Chase Sapphire Preferred® Card Review October 2024
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If you’re in the market for a general travel credit card, the Chase Sapphire Preferred® Card tops our list. Combining a low $95 annual fee, perks like a $50 annual hotel credit and generous rewards in useful categories, this card meets the brief for most travelers.
One of the key perks of the Sapphire Preferred is its point-redemption rate— points are worth 1.25 cents each when redeemed for travel through Chase Travel℠ and 1 cent each for cash back. Unlike other travel cards, you can enjoy the flexibility of choosing what to do with your points.
It’s not all daisies and roses though— Sapphire Preferred lacks benefits like airport lounge access and TSA PreCheck® fee credits, so luxury travelers may not find enough value.
Still on the fence about whether to spring for the Chase Sapphire Preferred® Card? You’ll find everything you need to know below to help you make the right choice.
SUMMARY
The Chase Sapphire Preferred® Card offers a host of travel and dining benefits, but it is worth the $95 annual fee? We think so, especially if you’re a frequent traveler.
Our Chase Sapphire Preferred card review gives you all the details, including what benefits you can expect when you sign up for the Chase Sapphire Preferred card, how to redeem your rewards, and why this is one of the best travel credit cards on the market.
With this information, you’ll be able to decide if this is the right credit card option for you.
Earn 5X points on Chase Travel℠ purchases, 3X points on dining, online grocery purchases, and select streaming services, and 1X points on other purchases.
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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.
Pros and cons
Pros
Earns flexible Chase Ultimate Rewards® points
Generous bonus categories
Lucrative welcome offer
Cons
Annual fee
Not all retailers are eligible for 3X rewards on online grocery purchases
Requires a strong credit profile
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 is worth 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.
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 person and $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 reimbursement 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 reimbursement 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 reimbursement 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 an annual fee of $550.
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 card offers 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.
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
Is the Chase Sapphire Preferred® Card worth getting?
Chase Sapphire Preferred is worth getting if you travel frequently. It’s one of the best travel cards available, as it gives you access to hotel credits, travel insurance and other perks that can help you make every trip more special. This online shopping card also comes with extra benefits, such as shopping protections and a statement credit for your Instacart+ membership, giving you even more opportunities to earn rewards on your everyday purchases.
What income do I need for the Chase Sapphire Preferred® Card?
Chase doesn’t publish minimum income requirements for the Sapphire Preferred card. However, you’re more likely to be approved if you have a high annual income.
Is the Chase Sapphire Preferred® Card hard to get approved for?
It’s somewhat difficult to get approved for the Sapphire Preferred card, as it’s reserved for consumers with good to excellent credit scores. Consider waiting until you have a score of at least 700 before applying. Otherwise, Chase may deny your application.
What is the highest credit limit for the Chase Sapphire Preferred® Card?
Chase doesn’t publish a maximum limit for the Sapphire Preferred card, but users report having limits as high as $100,000.
Is the Chase Sapphire Preferred® Card metal?
Yes it is a metal credit card. The Sapphire Preferred is a premium card, so it’s made of metal instead of plastic.
What credit score do you need for the Chase Sapphire Preferred® Card?
We recommend having a FICO credit score of at least 690 before applying for the Chase Sapphire Preferred card, but Chase also considers other factors when reviewing your application.
Chase is more than just a credit card issuer
The first step in growing and maintaining consistent savings is to understand your personal finances through checking and savings accounts, credit cards, and more.
Leigh Morgan is a seasoned personal finance contributor with over 15 years of experience writing on a diverse range of professional legal and financial topics. She specializes in subjects like navigating the complexities of insurance, savings, zero-based budgeting and emergency fund development.
In the last five years, she’s authored over 300 articles for credit unions, digital banks, and financial professionals. Morgan is also the author of “77 Tips for Preventing Elder Financial Abuse,” a book focused on helping caregivers protect the elderly from financial scams.
In addition to her writing skills, she brings real-world financial acumen thanks to her previous experience managing rental properties as part of a $34 million real estate portfolio.
* Opinions expressed here are those of the LA Times Compare Cards Team and have not been reviewed or approved by any advertiser or entities included within this content. See our editorial policy for more details.
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