The Chase Sapphire Preferred® Card is one of the top travel credit cards available, ranking as Select's best travel credit card with an annual fee under $100 and the top travel rewards credit card for beginners.
Cardholders can take advantage of numerous travel benefits and a unique rewards program on top of the generous welcome bonus, which all make the $95 annual fee worthwhile. The Ultimate Rewards® points you earn with this card are some of the most lucrative credit card rewards due to their flexibility, including the ability to transfer points to various airline and hotel partners.
Below, CNBC Select breaks down the rewards, benefits and fees associated with the Chase Sapphire Preferred to help you decide if it's the right card for you.
Chase Sapphire Preferred review
Chase Sapphire Preferred® Card
Rewards
$50 annual Ultimate Rewards Hotel Credit, 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on dining, 2X points on all other travel purchases, and 1X points on all other purchases
Welcome bonus
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Ultimate Rewards®.
Annual fee
$95
Intro APR
None
Regular APR
20.24% - 27.24% variable on purchases and balance transfers
Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
Foreign transaction fee
None
Credit needed
Excellent/Good
See our methodology, terms apply.
Pros
- Points are worth 25% more when redeemed for travel via Chase Ultimate Rewards®
- Transfer points to leading frequent travel programs at a 1:1 rate, including: IHG® Rewards Club, Marriott Bonvoy™ and World of Hyatt®
- Travel protections include: auto rental collision damage waiver, baggage delay insurance and trip delay reimbursement
- No fee charged on purchases made outside the U.S.
Cons
- $95 annual fee
- No introductory 0% APR
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Welcome bonus
New Chase Sapphire Preferred® Card cardholders can benefit from 60,000 bonus points after spending $4,000 on purchases in the first three months from account opening.
The Chase Sapphire Preferred has a unique perk for points redemptions: If you redeem points for travel through the Chase Ultimate Rewards® portal, they're worth 25% more. That means the welcome bonus can be worth up to $750 when you book hotels, airfare, cruises and more directly through the travel portal.
Benefits and perks
Cardholders can benefit from a variety of travel and purchase protections that increase the value of the Chase Sapphire Preferred® Card.
Shopping
The Chase Sapphire Preferred offers high spending limits and purchases made with the card are eligible for purchase protection and extended warranty protection.
Chase Offers provides exclusive shopping discounts at select retailers. These offers typically give you a set dollar amount of cash back as a statement credit, applied to your account within 14 business days.
Chase also offers an online shopping portal that provides extra rewards on purchases made through a special link. You can receive extra points by using the link provided through the portal and paying with your qualifying Chase Sapphire Preferred.
Travel
There are a variety of perks offered that can add peace of mind to travelers, including an up to $50 annual Ultimate Rewards Hotel Credit, trip cancellation and interruption insurance, primary rental car insurance, baggage delay insurance, trip delay reimbursement and travel and emergency assistance services.
Plus, cardholders benefit from no foreign transaction fees on purchases made outside the U.S., which saves you the typical 3% fee other cards may charge.
Other benefits
Through Dec. 31, 2023, cardholders can earn up to $10 back in statement credits each month on Gopuff orders. And through Dec. 31, 2024, cardholders can enroll for a complimentary DoorDash DashPass membership, valid for a minimum of one year.
If you like to get your groceries delivered, you can also get up to $15 back each quarter in statement credits for using Instacart, as well as six free months of complimentary delivery through Instacart+.
How to earn and redeem Chase Ultimate Rewards points
Earning
This Chase Sapphire Preferred® Card is geared toward travelers and foodies with the ability to earn 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on dining, 3X points on select streaming services, 3X points on online grocery purchases (excluding Target®, Walmart® and wholesale clubs), 2X points on all other travel purchases and 1X point on everything else. Cardholders can also pick up 5X points per dollar on Lyft rides now through Mar. 31, 2025.
On top of that, the Chase Sapphire Preferred provides cardholders an anniversary bonus equal to 10% of your total purchases made the previous year. That means if you spend $25,000 on purchases, you'll get 2,500 bonus points at the end of the anniversary year.
Redeeming
There are many ways to redeem Ultimate Rewards® points. To start, you can redeem points for straight cash back or gift cards at a rate of 1 cent per point.
If it's simplify you're after, the card also offers a unique redemption option that increases the value of your points to 1.25 cents apiece:
- Chase Ultimate Rewards® portal: Use your points to book hotels, airfare, cruises and more directly through the travel portal.
If you use this redemption option, the 60,000-point welcome bonus is worth $750.
The most valuable option is generally to transfer your points to one of Chase's hotel and airline partners. Transferring your points to partners typically yields much higher value, especially if you want to redeem for luxury travel.
Chase's transfer partners include:
- Aer Lingus AerClub
- Air Canada Aeroplan
- British Airways Executive Club
- Emirates Skywards
- Flying Blue (KLM and Air France)
- Iberia Plus
- JetBlue TrueBlue
- Singapore Airlines KrisFlyer
- Southwest Airlines Rapid Rewards
- United MileagePlus
- Virgin Atlantic Flying Club
- IHG One Rewards
- Marriott Bonvoy
- World of Hyatt
To give you an idea of the redemption possibilities, you could transfer as little as 60,000 points to United to fly one-way from the U.S. to Europe in business class — a flight that normally costs thousands of dollars if you're paying with cash. Alternatively, you can transfer your points to World of Hyatt and book hotels for as little as 3,500 points per night.
Check out our guide to the best ways to use Chase Ultimate Rewards® points to learn more about this valuable travel hack.
Rates and fees
The Chase Sapphire Preferred® Card has a $95 annual fee. This fee isn't as high as other travel credit cards, such as the luxury Chase Sapphire Reserve®, which has a $550 annual fee. It can be easily offset if you take full advantage of the rewards program.
You could recoup the Chase Sapphire Preferred's $95 annual fee by spending as little as $3,800 on travel and/or dining each year and redeeming points through Chase Ultimate Rewards. If you don't redeem points through the portal, you'd need to spend a total of $4,750 annually on combined travel and dining.
The APR is fairly typical at 20.24% - 27.24% variable on purchases and balance transfers. We recommend always paying on time and in full to avoid interest charges.
Card comparison
Chase Sapphire Preferred Card vs. Capital One Venture Rewards Credit Card
The Chase Sapphire Preferred® Card and the Capital One Venture Rewards Credit Card are two comparable cards that both have $95 annual fees and an array of travel perks. For the same $95 annual fee, the Venture Rewards Card offers 5X miles on hotel and rental cars booked through Capital One Travel and 2X miles on all other purchases. Standout benefits include two free airport lounge visits per year and a Global Entry or TSA PreCheck application fee credit up to $100 every four years.
Capital One Venture Rewards Credit Card
Rewards
5X miles on hotel and rental cars booked through Capital One Travel, 2X miles per dollar on every other purchase
Welcome bonus
Earn 75,000 bonus miles once you spend $4,000 on purchases within 3 months from account opening
Annual fee
$95
Intro APR
N/A for purchases and balance transfers
Regular APR
20.24% - 28.24% variable
Balance transfer fee
0% at the regular transfer APR
Foreign transaction fee
None
Credit needed
Excellent/Good
Terms apply.
Chase Sapphire Preferred Card vs. American Express® Gold Card
If you spend a lot of money on food — whether it be at grocery stores or restaurants — consider the American Express® Gold Card. The card has a slightly higher annual fee of $250 (see rates and fees) but also comes with more statement credits to make up for it.
Cardmembers earn 4X Membership Rewards points at restaurants and U.S. supermarkets (up to $25,000 annually, then 1X points afterward), 3X points on flights directly through the airline or via amextravel.com and 1X points on other eligible purchases. Benefits include up to $120 Uber Cash annual credit ($10 per month) for rides in the U.S. and dining via Uber Eats (you must add your Amex Gold Card as a payment method in the Uber app in order to enroll) and up to $120 in annual dining credit ($10 per month) to use with certain delivery services like Seamless and Grubhub, as well as restaurants including The Cheesecake Factory, Goldbelly, Wine.com, Milk Bar and select Shake Shack locations (enrollment required). Terms Apply.
American Express® Gold Card
Rewards
4X Membership Rewards® points at Restaurants (plus takeout and delivery in the U.S.) and at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X), 3X points on flights booked directly with airlines or on amextravel.com, 1X points on all other purchases
Welcome bonus
Earn 60,000 Membership Rewards® points after you spend $4,000 on eligible purchases within the first 6 months of card membership
Annual fee
$250
Intro APR
Not applicable
Regular APR
20.24%-27.24% Variable
Balance transfer fee
N/A
Foreign transaction fee
None
Credit needed
Excellent/Good
See rates and fees, terms apply.
Bottom line
The Chase Sapphire Preferred is a great choice for travelers looking to enjoy added value on travel-related point redemptions, travel protections and discounts. The $95 annual fee is modest compared to some competing travel credit cards and can easily be recouped if you maximize using the card.
If you want a luxury travel card with more benefits and don't mind paying a higher fee, consider the Chase Sapphire Reserve. (Check out the five best perks provided by the Chase Sapphire Reserve.)
Read more
For rates and fees of the American Express® Gold Card, click here.
