Chase Sapphire Preferred®

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Last updated on October 8th, 2021

Chase Sapphire Preferred®

Earn 60,000 Bonus Points

Chase Sapphire Preferred®
  • Regular Purchase APR 15.99% to 22.99% variable based on creditworthiness and Prime Rate
  • Balance Transfer APR 15.99% to 22.99% variable based on creditworthiness and Prime Rate
  • Cash Advance APR 24.99% variable based on Prime Rate
  • Annual Fee $95
  • Credit Needed Excellent , Good
  • Processing Network Visa
Best Benefits
  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
  • Earn 5X points on all travel purchased through Chase Ultimate Rewards
  • Earn 3X points on select streaming services and restaurants, including eligible delivery services, takeout, and dining out
  • Earn 3X points on online grocery purchases (excluding Target, Walmart, and wholesale clubs)
  • Earn 2X points on dining, including eligible delivery services, takeout and dining out and travel
  • Earn 1 point per dollar spent on every other purchase
  • Get 25% more in travel redemption when you redeem through Chase Ultimate Rewards
  • $50 annual credit on hotel stays purchased through Ultimate Rewards
  • 10% Ultimate Rewards point bonus on each account anniversary
  • No foreign transaction fees
Rates & Fees
  • Regular Purchase APR: 15.99% to 22.99% variable based on creditworthiness and Prime Rate
  • Balance Transfer APR: 15.99% to 22.99% variable based on creditworthiness and Prime Rate
  • Balance Transfer Transaction Fee: Either $5 or 5% of each transfer amount, whichever is greater
  • Cash Advance APR: 24.99% variable based on Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 5% of each transaction amount, whichever is greater
  • Penalty APR: Up to 29.99% variable based on the Prime Rate
  • Annual Fee: $95
  • Late Payment Penalty Fee: Up to $40
  • Return Payment Penalty Fee: Up to $40
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At a Glance

For customers with a hunger for travel and (literally) dining, the Chase Sapphire Preferred® Card offers a robust set of rewards and perks to ensure that they get the most out of their purchases. Plus, a sizable introductory bonus allows them to begin collecting – and redeeming – points immediately. 

Ideal for Those Who:

  • Travel often enough to make up for the annual fee 
  • Will take advantage of the travel insurance and other emergency perks 
  • Are looking for flexibility when it comes to rewards, with the option to redeem for gift cards, flights and more 
  • Plan to maximize their points by redeeming through Chase Ultimate Rewards® 
  • Have a very good to excellent credit score, and can meet the spending requirement for the introductory bonus 

Chase Sapphire Preferred Review

The Chase Sapphire Preferred® Card’s biggest selling point is just how traveler-friendly it is. An industry-leading introductory offer, coupled with double points on a multitude of eligible purchases within the travel and dining categories, set cardholders up for a steady stream of rewards. Adding on powerful traveler protection for when things take a wrong turn ensures that Chase members start off their account opening with plenty of available perks. 

Maximizing Chase Sapphire Preferred Benefits

The Chase Sapphire Preferred Card starts you off on a high note with a generous introductory bonus of 60,000 points. To earn this major boost in rewards, you need to spend at least $4,000 in your first 3 months as a cardholder. That bonus has a value of $750 toward travel when redeemed through Chase Ultimate Rewards®.

That comes out to just over $1,300 per month – not a small sum by any means, and the lack of an introductory APR doesn’t help. However, if your travel plans for the year fit into your budget, booking ahead of time can help you reach this spending requirement without hurting your credit.  

In addition to the bonus, this Visa Signature® card allows you to earn up to 5X points for every dollar spent. That 5X points applies to all travel purchased through Chase Ultimate Rewards, though other travel purchases also earn an impressive 2X points per dollar spent.

The Sapphire Preferred also enjoys enhanced Ultimate Rewards earning potential in other categories, including:

  • 3x points on dining, including eligible delivery services, takeout, and dining out (previously 2x)
  • 3x points on select streaming services
  • 3x points on online grocery purchases (excluding Target, Walmart, and wholesale clubs)

As an extra incentive, Chase rewards you with an additional point boost when you refer a friend.   Most importantly, your points don’t expire, and you don’t have to worry about foreign transaction fees for purchases made abroad. All you need to keep in mind is the $95 Chase Sapphire Preferred® annual fee and start saving up for your dream trip. 

Other notable Chase Sapphire Preferred benefits include:

  • $50 annual credit on hotel stays purchased through Ultimate Rewards.
  • 10% Ultimate Rewards point bonus on each account anniversary.

Redeeming or Transferring Chase Sapphire Preferred® Rewards

Regardless of whether you plan a weekend road trip or a month-long overseas getaway, you can use the Chase Sapphire Preferred® credit card for any, if not every, point in your vacation. Namely, you can redeem your points for: 

  • Airline and cruise tickets 
  • Rooms at hotels and motels 
  • Gift cards from more than 150 brands 
  • Statement credits to pay your bill 
  • Online shopping with Amazon and Apple 

Chase also emphasizes its proprietary Chase Ultimate Rewards program, which adds an extra 25% in value when redeeming accumulated points for travel. That’s an additional 25 cents per 100 points redeemed.  

Opting for that route is a savvy way to maximize earning potential right from the start. It also helps make up for the $95 annual fee. When you redeem your points with Ultimate Rewards, your introductory bonus alone is worth over $1,000.  

However, you don’t have to worry if you’re already a member of a travel loyalty program; this card also allows you to transfer your rewards to partnered programs at a 1:1 ratio, so you don’t lose any value. Eligible loyalty programs include: 

  • Aer Lingus
  • Aeroplan
  • Air France/ KLM
  • British Airways
  • Emirates
  • Iberia
  • JetBlue
  • Singapore Airlines
  • Southwest Airlines
  • United Airlines
  • Virgin Atlantic
  • IHG Rewards
  • Marriott Bonvoy
  • World of Hyatt

Chase Sapphire Preferred® Travel Insurance

If you’re the type of traveler that likes to be prepared for anything, the Chase Sapphire Preferred® Card has you covered. Along with bonus points, your cardholder status makes you eligible for several types of emergency coverage. This includes: 

  • $10,000 per person for trip cancellation or interruption on nonrefundable travel costs  
  • Trip reimbursement up to $500 per ticket for flights delayed over 12 hours 
  • $100 per day reimbursement for essentials when your bags are delayed more than 6 hours 
  • Collision insurance for car rentals when you waive coverage with the rental company 
  • Purchase protection for damage and theft up to 120 days after a purchase 
  • Extended manufacturer’s warranties on eligible items 

Keep in mind that like coverage with other travel rewards cards, there are certain limitations and restrictions. For example, the trip cancellation insurance is capped at $20,000 per trip. Your circumstances must also fall under a covered situation, such as hostile weather or sickness.  

Chase Sapphire Preferred® Partnerships

Chase is also well-known for offering extra deals through its various partnerships. This allows you to rack up even more rewards while earning discounts. For example, when you activate your DashPass subscription before Dec. 31, 2021 and add your Chase Sapphire Preferred credit card as the payment method, you get DoorDash discounts too. This includes no delivery fee on all of your orders and discounted service fee when you spend at least $12. 

You can also earn 5X points for each dollar spent on Lyft rides through Mar. 31, 2022. This includes a wide variety of ride modes, including Lux, Shared, Classic and even scooter and bike rides. It’s worth noting that in your rewards statement, your 3 additional Lyft points will appear on a separate line from the 2 points you normally get for travel expenses. 

Should You Apply for the Chase Sapphire Preferred® Card?

To make the most of the Chase Sapphire Preferred Card – especially its $95 annual fee – customers will have to make a habit of using the card often. This card rewards those who reward themselves, so individuals planning to only make occasional purchases in other areas of consumption should consider a different credit card. 

Meanwhile, if you’re looking for more impressive rewards and don’t mind the $550 annual fee, you can consider the Chase Sapphire Reserve® Card. When comparing the Chase Sapphire Preferred vs Reserve cards, you’ll notice several differences. Namely, the Reserve offers an extra point for dining and travel, a generous statement credit and even more value when you redeem through Ultimate Rewards.

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