Chase Sapphire Preferred Card Review

The Chase Sapphire Preferred Card is one of the most valuable rewards credit cards. It offers60,000 bonus points after spending $4,000 in the first 3 months and 2x points on travel and dining purchases.

The Chase Sapphire Preferred Card is without question an elite credit card. It’s one of my personal favorites. It offers bonus points worth $750 in travel when redeemed through Chase Unlimited Rewards. The card also offers 2x in points on dining at restaurants and travel, and 1x point on all other purchases. Add to that no foreign transactions fees, and this card is THE card for those who love to travel.

Chase Sapphire Preferred Card Snapshot

  • Receive 60,000 bonus points when you spend $4,000 on purchases in the first 3 months from account opening. 60,000 points are worth $750 in travel when you redeem through Chase Ultimate Rewards.
  • 2X points on travel and dining at restaurants
  • 1 point per dollar spent on all other purchases
  • $0 foreign transaction fees
  • 1:1 point transfer to leading frequent travel programs at full value
  • $95 Annual Fee

Learn more about this and other travel rewards cards here.

Rewards Program

The rewards program includes both bonus points and points earned on everyday purchases. Let’s review both:

Bonus Points

The card gets a lot of attention for its 60,000 bonus points. Here’s how it works. If you spend $4,000 within your first 3 months of opening your account, Chase will give you 60,000 rewards points.

Normally these points would be worth $600 (1 cent per point). If you use the points for travel through Chase Ultimate Rewards, however, you get a 25% bonus. This effectively increases the value of the 60,000 points to $750. This is 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 2x points for every dollar charged to the card on dining at restaurants and on travel. You’ll earn  1 point per dollar on everything else.  There are no reward caps.

Using Points

You can of course redeem points for travel purchased with theChase Sapphire Preferred Card . As noted above, travel purchased through Chase Ultimate Rewards qualifies for 25%, 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.

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

  • British Airways Executive Club
  • Korean Air SKYPASS
  • Singapore Airlines KrisFlyer
  • Southwest Airlines Rapid Rewards®
  • United MileagePlus®
  • Virgin Atlantic Flying Club
  • Hyatt Gold Passport®
  • IHG® Rewards Club
  • Marriott Rewards®
  • The Ritz-Carlton Rewards®.

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.

What we like about the Chase Sapphire Preferred Card

  • 60,000 bonus rewards points for new customers
  • 2X points on dining and travel
  • $0 Foreign Transaction Fees
  • 25% travel redemption bonus

What could be better

  • $95 Annual Fee
  • Requires Excellent Credit

Learn more about this and other travel rewards cards here.

Chase Sapphire Preferred Card

9.3

Rewards Program

10.0/10

Bonus

10.0/10

Customer Service

9.5/10

Annual Fee

7.0/10

Added Perks

10.0/10

Pros

  • Excellent Rewards
  • Signup Bonus
  • Ease of Use

Cons

  • Annual Fee
  • Excellent Credit Required