Chase Sapphire Preferred Card Benefits & Review (September 2022)
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With a reasonable $95 annual fee, a 60,000 point new account bonus, 5x points on Lyft rides, and a variety of other travel-related benefits, the Chase Sapphire Preferred® Card is perfect for those new to points and miles. It provides access to the Chase Ultimate Rewards portal where you can pool and maximize points from other Chase credit cards. Learn How to Apply Here.
Cardholders earn 3x Chase Ultimate Rewards points per dollar spent on dining, select streaming services, and online grocery purchases (excluding Walmart, Target, and wholesale clubs). Cardholders also earn a minimum of 2x (max of 5x) points per dollar spent on travel. Points can be redeemed at 1.25 cents per point when booking travel through the Ultimate Rewards portal. Cardholders also have the option to transfer points to a variety of airlines and hotels for potentially more value.
While the Chase Sapphire Preferred is a solid beginner travel-focused credit card, some frequent travelers may demand more benefits. Here is what you need to know about the Chase Sapphire Preferred and if you should sign up.
Who is the Chase Sapphire Preferred For?
The ideal Chase Sapphire Preferred cardholder is someone who wants premium travel benefits without having to pay a steep annual fee. Unlike the Chase Sapphire Reserve® – (Learn How to Apply Here), which has a $550 annual fee, the Sapphire Preferred’s annual fee is only $95. While the Sapphire Preferred does not include most of the Sapphire Reserve’s statement credits, the $95 annual fee is easy to justify for frequent travelers and those who eat out often.
The Sapphire Preferred does have an up to a $50 credit for hotel stays booked through Chase. Using it cuts the annual fee down to only $45. The 60,000 point new account bonus is also worth a minimum of $600, which covers the annual fee for 6 years.
|Benefits at a Glance|
|– Annual Fee: $95 (not waived first year)|
– Current Bonus: 60,000 Points after spending $4,000 in the first three months from account opening
– 5x Points per dollar spent on Travel booked through Chase (excludes hotel stays qualifying for the $50 credit)
– 2x Points on all other Travel
– 3x Points per dollar spent on Dining
– 3x Points per dollar spent on Select Streaming Services
– 3x Points per dollar spent on Online Grocery Purchases (excluding Target, Walmart and wholesale clubs)
– Up to $50 in statement credits each year for hotels booked through Chase
– 5x Points on Lyft (ends March 2025)
– Earn 10% Bonus Points each account anniversary for your total purchases the previous year
– Free DashPass Membership for One Year (Activate By December 31, 2024)
– Primary Rental Car Insurance
– Variety of Travel Insurance Options
– APR: 18.24% – 25.24% Variable
– Authorized User Fee: $0
– Good to Excellent Credit Score Required (670-850)
Featured Chase Sapphire Preferred Benefits
The Chase Sapphire Preferred features numerous benefits, but here are our top picks.
60,000 Point New Account Bonus
Sapphire Preferred Cardholders who spend $4,000 in the first three months will receive a 60,000 point new account bonus. This is equal to the Sapphire Reserve’s 60,000 point welcome bonus.
Here is how much the 60,000 point bonus is worth depending on the various redemption options.
- Cash – $600
- Pay Your Self Back Program – $750
- Travel via Chase Ultimate Rewards Portal – $750
- Transfer to a Chase Partner Hotel or Airline – Up to $1,200
You can keep track of how close you are to reaching the bonus within your Chase Ultimate Rewards account. Even if you decide to opt for cash, you receive $600, which covers the $95 annual fee for 6 years. Better ways to redeem your bonus points are by using the Pay Yourself Back Program and booking travel through Chase Ultimate Rewards. Points are worth 1.25 cents per point (25% more) when using any of those three options.
The best way to redeem points is by transferring to one of Chase’s partner airlines or hotels. Depending on the partner, it is possible to get a value of 2 cents per point.
To be eligible for the bonus, you must not currently have a Sapphire card. If you have received a Sapphire bonus in the past 48 months, you are ineligible. You are also ineligible for the bonus if you have another Sapphire card and request a product change.
Primary Rental Car Insurance
One of the most important Sapphire Preferred benefits is the included primary rental car insurance. Also known as Auto Rental Collision Damage Waiver (CDW) or Loss Damage Waiver (LDW), this coverage is extremely valuable if you are renting a car. With primary coverage, you file with Chase before filing with your insurance company. Coverage is available for rentals lasting no longer than 31 days.
It provides up to $75,000 in coverage for theft and collision for your rental car. While expensive and exotic cars are excluded, it covers most cars (motorcycles are excluded) you would rent in a normal situation. Buying similar coverage from a rental car company can cost upwards of $40 per day, so this benefit can provide huge savings depending on how often you rent. Additionally, it covers loss of use and reasonable towing charges.
To activate coverage, simply decline the rental car company’s CDW and LDW. You must also charge the entire rental to your Chase Sapphire Preferred credit card.
Further reading: Best Credit Cards for Rental Cars
The Vacationer Tip
Please note, this coverage only provides reimbursement for theft and damage to your rental car. You must carry your own liability insurance for injuries and damage to other motorists and their vehicle.
5X Points on Lyft Rides
Through March 2025, Sapphire Preferred cardholders earn 5x points per dollar spent (2x points for travel plus an additional 3x) on Lyft rides. Uber rides and other rideshare services continue to earn 2x points, so Lyft is the clear choice for maximizing points. If you are a frequent Lyft rider, consider the Chase Sapphire Reserve instead. It provides 10x points on rides.
Pay Yourself Back Program (Points Are Worth 25% More)
With many people still reluctant to travel because of COVID-19, Chase recently introduced the Pay Yourself Back Program. Sapphire Preferred cardholders can redeem points at 1.25 cents per point for purchases made at AirBnb through September 30, 2022 and select charities through (December 31, 2022). The 1.25 cents per point redemption equals the amount you get booking travel through the Ultimate Rewards portal.
Eligible purchases made in the previous 90 days qualify for a statement credit worth 1.25 cents per point. For example, a $100 Airbnb charge would only require 8,000 points as opposed to 10,000 points. A $500 Airbnb charge would only require 40,000 points as opposed to 50,000 points.
The Vacationer Tip
Those interested in the Chase Sapphire Preferred should take note of Chase’s unofficial 5/24 rule. This means if you have opened five credit cards or more in the past 24 months, you will most likely get declined for a Chase credit card. If this applies to you, we recommend waiting to apply for the Sapphire Preferred until you are out of the window.
Up to $50 in Yearly Statement Credits When Booking Hotels Through Chase
Cardholders can earn up to $50 in statement credits each account anniversary year for hotels booked through Chase. Please note, hotel stays qualifying for the $50 statement credit will not earn the usual 5x points for hotels booked via Ultimate Rewards.
Further reading: Best Credit Cards for Hotel Bookings
Chase Sapphire Preferred Travel Benefits
At its heart, the Chase Sapphire Preferred is a travel credit card. Here are the many benefits you will get when planning your next trip.
2X Points on Travel Purchases
Sapphire Preferred cardholders earn at least 2x Chase Ultimate Rewards points for every dollar spent on travel. For comparison, the Sapphire Reserve ($550 annual fee) earns at least 3x points on travel (after the first $300 spent). Chase has a very broad definition of travel compared to other credit card companies, so it is very easy to earn 2x points.
Here is what you can expect to code as travel.
- Hotels & Motels
- Airlines (tickets, seat upgrades, bags)
- Car Rental Agencies
- Travel Agencies & Discount Travel Sites
- Parking Lots & Parking Garages
- Toll Bridges, Highways, & Tunnels
- Car Services (including Buses, Taxis, Lyft (earns 5x points), and Uber)
Despite Chase’s generous definition of travel, some transactions you may expect to code as travel do not. Vrbo rentals usually do not code as travel despite being vacation rentals. In cases like that, you will only earn 1x points. Airbnb does code as travel, so keep that in mind if everything else is equal and you wish to maximize your points.
Depending on your redemption choice, the 2x points earned on travel can be worth anywhere from 2 cents to 4 cents. For example, a statement credit or cash nets 2 cents for two points (or 1 cent per point). Transferring to Hyatt could net as much as 4 cents for two points (or two cents per point).
The Vacationer Tip
Keep an eye on your transactions after booking travel. If something should logically code as travel but does not, you should contact Chase and ask for the bonus points. Chase may not always say yes, but it is worth a shot.
Earn 5x Points Booking Travel Through Ultimate Rewards
Cardholders now earn 5x points booking travel through Chase. That includes flights, hotels, and rental cars. Please note, hotel stays that qualify for the yearly $50 credit do not earn points. While that is an improvement from the previous figure, it is often better to book direct. For example, booking a flight directly with the airline allows you to deal with the airline customer service for changes and cancellations. Booking a flight through Chase means you deal with Chase for customer service, which may be a mixed experience when changing or cancelling flights.
Further reading: Best Airline Credit Cards
Points Are Worth 25% More (or 1.25 cents per point) When Redeeming Through Chase Ultimate Rewards Travel Portal
Chase wants you to book travel through its Ultimate Rewards portal, which is why points are worth 25% more when redeeming this way. This includes flights, hotels, cruises, and car rentals. For example, 50,000 points are worth $625 (or 62,500 points) when booking travel through the Chase portal. To figure out the 25% redemption, simply multiply your points by 1.25 and divide by 100 (50,000 x 1.25 = 62,500/100 = $625).
The 2x points per dollar spent cardholders earn on travel are worth 2.5 cents (or 1.25 cents per point) when booking travel through Chase (2 x 1.25 = 2.5). While this is decent value, the higher annual fee Sapphire Reserve provides better value. It earns 3x points on travel (after spending $300) and points are worth 50% more when booking travel through Chase. So 50,000 points are worth $750 (or 75,000 points). The 3x points earned per dollar spent on travel are worth 4.5 cents, or 1.5 cents per point.
1:1 Point Transfer to 13 Partner Airlines and Hotels
The best way to redeem Sapphire Preferred points is more often than not transferring to one of Chase’s partner airlines and hotels. Currently, Chase is partnered with 11 airlines and 3 hotel chains. It is a 1:1 point transfer, and you must have at least 1,000 points to transfer. Depending on which partner you transfer your points to, you may get more for your points than booking travel through Chase.
Here are the current partner airlines and hotels.
Chase Airline & Hotel Transfer Partners
|AerClub (Aer Lingus)||IHG® Rewards Club|
|Air Canada Aeroplan|
|British Airways Executive Club||Marriott Bonvoy™|
|Emirates Skywards®||World of Hyatt®|
|Flying Blue AIR FRANCE KLM|
|Singapore Airlines KrisFlyer|
|Southwest Airlines Rapid Rewards®|
|Virgin Atlantic Flying Club|
Most transfers are instant, but it can take 1-2 days. All transfers are final, so we recommend figuring out what flight or hotel you want to book before transferring. Hyatt is viewed as the best hotel transfer partner (points can be worth as much as 2 cents per point), but you should check rates before transferring. In some cases, it may be better to book through the Chase travel portal. For airlines, United MileagePlus is a great transfer partner.
Before transferring, you must sign up with the hotel or airline’s loyalty or rewards program.
Trip Cancellation/Interruption Insurance
Cardholders and immediate family members are entitled to reimbursement for up to $10,000 per person (up to $20,000 per trip) in non-refundable, pre-paid travel expenses due to cancellation or interruption. Examples of covered expenses include hotels, airfare, and tours. Covered reasons include illness, natural disasters, and jury duty.
Trip cancellation insurance begins on the day you book the covered expense and ends at the time of departure for the trip. Trip interruption insurance begins on the way to departure and ends on the last day of the trip.
For example, if your hotel goes out of business, Chase will refund you the cost. Ditto for airfare if an airline goes out of business. You must charge your non-refundable, pre-paid travel expense to your Chase Sapphire Preferred card to be eligible for reimbursement.
The Vacationer Tip
Before embarking on your trip, we recommend reading the complete Guide to Benefits for your Chase Sapphire Preferred card. It includes detailed information for trip cancellation/delay insurance, trip delay reimbursement, baggage delay insurance, and lost luggage reimbursement. While we have provided an overview for each type of insurance, you should still read the Guide to Benefits for restrictions and instructions on filing a claim.
Trip Delay Reimbursement
Cardholders and family members are eligible for up to a $500 reimbursement per person when travel is delayed for at least 12 hours or requires an overnight stay. Covered expenses include meals, clothing, lodging, toiletries, and medicine. Covered reasons for delay include poor weather, equipment failure, and terrorism. Hazards or delays known before embarking on the trip are not covered.
Baggage Delay Insurance
Cardholders and immediate family members are eligible for up to $100 in reimbursement for up to five days for essential purchases due to baggage being delayed for longer than six hours. Essential purchases include clothing, toiletries, and cell phone charging cables. Your transportation ticket must be purchased with your Chase Sapphire Preferred card to be eligible for reimbursement.
Excluded items include hearing aids, jewelry, artificial teeth, and cameras. We recommend reading the Guide to Benefits for a complete list of excluded items.
Lost Luggage Reimbursement
Cardholders and immediate family members are eligible for up to $3,000 per passenger in lost luggage reimbursement. The carrier must lose or damage your luggage. Carry on luggage and checked bags are both eligible for reimbursement. Jewelry, watches, cameras, and other electronic equipment have a sub-limit of up to $500.
Travel and Emergency Assistance Referrals
The cardholder, cardholder’s spouse or domestic partner, and dependent children under age 22 are eligible for travel and emergency assistance services from Chase. This service simply provides referrals for various professionals such as doctors and lawyers. You still have to pay the doctor, lawyer, or emergency transportation company in question.
Travel Accident Insurance
Cardholders and immediate family members are eligible for up to $500,000 in travel accident insurance. At least a portion of the trip must have been paid for with a Chase Sapphire Preferred card to receive benefits. Here are the two types of travel accident insurance available. Please note, only one of these insurances can be used for a single incident.
- Common Carrier Travel Accident Insurance – Provides up to $500,000 for loss of life, dismemberment, or loss of hearing, sight, or speech. This insurance kicks in when entering, exiting or riding on a bus, train, airplane, or cruise ship.
- 24 Hour Travel Accident Insurance – Provides up to $100,000 for dismemberment or loss of hearing, sight, or speech. This insurance kicks in on the departure date and ends on the return date.
Exclusions include declarations of war, sporting activity in which money can be earned, illegal acts, and various physical and mental traumas.
Further reading: Best Credit Cards for Travel Insurance
Chase Sapphire Preferred Dining Benefits
In addition to offering premium travel benefits, the Sapphire Preferred also features a multitude of dining benefits.
3X Points on Dining Purchases
Sapphire Preferred cardholders earn 3x Chase Ultimate Reward points per dollar spent on dining purchases. This includes restaurants, fast food establishments, fine dining, and delivery services, including DoorDash. Liquor stores generally do not count, but we have seen some code as Food and Drink.
We recommend checking your statement after making a dining purchase. In the past, we have seen restaurants that should logically count as Food and Drink code as Catering and Bakery. In cases like that, you will only earn 1x points. If that happens, we recommend contacting Chase since they may bonus you the additional 1x point if a clear restaurant codes incorrectly.
The 3x points earned per dollar spent on dining can be worth as much as 6 cents depending on how you redeem them. The 3x points per dollar spent earned on dining is equal to what the Chase Sapphire Reserve, Chase Freedom Flex℠ – (Learn How to Apply Here), and Chase Freedom Unlimited® – (Learn How to Apply Here) earn.
Complimentary One-Year DashPass Subscription from DoorDash
Chase Sapphire Preferred cardholders are eligible for at least a year of free DashPass. This is food delivery service DoorDash’s premium membership. It usually costs $9.99 per month, so you are saving $120 by activating. DashPass provides free delivery and reduced service fees for orders of $12 or more.
To activate, simply add your Chase Sapphire Preferred credit card information to your DoorDash account. You will be prompted to begin your complimentary DashPass membership.
In addition to the free DashPass membership, Sapphire Preferred cardholders earn 2x points on all DoorDash orders.
Chase has extended memberships through December 31, 2024.
Other Chase Sapphire Preferred Benefits
Here are a few other benefits Sapphire Preferred cardholders can advantage of.
3X Points on Online Grocery Purchases (exclusions apply)
Cardholders earn 3x points per dollar spent for online grocery purchases. Unfortunately, wholesale clubs, Walmart, and Target are excluded. This is a major advantage over the Sapphire Reserve as it does not have a bonus grocery category.
3X Points on Select Streaming Services
Cardholders earn 3x points per dollar spent on select streaming services. This includes services like Netflix, Hulu, and Disney+.
Cardholders and recipients of gifts purchased by the cardholder are eligible for up to $50,000 ($500 per claim) in purchase protection. Items must be purchased with a Chase Sapphire Preferred card, and the cardholder must notify the benefits administrator within 90 days of the incident. Valid reasons for a claim include theft, damage, and accidental parting with the property in question. The event must happen within 120 days of the purchase.
Exclusions include used items, antiques, automobiles, boats, and missing items with no evidence of theft.
Extended Warranty Protection
Cardholders and recipients of gifts purchased by the cardholder are eligible for up to $50,000 ($10,000 per claim) in extended warranty protection. This protection extends the manufacturer’s warranty by an additional year when the warranty is three years or less. To be eligible for this protection, the item in question must have been purchased with a Chase Sapphire Preferred credit card. Additionally, you must notify the benefits administrator within 90 days of the product failure.
Exclusions include used items, computer software, automobiles, and boats.
Cardholders are eligible for emergency roadside assistance in the event of a breakdown. A flat fee covers towing, fuel delivery, jump-starting, and tire changing. The service is available 24 hours a day, seven days per week. There is no membership fee for this service, and pre-enrollment is not required. Towing is limited to five miles for the flat fee, so keep that in mind before calling.
The Chase Sapphire Preferred Compared to Other Similar Cards
As a beginner travel-focused credit card, the Chase Sapphire Preferred holds up well against the competition. Its main competitor is the $95 annual fee Capital One Venture Rewards Credit Card – (Learn How to Apply Here), but it also competes against the Chase Sapphire Reserve.
Chase Sapphire Reserve – With a $550 annual fee, the Chase Sapphire Reserve is $455 more expensive per year than the Chase Sapphire Preferred. While the difference may seem big, the fee is offset by numerous statement credits and other elite travel benefits. After considering the credits, the Sapphire Reserve has a net annual fee of only $190 ($550 – $300 – $60). This includes the $300 yearly travel credit and the $5 Monthly DoorDash Credit.
The Sapphire Reserve also includes a $100 Global Entry or TSA PreCheck application fee reimbursement (see more credit cards offering Global Entry and TSA Precheck reimbursement), lounge access (see the best credit cards offering airport lounge access), 3x points on travel, and 1.5 cents per point when redeeming travel via Chase. Additionally, Sapphire Reserve cardholders can redeem points at 1.5 cents per point via the Pay Yourself Back Program, compared to only 1.25 cents for the Sapphire Preferred.
For elite travel benefits, the Sapphire Reserve is the better card. For the modest traveler, the Sapphire Preferred is our pick.
See our complete Chase Sapphire Preferred Card vs. Chase Sapphire Reserve comparison article for further details.
Capital One Venture Rewards Credit Card – With a $95 annual fee, the Capital One Venture Rewards Card is the Chase Sapphire Preferred’s direct competitor. Its current 75,000-mile bonus is 15,000 more miles than the Sapphire Preferred’s current bonus of 60,000 points. To earn the 75,000 mile bonus, you must spend at least $4,000 in the first three months. The value of each bonus depends on how you redeem it.
The Capital One Venture Card earns 2x miles on all purchases and 5x miles on car rentals and hotels booked through Capital One Travel. The Sapphire Preferred earns 5x points on hotels, flights, and car rentals booked through Chase.
The Venture Card offers a $100 Global Entry and TSA PreCheck application fee credit, which the Sapphire Preferred card does not. To even things out, the Sapphire Preferred card offers primary rental car insurance, while the Venture Card only offers secondary coverage. Both cards offer travel protection, but the Sapphire Preferred provides better and more comprehensive coverage.
American Express® Gold Card – The Amex Gold Card – (Learn How to Apply Here) is also frequently compared to the Chase Sapphire Preferred. See our complete Chase Sapphire Preferred Card vs. Amex Gold Card comparison article for further details
Frequent travelers can cover the Sapphire Preferred’s $95 annual fee fairly easily. When redeeming points for cash, cardholders need to spend $4,750 per year on travel (2x points per dollar spent) to net $95. Diners need to spend $3,167 per year (3x points per dollar spent) to net $95 when redeeming points for cash.
When redeeming for travel via Chase (points are worth 25% more), cardholders need to spend $3,800 per year on travel (7,600 points x 1.25). Finally, when maximizing transfers to travel partners (for a 2 cent per point value), cardholders need to spend $2,375 (4,750 points x 2) on travel.
Ideally, you need at least a credit score of 700 for Sapphire Preferred approval. If your credit score is over 725 and you are not breaking the unofficial 5/24 rule, you should get approved.
Cardholders earn 2x Chase Ultimate Rewards points per dollar spent for purchases that code as travel.
Cardholders earn 5x points per dollar spent on travel purchases booked through Chase.
Cardholders earn 3x Chase Ultimate Rewards points per dollar spent for purchases that code as food & drink.
$0. For comparison purposes, the Sapphire Reserve has a $75 authorized user fee.
No, the $300 travel credit is exclusive to the Chase Sapphire Reserve. The Chase Sapphire Preferred® Card does have a yearly $50 hotel credit, however.
No, the $100 application fee reimbursement is exclusive to the Chase Sapphire Reserve.
No, lounge access, via Priority Pass, is exclusive to the Chase Sapphire Reserve.
The current bonus is 60,000 points, and you can earn it by spending $4,000 in the first three months. Its value depends on how you redeem it. Here are a few examples.
– Cash – $600
– Pay Your Self Back Program (25% extra) – $750
– Travel via Chase Ultimate Rewards Portal (25% extra) – $750
– Transfer to a Chase Partner Hotel or Airline – Up to $1,200
No, Sapphire Preferred points do not expire as long as the account remains open.
The Sapphire Preferred earns 1x points on all purchases other than ones in those categories.
No, you can only have one of the two Chase Sapphire credit cards.
Yes, the 5/24 rule will affect your odds. If you have been approved for five or more cards in the last 24 months, you will likely get denied.
One point is worth 1 cent ($0.01) when redeeming for cash or a statement credit.
The Vacationer’s Final Thoughts
The Chase Sapphire Preferred is a great card for those who want solid travel benefits with an annual fee under $100. While it does not include the Sapphire Reserve’s elite travel perks, it does provide access to the Chase Ultimate Rewards portal, where points can be pooled with other Chase cards. The 2x points earned on travel (5x booked through Chase) and 3x points earned on dining are worth much more when redeemed for travel via chase or when transferred to a partner hotel or airline.
Those still worried about the $95 annual fee can breathe a sigh of relief. The 60,000 point new account bonus covers the annual fee for 6 years when redeemed for cash. When transferred to one of Chase’s partners, the 60,000 point bonus is worth as much as $1,200 and covers the annual fee for 12 years.
Don’t have a travel-focused credit card yet? Check out The Vacationer’s Recommended Travel Card Picks for the best offers from Chase, Capital One, American Express, and other top issuers. You can also check out the CardMatch tool (Read More: Learn How to Use CardMatch) to see what cards and offers you may already be prequalified for.
Editorial Disclosure: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
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