Chase Sapphire Preferred Card Review

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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®.

Features & Benefits

Rewards

Interest Rates & Fees

Annual Fee	$95
Foreign Transaction Fee	$0
Regular APR	21.49%-28.49% (V) APR

Insurance

Trip Delay Insurance

If your common carrier travel is delayed more than 12 hours or requires an overnight stay, you and your family are covered for unreimbursed expenses, such as meals and lodging, up to $500 per ticket.

Trip Cancellation and Interruption Insurance

If your trip is canceled or cut short by sickness, severe weather and other covered situations, you can be reimbursed up to $10,000 per person and $20,000 per trip for your pre-paid, non-refundable travel expenses, including passenger fares, tours, and hotels.

Extended Warranty

Extends the time period of the U.S. manufacturer's warranty by an additional year, on eligible warranties of three years or less.

Purchase Protection

Covers your new purchases for 120 days against damage or theft up to $500 per claim and $50,000 per account.

Lost Baggage Insurance

Reimburses you for essential purchases like toiletries and clothing for baggage delays over 6 hours by passenger carrier up to $100 a day for 5 days.

What Credit Score Is Required to Get the Chase Sapphire Preferred® Card

The following credit score data are based on publicly available information we have collected from various forums. We have no way to confirm the accuracy of this data. In addition, keep in mind that credit card issuers use a number of factors in their underwriting process, and these factors can change at any time.

App Status	Date	Credit Score	Bureau	Credit Limit
Approved	03/23/2022	750	Equifax	$22,000
Approved	03/23/2022	770	Experian	$22,000
Approved	09/21/2022	788	Experian	$12,900
Approved	05/28/2022	740	Not Provided	$18,400
Approved	06/26/2022	729	Equifax	$14,000
Approved	06/26/2022	725	Experian	$14,000
Approved	06/26/2022	737	TransUnion	$14,000
Approved	07/06/2022	786	Experian	$16,600
Approved	09/21/2022	743	Equifax	$12,900
Approved	12/04/2022	770	Experian	$12,000
Denied	08/07/2022	720	Not Provided	---

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Editorial Review

The card_name is one of the most valuable travel rewards credit cards available today. It offers a signup bonus and points are worth 25% more when you use them to book travel through Chase. In this review, we'll dive into the details of this card, compare it to alternatives, and explore how to maximize the benefits of the card.

As regular readers know, I save and invest all of my credit card rewards. I've been doing this for about two years, and my Credit Card Financial Freedom Fund as I like to call it is up to $32,391.95.

My strategy includes a few of the best cash back credit cards as well as the Chase Sapphire Reserve®. That card comes with a hefty annual fee of $550. For those who want a great travel card without a monster annual fee, the Chase Sapphire Preferred® Card is this answer.

Here's what you need to know.

Rewards Program

The rewards program includes both bonus points and points earned on everyday purchases.

Bonus Points

The card gets a lot of attention for its welcome bonus points. Here’s how it works: 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®.

Normally these points would be worth 1 cent each. If you use the points for travel through Chase Ultimate Rewards, however, you get a 25% bonus. This effectively increases the value of the points making it one of the largest signup bonuses available on any credit card.

Now to the Fine Print. This bonus is not available to those who have received a bonus from a Sapphire card in the past 48 months. Here's the fine print from Chase:

This product is available to you if you do not have any Sapphire card and have not received a new cardmember bonus for any Sapphire card in the past 48 months.

Everyday Points

In addition to the bonus points, you’ll earn up to 5x points for every dollar charged to the card. Here's the breakdown:

• 5x points on travel purchased through Chase Ultimate Rewards
• 3x points on dining
• 2x points on travel not purchased through Chase
• 1x point on all other purchases

There are no reward caps.

Redeeming Points

While there are many ways to use Chase Ultimate Rewards points, there are only two “good” ways to redeem them:

• Booking travel through Chase Ultimate Rewards
• Transferring points to travel partners

Booking Travel Through Chase

You can of course redeem points for travel purchased with the card_name . As noted above, travel purchased through Chase Ultimate Rewards qualifies for a 25% bonus, thus extending the value of the points.

Here’s how Chase describes this discount:

Each point you redeem for travel booked through Ultimate Rewards is worth $.0125 (one and a quarter cents), which means that 100 points is worth $1.25 in redemption value. This is like getting a 25% discount on travel you get with points when compared to the cash price. For example, a $500 airline ticket will only cost you 40,000 points. You would need 50,000 points to get $500 in cash through Ultimate Rewards and 40,000 points is 25% less than 50,000. The cost of travel and comparison of the points price and cash price is based on the rates and fares available through the Ultimate Rewards website and travel center, and may not reflect all rates and fares that are available through other sales channels.

Transferring Points

A big bonus comes in the form of transfers. You can transfer your points at full value to any of these Chase airline or hotel partners:

• Airline Partners
  • Aer Lingus AerClub
  • British Airways Executive Club
  • Emirates Skywards
  • Flying Blue AIR FRANCE KLM
  • Iberia Plus
  • Singapore Airlines KrisFlyer
  • Southwest Airlines Rapid Rewards
  • United Airlines MileagePlus
  • Virgin Atlantic Flying Club
• Hotel Partners
  • IHG Rewards Club
  • Marriott Bonvoy (including Ritz-Carlton)
  • World of Hyatt

Potential Value of Rewards

The value of rewards will of course depend on how the card is used for purchases and how the points are redeemed. Assuming one redeems points for travel through Chase Ultimate Rewards, points are worth $0.0125 each. Based on this valuation, here are some potential rewards values per year.

5x Monthly Purchases	3x	1x	Total Annual Value
$250	$150	$1,000	$405
$500	$250	$1,500	$712.50
$750	$350	$2,000	$1,020
$1,000	$500	$3,000	$1,425
$1,500	$750	$5,000	$2,212.50

Other Perks

The Chase Sapphire Preferred® Card offers several additional benefits:

• Chip-Enabled Security: Enjoy enhanced security and wider acceptance with your chip-enabled card when used at a chip card reader
• $0 Foreign Transaction Fees: Pay no foreign transaction fees when you use your card on purchases made outside of the United States
• 1:1 Point Transfer: Transfer points to participating frequent travel programs at full value. For example, 1,000 Chase Ultimate Rewards points equal 1,000 partner miles/points
• Exclusive Events & Experiences: Access special travel opportunities and exclusive events available to cardmembers.  Explore VIP packages to major culinary, entertainment and sporting events.

Pros & Cons

What we like about the Chase Sapphire Preferred® Card

• Signup bonus for new customers
• Up to 5x points on purchases
• $0 Foreign Transaction Fees
• 25% travel redemption bonus

What could be better

• $95 Annual Fee
• Requires Excellent Credit

Chase Sapphire Preferred vs Reserve

	Sapphire Preferred	Sapphire Reserve
Signup 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®.	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®
Max Reward Rate	5x on travel booked through Chase	10x on hotels booked through Chase
Annual Travel Credit	$0	$300
Annual Fee	$95	$550
Point Bonus*	25%	50%

Who is the Chase Sapphire Preferred® Card Best for?

The card_name is best for those who travel at least once a year and aren't loyal to specific airline or hotel brands. We do not, however, recommend this card if you plan to use just one credit card. The 1x category covers too many purchases for the average person or family. As such, this card should be carried in conjunction with a 2% cash back or even 1.5% cash back credit card.

Chase Sapphire Preferred® Card Alternatives

For those who travel frequently, a better option may be the Chase Sapphire Reserve. While it comes with a hefty annual fee, the rewards are better, including a 50% bonus on points redeemed for travel through Chase Ultimate Rewards. In addition, its travel credit offsets more than half of the annual fee.