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Chase Sapphire Preferred review: A low-cost card with a generous welcome bonus perfect for travelers

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.

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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 in mid-August 2021, the card introduced a number of new benefits and did not raise the annual fee.

Cardholders can also 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.

Below, we break 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

On Chase's secure site
  • 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, 5X points on Lyft rides through March 2022, 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

  • Annual fee

    $95

  • Intro APR

    None

  • Regular APR

    15.99% to 22.99% 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®
  • Free DashPass subscription for a minimum of a year when you activate by March 31, 2022
  • 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
  • Estimated rewards earned after 1 year: $1,506
  • Estimated rewards earned after 5 years: $2,528

Rewards totals incorporate the points earned from the welcome bonus

Chase Sapphire Preferred rewards

This 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) and 2X points on all other travel purchases.

New cardholders can also 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.

Additional benefits

Beyond rewards, cardholders can benefit from a variety of travel and purchase protections that increase the value of the Chase Sapphire Preferred.

Shopping

Purchases made with the Chase Sapphire Preferred 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 a new $50 annual Ultimate Rewards Hotel Credit, trip cancellation and interruption insurance, auto rental collision damage waiver, baggage delay insurance, trip delay reimbursement and travel and emergency assistance services.

Plus, benefit from no foreign transaction fees on purchases made outside the U.S., which saves you the typical 3% fee other cards may charge.

Fees

The Chase Sapphire Preferred 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 typical at 15.99% to 22.99% variable on purchases and balance transfers. We recommend always paying on time and in full to avoid interest charges.

Don't miss: Is the Chase Sapphire Preferred Card worth the $95 annual fee?

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 minor compared to 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.)

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.