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Chase Sapphire Preferred Card Review

Chase Sapphire Preferred Card Review

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This article was last updated Jun 01, 2020. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

If you’re a frequent traveler who wants to earn an influx of rewards to use toward free travel, the Chase Sapphire Preferred® Card is an ideal choice. The card offers the following sign-up bonus: Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®.

Cardholders also earn 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases worldwide.

  • 60,000 bonus points

  • 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases worldwide

  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 60,000 points are worth $750 toward travel

Highlights
  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 60,000 points are worth $750 toward travel
  • Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash's subscription service. Activate by 12/31/21.
  • Earn 5X points on Lyft rides through March 2022. That's 3X points in addition to the 2X points you already earn on travel.

See additional details for Chase Sapphire Preferred® Card

More Info

Along with redeeming points for cash, statement credits, gift cards, travel, and products and services, Chase Sapphire Preferred® Card holders can transfer points to a variety of travel transfer partners at a rate of 1:1.

Although the Chase Sapphire Preferred® Card charges an annual fee of $95, the value you can get from the card’s sign-up bonus and rewards rate more than makes up for the cost.

In this review, we’ll break down the pros and cons of the Chase Sapphire Preferred® Card, as well as show how it compares to the Capital One® Venture® Rewards Credit Card.

Chase Sapphire Preferred® Card pros

Sign-up bonus. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards® Each point is valued at 1 cent ⁠— making the sign-up bonus worth $600.

Rewards rate. Cardholders earn 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases worldwide Plus, from July 1 through Sept. 30, 2020, earn 3X points on Instacart pickup orders and deliveries on up to $3,000 in purchases, as well as up to $50 in statement credits toward a yearly or monthly Instacart Express membership. Also earn 5X points on select streaming services on up to $1,500 and 3X points on gas station purchases on up to $1,500 during that time period.

25% boost in rewards value. When you redeem your points for travel through Chase Ultimate Rewards, you’ll get 25% more value from your rewards ⁠— increasing the value of the sign-up bonus to $750.

New! Pay Yourself Back limited-time offer. From May 31 through Sept. 30, cardholders can also get 25% more value from their points when redeemed for statement credits to cover purchases in the following categories: grocery stores, dining (including restaurants, takeout and eligible delivery services) and home improvement stores, such as Home Depot and Lowes.

To receive your statement credit, select an eligible purchase made within the past 90 days and apply your points to all or part of the purchase.

Travel transfer partners. You can transfer points at a rate of 1:1 to 10 airline partners and three hotel partners. Travel transfer partners include Aer Lingus AerClub, British Airways Executive Club, Emirates Skywards, Flying Blue AIR FRANCE KLM, Iberia Plus, JetBlue TrueBlue, Singapore Airlines KrisFlyer, Southwest Airlines Rapid Rewards, United MileagePlus, Virgin Atlantic Flying Club, IHG Rewards Club, Marriott Bonvoy and World of Hyatt.

Additional Chase Sapphire Preferred® Card benefits

  • $0 foreign transaction fees
  • Trip cancellation/interruption insurance
  • Baggage delay insurance
  • Trip delay reimbursement
  • Travel and emergency assistance services
  • Purchase protection
  • Extended warranty protection

Chase Sapphire Preferred® Card cons

Annual fee. The Chase Sapphire Preferred® Card comes with a $95 annual fee. However, the value of the sign-up bonus more than covers that cost during the first year of card membership.

Modest rewards rate. The Chase Sapphire Preferred® Card offers 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases worldwide.

That said, the travel category does include a broad range of purchases, including airlines, discounted travel sites, hotels, car rental agencies, timeshares, cruise lines, taxis, ferries, toll bridges, parking lots and more.

Compare it with the Capital One® Venture® Rewards Credit Card

If you want more flexibility in how you earn bonus rewards, you may want to consider the Capital One® Venture® Rewards Credit Card.

Instead of limiting your bonus points to travel and dining purchases, the Capital One® Venture® Rewards Credit Card offers 2 miles per dollar on every purchase, every day.

Chase Sapphire Preferred® Card Capital One® Venture® Rewards Credit Card
Annual fee $95 $0 intro for first year; $95 after that
Sign-up bonus Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards® One-time bonus of 50,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $500 in travel
Rewards 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases worldwide. 2 Miles per dollar on every purchase, every day
Intro APR on purchases N/A N/A
Regular purchase APR 15.99% - 22.99% variable 17.24% - 24.49% (variable)
Foreign transaction fees $0 None

While the Capital One® Venture® Rewards Credit Card comes with several benefits, including travel accident insurance and 24-hour travel assistance services, it doesn’t offer all of the same travel protections as the Chase Sapphire Preferred® Card, such as trip cancellation/interruption insurance, baggage delay insurance or trip delay reimbursement.

That said, Capital One® Venture® Rewards Credit Card holders aren’t responsible for paying an annual fee during the first year of card membership. The card charges $0 intro for first year; $95 after that.

Which credit card is right for me?

If you travel regularly, the Chase Sapphire Preferred® Card is a great option. The card offers a valuable sign-up bonus that can be worth $750 when redeemed for travel through Chase Ultimate Rewards,  as well as an elevated rewards rate on travel, dining at restaurants and grocery store purchases.

But if you want a travel rewards card that offers bonus miles on every purchase and an annual fee of $0 intro for first year; $95 after that, the Capital One® Venture® Rewards Credit Card is more ideal.

Or, if you’d prefer a travel rewards card with a higher rewards rate and more premium perks, the Chase Sapphire Reserve® is a step above the Chase Sapphire Preferred® Card.

  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.

  • 3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants & 1 point per $1 spent on all other purchases.

  • One Year Complimentary Lyft Pink ($199 minimum value). Complimentary DashPass subscription from DoorDash after activating by 12/31/21.

Highlights
  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
  • $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year
  • 3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants & 1 point per $1 spent on all other purchases. $0 foreign transaction fees.
  • Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards. For example, 50,000 points are worth $750 toward travel
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Access to 1,000+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select
  • Up to $100 application fee credit for Global Entry or TSA Pre✓®
  • One Year Complimentary Lyft Pink ($199 minimum value). Complimentary DashPass subscription from DoorDash after activating by 12/31/21.

See additional details for Chase Sapphire Reserve®

More Info

The card offers 3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants & 1 point per $1 spent on all other purchases. Plus,  cardholders can enjoy 10x points on Lyft rides through March 2022, in addition to 15% off Lyft car rides and a year of complimentary Lyft Pink membership.

The Chase Sapphire Reserve® also provides the following limited-time offers from July 1 through Sept. 30, 2020:

  • Earn 5X points on Instacart pickup orders and deliveries, on up to $3,000, as well as a $50 statement credit on Instacart Express membership.
  • Earn 5X points on gas purchases on up to $1,500.
  • Earn 10X points on participating streaming services on up to $1,500.

Additionally, the Chase Sapphire Reserve® card offers several valuable benefits, including a $300 annual travel credit and 50% more rewards value when you redeem points for travel through Chase Ultimate Rewards and as statement credits in the following categories through Sept. 30: grocery stores, dining and home improvement stores.

The downside? The card comes with an annual fee of $550. However, if you renew your card membership from July 1 through Dec. 31, your annual fee will be reduced to $450.


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