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- Chase Sapphire Preferred Review
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The Chase Sapphire Preferred® Card has a legion of travel fans for good reason and it's annual fee is justifiable for most cardholders. The card packs in features common with the best travel credit cards, such as a large sign-up bonus, premium rewards in several diverse spending categories, and perhaps most importantly, one of top travel rewards programs we've come across. Check out our in-depth Chase Sapphire Preferred® Card review to see if this card is a fit for your needs.
Apply Now
On Chase's Secure Website.
Chase Sapphire Preferred® Card
Apply Now
On Chase's Secure Website.
Great for: All-in-one travel credit card
Rating image, 5.0 out of 5 stars.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Bottom Line
With a leading sign-up bonus, the sky’s the limit for this top-rated travel rewards card. Plus, the premium points program for travel and dining make it a no brainer for travel enthusiasts everywhere.
Rewards
2x points on travel and dining, 1x points on all other purchases. 25% more points for travel booked through Chase's portal.
Annual Fee
$95
Intro APR
Purchases: N/A, N/A
Balance Transfers: N/A, N/A
Ongoing APR
15.99% - 22.99% Variable
Welcome Bonus
60,000 points after spending $4,000 within 3 months
Highlights
- 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®. Plus earn up to $50 in statement credits towards grocery store purchases.
- 2X points on dining at restaurants including eligible delivery services, takeout and dining out and travel & 1 point per dollar spent on all other purchases.
- Get 25% more value when you redeem for travel through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel.
- With Pay Yourself BackSM, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. Activate by 12/31/21.
- Earn 2x total points on up to $1,000 in grocery store purchases per month from November 1, 2020 to April 30, 2021. Includes eligible pick-up and delivery services.
Full Chase Sapphire Preferred review
This credit card is a good fit for: Travelers who want the most versatile travel points on the market and a great introductory bonus offer.
Pros
- Big sign-up bonus
- Travel rewards
- Dining rewards
- Flexible travel points
- Consumer and travel protections
Cons
- Annual fee
LIMITED TIME OFFERS
More cash back on groceries: Earn 2 points per $1 on up to $1,000 of monthly grocery purchases through April 30, 2021.
Save money on take out: Get unlimited DoorDash deliveries with a $0 delivery fee and reduced service fees on qualifying purchases over $12. You must activate DashPass by Dec. 31, 2021.
Score ride share perks: Earn 5 points per $1 on Lyft rides through March 2022.
Pedal more with Pelaton: Receive up to $60 back for Peloton Digital or All-Access Memberships through Dec. 31, 2021.
Top perks
60,000-point sign-up bonus: You earn 60,000 bonus points after spending $4,000 on purchases in the first three months. That's worth $750 for travel when redeemed through Chase's travel portal.
2 points per $1 on travel and dining: Your travel and dining spending earns 2 points per $1, and there's no cap on how many bonus points you can earn this way. Outside those limited-time bonus categories, all other spending earns the standard rate of 1 point per $1.
25% points bonus: This is one of Chase's credit cards that earns Chase Ultimate Rewards points, one of the most valuable types of travel rewards. You can redeem points toward cash travel purchases through Chase's travel portal at a rate of $0.0125 per point.
Another option is transferring points to the loyalty program of Chase's many airline and hotel partners. These give you a chance to make very high-value award bookings, which are a great way to maximize the value of Ultimate Rewards points.
No foreign transaction fee: Foreign transaction fees can quickly add up when whipping out credit cards for purchases abroad. The cards foreign transaction fee is 0% -- that's a saving of $60 on $2,000 worth of international spending that would otherwise incur a typical 3% fee on many other cards.
Consumer and travel protections: Chase's travel insurances and consumer protections are robust when compared to other credit card issuers. They include:
- Trip cancellation/interruption insurance
- Rental car insurance
- Baggage delay insurance
- Trip delay reimbursement
- Purchase protection
- Extended warranty coverage
What could be improved
Annual fee: The Chase Sapphire Preferred® Card charges a $95 annual fee. While it is a justifiable annual fee for many, it's a fee, nonetheless.
Limited-time perks: Some of the cards perks are only offered for a limited time, which is problematic for two reasons. The first is that it's tougher to keep track of your credit card's features when they change every few months. It's also frustrating when those special offers end, because your card loses a portion of its value.
Is Chase Sapphire Preferred's annual fee worth it?
The Chase Sapphire Preferred® Card's annual fee is worth it for many travelers, given the rewards, sign-up bonus, and extra perks it offers. The sign-up bonus is already worth $1,000 in travel, which is enough by itself to justify the cards annual fee for many years
Beyond just the first year, the card still retains its value for cardholders with modest credit budgets. You'd need to earn only 7,600 Ultimate Rewards points to balance out the annual fee. That's because, at a rate of $0.0125 per point for travel purchases, 7,600 points is worth $95 in travel. In practice, most cardholders will use their cards much more than that and earn far more points.
However, there are situations in which you could find a better deal with another card. For example, if you spend only a few hundred dollars per month on your credit card, you'd be better off with a no-annual-fee-travel credit card.
Chase Sapphire Preferred vs. Chase Sapphire Reserve
The higher-annual-fee Chase Sapphire Reserve® ($550 annual fee) is worth considering alongside this card. Importantly, the two credit cards offer big bonuses, premium rewards for travel and dining, and access to Chase's valuable Ultimate Rewards program. But there are some differences to consider when choosing between the Chase Sapphire Preferred® Card and the Chase Sapphire Reserve®.
| Perks | Chase Sapphire Preferred | Chase Sapphire Reserve |
|---|---|---|
| Annual fee | $95 | $550 |
| Travel and dining rewards | 2 points per $1 | 3 points per $1 |
| Ultimate Rewards redemption bonus | 25% | 50% |
| Sign-up bonus | 60,000 points after spending $4,000 within three months (worth $750 in travel) | 50,000 points after spending $4,000 within three months (worth $750 in travel) |
| Airport lounge access | None | 1,000+ lounges |
| Travel statement credits | None | Global Entry or TSA Pre✓®, $300 each anniversary year for travel purchases |
- When to pick Chase Sapphire Preferred® Card: This card is best suited for everyday cardholders, who occasionally travel and don't place much value in the perks offered only with the the Chase Sapphire Reserve® offers, such as reimbursement for Global Entry or TSA Pre✓® fees, and access to certain airport lounges.
- When to pick Chase Sapphire Reserve®: Frequent travelers could find more value in this cards premium perks, such as higher rewards for travel and dining, and travel statement credits. But those perks come at a cost of a much higher annual fee.
Suggested credit score
Applicants will have the best shot of securing approval for the the Chase Sapphire Preferred® Card with a credit score of 670 or higher. It is possible to be approved with a lower score and even to not be approved with a higher score. Many factors are considered during the underwriting process, including the notorious Chase 5/24 rule, and these can sway an approval decision.
Alternatives to consider
- If you want more points for travel, dining, gas, and supermarkets: The Citi Premier® Card earns 3 points per $1 for travel, dining, gas, and supermarkets, all with the same $95 annual fee.
- If you want a no-annual-fee travel card: The Bank of America® Travel Rewards credit card is a solid pick for those with smaller budgets. This card earns unlimited 1.5 points per $1 for all purchases and includes a 25,000-point sign-up bonus after spending $1,000 within 90 days. That's a strong offer for a card that doesn't cost you an annual fee.
As of Jan. 05, 2021
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| Citi Premier® Card | Bank of America® Travel Rewards credit card |
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Rating image, 4.5 out of 5 stars.
4.5 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. |
Rating image, 5.0 out of 5 stars.
5.0 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. |
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Apply Now
On Citi's Secure Website. |
Apply Now
On Bank of America's Secure Website. |
| Read Full Review | Read Full Review |
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Credit Rating Requirement: |
Credit Rating Requirement: |
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Welcome Bonus: 60,000 points after spending $4,000 within 3 months |
Welcome Bonus: 25,000 points after making at least $1,000 in purchases within 90 days of account opening |
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Rewards Program: 3x points at restaurants and supermarkets as well as at gas stations, air travel, and hotels, 1x points on all else |
Rewards Program: Unlimited 1.5 points per $1 on purchases, 25%-75% more points for Bank of America Preferred Rewards members |
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Intro APR: Purchases: N/A Balance Transfers: N/A |
Intro APR: Purchases: 0%, 12 billing cycles Balance Transfers: N/A |
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Regular APR: 15.99% - 23.99% (Variable) |
Regular APR: 14.99% - 22.99% Variable |
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Annual Fee: $95 |
Annual Fee: $0 |
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Highlights:
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Highlights:
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Apply Now
On Citi's Secure Website. |
Apply Now
On Bank of America's Secure Website. |
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This credit card is right for you if:
The Chase Sapphire Preferred® Card will be a match if you want a card that offers versatile travel rewards and a solid rewards rate, and that doesn't cost much per year.
The best thing about the Chase Ultimate Rewards program is all the redemption opportunities it offers. You can transfer your points if there's an award booking you like, and if not, you can always use the Chase travel portal to book travel at cash prices. The Chase Sapphire Preferred® Card can earn you a lot of points in this program at a reasonable annual fee.
About the Author
Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. He writes for The Ascent and The Motley Fool, and his work has appeared in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia.
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