Chase Sapphire Preferred® Card Review September 2024 (2024)

Chase Sapphire Preferred^® Card: Review

Is the Chase Sapphire Preferred^® Card worth it?

Yes, the Chase Sapphire Preferred^® Card is worth it, especially if you travel frequently.

It’s an ideal card if you’re looking to get a travel card without spending hundreds of dollars per year on fees, and the benefits it offers can easily offset the $95 annual fee if you take full advantage of them.

Chase Sapphire Preferred offers premium travel benefits, making it an excellent fit for travelers who want to make the most of their flights and hotel stays. The card also comes with a lucrative rewards program where you can earn up to five points per dollar on travel purchases and three points per dollar on dining.

In this review, we break down all the details about this card so you can decide if it’s worth it for you or not.

Chase Sapphire Preferred^®: Highlights

• Annual fee: $95
• Reward rate: Earn 5X points on Chase Travel℠ purchases, 3X points on dining, online grocery purchases, and select streaming services, and 1X points on other purchases.
• Welcome offer: Earn 60,000 points when you spend $4,000 in the first 3 months of account opening. This is worth $750 when you redeem toward travel through Chase Travel℠
• Key perks: Robust travel protections, $50 annual hotel credit for bookings through Chase Travel, points worth 25% more when redeemed through Chase Travel
• Drawbacks: Has an annual fee, restrictions for rewards on grocery purchases, no TSA PreCheck or Global Entry fee credit

Pros and cons

Who is Chase Sapphire Preferred^® best for?

Overall, the Chase Sapphire Preferred is ideal for people who travel frequently. It’s an especially good choice if you plan to use Chase Travel for booking. It also has a low annual fee, making it a no-brainer for anyone looking to avoid the high fees charged by some credit card companies.

Chase Sapphire Preferred^®: Rewards

Earning rewards

Here’s how much you can expect to earn in each category:

• Travel: 5 points per dollar on travel purchased through Chase Travel℠; 2 points per dollar on all other travel purchases
• Lyft rides: 5 points per dollar on all Lyft rides taken through March 31, 2025
• Dining: 3 points per dollar
• Streaming: 3 points per dollar on select streaming services
• Online grocery purchases: 3 points per dollar (excludes Walmart, Target and wholesale clubs)
• All other purchases: 1 point per dollar

Chase also offers a 10% anniversary points bonus. Each year, on your anniversary date, you’ll get a bonus equal to 10% of your total spend for the anniversary year. Chase calculates the bonus at a rate of 1 point per dollar. For example, if you spent $75,000 during your anniversary year, you’d receive 7,500 bonus points.

Redeeming rewards

Another reason Chase Sapphire Preferred is one of the best travel credit cards on the market is that it gives you six ways to redeem your bonus points.

Here’s how to use your bonus points once you’ve earned them:

• Chase Travel℠: Use Chase Travel to make travel plans. When you book through this platform, each point isworth 1.25 cents. You may also qualify for 5X bonus points.
• Pay Yourself Back^®: If you have enough points, you can use the Chase Pay Yourself Back program to receive a statement credit on one or more eligible purchases.
• Transfer to travel partners (airline and hotel): Chase has multiple transfer partners, making it easy to transfer bonus points to your preferred airline or hotel loyalty program. Current partners for this airline card include British Airways Executive Club, JetBlue and Southwest Airlines Rapid Rewards.
• Statement credit: Reduce your monthly balance by turning your Chase Ultimate Rewards^® points into a statement credit. Chase uses a conversion rate of 1 cent per point.
• Gift cards: You can use your Chase Ultimate Rewards points to buy gift cards. In most cases, the conversion rate is set to 1 cent per point, but Chase occasionally offers discounts.
• Pay for purchases at certain merchants with points: Chase partners with Amazon, PayPal and other merchants, making it possible to use your rewards points to pay for purchases on other websites.

Sign-up bonus

Chase offers 60,000 bonus points after spending $4,000 on purchases within the first three months of opening your account. This is worth $750 when redeemed toward travel through Chase Travel℠ and $600 when redeemed toward gift cards, statement credits, etc.

Sapphire Preferred^®: Benefits

▶︎ Learn more: Chase Sapphire Preferred benefits guide

Travel protections

• Trip cancellation. If you have to cancel your trip for a covered reason, you can use your Chase Sapphire travel insurance to cover the prepaid, nonrefundable portion of your trip. For example, you may be able to recover the money you spent on prepaid flights and hotel stays. You may need to use this coverage if you injure yourself before your scheduled departure date or if inclement weather prevents you from traveling. Chase Sapphire Preferred gives you coverage of up to $10,000 per personand $20,000 per trip.
• Trip interruption. Sometimes, you have to end your trip early. Chase Sapphire Preferred gives you coverage for exactly this type of situation. For example, if you have a serious medical emergency while you’re traveling, you may be able to use trip interruption insurance to recoup some of your losses.
• Trip delays. If your common carrier has a delay of 12 hours or more, you’re eligible for reimbursem*nt of up to $500 per ticket. This money is intended to cover the cost of lodging, food and other expenses associated with the delay. A common carrier is a company that provides transportation services to members of the public, so this type of insurance works with airlines, ferries, bus companies and railways.
• Lost luggage. Chase Sapphire Preferred includes coverage of up to $3,000 per person for lost or damaged luggage. This applies to losses caused by a common carrier.
• Baggage delays. If you have to purchase toiletries or other necessary items due to a baggage delay of six hours or more, Chase Sapphire Preferred provides reimbursem*nt of up to $100 per day for five days.
• Travel accidents. Chase Sapphire Preferred cardholders are eligible for up to $500,000 in accidental death or dismemberment coverage in the event of an accident. To use this benefit, you must use the Chase Sapphire Preferred to book your transportation.
• Car rental insurance. Car rental insurance is one of the many benefits that come with the Chase Sapphire Preferred. To use this coverage, you must decline the collision insurance offered by the rental company and charge the full cost of the rental to your Sapphire Preferred card. If you have a covered loss, you’re eligible for reimbursem*nt up to the vehicle’s actual cash value. However, you can’t use this rental insurance for exotic cars or other high-value vehicles.
• Roadside assistance. Cardholders also have access to roadside assistance, with coverage of up to $50 per incident (limit of four incidents per year). You can use this benefit to request a tow, tire change, locksmith or jumpstart.

Shopping protections

• Purchase protection. Purchase protection reimburses you up to $500 per claim for lost, stolen and damaged items, provided the loss occurs within 120 days of purchase. This benefit has a limit of $50,000 per card.
• Extended warranty. Extended warranty protection extends the original manufacturer’s warranty on eligible items. To qualify for this benefit, the item must have an original warranty lasting no longer than three years. You must also purchase the item with the Chase Sapphire Preferred or with Ultimate Rewards points earned on an eligible Chase card. This benefit has a limit of up to $10,000 per claim and $50,000 per account.
• Shopping discounts. Chase partners with a variety of merchants to bring you special offers. To activate an offer, you just need to add it to your card. There’s no need to clip coupons or remember convoluted discount codes.

Other perks

• DoorDash DashPass membership. Chase offers a complimentary subscription to DoorDash DashPass, which gives you access to $0 delivery fees and reduced service fees on the DoorDash platform for a minimum of 1 year when you activate by December 31, 2027. To access this benefit, link your Chase Sapphire Preferred to your DoorDash account and click the activation button.
• 24/7 access to customer service. Chase has customer service agents available 24 hours per day to answer questions and provide assistance with a variety of matters.
• $50 hotel credit. Each year, cardholders receive a $50 statement credit for hotel stays booked through Chase Travel℠. Note that Chase awards these credits based on your anniversary date. For example, if you signed up for the Chase Sapphire Preferred on March 15, your year runs until March 14 of the next year. Chase doesn’t award credits based on calendar years (January 1 to December 31).

Chase Sapphire Preferred^® Card: The fine print

Fees

These are the fees charged to Chase Sapphire Preferred members.

• Annual fee: $95
• Balance transfer fee: $5 or 5% of the transfer amount, whichever is greater
• Cash advance fee: $10 or 5% of the advance amount, whichever is greater
• Foreign transaction fee: $0

Interest rates

Before you apply for this travel card, make note of the following rate data:

• Regular APR: 21.49% to 28.49% variable
• Purchase intro APR: N/A
• Balance transfer APR: 21.49% to 28.49% variable
• Balance transfer intro APR: N/A
• Cash advance APR: 29.99% variable

Credit limit

The Chase Sapphire Preferred card has a minimum credit limit of $5,000. You may qualify for a limit of up to $100,000, depending on your income and credit history.

Chase Sapphire Preferred^® Card: Drawbacks

Fewer perks than some travel cards

While the Chase Sapphire Preferred Card is full of valuable benefits, it’s lacking some of the perks other cards boast. Standard travel card benefits like Global Entry or TSA PreCheck fee credits are missing from this card’s list of perks. You also won’t get airport lounge access, hotel elite status, or flexible annual travel credits with Sapphire Preferred. In this card’s defense, many high-value perks are tied to premium cards with higher annual fees, but even some comparable fee cards have TSA PreCheck^® or Global Entry credits.

Best value only through Chase Travel

Chase Travel, Chase Bank’s top-of-the-line travel platform, offers eligible users the ability to book flights and hotels and transfer points to various partners. Through this platform, Sapphire Preferred cardholders can earn 5X points per dollar spent and redeem points for 25% more value than other redemption options, so every point is worth 1.25 cents apiece. This is a great deal but can be limiting if you like to shop around and compare prices.

How the Chase Sapphire Preferred^® Card compares

Chase Sapphire Preferred^® Card vs. Chase Sapphire Reserve^®

In many cases, the Chase Sapphire Preferred and the Chase Sapphire Reserve^® offer the same benefits.

However, there are a few perks to having the Sapphire Reserve.

For example, Chase Sapphire Preferred only gives you a $50 hotel credit, but the Sapphire Reserve gives you a$300 travel credit (which can be used on hotel bookings), making it a better hotel credit card. The Sapphire Reserve also comes with 10X points on hotels and car rentals once you’ve spent at least $300 on travel purchases each year.

Here are some other differences:

• If you have the Sapphire Reserve, you may be eligible for a credit of up to $100 toward your NEXUS, TSA PreCheck^® or Global Entry application fee.
• When you use the Sapphire Reserve to purchase travel through Chase Travel℠, you get 50% more value.
• With the Sapphire Reserve, you get 5X points on flights once you’ve spent $300 on travel each year.
• The Chase Sapphire Reserve has anannual fee of $550.

▶︎ Read more: Chase Sapphire Preferred vs. Reserve

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

Chase Sapphire Preferred offers more travel benefits than the American Express^® Gold Card.

For example, the Gold card offers 3X points on flights booked directly with airlines or through American Express Travel but it only gives you 1X points on other eligible purchases. If you’re a frequent traveler, the Sapphire Preferred is probably a better fit for your needs.

However, the Gold cardoffers 4X points on purchases at restaurants (plus takeout and delivery in the U.S.) on up to $50,000 per year, then 1X and U.S. supermarkets (on up to $25,000 per year, then 1X), so it’s ideal for consumers who want to maximize their earnings on everyday purchases.

The Gold card has a fee of $325 (see rates and fees), while the Sapphire Preferred has an annual fee of just $95.

▶︎ Read more: Chase Sapphire Preferred vs. Amex Gold

▶︎ Also see: Chase Sapphire Preferred vs. Chase Freedom Unlimited^®

Should you get the Chase Sapphire Preferred^® Card?

If you’re a semi-frequent traveler who doesn’t want to pay an arm and a leg on a credit card annual fee, the Chase Sapphire Preferred^® Card may be a good option for you. With solid travel perks, a few partner benefits, no foreign transaction fees, and a high point redemption rate through Chase Travel, this card would make an excellent addition to most travelers’ wallets.

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^{For rates and fees of the American Express® Gold Card, please visit this page.}

FAQ: Chase Sapphire Preferred Card