Chase Sapphire Preferred credit card review: Full details

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 Lyft purchases, 3 points per dollar on dining, select streaming services and online grocery store purchases (excluding Target, Walmart and wholesale clubs), 2 points per dollar on all other travel purchases and 1 point per dollar on everything else. 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.

At TPG, we always get asked an important question from beginner travelers looking to plan trips: Which travel credit card should I start with?

We almost universally recommend the Chase Sapphire Preferred Card. It earns one of our favorite rewards currencies and comes with valuable perks for a low annual fee. In fact, many of us started our journey into points and miles with this card.

The Chase Sapphire Preferred is designed for frequent and casual travelers. With a $95 annual fee, it’s not an expensive card, which makes it an especially good choice for beginners — although you may want to reconsider applying if you’re working on improving your credit score.

Typically, you’ll need a credit score in the 730s or higher to qualify for the Sapphire Preferred, but it’s not unheard of for someone to be approved with a lower score. Just keep in mind that you need a generally good score to obtain approval.

Here’s what you need to know about the Chase Sapphire Preferred and why it’s one of the best cards out there.

Chase Sapphire Preferred welcome offer

With the Chase Sapphire Preferred, you’ll earn a sign-up bonus of 60,000 Chase Ultimate Rewards points after you spend $4,000 on purchases in the first three months from account opening. That’s not the highest offer we’ve seen on this card, but still plenty valuable.

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Chase Sapphire Preferred benefits

In addition to the sign-up bonus, there are many appealing perks to being a Sapphire Preferred cardholder.

You’ll receive a statement credit of up to $50 on hotel stays purchased through the Chase Ultimate Rewards travel portal upon opening the card and on each account anniversary. It’s automatically applied to your account each year when you make an eligible charge. Note, however, that the $50 credit does not earn Chase Ultimate Rewards points.

You’ll also enjoy a 10% anniversary points bonus each year. Cardholders receive a 10% bonus based on their total spending during the account anniversary year at a rate of 1 point for each $10 spent. If, for example, you spend $100,000 on your Sapphire Preferred during your cardmember year, you’ll receive 10,000 bonus points at the end of the year.

Note that this 10% is calculated on the dollars you spent rather than the points you earned. You won’t receive additional points by leveraging the card’s bonus categories.

The Chase Sapphire Preferred includes at least one year of complimentary DashPass membership with DoorDash, which includes perks like free delivery and reduced service fees on eligible purchases (activate by Dec. 31, 2024). 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 also get six months of Instacart+ and a $15 statement credit quarterly on qualifying Instacart purchases. You must enroll for this benefit by July 31, 2024, through the Instacart website.

Finally, the Sapphire Preferred is an ideal choice for paying for travel bookings such as car rentals, cruises, plane tickets and hotels because it comes with comprehensive travel and purchase protections. Among them, cardholders can expect the following:

You can read more about the Chase Sapphire Preferred shopping and travel benefits here.

Earning points with the Chase Sapphire Preferred

The Chase Sapphire Preferred has a simple earning structure that is easy to maximize:

5 points per dollar on travel booked through the Chase travel portal
5 points per dollar on Lyft purchases (through March 2025)
5 points per dollar on Peloton equipment and accessory purchases of $150 or more (through March 2025, with a limit of 25,000 bonus points)
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

Those are some of the most valuable earnings rates in the game, particularly when you consider you’re earning Chase Ultimate Rewards points.

Redeeming points with the Chase Sapphire Preferred

When you’re ready to redeem the points you’ve earned with the Chase Sapphire Preferred, you’ll understand why the card shines.

You can use your points to purchase airfare, reserve hotel rooms and even rent a car through Chase Travel — all at a fixed rate of 1.25 cents per point. That means you don’t need to worry about blackout dates or finding award space; you’ll always have the option to book travel using your points. As long as a seat for sale on the flight you want or a hotel room is available to reserve with cash, you can pay for it with your points.

Just note that hotel reservations booked through third-party sites (including Chase Travel) typically won’t earn points or count toward elite status qualification.

You also have the option to redeem your points for cash-back or gift cards at a rate of 1 cent per point or for a slightly higher value when you take advantage of Chase’s Pay Yourself Back option. Still, these redemption options are less valuable than transferring your points to Chase’s travel partners, so we recommend avoiding them when possible.

Transferring points with the Chase Sapphire Preferred

By transferring your Chase points, you can receive more than 1.25 cents per point in value by moving rewards to Chase’s 14 airline and hotel partners. Some of the best Chase transfer partners include Hyatt, United, British Airways and Singapore Airlines for luxury hotels and plane seats.

Utilizing these transfer partners can net you phenomenal value. Chase frequently runs transfer bonus promotions where you can get up to 30% more points or miles when you transfer Ultimate Rewards to a transfer partner. For example, I was able to snag a last-minute premium economy ticket from New York to Amsterdam using Flying Blue for just 20,500 Ultimate Rewards points using a transfer promotion.

Which cards compete with the Chase Sapphire Preferred?

Many worthwhile mid-tier travel credit cards exist, but only a few can go toe-to-toe with the Sapphire Preferred. If you’re trying to decide which is best for you, consider which card’s earning power suits your spending habits and which transfer partners you’re more likely to maximize.

For additional options, check out our full list of the best starter credit cards.

The information for the American Express Green Card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

Bottom line

If you’re ready to move beyond cash-back or fixed-value travel rewards credit cards, there is no better place to start than with the Chase Sapphire Preferred.

After its debut over a decade ago, it’s still regarded as one of the best rewards credit cards. It earns some of the most valuable points and is flexible enough to meet the reward needs of frequent and newbie travelers alike. As long you’re using the card frequently enough to get more than $95 in value from it, this card is definitely worth the annual cost.

Apply here: Chase Sapphire Preferred

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