Chase Sapphire Preferred review: impressive travel rewards without the high annual cost

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Our take: The Chase Sapphire Preferred^® Card offers an impressive welcome bonus, bonus value on travel redemptions and several transfer partners. If you’re looking for luxury travel perks, however, the card may leave you wanting more.

Chase Sapphire Preferred

Intro bonus

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

Annual fee	$95
Regular APR	21.49%–28.49% variable

Chase Sapphire Preferred: Overview

Card type: Travel rewards, Hotel, Airline

Despite its modest annual fee, the Chase Sapphire Preferred^® Card is packed with value, especially for savvy rewards enthusiasts. The card offers 60,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening. When redeemed through Chase Ultimate Rewards, this bonus is worth $750 toward travel.

It also offers an abundance of opportunities to rack up bonus points on several everyday spending categories, including dining, online grocery purchases, streaming services and travel. When you’re ready to redeem your rewards, you’ll get 25% more value on travel redemptions through Chase, but you can also transfer your points to one of many airline and hotel loyalty programs. You can even get solid value for cash redemptions, which isn’t the case with all travel credit cards.

While the card doesn’t offer any eye-popping perks like airport lounge access or generous travel credits, it does provide a slew of perks with value that can add up fast. Examples include an annual $50 in statement credits for hotel stays booked through Chase, complimentary subscriptions to DoorDash and Instacart and a variety of trip protections.

Who is Chase Sapphire Preferred® Card good for?

The Chase Sapphire Preferred® Card can be a great fit for casual and frequent travelers alike. In particular, consider the card if you want a rich rewards program with flexible redemption options and you’d prefer to avoid the steeper cost of a premium travel credit card.

Who shouldn’t get Chase Sapphire Preferred® Card?

The card may not be a good fit for the most ardent travel rewards enthusiasts, who may stand to get more value from a premium card like the Chase Sapphire Reserve® or The Platinum Card® from American Express.

It may also not be the right choice if you prefer the simplicity of a flat-rate rewards card like the Capital One Venture Rewards Credit Card.

Chase Sapphire Preferred: How to earn Ultimate Rewards points

The Sapphire Preferred card comes with a robust rewards structure:

5x points on travel purchased through Chase Ultimate Rewards® (excluding hotel purchases that qualify for the $50 Annual Ultimate Rewards Hotel Credit)
5x points on Lyft rides through March 31, 2025 (that’s 3x points in addition to the 2x points you already earn on travel)
5x points on up to $5,000 in total purchases for Peloton equipment and accessory purchases over $150 (through March 31, 2025)
2x points on travel purchases
3x points on dining, including eligible delivery services and takeout
3x points on select streaming services and online grocery purchases (excluding Walmart, Target and wholesale clubs)
1x points per dollar spent on all other purchases

How to redeem Chase Sapphire Preferred Ultimate Rewards points

The Chase Ultimate Rewards program is arguably the most versatile credit card rewards program on the market. As a result, you’ll have your pick of several different redemption options.

Also, note that you can combine Ultimate Rewards points earned with different cards, so if you have a Chase Freedom Flex® Credit Card or Chase Freedom Unlimited®, you can move rewards earned with those cards to your Sapphire card to access more valuable redemptions.

Book travel through Chase

You can use your points to pay for flights, hotels, rental cars, cruises and activities through Chase’s Ultimate Rewards travel portal. What’s more, you’ll get 25% more value when redeeming this way—or 1.25 cents per point—so a $100 travel purchase would cost you 8,000 points instead of 10,000.

Transfer to other rewards programs

Chase partners with 14 frequent flyer and hotel rewards programs, allowing you to transfer your hard-earned points at a 1:1 ratio with each one, meaning 1,000 Ultimate Rewards points will get you 1,000 points or miles, regardless of where you transfer them.

While there are other rewards programs that also offer transferable points, some offer less generous ratios. Chase’s airline transfer partners include:

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

Hotel transfer partners include:

IHG Rewards Club
Marriott Bonvoy
World of Hyatt

Cash back

You can request your cash back in the form of a deposit into your U.S.-based checking account or as a statement credit on your card. In both cases, your points are worth 1 cent apiece.

Chase also offers a separate Pay Yourself Back program, allowing you to get up to 1.25 cents per point on statement credits for certain purchase categories. Through March 31, 2024, for instance, you can get 1.25 cents per point on statement credits for charitable donations to select organizations.

Gift cards

You can purchase gift cards from popular restaurants and retailers, typically at a rate of 1 cent per point. At times, however, Chase may offer sales, giving you a better redemption rate.

Online shopping

Chase allows you to use your points to pay for online purchases at Amazon.com and through PayPal, which partners with millions of retailers. That said, the redemption rate is a paltry 0.8 cents per point, so you’d be better off using the cash deposit or statement credit option if you want to use your rewards for shopping.

You can also buy Apple products directly through the Ultimate Rewards portal, usually with a redemption rate of 1 cent per point. But occasionally, Chase will offer up to 1.25 cents per point for Sapphire cardholders.

Dining experiences

Through the Chase Dining platform, you can use your points to access exclusive culinary experiences and hard-to-get reservations, all at a rate of 1 cent per point.

Chase Sapphire Preferred® Card rates and fees

Annual fee: $95
Foreign transaction fee: None
Purchase APR: 21.49%–28.49% variable

Additional benefits

In addition to earning rewards points on spending, the Chase Sapphire Preferred^® Card comes with the following perks and benefits:

$50 annual hotel credit: When you use your card for hotel accommodation purchases made through the Ultimate Rewards program, you automatically receive a statement credit up to an annual maximum of $50.
10% anniversary points bonus: Each account anniversary year, you earn a bonus equal to 10% of your total spend in points from purchases made with your credit card during the previous year. Chase awards anniversary bonus points at a rate of one point for each $1 spent.
Free DashPass membership: You and your authorized users get at least 12 months of complimentary DashPass membership. Cardholders can use this membership on both the DoorDash and Caviar apps during the same membership period. To enjoy this perk, you’ll need to activate this membership with your Chase Sapphire Preferred card by December 31, 2024.
Free Instacart+ membership: You also get one complimentary 6-month Instacart+ membership per eligible card, which you’ll need to activate by July 31, 2024. Additionally, you can earn up to $15 per calendar quarter in statement credits on qualifying Instacart purchases through that same July 2024 date.
My Chase Plan: You can choose to pay off eligible purchases of $100 or more in equal installment payments over time through My Chase Plan. Purchases don’t accrue interest once you place them in a plan, but a fixed monthly fee applies. Plan terms can range from 3-24 months.
Trip cancellation/interruption insurance: Get reimbursed up to $10,000 per person and $20,000 per trip for prepaid, non-refundable travel expenses (including fares, tours, and hotels) if your trip is canceled or cut short by sickness, severe weather, or other covered situations.
Auto rental collision damage waiver: Get primary rental coverage up to the actual cash value of a rental vehicle if it’s stolen or damaged in a collision. You must decline the rental company’s collision insurance and charge the entire rental cost to your card. Coverage applies to most rental cars in the U.S. and abroad.
Baggage delay insurance: If you have baggage delays of more than six hours, you can get reimbursed for essential purchases, such as toiletries and clothing, up to $100 a day for five days.
Trip delay reimbursement: If your common carrier travel (not private jet 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.
Travel and emergency assistance services: If you encounter problems while traveling, you can contact a benefit administrator for legal and medical referrals or other assistance.
Purchase protection: New purchases are covered for 120 days against damage or theft up to $500 per claim and $50,000 per account.
Extended warranty protection: This protection extends the U.S. manufacturer’s warranty period by an additional year on eligible warranties of three years or less.

Travel rewards credit cards similar to Chase Sapphire Preferred

If you’re not sure whether the Chase Sapphire Preferred is the right fit for you, here are some alternatives to consider.

Capital One Venture Rewards Credit Card vs. Chase Sapphire Preferred® Card

The Capital One Venture Rewards Credit Card can be a good fit if you want a simpler rewards structure—the card offers 5 miles per dollar on hotels and rental cars booked through Capital One Travel and 2 miles per dollar on all other purchases. It also offers a comparable welcome bonus, giving you 75,000 bonus miles when you spend $4,000 in the first three months—that’s worth $750 in travel.

You can redeem your Venture miles by booking travel through Capital One, booking on your own and requesting a statement credit or transferring your points to partner programs. But there’s no bonus value for using Capital One’s portal, and Capital One doesn’t offer a 1:1 transfer ratio across the board like Chase. You’ll also get just 0.5 cents per mile on cash redemptions with the Venture.

With the same $95 annual fee, however, the Capital One Venture also offers an application fee credit toward Global Entry or TSA PreCheck and rental car perks with Hertz Five Star status.

Chase Sapphire Reserve vs. Chase Sapphire Preferred

If you like the versatility of the Ultimate Rewards program but want more travel perks, the Chase Sapphire Reserve® ,

Chase Sapphire Reserve® should be at the top of your list. While the welcome bonus is the same, it’s more appealing because you’ll get 50% more value on travel redemptions through Chase.

The card also offers several premium travel perks, including complimentary access to more than 1,300 airport lounges worldwide, up to $300 in annual travel credits, an application fee credit toward Global Entry, TSA PreCheck or NEXUS, and even more value with partners like Lyft, DoorDash, Instacart, and Peloton. That said, the card’s annual fee is an eye-watering $550, so you’ll want to make sure you can make the most of its perks.

Is the Chase Sapphire Preferred right for you?

The Chase Sapphire Preferred^® Card offers a lot of value and flexibility, making it a solid option for a variety of people. If you’re new to travel rewards, for instance, it gives you a lot of options without punishing you for using your points for cash back and other non-travel redemption options.

It’s also a great fit for points and miles enthusiasts who want to maximize their redemption value by transferring their rewards to the different airline and hotel rewards program partners.

That said, the card’s rewards program is a bit more complicated than other options, so if you’re looking for simplicity, you may want to look elsewhere. While it does provide some valuable travel perks, frequent travelers may also want to check out premium travel credit cards that can potentially give them more bang for their buck.

Frequently asked questions

Is the Chase Sapphire Preferred hard to get?

Chase doesn’t publicly disclose a minimum credit score requirement for the Sapphire Preferred card, but it’s recommended to have good or excellent before you apply. According to FICO, a good credit score starts at 670.

What is the credit limit for the Chase Sapphire Preferred?

The minimum credit limit for the card is $5,000, but your limit will be determined based on a variety of factors, such as your credit score, credit history, income and other debt.

Why is the Chase Sapphire Preferred so popular?

The card is popular among travelers primarily due to its impressive rewards program. With several everyday bonus rewards categories and a potential for great travel redemptions, the card can be a solid choice for a wide range of people. The card’s flexible non-travel redemption options and solid cash redemption value make it so you don’t even need to be focused on travel to make it worth your while.

Please note that card details are accurate as of the publish date but are subject to change at any time at the issuer’s discretion. Before applying, please contact the card issuer to verify rates, fees, and benefits.

Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.