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Chase Sapphire Preferred® Card Review

Chase Sapphire Preferred<sup>®</sup> Card

Chase Sapphire Preferred® Card Review

Sign-Up Bonus
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®.
Rewards Rate
5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases
Bonus Perks
Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel.
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the Chase Sapphire Preferred® Card best for?

If you’re a frequent traveler who wants to earn an influx of rewards to use toward free travel, the Chase Sapphire Preferred® Card is an ideal choice. The card offers the following sign-up bonus: 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®.

Cardholders can also earn 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases, as well as 1X points on all other purchases.

Along with redeeming points for cash, statement credits, gift cards, travel, and products and services, Chase Sapphire Preferred® Card holders can transfer points to a variety of travel transfer partners at a rate of 1:1.

Although the Chase Sapphire Preferred® Card charges an annual fee of $95, the value you can get from the card’s sign-up bonus and rewards rate more than makes up for the cost.

In this review, we’ll break down the pros and cons of the Chase Sapphire Preferred® Card, as well as show how it compares to the Capital One Venture Rewards Credit Card.

Chase Sapphire Preferred® Card overview

     

    • 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®.
    • Enjoy benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases, plus more.
    • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel.
    • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
    • Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2024.
    720 850
    Excellent
  • $0 foreign transaction fees
  • $50 annual Ultimate Rewards hotel credit
  • Trip cancellation/interruption insurance
  • Auto rental collision damage waiver
  • Baggage delay insurance
  • Trip delay reimbursement
  • Travel and emergency assistance services
  • Purchase protection
  • Extended warranty protection
  • Peloton credit through June 30, 2022 (enrollment required)

Intro Purchase APR

N/A

Regular Purchase APR

19.74% - 26.74% Variable

Intro BT APR

N/A

Regular BT APR

19.74% - 26.74% Variable

Annual Fee

$95

Cash Advance Fee

Either $10 or 5% of the amount of each transaction, whichever is greater.

Foreign Transaction Fee

$0

Balance Transfer Fee

Either $5 or 5% of the amount of each transfer, whichever is greater.

Pros and cons

Pros

  • Sign-up bonus
  • Rewards rate
  • 25% boost in rewards value
  • Travel transfer partners
  • $0 foreign transaction fee
  • Annual hotel credit

Cons

  • Annual fee
  • No intro APR on purchases or balance transfers

What we like about the Chase Sapphire Preferred® Card

  • Sign-up bonus

    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®.

  • Rewards rate

    Earn 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases, 3X points on select streaming services, 3X points on online grocery purchases (excluding Target, Walmart and wholesale clubs) and 1X points on all other purchases. Additionally, earn 5X points on Lyft rides through March 2025.

    Plus, Chase offers a 10% anniversary points boost. For example, if you spend $25,000 in purchases, that’s a bonus of 2,500 points.

  • 25% boost in rewards value

    When you redeem your points for travel through Chase Ultimate Rewards, you’ll get 25% more value from your rewards. So instead of being worth 1 cent each, points will be worth 1.25 cents each.

    Additionally, for a limited time, Ultimate Rewards points will be worth 25% more when redeemed for statement credits against purchases with Airbnb and Away.

    To receive your statement credit, select an eligible purchase made within the past 90 days and apply your points to all or part of the purchase.

  • Travel transfer partners

    You can transfer points at a rate of 1:1 to 11 airline partners and three hotel partners. Travel transfer partners include Aer Lingus AerClub, Air Canada Aeroplan, British Airways Executive Club, Emirates Skywards, Flying Blue AIR FRANCE KLM, Iberia Plus, JetBlue TrueBlue, Singapore Airlines KrisFlyer, Southwest Airlines Rapid Rewards, United MileagePlus, Virgin Atlantic Flying Club, IHG Rewards Club, Marriott Bonvoy and World of Hyatt.

  • Hotel credit of up to $50 per year

    You can earn up to $50 in statement credits each account anniversary year when you book hotel stays through Chase Ultimate Rewards®.

What to watch out for with the Chase Sapphire Preferred® Card

  • Annual fee

    The Chase Sapphire Preferred® Card comes with a $95 annual fee. However, the value of the sign-up bonus more than covers that cost during the first year of card membership.

  • No intro APR

    If you’re planning to finance a large purchase and pay it off over time or transfer a balance from a high-interest credit card, the Chase Sapphire Preferred® Card may not be ideal, since it does not offer a 0% introductory APR on purchase or balance transfers.

Alternate travel rewards card

Compare it to the Capital One Venture Rewards Credit Card

| Disclosures
Capital One Venture Rewards Credit Card
Capital One Venture Rewards Credit Card
on Capital One's secure site
N/A
18.99% - 26.99% (Variable)
$95
2 Miles per dollar on every purchase, every day; 5 Miles on
  • Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel
  • Earn unlimited 2X miles on every purchase, every day
  • Miles won't expire for the life of the account and there's no limit to how many you can earn
  • Receive up to a $100 credit for Global Entry or TSA PreCheck®
  • Enjoy two complimentary visits per year to Capital One Lounges or to 100+ Plaza Premium Lounges through our Partner Lounge Network
  • Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options
  • Use your miles to get reimbursed for any travel purchase—or redeem by booking a trip through Capital One Travel
  • Transfer your miles to your choice of 15+ travel loyalty programs
660 720 850
Excellent/Good

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

 

If you want to earn an elevated rewards rate on general purchases, you may want to consider the Capital One Venture Rewards Credit Card ($95 annual fee). The card offers 2 Miles per dollar on every purchase, every day; 5 Miles on hotels and rental cars booked through Capital One Travel; 5 Miles per dollar when you book on Turo, the world’s largest car sharing marketplace, through May 16, 2023.

But while the Capital One Venture Rewards Credit Card comes with several benefits, including a credit of up to $100 to cover your Global Entry or TSA Precheck application fee, travel accident insurance and 24-hour travel assistance services, it doesn’t offer all of the same travel protections as the Chase Sapphire Preferred® Card, such as trip cancellation/interruption insurance, baggage delay insurance or trip delay reimbursement.

Compare the Chase Sapphire Preferred® Card to similar cards

Comparison of four different credit cards
Chase Sapphire Preferred<sup>®</sup> Card Capital One Venture Rewards Credit Card Chase Sapphire Reserve<sup>®</sup> Bank of America<sup>®</sup> Premium Rewards<sup>®</sup> credit card
Chase Sapphire Preferred® Card Capital One Venture Rewards Credit Card Chase Sapphire Reserve® Bank of America® Premium Rewards® credit card
Apply Now
on Chase's secure site
Apply Now
on Capital One's secure site
Apply Now
on Chase's secure site
Apply Now
on Bank Of America's secure site
Annual Fee
$95 $95 $550 $95
Welcome Offer
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®. Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Ultimate Rewards® 50,000 online bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening.
Rewards Rate
5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases 2 Miles per dollar on every purchase, every day; 5 Miles on hotels and rental cars booked through Capital One Travel; 5 Miles per dollar when you book on Turo, the world’s largest car sharing marketplace, through May 16, 2023 5x points on flights and 10x points on hotels and car rentals through Chase Ultimate Rewards® 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points per $1 spent on all other purchases
Intro Purchase APR
N/A N/A N/A N/A
Regular APR
19.74% - 26.74% Variable 18.99% - 26.99% (Variable) 20.74% - 27.74% Variable 19.74% - 26.74% Variable APR
Intro Balance Transfer APR
N/A N/A N/A N/A
Regular Balance Transfer APR
19.74% - 26.74% Variable 18.99% - 26.99% (Variable) 20.74% - 27.74% Variable 19.74% - 26.74% Variable APR on balance transfers
Balance Transfer Fee
Either $5 or 5% of the amount of each transfer, whichever is greater. $0 at this Transfer APR Either $5 or 5% of the amount of each balance transfer, whichever is greater Either $10 or 3% of the amount of each transaction, whichever is greater.
Recommended Credit
Excellent Excellent/Good Excellent Excellent/Good
Card Details
Chase Sapphire Preferred® Card Capital One Venture Rewards Credit Card Chase Sapphire Reserve® Bank of America® Premium Rewards® credit card

Is the Chase Sapphire Preferred® Card right card for you?

If you travel regularly, the Chase Sapphire Preferred® Card is a great option. The card offers a valuable sign-up bonus that can be worth $750 when redeemed for travel through Chase Ultimate Rewards, as well as an elevated rewards rate on travel, dining at restaurants, select streaming services and online grocery purchases. But if you want a travel rewards card that offers a solid rewards rate on every purchase you make, the Capital One Venture Rewards Credit Card is more ideal.

Or, if you’d prefer a travel rewards card with a higher rewards rate and more premium benefits, the Chase Sapphire Reserve® is a step above the Chase Sapphire Preferred® Card.

The card offers 5x points on flights and 10x points on hotels and car rentals through Chase Ultimate Rewards®, 3X points on other travel and dining, and 1X points on all other purchases. Cardholders also enjoy 10x points on Lyft rides through March 2025, in addition to 15% off Lyft car rides and a year of complimentary Lyft Pink membership.

Additionally, the Chase Sapphire Reserve® offers several valuable benefits, including a $300 annual travel credit and 50% more rewards value when you redeem points for travel through Chase Ultimate Rewards.

The downside? The card comes with an annual fee of $550.

Apply Now
on Chase's secure site