Editor’s note: This post has been updated with the latest credit card information.
Chase Sapphire Preferred Card overview
The Chase Sapphire Preferred Card is one of the best-known travel rewards credit cards, featuring 5 points per dollar on travel booked through the Chase travel portal and 3 points per dollar on dining, select streaming services and online grocery store purchases (excluding Target, Walmart and wholesale clubs). These valuable points can be transferred to airline and hotel partners or redeemed directly for travel at a rate of 1.25 cents per point through Chase Ultimate Rewards. Card rating*: ⭐⭐⭐⭐½
*Card rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.
Which travel credit card should you start with?
We’re asked that question a lot, and we almost universally recommend the Chase Sapphire Preferred Card. It earns one of our favorite rewards currencies. Many of us started our journey into points and miles with the Chase Sapphire Preferred.
The card is now offering 60,000 bonus points after meeting minimum spending requirements. That’s worth $1,200 in travel, per TPG valuations.
Here’s what you need to know about the Chase Sapphire Preferred.
Ready to get the card? Apply here for the Chase Sapphire Preferred
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Who is the Chase Sapphire Preferred for?
The Chase Sapphire Preferred is designed to work with both frequent and casual travelers. It can benefit both the points and miles expert and someone just starting out. With a $95 annual fee, it’s not an expensive card, which makes it a good choice for beginners.
I also recommend starting your journey into the world of loyalty points with Chase cards because you need to plan around Chase’s 5/24 rule strategically. The Sapphire Preferred is definitely worthy of one of your coveted five slots for opening new cards within two years.
Related: Who should (and who shouldn’t) get the Chase Sapphire Preferred?
Chase Sapphire Preferred sign-up bonus
With the Chase Sapphire Preferred, you’ll earn a sign-up bonus of 60,000 points after you spend $4,000 on purchases in the first three months from account opening. That’s not the most generous offer we’ve ever seen for this card, but it’s still enough to take you just about anywhere in the world you want to go.
Main benefits and perks
$50 annual hotel credit
The card offers a $50 statement credit on hotel stays purchased through the Chase Ultimate Rewards travel portal upon opening the card, as well as each following cardmember anniversary. It’s is automatically applied to your account for hotel accommodations. The $50 credit does not earn Chase Ultimate Rewards points.
If you open the card now, you’ll receive access to the credit immediately. Existing cardmembers won’t receive the credit until after their next account anniversary.
10% annual points bonus
Each cardmember anniversary, you’ll receive a 10% points bonus based on your non-bonus spending. In other words, you’ll receive 10% of your total spending at a rate of 1 point for each dollar spent. For example, if you spend $10,000 on purchases during your account year, you will receive a 1,000-point bonus.
When you register your card by Dec. 31, 2021, you’ll receive at least one year of complimentary DashPass membership with DoorDash, which gives you free delivery and reduced service fees on eligible purchases. There is a cost associated with using food delivery services such as DoorDash, but this can be a valuable benefit if you already use the service.
You’ll receive up to $60 back on an eligible Peloton Digital or All-Access membership through Dec. 31, 2021. With at-home workouts still popular these days, there’s a good chance that those credits can be put to good use.
This card is also the ideal choice to pay for car rentals, cruises, plane tickets and hotels because travel can often become a challenge, and I need peace of mind I’ll be financially covered if and when things go awry. The card even has a series of purchase protections. Here’s what you’ll get:
- Primary rental car coverage.
- Trip delay insurance.
- Trip cancellation insurance.
- Baggage delay insurance.
- Lost luggage reimbursement.
- Purchase protection.
- Extended warranty protection.
You can read more about the Chase Sapphire Preferred shopping and travel benefits in the card’s guide to benefits.
How to earn points
The Chase Sapphire Preferred comes with a simple earning structure that is easy to maximize. Here’s what you’ll earn:
- 5 points per dollar on travel booked through the Chase travel portal.
- 5 points per dollar on Peloton Bike, Tread and accessory purchases over $1,800, with a maximum earning of 25,000 points.
- 5 points per dollar on Lyft (through March 2022).
- 3 points per dollar on dining, select streaming services and online grocery store purchases (excludes Target, Walmart and wholesale clubs).
- 2 points per dollar on all travel not booked through the Chase travel portal.
- 1 point per dollar on everything else.
How to redeem points
When you’re ready to redeem the points you’ve earned with the Chase Sapphire Preferred, you’ll understand why the card really shines. Here are some ways you can receive free travel with your points.
Chase Ultimate Rewards travel portal
You can use your points to purchase airfare, reserve hotel rooms and even rent a car — all at a fixed rate of 1.25 cents per point through the Chase travel portal. That means if you don’t want to worry about blackout dates or finding award space, you’ll always have the option to book travel using your points. As long as there’s a seat for sale on the flight you want, or a hotel room available to reserve with cash, you’ll be able to pay for it with your points.
Transfer to Chase travel partners
It’s possible to receive much more than 1.25 cents per point in value by transferring rewards to Chase airline and hotel partners.
Chase Pay Yourself Back
Through March 31, 2022, you can use the Chase “Pay Yourself Back” feature to redeem your points at 1.25 cents each to offset purchases made at Airbnb and awaytravel.com.
Which card competes with the Chase Sapphire Preferred?
There are many worthwhile mid-tier travel credit cards, including a few that go toe-to-toe with the Sapphire Preferred.
The Capital One Venture Rewards Credit Card comes with:
- 2 Capital One miles per dollar on purchases.
- Redeem miles at a flat rate of 1 cent each toward travel purchases.
- Ability to transfer miles to valuable airline and hotel partners.
- Up-to-$100 statement credit toward Global Entry/TSA PreCheck.
- Travel accident insurance.*
- Extended warranty protection.*
- No foreign transaction fees.
- $95 annual fee.
*Benefits only available to accounts approved for the Visa Signature card. Terms apply.
Related: Chase Sapphire Preferred vs. Capital One Venture Card
Is the Chase Sapphire Preferred worth the annual fee?
The Chase Sapphire Preferred is worth opening if:
- You can achieve the 60,000-point sign-up bonus.
- You’re looking for valuable travel protections.
- You currently hold the Chase Freedom Unlimited and/or Chase Freedom Flex card. When you hold the Sapphire Preferred with one of these cards, you can freely move points from one account to another, effectively augmenting the value of your Freedom earnings by translating them from cash-back rewards into fully transferable Ultimate Rewards points.
The Chase Sapphire Preferred continues to represent a solid value proposition for a wide swath of the public. So long as you’re using the card frequently enough to get more than $95 in value from the rewards earned and benefits utilized, this card is definitely worth the annual cost.
After its debut a decade ago, it’s still regarded as one of the best rewards credit cards. It earns some of the most valuable points around, and it’s flexible enough to meet the travel rewards needs of practically every points and miles skill level. It comes with a low enough price tag for many to be able to give it a try.
Ready to get the card? Apply here for the Chase Sapphire Preferred with a 60,000-point bonus
Additional reporting by Chris Dong, Stella Shon, Jennifer Yellin and Joseph Hostetler.
Featured photo by Wyatt Smith/The Points Guy.
Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.Internet Explorer Channel Network