Chase Sapphire Preferred® Card
Chase Sapphire Preferred® Card

Chase Sapphire Preferred® Card Review: Does It Live Up to The Hype?

Chase Sapphire Preferred® Card Review: Does It Live Up to The Hype?

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Editor's Rating

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  • On Chase's Secure Website

Editor's Rating

?

  • On Chase's Secure Website

First Year Value: $2,354

The Chase Sapphire Preferred® Card is one of the best travel cards due to its generous sign-up bonus complemented by good earning rates on travel and dining and points that can be flexibly redeemed for cash or travel.

Citi is an advertising partner

The Chase Sapphire Preferred® Card earns valuable Ultimate Rewards points that can be flexibly redeemed for cash or travel, or transferred to any of Chase's excellent hotel and airline loyalty partners. You can also enjoy 2X bonus points for travel and dining spend with the Chase Sapphire Preferred® Card, plus an array of travel protections such as rental car collision damage coverage and $0 foreign transaction fees.

The Chase Sapphire Preferred® Card has made our 2021 editor's picks for top rewards card offers.

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The card does carry a $95 annual fee, but we'll show you how the benefits and rewards could easily justify the cost. Here's what you need to know to see if the Chase Sapphire Preferred® Card is a good fit for you.

Chase Sapphire Preferred® Card

  • On Chase's Secure Website

$95

15.99% - 22.99% Variable

Excellent

  • Our best offer ever! Earn 100,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,250 when you redeem through Chase Ultimate Rewards®.
  • Earn 2X points on dining including eligible delivery services, takeout and dining out and travel. Plus, earn 1 point per dollar spent on all other purchases.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 100,000 points are worth $1,250 toward travel.
  • With Pay Yourself BackSM, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
  • 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 12/31/21.
  • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
  • Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required.

Pros

  • Very generous sign-up bonus
  • Flexible points redeemable for cash, travel or points in other loyalty programs
  • Excellent array of travel transfer partners
  • Available Lyft, Doordash and Peloton benefits
  • Travel and rental car protections
  • $0 foreign transaction fees

Cons

  • $95 annual fee
  • Lackluster 2x earning for travel purchases among similar products
  • Some benefits are temporary
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Earn 100,000 bonus points

If you're looking to earn a sweet sign-up bonus, look no further: The current Chase Sapphire Preferred® Card sign-up bonus is the best that we've seen for the card:

Our best offer ever! Earn 100,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,250 when you redeem through Chase Ultimate Rewards®.

Given that you can redeem Ultimate Rewards points at 1.25 each through Chase Travel, this bonus is worth at least $1,250. And since you can often get greater value for your points when transferring to travel partners, you could potentially enjoy in excess of $2,000 in value from the sign-up bonus.

What it's worth: $1,250 in Ultimate Rewards travel or around $2,000 when you transfer points to a Chase Ultimate Rewards partner

Who's eligible to earn this offer? This product is available to you if you don’t have any Sapphire cards and have not received a new cardmember bonus for any Sapphire card in the past 48 months. The card is also subject to the unwritten Chase 5/24 rule.

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Earn 2X on restaurants and travel

The Chase Sapphire Preferred® Card is designed for consumers interested in earning flexible travel rewards. It’s tailored to the travel sector, with earning bonuses on travel and dining, along with other travel-related card benefits.

The Chase Sapphire Preferred® Card earns 2X points on dining at restaurants including eligible delivery services, takeout and dining out and travel & 1 point per dollar spent on all other purchases worldwide.

The Chase Sapphire Preferred® Card also earns 5X Ultimate Rewards points on Lyft rides. This is a niche earning category that’s currently set to last through March 2022.

Here at ValuePenguin we value Ultimate Rewards points at 2.0 cents each — this means that the 2X earning on dining and travel is effectively a 4.0% return on your spending. For Lyft rides, this is a very impressive 10% return.

While the average rewards earned per $1 spent on your Chase Sapphire Preferred® Card aren't the highest you can find among similar travel rewards credit card programs, you still enjoy a 2.5% overall return based on typical spending patterns. The transferability of Chase Points to high-value airline and hotel loyalty program partners provides them this added value.

Average rewards earned per $1 spent

$0.044
American Express® Gold Card
$0.035
Citi Prestige® Credit Card
$0.03
Chase Sapphire Reserve®
$0.03
American Express® Green Card
$0.025
Chase Sapphire Preferred® Card
$0.023
The Platinum Card® from American Express
$0.02
Capital One Venture Rewards Credit Card
$0.019
United℠ Explorer Card

What are Chase Sapphire Preferred® Card points worth?

We consider Chase Ultimate Rewards® points to be worth 2 cents each on average. Although the cash value and value when redeemed through Chase Travel is less than this average, you can often get greater value by transferring your points to the array of hotel and airline loyalty partners.

Value: Above average

Ease of redeeming: Above average

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Chase offers a number of other cards that also earn Ultimate Rewards points, including the Chase Freedom Flex℠, Chase Freedom Unlimited® and a few different Chase business cards. The cool thing is that you can pool all of your Ultimate Rewards points into one account.

Pairing the Chase Sapphire Preferred® Card with other cards

Consumers with other Chase Ultimate Rewards® cards, like the Chase Freedom Flex℠, will find that the Chase Sapphire Preferred® Card can make their existing cards more valuable. Here's why: The rewards earned are in the form of Chase Ultimate Rewards® points that you can convert into cash back as well as transfer to other Ultimate Rewards cards, including the Chase Sapphire Preferred® Card. This can give you a 25% to 100% bump in the value of your points, depending on how you use them. See our guide to the Chase Trifecta to learn more about pairing Chase cards.

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Redeeming points

Flexibility in redeeming your points is one of the best aspects of the Ultimate Rewards program. Points can be redeemed for travel, transferred to partner loyalty programs, redeemed for gift cards or simply used for cash back.

The value you get per point is highly dependent on how you choose to redeem your Ultimate Rewards points.

Chase touts redemption for travel through Chase Travel as a way to get 25% more for your points. Getting 1.25 cents per "UR" point is certainly a better value than redeeming for cash, gift cards or Apple products, where you receive just 1 cent per point. However, you'll get the most value — an average of around 2 cents per point, by our estimates — when you transfer your points to travel partners. Check out the differences in rewards value based on how you redeem your points.

Redemption
Points value
Book travel via the Chase Ultimate Rewards® Portal1.25 cents
Transfer points to travel partners at a 1:1 ratio2 cents on average, depending on the program
Use points at Apple Ultimate Rewards store1 cent
Redeem points for 150+ gift cards1 cent
Redeem points for cash back1 cent

Transfer partners

There are a total of ten airline loyalty programs (with another one on the way) and three hotel loyalty programs that partner with Chase Ultimate Rewards®. Points for these programs can be transferred at a 1:1 ratio in increments of 1,000. However, not all Chase travel partners are created equal. A couple programs offer less value than redeeming your points for cash or through Chase Travel (notably IHG Rewards Club and Marriott Bonvoy), but most transfer partners offer much greater value.

Airline transfer partners

  • Aer Lingus AerClub
  • Air Canada Aeroplan (joining in late 2021)
  • BritishAirways Executive Club
  • Emirates Skywards
  • Flying Blue AIR FRANCE KLM
  • Iberia Plus

Hotel transfer partners

To transfer points, you'll need to be enrolled in the partner program you wish to transfer points to and provide your loyalty number.

Pay yourself back for groceries

The Chase Sapphire Preferred® Card is currently offering a temporary "Pay Yourself Back" feature where you can redeem your points for 1.25 cents each as a statement credit against purchases within specific merchant categories. This provides a way to receive 25% additional value for cardholders who currently aren't traveling much, if at all.

The Pay Yourself Back categories currently include:

  • Grocery stores
  • Dining
  • Home improvement
  • Donations to eligible charities

You can redeem points via Pay Yourself Back for up to 90 days after you make an eligible purchase. The categories are subject to change at any time. This limited-time card feature will expire on Sept. 30, 2021.

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Primary rental car insurance

One of the best Chase Sapphire Preferred® Card benefits is its auto rental collision damage waiver. When you rent a vehicle using your Chase Sapphire Preferred® Card, decline any collision insurance coverage provided by the rental agency to allow this card benefit to kick in.

This coverage is primary, which means that you won’t need to file a claim with another source of insurance before you can receive this card coverage. Coverage covers the cardholder and any additional drivers listed on the rental agreement, as long as the cardholder (whose name is embossed on the card) is listed as the primary renter. This coverage is only valid for rentals of 31 consecutive days or fewer.

The auto rental collision damage waiver covers the following (for a qualifying vehicle):

  • Physical damage and/or theft of a covered rental vehicle (up to the actual cash value of the rental car)
  • Reasonable and customary towing charges related to a covered loss to take the vehicle to the nearest qualified repair facility
  • Valid loss-of-use charges incurred by the rental car agency

The car rental coverage makes the card a very appealing option for people who frequently rent vehicles and opt for rental agency collision insurance. This benefit alone could save you quite a bit of money.

Top travel insurance benefits

There are several other travel insurance coverages offered as Chase Sapphire Preferred® Card benefits that can both save you money and provide peace of mind when you travel. These travel benefits make the Chase Sapphire Preferred® Card an excellent choice for people who travel frequently. You must use your Chase Sapphire Preferred® Card to purchase your travel for this coverage to apply.

Travel coverages include:

  • Trip cancellation/trip interruption insurance — up to $10,000 per person and $20,000 per trip
  • Baggage delay insurance — Up to $100 a day for five days for baggage delays over six hours
  • Trip delay reimbursement — Up to $500 per ticket for delays over 12 hours
  • Lost luggage reimbursement — Up to $3,000 per passenger for lost, damaged or destroyed luggage
  • Travel accident insurance — Up to $500,000 for accidental death or dismemberment
  • Travel and emergency assistance — The card's benefit administrator can provide legal and medical referrals or other travel and emergency assistance
  • Roadside Dispatch® — Call the card's 800 number for services such as towing, jumpstart and tire changes and have the fee billed to your card

Consult the Chase Sapphire Preferred® Card benefit terms for additional details and restrictions.

Other Chase Sapphire Preferred® Card benefits

The Chase Sapphire Preferred® Card benefits go beyond travel. You can enjoy an array of other money-saving perks, including:

You can enjoy a complimentary DashPass, a subscription service offered by the DoorDash food delivery service. DashPass provides unlimited deliveries with a $0 delivery fee and reduced fees on orders over $12. This benefit is valid for a minimum of one year and is valued at $9.99 per month.

You can enjoy up to $60 back when you purchase an eligible Peloton Digital or All-Access membership using your Chase Sapphire Preferred® Card. This gives you access to the digital Peloton workout library through their app, where you can access cardio, running, yoga and other classes. No workout equipment is required. This benefit is available through Dec. 31, 2021.

The lack of foreign transaction fees allows you to use your Chase Sapphire Preferred® Card while traveling abroad without incurring additional charges. Many banks charge around 3% to convert your foreign purchases into U.S. dollars. With the Chase Sapphire Preferred® Card, you can avoid this fee.

New purchases made using your Chase Sapphire Preferred® Card are covered by purchase protection for 120 days against damage or theft up to $500 per claim and $50,000 per account. Some items (such as used items, antiques and computer software) and situations are not covered.

The extended warranty protection offered as a Chase Sapphire Preferred® Card benefit will extend a manufacturer's warranty by one additional year for warranties of three years or less. Items must have a valid manufacturer-written warranty to be eligible. Coverage can be up to $10,000 per claim, up to $50,000 per account for qualifying purchases.

How does the Chase Sapphire Preferred® Card compare to other cards?

The Chase Sapphire Preferred® Card is only one of many travel credit cards available to consumers. We've picked three cards for comparison to show how the Chase Sapphire Preferred® Card stacks up against the competition.

Chase Sapphire Preferred® Card vs. Chase Sapphire Reserve®

  • On Chase's Secure Website

The Chase Sapphire Reserve® is the "big brother" to the Chase Sapphire Preferred® Card. It offers increased earning rates of 3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants including eligible delivery services, takeout and dining out & 1 point per $1 spent on all other purchases. Your points are also worth 50% more when redeemed through Chase Travel or Pay Yourself Back, an additional 25% boost beyond what the Chase Sapphire Preferred® Card offers.

The card is also a Visa Infinite rather than a Visa Signature like the Chase Sapphire Preferred® Card, giving you access to a higher level of Visa benefits.

The downside of the Chase Sapphire Reserve® is that it carries an annual fee of $550 — however, the card offers an annual $300 travel credit and lounge access through Priority Pass that could justify this fee for you.

If you're looking for a premium credit card with an excellent array of travel benefits, the Chase Sapphire Reserve® may be a better choice than the Chase Sapphire Preferred® Card. You'll just need to keep the cost of the annual fee in mind to decide whether it is worth it.

Chase Sapphire Preferred® Card vs. American Express® Gold Card

The American Express® Gold Card lets you Earn 4X Membership Rewards® Points at Restaurants, including takeout and delivery, and earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X), and 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com. Terms apply.

While the American Express® Gold Card outperforms the Chase Sapphire Preferred® Card when it comes to dining and airline spend, the Chase Sapphire Preferred® Card offers 2X points on a far broader "travel" category, which includes hotels and taxis.

In general, the American Express® Gold Card is our recommended card for people who spend more on dining than they do on travel.

For rates and fees of American Express® Gold Card, please click here.

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

The Capital One Venture Rewards Credit Card earns 2 Miles per dollar on every purchase, every day. At first glance, this seems like a better option than the Chase Sapphire Preferred® Card. However, the points earned are not equal, as Ultimate Rewards points are worth more than Capital One Venture miles.

If your monthly purchases lean more frequently towards dining and travel, then the Chase Sapphire Preferred® Card will produce better results — otherwise, the Capital One Venture Rewards Credit Card will be a better choice. Both cards charge a $95 annual fee.

Is the Chase Sapphire Preferred® Card worth it?

The Chase Sapphire Preferred® Card is one of the best personal Chase credit cards available to consumers. With a fantastic array of travel and other benefits, plus the valuable and flexible Ultimate Rewards points, it’s a great choice that’s well suited for frequent travelers or people looking for travel rewards.

The card falls short in common spend categories (such as grocery and dining) when compared with similar cards like the American Express® Gold Card, but the broader travel category covers much more. If you're looking to boost your credit card rewards even more, check out the "Chase Trifecta" of rewards cards, substituting the Chase Sapphire Preferred® Card for the Chase Ink Business Preferred card.

For consumers looking for the simplicity of cash back, the Chase Sapphire Preferred® Card might not be the card for you. While you can certainly redeem your Ultimate Rewards points for cash back, there are other, better options out there that provide excellent cash rewards. Check out our list of best cashback credit cards.

Chase Sapphire Preferred® Card FAQs

Is the Chase Sapphire Preferred® Card metal?

Yes, the Chase Sapphire Preferred® Card is made out of metal.

Does the Chase Sapphire Preferred® Card have roadside assistance?

Yes, the Chase Sapphire Preferred® Card offers Roadside Dispatch® service. Call 800-847-2869 to get the roadside help you need. The cost of this service will be billed to your card.

Does the Chase Sapphire Preferred® Card pay for Global Entry?

No, the Chase Sapphire Preferred® Card does not reimburse the cost of applying for Global Entry. However, the Chase Sapphire Reserve® Card provides this benefit.

Does the Chase Sapphire Preferred® Card have airport lounge access?

No, the Chase Sapphire Preferred® Card does not offer airport lounge access. However, this benefit is available on the Chase Sapphire Reserve® card.

What credit score is needed for the Chase Sapphire Preferred® Card?

You’ll typically need an Excellent credit score to be approved for the Chase Sapphire Preferred® Card. While credit score ratings and ranges vary by credit agency, you’ll typically need to have a FICO Score of at least 800 to qualify for the card.

How do you dispose of a Chase Sapphire Preferred® Card?

You can ask for a prepaid envelope to mail your metal Chase Sapphire Preferred® Card back to the bank. Alternatively, you can destroy the card using tin snips, a scissorlike tool that can cut through metal.

Do Chase Sapphire Preferred® Card points expire?

Chase Ultimate ®Rewards® points earned with your Chase Sapphire Preferred® Card do not expire as long as your account is open. However, you will lose all of your points if your account is closed.

Does the Chase Sapphire Preferred® Card cover rental car insurance?

Yes, the Chase Sapphire Preferred® Card offers primary auto rental collision damage waiver coverage that provides reimbursement up to the actual value of the rental car in cases of theft or collision in the U.S. and abroad.

Is the Chase Sapphire Preferred® Card a Visa Signature?

Yes, the Chase Sapphire Preferred® Card is a Visa Signature product.

What is considered dining for the Chase Sapphire Preferred® Card?

The Chase Sapphire Preferred® Card dining category includes restaurants, as well as dining delivery services and takeout.

What is the credit limit on the Chase Sapphire Preferred® Card?

The minimum credit limit for the Chase Sapphire Preferred® Card is $5,000, as it is a Visa Signature product.

Does Airbnb count as travel?

Yes, Airbnb codes as travel for the Chase Sapphire Preferred® Card and will earn 2X points per $1 spent.

For rates and fees of American Express® Gold Card, please click here.

The information related to Citi Prestige® Credit Card and American Express® Green Card has been independently collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply to American Express credit card offers. See americanexpress.com for more information.

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The products that appear on this site may be from companies from which ValuePenguin receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). ValuePenguin does not include all financial institutions or all products offered available in the marketplace.

How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).

  • On Chase's Secure Website

First Year Value: $2,354

{"backgroundColor":"butter","content":"\u003C\/p\u003E\n\n\u003Ch3 class=\"align-center\"\u003EFirst Year Value: \u003Cspan class=\"ReactComponent--root\"\u003E\n \u003Cspan class=\"js-react-component-rendered js-react-component-Tooltip\" data-component-name=\"Tooltip\"\u003E\n \u003Cspan class=\"Root-sc-1s0tjjv cqsxgS\"\u003E\u003Cspan class=\"TriggerContent-sc-6l8ey boyEKZ\"\u003E$2,354\u003C!-- --\u003E \u003C\/span\u003E\u003C\/span\u003E\n \u003C\/span\u003E\n\n \u003Cscript type=\"application\/json\" class=\"js-react-component\" data-component-name=\"Tooltip\"\u003E\n {\"content\":\"Assuming an $18,000 1-year spend. Estimate for new cardmembers only. Learn more on how we \\u003Cspan\\u003E\\u003Ca class=\\\"ShortcodeLink--root ShortcodeLink--black\\\" rel=\\\"noopener\\\" target=\\\"_blank\\\" title=\\\"calculate rewards\\\" href=\\\"https:\\\/\\\/www.valuepenguin.com\\\/credit-cards-methodology\\\"\\u003Ecalculate rewards\\u003C\\\/a\\u003E\\u003C\\\/span\\u003E. ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.\",\"icon\":\"\",\"triggerText\":\"$2,354\"}\n \u003C\/script\u003E\n\u003C\/span\u003E\n\u003C\/h3\u003E\n\n\u003Cp\u003E","padding":"normal"}