Chase Sapphire Preferred Credit Card Review 2024 (2024)

• Chase Sapphire Preferred Introduction
• Chase Sapphire Preferred Quick Facts
• What Is the Chase Sapphire Preferred Best For?
• Chase Sapphire Credit Score Requirements
• Chase Sapphire Preferred Travel Rewards
• Chase Sapphire Preferred Benefits
• Chase Sapphire Preferred Fees
• How To Maximize Chase Sapphire Preferred Rewards
• Complementary Cards for the Chase Sapphire Preferred
• Fine Print
• How the Chase Sapphire Preferred Card Stacks Up
• Is the Chase Sapphire Preferred Card for You?
• Methodology
• Frequently Asked Questions (FAQs)

The Chase Sapphire Preferred® Card is a top-notch choice when it comes to travel cards. That’s because it could be a natural fit for both reward point novices and reward maximizing experts.

For an annual price tag of $95, you’ll earn 5 points per dollar on travel purchased through Chase Travel℠, 3 points per dollar on dining, select streaming services, and online grocery purchases (excluding Walmart, Target and wholesale clubs), 2 points per dollar on all other travel purchases and 1 point per dollar on other purchases.

Those are easy-to-understand earnings that someone dipping their toe in travel rewards can easily manage. But the card also offers plush extras that appeal to more experienced rewards wranglers, like a 25% increase in value when you use your rewards for travel booked through Chase Travel℠ and a $50 annual credit on hotel stays purchased through Chase Travel℠.

Top it off with the ability to transfer your points to over a dozen travel partners, like United and Hyatt, for potentially even more value and notable travel protections and insurances, to boot.

In addition, Chase’s Pay Yourself Back program allows you to redeem your rewards in eligible categories as a statement credit, potentially for increased value.

There’s another rewards-maximizing trick with this card: If you strategically pair it with another Ultimate Rewards®-earning card, like the Chase Freedom Flex℠ or Chase Freedom Unlimited®, you can combine all your points together and redeem them through Chase at the Sapphire Preferred’s elevated value.

And finally, Chase provides a 10% points boost on your total purchase amount when you renew your card. So if you spend $25,000 on your card in a year, you’ll receive a 2,500-point bonus at your card anniversary.

Read more. Best Credit Cards

• Annual fee of $95
• A generous welcome bonus: Earn 60,000 bonus points after spending $4,000 on purchases in the first three months from account opening
• Cardholders earn 5 points per dollar on travel purchased through Chase Travel℠, 3 points per dollar on dining, select streaming services, and online grocery purchases (excluding Walmart, Target and wholesale clubs), 2 points per dollar on all other travel purchases and 1 point per dollar on other purchases
• 10% anniversary points bonus
• Annual $50 credit on hotel stays booked through Chase Travel℠
• Rewards can be redeemed for travel at a 25% increase in value booked through Chase Travel
• 1:1 point transfer to select airline and hotel travel partners
• Redeem for cash back or gift cards where points are worth 1 cent each
• No foreign transaction fees
• No introductory APR offers

Read more. Is the Chase Sapphire Preferred Worth It?

As one of the market’s best midtier credit cards, the Chase Sapphire Preferred ranks highly on lists of the best credit cards for various uses across our site.

Like most card issuers, Chase does not publish an exact minimum credit score (or range) required for approval for the Sapphire Preferred. Instead, it considers your full financial information—including your credit score and history, income levels, assets and any outstanding debt or other monthly payment obligations.

However, this is a premium credit card. For the highest likelihood of approval, you will need a good or excellent credit score. Learn more about how to improve your credit score and do what you can to raise your score before applying. A good FICO Score is defined as one 670 or higher.

Earning Rewards

The Chase Sapphire Preferred earns 5 points per dollar on travel purchased through Chase Travel℠, 3 points per dollar on dining, select streaming services, and online grocery purchases (excluding Walmart, Target and wholesale clubs), 2 points per dollar on all other travel purchases and 1 point per dollar on other purchases.

Chase has a generous definition of travel. Purchases with airlines, hotels, motels, timeshares, car rental agencies, cruise lines, travel agencies, discount travel sites, campgrounds and operators of passenger trains, buses, taxis, limousines, ferries, toll bridges and highways and parking lots and garages will all earn at an elevated rate.

The Sapphire Preferred also comes with a strong welcome bonus that allows new cardholders to earn 60,000 bonus points after spending $4,000 on purchases in the first three months from account opening.

Redeeming Rewards

Chase’s Ultimate Rewards® are one of the most flexible credit card currencies. You can redeem your earnings in any of the following ways:

• Chase travel portal. Chase gives a 25% bonus when you redeem points for travel bookings through Chase with your Sapphire Preferred account—that’s an effective value of 1.25 cents per point.
• Transfer to travel partners. You can transfer Ultimate Rewards points at a 1:1 rate to a number of travel partners, where redemption value will vary.
• Statement credit. When you redeem your points as a statement credit you will get a value of 1 cent per point.
• Gift cards. Gift cards will provide different values for your points depending on the store and the amount of your purchase, typically 1 cent per point or less.
• Pay Yourself Back. Chase may offer a 25% bonus when you redeem points for a statement credit towards eligible purchases, giving you an effective value of 1.25 cents per point.
• Pay with points. You can use your points to pay for purchases at certain merchants, like Amazon, for a value of about 0.8 cents per point.

Rewards Potential

To determine the rewards potential of the Chase Sapphire Preferred® Card we reviewed the elevated rewards categories and calculated what the average household might spend in those areas. Forbes Advisor uses data from multiple government agencies in order to determine both baseline income and spending averages across various categories. The 70th percentile of wage earners brings in $118,438 annually, and we estimate spending in each category from that number.

Read more. How To Find the Best Chase Sapphire Preferred Bonus Offer

The Chase Sapphire Preferred’s benefit package helps it snag top spots on many best credit card lists. Its collection of travel and purchase protections, statement credits, earning rates and more help it achieve a particularly valuable offer for an annual fee of less than $100.

• Trip cancellation and interruption insurance. If your trip is canceled or cut short by a covered situation, you can be reimbursed up to $10,000 per person and $20,000 per trip for eligible prepaid, nonrefundable travel expenses, including passenger fares, tours and hotels.
• Auto rental collision damage waiver. Decline the rental company’s collision insurance and charge the entire rental cost to your card. Coverage is primary and provides reimbursem*nt up to the actual cash value of the vehicle for theft and collision damage for most rental cars in the U.S. and abroad.
• Purchase protection. Covers your new purchases for 120 days against damage or theft up to $500 per claim and $50,000 per account.
• Extended warranty protection. Extends the time period of the U.S. manufacturer’s warranty by an additional year on eligible warranties of three years or less.
• Baggage delay insurance. Reimburses you for essential purchases like toiletries and clothing for baggage delays over six hours by passenger carrier up to $100 a day for five days.
• Trip delay reimbursem*nt. 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.

Read more. Chase Sapphire Preferred Benefits

Chase Sapphire Preferred Travel Benefits

Perhaps overlooked by many casual users, the Chase Sapphire’s 1:1 points transfer opportunities with over a dozen loyalty program partners can offer some of the most valuable redemptions. Cardholders have the power to turn Chase Ultimate Rewards® points into miles or points with travel partners and book deals that are only available from those programs.

Chase Sapphire Preferred Hotel Benefits

In addition to the card’s bonus rewards on hotels booked through Chase, Chase Sapphire Preferred cardholders also receive a $50 hotel stay statement credit each year after your first year toward stays booked through the portal.

The card’s 1:1 points transfer to hotel partner loyalty programs includes opportunities to transfer points to IHG One Rewards, Marriott Bonvoy and World of Hyatt.

Chase Sapphire Preferred Partner Benefits

Through March 31, 2025, cardholders earn 5 points per dollar on Lyft rides.

Other partner benefits include a complimentary DoorDash DashPass subscription when activated by December 31, 2024, a six-month complimentary Instacart+ subscription when activated by July 31, 2024, plus up to $15 in statement credits each quarter for Instacart+ members through July 2024.

Chase Sapphire Preferred Authorized User Fee

If you’re looking to add an authorized user to your Chase Sapphire Preferred® Card, you’re in luck. Not only does Chase allow you to do that, but there’s no fee for Preferred authorized users.

You’ll get all the points and benefits when additional cardholders use the card and there’s no credit check for your authorized user to get one. If whomever you’re giving a card to needs to build credit, having them on your account as an authorized user usually means that payments are reported to the credit agencies, which can allow them to build their credit.

Adding an authorized user is easy. Simply log in to your account and choose “Account services” from the “More” menu on Chase.com or choose “Manage account” on the Chase Mobile app, then “Add an authorized user.”

Before adding an authorized user, remember you are responsible for any and all charges that the user makes. You can’t set purchase limits, and if you want to remove the authorized user, you can call Chase through the number on the back of your card. Fortunately, only the primary cardholder has digital access to the account, so authorized users won’t be able to change account information or account password.

Chase Sapphire Preferred Cash Advance Fee

If you’re in a bind, it may seem like a convenient option to pull cash out of your credit card, but cash advances are an expensive way to access funds. Not only will you have to repay the cash advance, but fees are high and cash advances begin incurring interest immediately.

The Sapphire Preferred charges a cash advance fee: Either $10 or 5% of the amount of each transaction, whichever is greater. The interest rate for cash advances is higher than we can recommend. On top of that, there’s no grace period on cash advances, so interest begins accruing the day you make the transaction. This all adds up to paying a pretty hefty sum just to get emergency cash.

One of the best ways to maximize your Chase Sapphire Preferred rewards is to redeem them for travel. This is due to the potential outsized value you can receive from making a 1:1 points transfer or redeeming points through Chase Travel with a 25% increase in value. Thanks to these opportunities, travel redemptions increase the potential value of your rewards.

Remember, travel credit cards aren’t just about the rewards. The benefits can be just as useful, especially when it comes to travel protections. Trip interruption or cancellation insurance can not only provide peace of mind, but also save you thousands of dollars in lost reservations. Maximize your benefits by ensuring that you book travel on your card to access these built-in coverages.

Transfer Partners

The Chase Sapphire Preferred permits cardholders to transfer points 1:1 to a number of loyalty program partners, including popular airline and hotel programs. These include:

• Aer Lingus AerClub
• Air Canada Aeroplan
• Air France-KLM Flying Blue
• British Airways Executive Club
• Emirates Skywards
• Iberia Plus
• IHG One Rewards
• JetBlue TrueBlue
• Marriott Bonvoy
• Singapore Airlines KrisFlyer
• Southwest Airlines Rapid Rewards
• United MileagePlus
• Virgin Atlantic Flying Club
• World of Hyatt

Pairing the Chase Sapphire Preferred with another Ultimate Rewards-earning card allows you to combine points for their best usage. Cards that pair well with the Sapphire Preferred include:

Interest Rates

• Regular APR: 21.49%-28.49% Variable
• Purchase intro APR: N/A
• Balance transfer intro APR: N/A

Fees

• Annual fee: $95
• Balance transfer fee: Either $5 or 5% of the amount of each transfer, whichever is greater.
• Foreign purchase transaction fee: $0

Chase Sapphire Preferred® Card vs. Chase Sapphire Reserve®

The Chase Sapphire Reserve® is the higher-end version of the Chase Sapphire Preferred® Card. It carries an annual fee of $550, but also comes with a slew of perks including a whopping 50% points value boost when booking travel through Chase, a flexible $300 annual travel credit, higher earnings rates on many travel purchases, Priority Pass Select lounge access and a TSA PreCheck® or Global Entry application fee credit.

For someone who can fully use the extra benefits, the price tag may be worth it. For those who want to add an authorized user, this card charges an additional $75 fee per user.

Read more. Chase Sapphire Preferred vs. Reserve

Chase Sapphire Preferred® Card vs. American Express® Gold Card

The American Express® Gold Card (terms apply, see rates & fees) offers solid value for most travelers. The earnings rate on dining and groceries is among the highest in the industry, and Membership Rewards® are flexible and easy to redeem. You’ll earn 4 Membership Rewards® points per dollar at restaurants, plus takeout and delivery in the U.S., 4 Membership Rewards® points per dollar at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1 point per dollar), 3 Membership Rewards® points per dollar on flights booked directly with airlines or through American Express travel and 1 point per dollar on other eligible purchases.

Ultimately, which card is better for you depends on your personal spending habits. If your biggest expenses are mainly groceries, dining and takeout, then the Amex Gold may be worth the higher price tag over the Sapphire Preferred Card. But someone who spends a lot on transportation may fare better with the Sapphire Preferred.

Read more. Amex Gold vs. Chase Sapphire Preferred

Chase Sapphire Preferred® Card vs. Chase Freedom Unlimited®

The no annual fee Chase Freedom Unlimited® notches above-average earnings with 5% cash back on travel purchased through Chase Travel℠, 3% cash back on eligible dining and drugstores and 1.5% on all other purchases, plus an additional 1.5% cash back on the first $20,000 in purchases the first year, making it an ideal choice as an everyday card.

The card’s real superpower comes from pairing it with a premium Chase Ultimate Rewards-earning card like the Chase Sapphire Preferred® Card. Use the Freedom Unlimited for all spending that isn’t a bonus category on the Sapphire Preferred and pool your rewards together to take advantage of Sapphire Preferred’s 25% points boost on travel through Chase.

Read more. Chase Freedom Unlimited vs. Chase Sapphire Preferred

There’s a reason the Chase Sapphire Preferred® Card earned a spot on the Forbes Advisor list of best travel cards. It comes stuffed with features and appealing travel rewards for a relatively low price. If you’re looking for swanky high-end perks, look at a different card and be prepared to pay the price. But for anyone seeking a comfortable way to accrue earnings toward future trips, look no further than the Sapphire Preferred.

Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors, including:

• Annual fees
• Welcome bonus offers
• Ongoing earning rates
• Value of individual points or miles
• Included travel or merchant credits
• Additional cardholder benefits

Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors come together to provide a star rating for each individual card.

To learn more about our rating and review methodology and editorial process, check out our guide on how Forbes Advisor rates credit cards.

To view rates and fees for the American Express® Gold Card please visit this page.