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Chase Sapphire Preferred® Card

  • $95 Annual Fee

    Fee waived the first year

  • $625 Welcome Offer Value

    As of 10/2017

  • 1 Point Per Dollar

    Rewards rate

Apply Now

on Chase's website

If you’ve ever looked for a credit card, you’ve undoubtedly come across the Chase Sapphire Preferred®. One of the most popular travel rewards credit cards out there, the Chase Sapphire Preferred® offers 2X points on travel and dining purchases, 25% more in value when rewards points are redeemed for travel, and no foreign transaction fees.

If you’re a frequent traveler with a good credit score, the Chase Sapphire Preferred® is a card that’s hard to beat.

Highlights

  • 2x rewards on travel and dining purchases (that’s 2 points for every $1 spent) and 1x points per $1 spent on all other purchases
  • 50,000 bonus points, as long as you spend $4,000 in the first three months
  • No annual fee for the first year ($95 per year for subsequent years)
  • No foreign transaction fees – great for cardholders who frequently travel abroad
  • 1:1 point transfer to partner airlines and hotels, like Southwest or Hyatt

At a glance

Chase Sapphire Preferred® Card

Apply Now

on Chase's website

  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
  • No foreign transaction fees
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel
  • No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards

$95

$625

1 Point Per Dollar

Annual Fee
(Waived first year)

Welcome
Offer Value

Rewards Rate

Chase Sapphire Preferred® deep dive

For frequent travelers, the Chase Sapphire Preferred® Card offers a bevy of benefits and multiple options to let consumers choose how to redeem their rewards.

Get it: If you spend a lot of your money on travel or dining and you’re a frequent traveler. The Chase Sapphire Preferred® Card is a great way for you to earn free travel quickly

Cardholders get 25% more value when they redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel. This portal is also where you can transfer your points to an airline or hotel loyalty program.

The Chase Sapphire Preferred® Card also offers consumers travel related benefits such as car rental insurance, cancellation insurance, and baggage delay reimbursement.

Some of the benefits of the Chase Sapphire Preferred® include:

  • A big bonus: You can earn 50,000 bonus points after you spend $4,000 in the first 3 months. If $4,000 sounds like a lot to spend in three months, do a quick estimate of your household’s monthly expenditure. Remember, expenses add up quickly!
  • Double reward points on travel and dining: The Chase Sapphire Preferred® earns 2X points on travel and dining at restaurants. That’s 2 points for every $1 spent on airfare, train tickets, hotels and dining (including fast food)
  • Travel benefits galore: When you redeem your points through Chase’s online Ultimate Rewards portal, you’ll get 25% more value on airfare, hotels, car rentals and more
  • Easily transfer points: Chase points are flexible, which means you can easily transfer them to participating partner programs. The best part? There are no fees to transfer points, and you’ll receive a 1:1 value. You can transfer your points to an airline or hotel loyalty program in the Chase Ultimate Rewards portal
  • No foreign transaction fees: This is another great perk for frequent travelers abroad. You can use your Chase Sapphire Preferred® without paying any foreign transaction fees

Additional benefits for frequent travelers:

  • An Auto Rental Collision Damage Waiver: With the Chase Sapphire Preferred®, you can decline the rental company’s collision insurance and charge the entire rental cost to your card. The coverage offered is primary and provides reimbursement up to the actual cash value of the vehicle for theft and collision damage
  • Baggage Delay: Dealing with waylaid luggage? If your baggage is delayed by more than six hours, the Chase Sapphire Preferred® will get you up to $100 a day for five days for essential purchases like toiletries and clothing
  • Trip Cancellation: If your trip is canceled or cut short by sickness, severe weather, or other covered situations, you can be reimbursed up to $10,000 per trip for your prepaid, nonrefundable travel expenses

Skip it: If you don’t frequently travel or go out to eat and you’re more interested in getting cash back than getting travel-related discounts and rewards

The Chase Sapphire Preferred® Card doesn’t perform quite as well in the general rewards category, only offering 1 point for every dollar spent. This also isn’t the best card for consumers who drive a lot, since the Chase Sapphire Preferred® Card does not include gas as a travel purchase.

While the Chase Sapphire Preferred® Card doesn’t charge international fees, the variable APR ranges from 16.99% to 23.99% on purchases and balance transfers. But, you can avoid paying any interest by paying off your balance in full each month and making all your payments on time.

The Chase Sapphire Preferred® isn’t a great card to use to withdraw money since you will be charged a cash advance fee of $10 or 5% of the transaction, whichever is greater. It also has a 25.99% variable APR for cash advances, and when you use this card to get a cash advance, you start paying interest on that money right away.

Consider these drawbacks of the Chase Sapphire Preferred®:

  • No introductory APR: If you tend to carry a balance on your credit cards, however, the 16.99% to 23.99% APR will hurt. However, this shouldn’t be a problem if you’re sure that you can pay off your balance in full each month
  • Difficult to get approved: The Chase Sapphire Preferred® offers some excellent benefits, which makes it one of the most popular cards around. With so many people vying for it, those with excellent credit scores (typically above 700), have the best chance of being approved
  • Hefty annual fee: While the Chase Sapphire Preferred® may not have an annual fee as high as some other cards, you’ll still be responsible for paying $95 per year after the first year (there is no annual fee for the first year with the Chase Sapphire Preferred®.)
  • Not a great cash back card: If you want a card that will help you earn cash back, the Chase Sapphire Preferred® probably isn’t the best card for you. The Chase Sapphire Preferred® only gets you $1 for every 100 points you earn. If you’re looking for a great cash back card, check out our best cash back cards here
  • Look elsewhere for general spending: If you’re not really big on traveling or eating out often, you can probably do better than the Chase Sapphire Preferred®, which will only earn you 1 point for every $1 spent on non-travel or non-food related spending
  • Not great for withdrawing money: The Chase Sapphire Preferred® isn’t a great card to use to withdraw money since you will be charged a cash advance fee of $10 or 5% of the transaction, whichever is greater. It also has a 25.99% variable APR for cash advances, and when you use this card to get a cash advance, you start paying interest on that money right away.

Summary

If you spend a lot on travel and dining out, the Chase Sapphire Preferred® Card could be a great option for you. If you don’t spend enough on travel and dining to make the annual fee worth it or want a card that offers better general spending rewards, you might want to consider a different credit card.

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