn 60,000 bonus points in the form of Chase Ultimate Rewards. Redeem them through the Chase Ultimate Rewards program, and that bonus is worth $750. That’s a 18.75% return on spend.
- Amazing earnings: With this card, you'll earn 5X on Lyft rides, 2X points on eligible dining and travel, and 1X points per $1 on all other eligible purchases.
- Points for sharing with friends: If you refer a friend and they’re approved for the Chase Sapphire Preferred Card, you’ll earn 15,000 bonus points. You can get up to 75,000 bonus points a year through referrals.
- Valuable travel benefits: The Chase Sapphire Preferred Card offers complimentary insurance coverage, such as trip delay reimbursement, baggage delay insurance, trip cancellation insurance, trip interruption insurance, and primary auto rental collision damage waivers.
- Shopping 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.
Drawbacks of this card
- Annual fee: The Chase Sapphire Preferred 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.
- Requires spending to be worthwhile: For the Sapphire Preferred 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 — like Priority Pass lounge access, TSA PreCheck/Global Entry fee reimbursement, or an annual travel credit — then a card like the Chase Sapphire Reserve would be a better fit for you.
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 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: $1,056.25
Year two earnings: $431.25
These values are based on the FinanceBuzz Credit Card Rewards Valuation Model which takes a look at points earned via spending, the sign-up bonus, and the annual fee. The value of this card will be even further increased if you take advantage of the DoorDash benefits.
Best ways to earn
|Eligible dining and travel||2X|
|All other eligible purchases||1X|
When using your Chase Sapphire Preferred Card, you’ll earn 2X points on eligible dining and travel. Dining out can include restaurants, fast food, and even delivery services. The travel category includes some expenses you might not consider, such as:
- Car rentals
- Toll roads
- Parking garages
- Travel agencies
To get the most rewards, use the Chase Sapphire Preferred Card whenever you travel or dine out. And definitely use it when you call a Lyft.
However, it likely makes sense to use another credit card to pay for other transactions — such as gas or 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) and on U.S. streaming services, 3% at U.S. gas stations and on eligible transit, and 1% on other purchases. Keeping at least two credit cards in your wallet helps you to get the most bang for your buck.
Maximizing your redemptions
|Statement credits||1 cent|
|Chase Ultimate Rewards||1.25 cents|
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 $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
- 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:
Chase Sapphire Preferred FAQs
Is the Chase Sapphire Preferred worth it?
If you’re a traveler who spends a decent amount on hotels, airfare, and dining out each year, the Chase Sapphire Preferred Card is well worth the annual fee. It provides substantial rewards and useful travel benefits that will enhance your experience.
If you'd consider yourself a frequent traveler who wants to take it up a notch in terms of benefits, the Chase Sapphire Reserve may be a better choice for you. Both Chase Sapphire cards offer a serious amount of value if you're able to maximize the perks but one might be a better fit for you than the other. So you'll want to learn about the differences between the Chase Sapphire Preferred vs. Chase Sapphire Reserve.
What is the Chase Sapphire Preferred Card made of?
If you’re looking for a card that stands out, the Chase Sapphire Preferred Card may be for you. Similar to the Chase Sapphire Reserve, it’s a metal card, rather than plastic, which looks impressive and has weight to it.
What does your credit score need to be for a Chase Sapphire Preferred?
To be eligible for the Chase Sapphire Preferred Card, make sure you have good to excellent credit. When you’re ready to apply for the Sapphire Preferred, be prepared to submit your personal information, like your name, address, Social Security number, and income.
Are there limits to how many Ultimate Rewards points I can earn?
No, there are no limits to how many points you can earn. Even if you spend your money exclusively in the travel and dining categories, you’ll continue to earn points.
Do my Chase Ultimate Rewards points expire?
Your Ultimate Rewards points never expire as long as you keep your Chase account open. You only lose your points if you close your account. If you know you know you are going to be closing account, the best thing to do is transfer your unused rewards to a different Chase credit card or to a loyalty account with one of the Chase transfer partners.
What is the Chase 5/24 rule?
The Chase 5/24 rule is not an official rule that has been announced by Chase, but its existence and enforcement has been well-established by card applicants and credit card experts. This unofficial rule prevents you from qualifying for a new Chase credit card if you've recently opened too many other cards. Specifically, you'll likely be denied for a new Chase card if you've opened five or more credit cards within the past 24 months.
Does Chase Sapphire Preferred get you into airport lounges?
No, the Chase Sapphire Preferred does not come with complimentary lounge access. You may want to consider the Chase Sapphire Reserve if lounge access is important to you. The Sapphire Reserve comes with Priority Pass membership. Alternatively, you might consider a card like the Amex Green Card, which comes with a $100 LoungeBuddy credit.
Does Chase Sapphire Preferred have balance transfer?
The Chase Sapphire Preferred does not offer an introductory APR on balance transfers. It also does not offer an intro APR on purchases. If you are interested in a balance transfer, consider the Chase Freedom card instead. With this card, you can earn a $150 cash back bonus after spending $500 in the first 3 months, and this card also offers a 0% APR on balance transfers for 15 months.
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 annual fee than the Sapphire Preferred, it also comes with a $120 dining credit and a $100 airline fee credit. Coupled with the 4X bonus points this card earns on U.S. supermarkets (up to $25,000 per year), restaurants worldwide, this card could be a great fit for travelers who are also foodies.
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 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.
#1 Travel Rewards Card
Earn 60,000 points after spending $4,000 on purchases in the first 3 months
See how these cards compare:
American Express Gold Card
- 35,000 Membership Rewards point welcome offer
- High rewards rate in certain categories
- Up to $100 airline fee credit
- No foreign transaction fee
- Terms apply
Capital One® Venture® Rewards Credit Card
- 50,000 bonus mile welcome offer
- 2X miles on every purchase, every day
- Up to $100 Global Entry or TSA PreCheck fee credit
- No foreign transaction fees