Overview
Sapphire Preferred Card Snapshot
Annual Fee: $95
Recommended FICO Score: 740 – 850
Interest Rate: 15.99% – 22.99%
SignOn Bonus: 60,000 points after $4,000 in 3 months
Card Type: Rewards
Best For: Travel, groceries and dining purchases.
The Chase Sapphire Preferred credit card is one of the best travel cards in the market. It offers a generous sign on bonus, strong reward earning potential for people who travel and dine out frequently, great flexibility in how you redeem your points, a large number of airline and hotel partner programs you can transfer your points to at 1:1 rate and travel insurance to cover an unexpected surprises on your adventures. This is a top pick for any serious traveler who is looking earn points for free flights or hotel stays.
Reward Offering
The Sign On Bonus
The Chase Sapphire Preferred card has a generous sign-up bonus of 60,000 points after spending $4,000 in the first 3 months of account opening. That’s a $750 value when used at their travel portal.
Reward Multiplier
5x
5x points on travel purchased through Chase Ultimate Rewards.
5x
5x points on Peloton bike or treadmill (over $1,400) through March 2022.
5x
5x points on Lyft through March 2022.
3x
3x points on dining purchases, online grocery purchases and select streaming services.
2x
2x points on all other travel purchases (not through Chase Ultimate Rewards portal).
1x
1x points on all other purchases.
Other Benefits
$50 in statement credits each anniversary year for hotel stays purchased through Ultimate Rewards.
Each account anniversary, earn bonus points equal to 10% of your total purchases from previous year.
With Pay Yourself Back, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
1:1 point transfers to leading airline and hotel loyalty programs.
Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash’s subscription service. Activate by March 31, 2022.
Travel Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Extended Warranty and Purchase Protection.
No foreign fee transactions.
Point Redemption
The great thing about Chase’s cards is that their rewards are issued in points (even for their cashback cards) which in turn can be redeemed a number of different ways. Depending on how you redeem them, each points may be worth 1 – 2 cents. Using your points on Chase Ultimate Reward portal or transferring them to a partner loyalty program will get you the max value for your points. Refer to the below table for an overview of how your points will be valued based on your redemption method.
| Redemption Type | Value Per Point |
|---|---|
| Statement Credits | 1 cent |
| Cash Back | 1 cent |
| Gift Cards | 1 cent |
| Chase Ultimate Rewards | 1.25 cent |
| Transfer To Airline And Hotel Partners | >1.25 cent |
Chase Travel Partners
Below is list of Chase airline and hotel partner programs you can transfer your points to:
- Air Canada (Aeroplan).
- Aer Lingus.
- Air France-KLM.
- British Airways.
- Emirates.
- Iberia.
- JetBlue.
- Singapore.
- Southwest.
- United.
- Virgin Atlantic.
- Hyatt.
- InterContinental.
- Marriott.
Who Is This Card Suited For
The Chase Sapphire Preferred would be is ideal for people who have an active lifestyle and frequently dine out and travel. To maximize the value of your points you should plan on using Chase’s travel portal (as you get an additional 25% value for your points) or transfer to partner programs (at a 1:1 rate) to take advantage of better redemption offers on flights or hotels at partner websites. Chase Sapphire Preferred card would also benefit people who want travel protections that include: auto insurance, trip cancellation insurance, baggage and trip delay insurance.
If having access to airport lounges is important to you then this is not the card for you. Chase Sapphire Reserve may be a better alternative as it offers more lux benefits, but it comes at a higher cost.
Key Benefits:
- Rich rewards and generous sign on bonus.
- Annual credits to supplement your travel budget.
- Flexibility for how you can redeem your miles.
- Travel and auto insurance.
Key Drawbacks:
- Tiered rewards structure will require effort to track reward progress.
- Does not have luxury travel benefits like access airport lounges or hotel elite status
Card Fees And Expenses
| Annual Fee | $95 |
| Foreign Transaction Fee | $0 |
| Interest Rates | 15.99% to 22.99% |
| Late Fees | Up to $40 and the penalty APR: Up to 29.99% |
| Balance Transfers | The Balance Transfer fee is either $5 or 5% of the amount of each transfer, whichever is greater. APR: 15.99% to 22.99% |
| Cash Advance | The Cash Advance fee is either $5 or 5% of the amount of each transfer, whichever is greater. APR: 24.99% |
