The Chase Sapphire Preferred® Card is a standout choice in the world of travel rewards credit cards, offering an excellent blend of generous rewards, flexible redemption options, and valuable benefits tailored to those who travel frequently or love dining out.
The card is often celebrated for its well-rounded set of perks, including a significant sign-up bonus, 2x points on travel and dining, and access to exclusive travel protections.
If you’re someone who wants to earn rewards on your everyday purchases while enjoying luxurious benefits when traveling, this card may be a perfect match for you.
Below, we dive deeper into its features, pros, cons, and some tips on how to make the most of this card.
Key Features of the Chase Sapphire Preferred® Card
The Chase Sapphire Preferred® Card stands out for its earning potential, especially for travelers and food enthusiasts. Let’s break down the core features:
- 2x Points on Travel and Dining: Cardholders earn 2x points for every dollar spent on travel and dining, making this card ideal for those who love to explore new destinations or enjoy dining out regularly. This includes not just restaurants, but also takeout and delivery.
- 1 Point on All Other Purchases: For all other purchases, you will still earn 1 point per dollar spent, allowing you to continue collecting rewards even on everyday expenses.
- 60,000 Points Sign-Up Bonus: After spending $4,000 in the first three months, you can earn a 60,000-point bonus, which can be redeemed for $750 in travel through Chase’s Ultimate Rewards® platform. This makes the card an attractive choice for new customers looking for an instant boost to their points balance.
- 1:1 Point Transfer to Travel Partners: One of the standout features of the Chase Sapphire Preferred® Card is its ability to transfer points at a 1:1 ratio to over 13 travel partners, including airlines and hotel chains. This significantly enhances the value of your points, allowing you to redeem them for flights or hotel stays at a better rate.
- Travel Insurance Protections: The card offers several travel protections, including trip cancellation/interruption insurance, primary car rental insurance, and lost luggage reimbursement, making it a solid companion for any traveler.
- No Foreign Transaction Fees: For those who travel internationally, this card’s no foreign transaction fees policy means you can use your card abroad without incurring additional costs.
- $95 Annual Fee: While many premium travel rewards cards come with high annual fees, the Chase Sapphire Preferred® Card has a relatively low $95 annual fee, which is reasonable for the perks it offers.
Advantages of the Chase Sapphire Preferred® Card
The Chase Sapphire Preferred® Card offers a wealth of benefits that appeal to travel enthusiasts and anyone looking to earn valuable rewards.
Let’s take a closer look at some of its major advantages:
Significant Earning Potential
With 2x points on travel and dining, this card excels at helping you accumulate points quickly.
Whether you’re booking flights, staying in hotels, enjoying a nice dinner out, or grabbing takeout, your purchases will yield double the rewards.
Plus, the card’s 1 point per dollar on all other purchases ensures you never miss an opportunity to earn more points.
Generous Welcome Bonus
The 60,000-point bonus is one of the most generous welcome offers available.
With a simple spend of $4,000 in the first three months, you’ll have enough points to earn $750 in travel—a great start for anyone who travels or plans a vacation soon.
Flexible Redemption Options
Points earned with the Chase Sapphire Preferred® Card can be used in a variety of ways, including booking travel, transferring to airline and hotel partners, or redeeming for gift cards or statement credits.
This flexibility allows you to tailor your rewards to your lifestyle and goals.
1:1 Point Transfers to Leading Travel Partners
Unlike many other rewards cards, the Chase Sapphire Preferred® Card allows you to transfer points to major travel partners at a 1:1 ratio.
These partners include popular airlines like United Airlines, Southwest Airlines, and British Airways, as well as hotel chains such as Hyatt, Marriott, and IHG.
This feature opens up numerous opportunities to maximize the value of your rewards, especially when booking flights or hotels.
Top-Notch Travel Protections
The Chase Sapphire Preferred® Card comes with comprehensive travel insurance, which covers unexpected events like trip cancellations, baggage delays, and medical emergencies.
This can give you peace of mind knowing you are protected during your travels.
No Foreign Transaction Fees
For those who travel internationally, the absence of foreign transaction fees makes the Chase Sapphire Preferred® Card an excellent choice.
It’s a straightforward benefit that ensures you won’t be hit with extra costs when making purchases abroad.
Purchase Protection and Extended Warranty
The card also provides purchase protection, which covers eligible purchases against theft or damage for up to 120 days.
Additionally, its extended warranty benefit extends the manufacturer’s warranty by up to one year on eligible items, providing extra protection for your purchases.
Disadvantages of the Chase Sapphire Preferred® Card
While the Chase Sapphire Preferred® Card offers an impressive list of benefits, it does come with a few drawbacks:
$95 Annual Fee
Although the annual fee of $95 is relatively low compared to some other travel rewards cards, it’s still a cost to factor in.
If you don’t travel often or make significant purchases in the dining category, the annual fee may not be worth it.
High APR
If you carry a balance from month to month, the APR (Annual Percentage Rate) can be quite high, ranging from 21.24% to 28.24%.
Paying off your balance in full each month is crucial to avoid accumulating high-interest charges.
Requires Good Credit
To qualify for the Chase Sapphire Preferred® Card, you generally need a good to excellent credit score (usually 700+).
This may exclude some potential applicants who have less-than-ideal credit.
Restrictions on Some Redemptions
While the Chase Sapphire Preferred® Card offers a wide range of redemption options, certain redemption methods may not provide the best value.
For example, redeeming points for gift cards or statement credits may not offer as much value as using points for travel or transferring them to a partner.
How to Apply for the Chase Sapphire Preferred® Card
To apply for the Chase Sapphire Preferred® Card, ensure you meet the following criteria:
- Minimum Age: You must be at least 18 years old.
- Credit Score: Generally, applicants should have a good to excellent credit score (usually 700+).
- U.S. Residency: You must be a U.S. resident with a valid Social Security Number (SSN).
- Income Verification: You may need to provide proof of income.
Fees and Costs
Here’s a breakdown of the fees and costs associated with the Chase Sapphire Preferred® Card:
- Annual Fee: $95
- APR: 21.24% to 28.24% (variable)
- Cash Advance Fee: $10 or 5% of the amount of the advance, whichever is greater
- Late Payment Fee: Up to $40
- Returned Payment Fee: Up to $40
Frequently Asked Questions
- How do I redeem my points? Points can be redeemed for travel, transferred to travel partners, or used for gift cards, products, or statement credits.
- How much is the sign-up bonus? New cardholders can earn 60,000 points by spending $4,000 in the first three months.
- Does the card offer travel protection? Yes, it provides trip cancellation insurance, primary car rental insurance, and more.
- Are there foreign transaction fees? No, there are no foreign transaction fees.
- Can I transfer points to airlines? Yes, points can be transferred to 13 travel partners at a 1:1 ratio.
Conclusion
The Chase Sapphire Preferred® Card offers excellent value for frequent travelers and dining enthusiasts.
With 2x points on travel and dining, a generous 60,000-point bonus, no foreign transaction fees, and flexible redemption options, it’s an exceptional card for those looking to maximize their spending.
Whether you’re planning a vacation or simply looking to earn rewards on your daily purchases, the Chase Sapphire Preferred® Card is a top-tier choice with plenty of perks that can enhance your financial life.
