The Chase Sapphire Preferred Card has long been a favorite among travel rewards enthusiasts, and it continues to reign supreme in 2024. With its attractive sign-up bonus, valuable rewards program, and suite of travel benefits, this card is a must-have for anyone looking to maximize their travel experiences. In this comprehensive guide, we’ll dive deep into the details of the Chase Sapphire Preferred Credit Card, exploring its rewards structure, benefits, and how it stacks up against other top travel credit cards.
Rewards and Earning Potential
One of the primary reasons the Chase Sapphire Preferred Card is so popular is its generous rewards program. Cardholders can earn:
- 5x points per $1 spent on travel purchased through Chase Travel
- 3x points per $1 spent on dining, including eligible delivery services and takeout
- 3x points per $1 spent on select streaming services
- 3x points per $1 spent on online grocery purchases (excluding Target, Walmart, and wholesale clubs)
- 2x points per $1 spent on all other travel purchases
- 1x point per $1 spent on all other eligible purchases
- 5x points per $1 spent on Lyft rides through March 2025
These earning rates are highly competitive, allowing you to rack up rewards quickly on your everyday spending. Additionally, Chase Ultimate Rewards points are exceptionally valuable, as they can be redeemed for travel through the Chase Travel portal at a rate of 1.25 cents per point. This means that the sign-up bonus of 75,000 points alone is worth $937.50 when redeemed for travel through Chase.
But the true power of the Chase Sapphire Preferred Card lies in its ability to transfer points to various airline and hotel partners on a 1:1 basis. This opens up a world of possibilities for maximizing the value of your rewards, as you can take advantage of sweet spots in partner award charts or book luxury travel experiences that would otherwise be out of reach.
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Chase Ultimate Rewards Transfer Partners
The Chase Ultimate Rewards program has an impressive lineup of transfer partners, including:
Airlines: United MileagePlus, Southwest Rapid Rewards, British Airways Executive Club, Air France/KLM Flying Blue, Singapore Airlines KrisFlyer, Virgin Atlantic Flying Club, Iberia Plus, JetBlue TrueBlue, Emirates Skywards, Aer Lingus AerClub, and Air Canada Aeroplane
Hotels: World of Hyatt, IHG Rewards Club, and Marriott Bonvoy
By strategically transferring your points to these partners, you can unlock incredible value for premium cabin flights, luxurious hotel stays, and more. For example, transferring just 60,000 Ultimate Rewards points to Hyatt could score you a free night at the Park Hyatt Maldives, where room rates can exceed $1,000 per night.
Travel Benefits and Protections
In addition to its rewarding earning structure, the Chase Sapphire Preferred Card offers a robust set of travel benefits and protections that can enhance your travel experiences and provide peace of mind.
Trip Cancellation/Interruption Insurance
If your trip is cut short or canceled due to covered situations like illness, severe weather, or other eligible circumstances, you can be reimbursed up to $10,000 per trip for non-refundable expenses like airfare, hotels, tours, and more.
Primary Auto Rental Collision Damage Waiver
When renting a car for business or pleasure, the Chase Sapphire Preferred Card provides primary coverage for collision damage or theft, saving you the cost of purchasing the rental company’s expensive insurance policy.
Lost Luggage Reimbursement
If your luggage is lost or delayed by the carrier, you can be reimbursed up to $3,000 per passenger for essential purchases like clothing and toiletries.
Travel and Emergency Assistance Services
Access a dedicated team of specialists who can assist you with medical referrals, legal referrals, emergency transportation services, and more while traveling.
Purchase Protection and Extended Warranty
Your eligible purchases are protected against damage or theft for 120 days, and the manufacturer’s warranty is extended by an additional year on eligible items with a warranty of three years or less.
These benefits can provide significant value, especially for frequent travelers, and can help mitigate the costs associated with unexpected events or mishaps during your journeys.
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Annual Fee and Additional Perks
The Chase Sapphire Preferred Card comes with a $95 annual fee, which is relatively modest compared to many premium travel credit cards. However, the card also offers additional perks that can help offset this cost.
Annual Travel Credit
Each year, Chase Sapphire Preferred cardholders receive a $50 statement credit toward hotel stays booked through the Chase Travel portal. This credit can be used for any hotel booking, regardless of the hotel brand or location.
DoorDash and Instacart Subscriptions
Cardholders can activate a complimentary DashPass subscription from DoorDash for at least one year, which provides unlimited $0 delivery fees and reduced service fees on eligible orders over $12. Additionally, you’ll receive a complimentary six-month Instacart+ membership and $15 in quarterly statement credits for Instacart orders.
10% Anniversary Point Bonus
On each account anniversary, Chase Sapphire Preferred cardholders will earn bonus points equal to 10% of their total purchases made the previous year. This bonus can help accelerate your point-earning potential and add even more value to the card.
While these perks may not seem significant at first glance, they can quickly add up and help offset the annual fee, especially when combined with the card’s generous rewards structure and travel benefits.
Alternatives to the Chase Sapphire Preferred
While the Chase Sapphire Preferred is an excellent choice for many travelers, it may not be the perfect fit for everyone. Here are some alternative travel credit cards to consider:
Chase Sapphire Reserve
The Chase Sapphire Reserve is the premium counterpart to the Chase Sapphire Preferred. With a higher annual fee of $550, the Sapphire Reserve offers enhanced benefits, including:
- A $300 annual travel credit
- Complimentary Priority Pass Select membership for airport lounge access
- A statement credit for Global Entry or TSA PreCheck application fees (up to $100 every four years)
- A higher redemption rate of 1.5 cents per point when booking travel through Chase
The Chase Sapphire Reserve is an excellent choice for frequent travelers who can take advantage of its premium benefits and offset the higher annual fee.
Capital One Venture X Rewards Credit Card
The Capital One Venture X Rewards Credit Card is a versatile travel credit card with a $395 annual fee. It offers:
- 2x miles on all purchases
- A $300 annual travel credit
- Complimentary access to Capital One Lounges and Plaza Premium Lounges
- A statement credit for Global Entry or TSA PreCheck application fees (up to $100 every four years)
The Venture X card has a simple rewards structure, making it easy to earn miles on every purchase, and its lounge access and travel credits can provide significant value for frequent travelers.
American Express® Gold Card
The American Express® Gold Card is a great option for those who spend heavily on dining and groceries, offering:
- 4x Membership Rewards points on restaurants worldwide
- 4x Membership Rewards points on U.S. supermarkets (on up to $25,000 in purchases per year, then 1x)
- 3x Membership Rewards points on flights booked directly with airlines or through AmexTravel.com
- A $120 annual dining credit
With a $250 annual fee (See Rates & Fees), the American Express® Gold Card can be a great option for those who prioritize dining and grocery rewards over traditional travel benefits.
Conclusion
The Chase Sapphire Preferred Card remains a top contender in the travel rewards credit card space in 2024. With its valuable rewards program, extensive transfer partner network, and robust travel benefits, it’s an ideal choice for anyone looking to maximize their travel experiences without breaking the bank.
Whether you’re a seasoned globetrotter or just starting your journey into the world of points and miles, the Chase Sapphire Preferred Card has something to offer. Its combination of generous earnings, flexibility, and perks make it a standout option that should be on every traveler’s radar.
Remember, the key to getting the most out of the Chase Sapphire Preferred Card is to take advantage of its transfer partner opportunities and redeem your points strategically. By doing so, you can unlock incredible value and enjoy luxurious travel experiences that would otherwise be out of reach.
So, if you’re ready to elevate your travel game and embark on new adventures, the Chase Sapphire Preferred Card should be at the top of your list. With its versatility and value, it’s sure to be a trusted companion on your journeys for years to come.
Frequently Asked Questions
Is the Chase Sapphire Preferred worth the annual fee?
Absolutely! The Chase Sapphire Preferred Card’s $95 annual fee is easily offset by the value of its rewards and benefits. The sign-up bonus alone is worth over $900 when redeemed for travel through Chase, and the ability to transfer points to airline and hotel partners can unlock even greater value. Additionally, the card’s travel protections and perks like the annual travel credit and DoorDash subscription can provide significant savings for frequent travelers and everyday consumers alike.
How do the Chase Sapphire Preferred’s rewards compare to other travel credit cards?
The Chase Sapphire Preferred’s rewards program is highly competitive, offering generous earning rates in popular spending categories like travel, dining, and streaming services. However, it’s the ability to transfer points to airline and hotel partners that sets this card apart from many others in its class. By strategically redeeming your points with transfer partners, you can potentially achieve outsized value that exceeds what you might get from other travel credit cards.
Is the Chase Sapphire Preferred a good credit card for beginners?
Absolutely! The Chase Sapphire Preferred is an excellent choice for those new to the world of travel rewards. Its straightforward earning structure and flexible redemption options make it easy to understand and use, while still providing ample opportunities to maximize value through transfer partners and travel benefits. The Ultimate Rewards program is a great introduction to the world of points and miles, and the Chase Sapphire Preferred serves as an ideal stepping stone for more advanced travel hacking strategies.
What credit score do I need for the Chase Sapphire Preferred?
Chase typically requires applicants to have a credit score in the good to excellent range, which generally means a FICO score of 670 or higher. However, it’s important to note that credit score requirements can vary depending on an individual’s overall credit profile, income, and other factors.
Can I have both the Chase Sapphire Preferred and Chase Sapphire Reserve?
Yes, it is possible to hold both the Chase Sapphire Preferred and the Chase Sapphire Reserve credit cards simultaneously. However, there are a few important considerations to keep in mind:
Welcome Bonus Restrictions: Chase has strict rules in place regarding welcome bonuses for Sapphire-branded cards. If you currently hold or have received a welcome bonus from either the Sapphire Preferred or Sapphire Reserve within the last 48 months, you will not be eligible for the welcome bonus on the other card.
Annual Fees: You will be responsible for paying the annual fees on both cards, which can add up quickly. The Chase Sapphire Preferred has a $95 annual fee, while the Chase Sapphire Reserve has a $550 annual fee.
Chase 5/24 Rule: Chase’s 5/24 rule can impact your ability to be approved for new Chase credit cards, including the Sapphire-branded cards. If you have opened five or more new credit card accounts across all issuers within the last 24 months, you may be denied for the Chase Sapphire Preferred or Chase Sapphire Reserve.
If you can navigate these restrictions and are willing to pay the combined annual fees, having both the Chase Sapphire Preferred and Chase Sapphire Reserve can be advantageous in certain situations. For example, you can combine the benefits of both cards, such as the Sapphire Reserve’s Priority Pass lounge access and the Sapphire Preferred’s ability to transfer points to travel partners.
Additionally, some consumers choose to hold both cards temporarily to earn the welcome bonus on the second card before downgrading or canceling one of the cards to avoid paying both annual fees indefinitely.
In another related article, Chase Ink Business Cash Credit Card Review 2024: A Rewarding No-Annual-Fee Option for Small Businesses
