Chase Sapphire Preferred Card review

Chase Sapphire Preferred Card review

Updated: October 18, 2022

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Updated: October 18, 2022

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Ratings Policy
Rewards Rating:
5.0 rating
5.0 rating
5.0 / 5
Rewards Value:4.6
Annual Percentage Rate:3.0
Rewards Flexibility:5.0
Features:3.0
Issuer Customer Experience4.0

In a Nutshell:

The Chase Sapphire Preferred Card offers valuable rewards for frequent travelers, as well as the potential for savvy rewards card users to glean some extra value out of their rewards.

Learn more about this card

Rewards Rate

  • 5X miles on Chase Ultimate Rewards travel (excluding hotel purchases that qualify for the $50 Anniversary Hotel Credit)
  • 3X miles at restaurants, select streaming services and online grocery purchases (excluding Target, Walmart and wholesale clubs)
  • 2X miles on all other travel purchases
  • 1X miles on general purchases
Excellent

Sign-up Bonus

60,000 points if you spend $4,000 in first 3 months

Excellent

Annual Bonus

  • $50 annual Ultimate Rewards Hotel Credit
  • 10% anniversary points bonus
Very Good

Annual Fee
$95

Fair

APR

18.99% - 25.99% Variable
Very Good

Chase Customer Service Ratings

  • J. D. Power 2022 customer satisfaction rating: 813 (33% of issuers in this category ranked higher)
  • 24/7 customer service?: Yes
  • Online chat available?: Yes
  • Google Play Store mobile app rating: 4.4/5
  • Apple Store mobile app rating: 4.8/5
Very Good

Other Notable Features: No foreign transaction fee, trip cancellation/interruption insurance, auto rental collision damage waiver, baggage delay insurance, trip delay insurance, roadside dispatch, lost luggage reimbursement, travel and emergency assistance, travel accident insurance, VIP events and experiences, free DashPass subscription for one year (activate by Dec. 31, 2024)

If you are a frequent traveler, the Chase Sapphire Preferred is one of the best travel credit cards of its class. A flashy metal card design combined with a lucrative rewards rate and flexible redemption options makes it easy to see its long-term value. And while the card recently dropped its highly rewarding sign-up bonus to a more “business as usual” level, it still offers terrific value if you redeem it through Chase Ultimate Rewards.

What are the pros and cons?

Pros

  • No expiration dates
  • No point limits
  • 25% point bonus on travel redeemed through Chase
  • Free DashPass subscription for a year
  • No foreign transaction fees
  • Can combine points from other Chase cards
  • $50 annual Chase Ultimate Rewards hotel credit

Cons

  • No free checked bags
  • No airport lounge access
  • Welcome bonus is not as high as it was before

Why you might want the Chase Sapphire Preferred

The Chase Sapphire Preferred is one of the best travel credit cards out there. It offers an outstanding sign-up bonus, decent perks, rewards for ongoing spending and it earns valuable Chase Ultimate Rewards points. Here are a few reasons why you might want to consider signing up for the Sapphire Preferred card.

Solid sign-up bonus

The Chase Sapphire Preferred is currently offering 60,000 points after you spend $4,000 in your first three months as a new cardholder. While this is a 20,000-point decrease to the card’s previous bonus for the same spend requirement and very different from the 100,000-point sign-up bonus that came with the card’s highest sign-up bonus ever, it’s still very valuable.

Since points are worth 1.25 cents apiece when redeemed for travel through the Ultimate Rewards portal, 60,000 points comes out to $750 in travel purchases, which should be enough for at least a couple of reasonably priced round-trip flights, before you even add in the rewards you’d earn on your way to spending $4,000.

Along with this one-time sign-up bonus, cardholders also enjoy an ongoing annual bonus of a $50 credit on hotels booked through Chase Ultimate Rewards, which on its own covers over half the card’s cost. You’ll also get a 10% annual bonus based on your total spend each account anniversary year. This means if you spent $50,000 on your Sapphire Preferred during your anniversary year, you’d receive 5,000 bonus points at the end of the year. While this isn’t a huge amount of extra rewards, it could definitely add up for heavy spenders.

Tip: Since Chase allows cardholders within the same household to transfer points to one another’s accounts, you and your spouse can both sign up for the Sapphire Preferred card, collect the sign-up bonuses and combine them. 

Earning valuable Ultimate Rewards points

The rewards rate on the Chase Sapphire Preferred is designed with travelers and foodies in mind, offering 5X points on all travel booked through Chase Ultimate Rewards (excluding hotel purchases that qualify for the $50 Anniversary Hotel Credit), 3X points on dining, select streaming services and online grocery shopping, 2X points on other travel purchases and 1X points on general purchases. Given Chase Ultimate Rewards points are some of the most valuable card rewards around, that’s a terrific amount of rewards category variety and includes a great mix of practical everyday categories.

Best of all, the points you earn are worth more than those of the average rewards card. While competing cards from the likes of Chase and Capital One allow you to redeem points or miles for travel through their issuer portal at a value of 1 cent each, the Sapphire Preferred gives you a 25% bonus on points redeemed through the Ultimate Rewards portal, making each point worth 1.25 cents. Though it may seem like a small difference, this increase point value can really add up. For example, while 50,000 Amex Membership Rewards points are worth $500 when redeemed with American Express Travel, 50,000 Ultimate Rewards points redeemed for travel through the Chase portal with the Sapphire Preferred are worth $625.

Tip: Another valuable way to earn a few extra points is by taking advantage of Chase’s referral bonus policy. You can earn up to 100,000 Ultimate Rewards points per year by referring a friend for the Sapphire Preferred (20,000 points per approval).

Great mix of redemption options

The Chase Sapphire Preferred card rates well on the flexibility of redeeming rewards. Redeeming points on your Chase Sapphire Preferred account is easy, and you have several options. On the Ultimate Rewards portal, you can see your current account balance and all the different ways to use your points.

Ultimate Rewards portal

Ultimate Rewards points can be redeemed for anything from travel purchases to gift cards, and while the value does fluctuate depending on how you choose to redeem your points, this is one of the few travel rewards cards that gets you a minimum of 1 cent per point back on non-travel redemptions like cash back. Many competing travel cards only offer a full 1-cent-per-point value on travel redemptions, limiting point value for cash back, merchandise and gift cards to 0.8 cents per point or less.

You can also use the Chase Pay Yourself Back feature to redeem points to pay for some or all of your purchases in select categories and get paid back with a statement credit. You’ll still earn points on these purchases and your points may be worth more when you redeem in certain categories.

Valuable Chase Ultimate Rewards transfer partners

Adding to the Sapphire Preferred card’s flexibility, Chase allows cardholders to transfer their points to several travel partners at a 1:1 ratio. Since many airline and hotel points are worth more than 1 cent per point, you can use this option to stretch your rewards even further.

Transfer partnerEstimated point value (cents)
Singapore Airlines2.36
World of Hyatt2
Iberia Plus1.7
JetBlue Airways1.53
United Airlines1.52
British Airways1.4
Emirates1.1
Air France/KLM1
Aer Lingus1
Virgin Atlantic0.8
Marriott Bonvoy0.8
IHG0.55

While several other rewards programs, including those from American Express and Capital One, also offer the ability to transfer points, we think that Chase offers the best list of partners, including three major U.S. airlines and some valuable airline partners abroad. If you are a frequent flyer of Singapore Airlines, Iberia, JetBlue or United, transferring your points to the airline program makes them more valuable than if you book through Ultimate Rewards. With several major airlines on this list, you can stretch your points further for travel to all sorts of destinations.

Pairing the Chase Sapphire Preferred with other Ultimate Rewards cards

Another major advantage of the Chase Sapphire Preferred card is that you can use it with other cards to complete the Chase trifecta and boost your rewards earnings.

For example, the Chase Freedom Flex℠ offers 5% cash back on rotating bonus categories that you activate each quarter (up to $1,500 per quarter) and the Chase Freedom Unlimited offers at least 1.5% cash back on all purchases. All of the rewards that you earn with these cards, including their sign-up bonuses, can be transferred as points to the Sapphire Preferred card to be redeemed for travel with Chase at a 25% higher point value. If you use Freedom Unlimited for general purchases, the Sapphire Preferred for dining, online grocery shopping and travel, and the Freedom Flex for rotating bonus categories, you can easily cover a wide swath of your everyday and special occasion spending.

These Ultimate Rewards cards create one of the most valuable card combinations of any major rewards program, so if you enjoy juggling cards to maximize rewards, Ultimate Rewards may be the program for you.

Why you might want a different card

While the Chase Sapphire Preferred is an outstanding credit card, it may not be perfect for everyone. Here are a few reasons why you might want to consider other cards.

More luxurious perks

The Chase Sapphire Preferred does a good job of balancing valuable rewards, benefits and perks with a modest $95 annual fee, but there’s no denying that there are cards that offer more higher-end and luxurious perks. Cards like the Capital One Venture X Rewards Credit Card and The Platinum Card® from American Express offer substantially more entertainment and travel benefits, albeit at an annual fee that’s hundreds of dollars more.

No TSA PreCheck or Global Entry

The Chase Sapphire Preferred does not offer a credit for Global Entry or TSA PreCheck. And it’s not only luxury credit cards that offer such a credit – there are a few cards with annual fees under $100 that offer this credit, including the Capital One Venture Rewards Credit Card and Bank of America® Premium Rewards® credit card, all of which carry similar annual fees as the Sapphire Preferred. If that’s a benefit you’re looking for, you might want to consider one of those cards.

How does the Sapphire Preferred compare to other travel cards?

If you are a frequent traveler trying to maximize your travel rewards, the Chase Sapphire Preferred is one of the best options. However, there are a few other travel cards that compete.

Chase Sapphire Reserve
Chase Sapphire Reserve card
https://cdn.prodstatic.com/shared/images/cards/276x174/ce3196e0-3ef8-11eb-abd6-51413e137726.png
Capital One Venture Rewards Credit Card 
American Express Gold Card
American Express® Gold Card
Rewards rate

  • 10X points on hotels and rental cars purchased through Chase Ultimate Rewards
  • 5X points on Chase Ultimate Rewards air travel
  • 3X points on general travel and restaurants
  • All travel rewards rates apply only after the first $300 is spent on travel purchases
  • 1X points on general purchases
Rewards rate

  • 5X miles on hotels and rental cards booked through Capital One Travel
  • 2X miles on all purchases
Rewards rate

  • 4X points at restaurants
  • 4X points at U.S. supermarkets (on up to $25,000 in purchases per year, then 1 point per dollar)
  • 3X points on flights booked directly with airlines or AmexTravel.com
  • 1X points on other purchases
Welcome bonus

80,000 points if you spend $4,000 in the first three months

Welcome bonus

Earn 75,000 miles if you spend $4,000 on purchases in the first three months

Welcome bonus

60,000 points if you spend $4,000 in the first six months

Annual fee

$550

Annual fee

$95

Annual fee

$250

Other things to know

  • $300 annual travel credit
  • up to $100 Global Entry/TSA PreCheck credit
  • 50% bonus on travel rewards redeemed through Chase website
  • Free Lyft Pink membership for one year (activate by 3/31/25)
  • Free DashPass membership for one year (activate by 12/31/24)
Other things to know

  • No foreign transaction fees
  • Redeem miles for any travel purchase (even those made on third-party sites)
Other things to know

  • Up to $120 dining credit ($10 monthly credits toward purchases at participating restaurants, enrollment required)
  • No foreign transaction fees
  • Terms apply

Chase Sapphire Preferred vs. Chase Sapphire Reserve

The Chase Sapphire Reserve is a more luxurious version of the Sapphire Preferred. This card comes packed with travel perks like TSA PreCheck credit, complimentary airport lounges and offers a generous $300 travel credit that can be used to cover anything from airfare to baggage fees. If you spend a lot on travel and value luxury perks the Reserve could be more rewarding – despite a $550 annual fee. Not to mention that you get a 50 percent boost on all points redeemed through Chase Ultimate Rewards.

See related: Chase Sapphire Preferred vs. Chase Sapphire Reserve

Chase Sapphire Preferred vs. Capital One Venture card

With the Venture card, your miles are only worth 1 cent each when redeemed for travel, which means they won’t take you as far as Sapphire Preferred points. However, the Venture offers a competitive 2X miles on every purchase, 5X miles when spent on Capital One Travel. Depending on your spending habits, this can make up for the lower point value.

While it doesn’t have as many benefits as the Sapphire Preferred, for people who like to redeem points on travel, it’s a great option for earning points on everyday purchases.

See related: Chase Sapphire Preferred Card vs. Capital One Venture Rewards Credit Card

Chase Sapphire Preferred vs. American Express Gold Card

The American Express Gold Card offers one of the best rewards rates you can find on U.S. supermarket and restaurant purchases, making it a valuable choice for foodies looking to earn travel rewards. It also offers up to a $120 dining credit ($10 credits per month, enrollment required) for select restaurants and other valuable food-centric perks that easily justify its annual fee.

One drawback may be the point value for the card, which is 1:1 for most travel partners while the Chase Sapphire Preferred averages 1.5 points per dollar. However, this value can be made up by the $100 hotel credit via The Hotel Collection and the $100 activity credit on American Express Travel vacations over $3,000.

Learn More: Who Should Get the Amex Gold?

How to use the Chase Sapphire Preferred:

  • Use your card for all travel and dining purchases to boost points earning.
  • Spend at least $4,000 in the first three months to secure the sign-up bonus of 60,000 points.
  • Redeem your points for travel – you will get the best rewards rate for Ultimate Rewards portal travel redemptions and transfer partners.
  • Pair with another Ultimate Rewards card with bonuses in different categories of spending to maximize rewards.
  • Use the card when you rent a car to take advantage of its primary car rental coverage.

Is the Chase Sapphire Preferred card right for you?

If you’re looking to supercharge your rewards, the Chase Sapphire Preferred card is a great card to get. The Sapphire Preferred has a lot of potential value for frequent travelers, especially in the first year. Rewards are easy to earn and redeem, and though the annual fee is not waived the first year, the introductory offer alone is worth $750 in travel purchased through the Chase portal (60,000 points after spending $4,000 in the first three months). If you’re looking for an upgrade in the world of travel rewards, the Sapphire Preferred may be the card for you.

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