Choosing the right credit card can feel like a maze, but understanding the benefits and rewards of each option can make it simpler. The Chase Sapphire Preferred® Card stands out with its versatile rewards structure and valuable perks. Whether you're planning your next vacation or just enjoying a night out, this card offers opportunities to earn points on everyday spending.
Card Benefits & Rewards
Rewards Rates
The Chase Sapphire Preferred® Card offers diverse rewards rates:
- 5 points per dollar on travel booked through Chase Travel℠
- 5 points per dollar on Lyft rides through March 2025
- 3 points per dollar on dining, select streaming services, and online grocery purchases
- 2 points per dollar on all other travel purchases
- 1 point per dollar on everything else
Value of Points
Ultimate Rewards points are worth 1.25 cents each when redeemed for travel via the Chase Travel℠ portal. The 60,000 bonus points can translate to $750 for travel. Points can also be transferred to Chase's 14 airline and hotel partners for potentially even greater value.
Additional Benefits
- $50 Annual Chase Travel Hotel Credit
- Primary rental car insurance
- Trip cancellation and interruption insurance
- Lost luggage reimbursement
- Baggage delay insurance
- Complimentary DoorDash DashPass membership (if enrolled by December 31, 2027)
- Six-month Instacart+ membership and quarterly $15 credit (when enrolled by July 31, 2024)
- 10% anniversary points bonus
- No foreign transaction fees
How to Earn and Redeem Points
To maximize your rewards with the Chase Sapphire Preferred® Card, focus on the bonus categories:
- Book travel through the Chase Travel℠ portal for 5x points
- Use Lyft for 5x points until March 2025
- Dine out, order takeout, or use delivery services for 3x points
- Purchase groceries online and pay for select streaming services for 3x points
- All other travel purchases earn 2x points
Redeeming points is straightforward:
- Use the Chase Travel℠ portal to redeem points at 1.25 cents per point for travel
- Transfer points to Chase's hotel and airline partners at a 1:1 ratio for potentially higher value
For example, transferring 30,000 points to United MileagePlus could get you a round-trip domestic ticket worth up to $600. Or, transfer 20,000 points to World of Hyatt for a two-night stay at a Hyatt Regency, potentially worth over $500.
By aligning your spending with bonus categories and strategically redeeming points, you can unlock experiences that might otherwise seem out of reach. Whether it's dining out, commuting, or planning a vacation, every purchase counts towards your next adventure.
Comparison with Competitor Cards
Let's compare the Chase Sapphire Preferred® Card with its main competitors:
Chase Sapphire Reserve®
- Annual fee: $550
- Benefits: $300 annual travel credit, 3x points on travel and dining, 1.5 cents per point value when redeemed for travel through Chase, Priority Pass Select membership, up to $100 reimbursement for Global Entry or TSA PreCheck
- Best for: Frequent travelers who value lounge access and premium perks
Capital One Venture Rewards Credit Card
- Annual fee: $95
- Benefits: 2 miles per dollar on every purchase, 5x miles on hotels and rental cars booked through Capital One Travel, 75,000 miles sign-up bonus, credit for Global Entry or TSA PreCheck
- Best for: Heavy spenders who prefer a flat, straightforward earning rate
American Express® Green Card
- Annual fee: $150
- Benefits: 3x points on travel (including transit) and dining, $100 Clear Plus credit
- Best for: Urban dwellers who frequently use transit and value Clear Plus
The Chase Sapphire Preferred® Card excels with its low annual fee, generous bonus categories, and versatile rewards program. It's ideal for those new to travel rewards or intermittent travelers looking to maximize points without high fees. However, it lacks premium perks like lounge access or credits for Global Entry/TSA PreCheck found on some competitors.
In summary, the Sapphire Preferred offers a balanced mix of rewards and benefits, making it a fantastic choice for those seeking rewarding travel experiences without extensive complexity.
The Chase Sapphire Preferred® Card offers a balanced mix of rewards and benefits that cater to both frequent travelers and those new to travel rewards. With its generous bonus categories, flexible redemption options, and valuable travel protections, it's an excellent choice for anyone looking to maximize their spending without breaking the bank on annual fees.
- Chase Sapphire Preferred Card Review. The Points Guy. 2023.
- Chase Sapphire Preferred Card Overview. LendingTree. 2023.
- Chase Sapphire Preferred vs. Chase Sapphire Reserve Comparison. NerdWallet. 2023.