If you want a travel rewards card with valuable rewards and more robust benefits — and you don’t mind paying an annual fee — the Chase Sapphire Preferred® Card is a great alternative.
Cardholders enjoy beneﬁts such as 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, and $50 annual Ultimate Rewards Hotel Credit, plus more. Plus, 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®.
Along with travel, points can be redeemed for cash and gift cards, or used to pay for products. Points can also be transferred to several airline and hotel transfer partners, including British Airways Executive Club, JetBlue TrueBlue, Southwest Airlines Rapid Rewards, United MileagePlus, Virgin Atlantic Flying Club, Marriott Bonvoy and more.
The Chase Sapphire Preferred® Card does charge an annual fee of $95; however, the value you can get from the card’s sign-up bonus more than covers that amount during the first year. Additionally, the Chase Sapphire Preferred® Card comes with a number of benefits, including $50 in statement credits each account anniversary year for hotel stays purchased through Chase Ultimate Rewards, baggage delay insurance, trip delay reimbursement, trip cancellation and interruption insurance and more.
That said, if you’re planning to pay off a trip or other large purchase over time, the Bank of America® Travel Rewards credit card may be a better choice, since it offers an interest-free period on purchases for more than a year. The Chase Sapphire Preferred® Card, on the other hand, has a regular purchase APR of 21.49%–28.49% variable.