Chase Sapphire Preferred Review 2023


The Chase Sapphire Preferred® Card is an excellent entry point into the world of travel rewards credit cards as well as into the world of Chase Ultimate Rewards, a points program with tons of flexibility and value, regardless of how you choose to redeem your rewards.

The Basics – Annual Fee, Earning Points

The Chase Sapphire Preferred® Card has a $95 annual fee, which is typical for this type of travel card, one that serves enthusiastic travelers who travel multiple times per year (but who don’t have jobs or lifestyles that keep them constantly in the airport or on the road).

You’ll earn points with the Chase Sapphire Preferred® Card using the following formula:

  • Earn 5 points per dollar on travel purchased with the card through the Chase Ultimate Rewards® travel portal, a one-stop destination for booking flights, hotels, car rentals, and other travel. (The 5x points on travel does exclude hotel purchases that qualify for the card’s $50 Annual Ultimate Rewards Hotel Credit, which we’ll discuss further down the page).
  • Earn 2 points per dollar on other travel purchases. (And 5x points on Lyft rides through March 31, 2025!)
  • Earn 3 points per dollar on dining, including eligible delivery services, takeout and dining out.
  • Earn 3 points per dollar on online grocery purchases (excluding Target, Walmart and wholesale clubs).
  • Earn 3 points per dollar on select streaming services.
  • Earn 1 point per dollar spent on all other purchases.

* Go here for more information from Chase on what purchases qualify in each of these categories.

Bonuses!

NEW CARDHOLDER BONUS OPPORTUNITY: Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. (Worth $750 in travel when redeemed through the Chase Ultimate Rewards® travel portal.)

10% BONUS EACH “ANNIVERSARY YEAR” – Each “account anniversary” you’ll earn bonus points equal to 10% of your total purchases made the previous year. In other words, you’ll get 1 bonus point for every $10 in purchases made to the card. For example, if you spend $25,000 on purchases, you’ll get 2,500 bonus points.

(NOTE: Your first “account anniversary year” is the first 12 months after your card account is opened, and each successive 12-month period would be considered an “account anniversary year.”)

Redeeming Points

Chase Sapphire Preferred points vary in value, depending on how you choose to use them. But your Chase Ultimate Rewards points are worth the most with this card when you redeem for travel rewards.

First, if you use your points to book travel through the Chase Ultimate Rewards travel portal, you’ll get a 25% boost in the value of those points (over the cash-back rate of a penny per point). That means each point equals 1.25 cents. So, for example, 10,000 points equals $125 worth of travel booked through the portal. And that potential 60,000-point bonus for new cardholders is worth $750 when the points are used in the travel portal.

Second, you can choose to transfer points on a 1-to-1 basis from your Chase account into one of the airline or hotel loyalty programs that Chase partners with, including Southwest, United, Marriott, Hyatt and more. So, for example, you could transfer 10,000 Chase points and get 10,000 miles or 10,000 points from any of these programs:

Airline Travel Partners

  • Aer Lingus, AerClub
  • Air Canada Aeroplan
  • 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

Hotel Travel Partners

  • IHG Rewards Club
  • Marriott Bonvoy
  • World of Hyatt

When you transfer points to one of these programs, the value you get per point will vary, but if you find a great deal, you might be able to get significantly more than the 1.25 cents per point you’d get through the Chase Ultimate Rewards travel portal!

Combine Points with Other Chase Cards for More Travel Value

In addition to what we’ve just outlined, one of the great things about the Chase Sapphire Preferred® Card and the Chase Ultimate Rewards program is that you can combine points from multiple Chase credit cards and redeem them all together. In the case of the Chase Sapphire Preferred® Card, this is great news, because you can “pull in” points from Chase cards like the Chase Freedom Flex℠ and/or Chase Freedom Unlimited®, combine them with your Chase Sapphire Preferred® Card points, and get the 25% boost through the Chase travel portal on ALL those points, even though the points from other Chase cards would not normally get that extra boost when redeemed!

(This also gives you the option to use points from other Chase cards with the travel transfer partners — normally the points you earn from the Chase Freedom Flex℠ and Chase Freedom Unlimited® can not be redeemed by transferring to travel partners. But when combined in your Chase Sapphire Preferred® Card account, all points can be used with travel transfer partners.)

Travel Credits & Benefits*

The Chase Sapphire Preferred® Card has a wealth of other travel credits and benefits for you:

  • $50 Hotel Credit – Purchase a hotel stay through the Chase Ultimate Rewards® travel booking portal and the first $50 you pay will be credited back to your card account. You can earn this credit once per account anniversary year. (If you somehow manage to purchase a hotel stay for less than $50, the full stay would be credited back to your account.)
  • Trip Cancellation/Interruption Insurance – If your trip is canceled or cut short by sickness, severe weather and other covered situations, you can be reimbursed up to $10,000 per person and $20,000 per trip for your pre-paid, non-refundable travel expenses, including passenger fares, tours, and hotels.
  • Trip Delay Reimbursement – 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.
  • Baggage Delay Insurance – Reimburses you for essential purchases like toiletries and clothing for baggage delays over 6 hours by passenger carrier up to $100 a day for 5 days.
  • 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 reimbursement up to the actual cash value of the vehicle for theft and collision damage for most rental cars in the U.S. and abroad.
  • No Foreign Transaction Fees – You won’t be charged extra for purchases made with merchants outside of the United States. (It is common with many credit cards to be charged an extra 3% on such purchases.)
  • Other Benefits: Extended Warranty Protection, Purchase Protection, Instacart+ subscription (limited time offer), DoorDash DashPass subscription (limited time offer), Gopuff $10 monthly statement credit (limited time offer)

* Be sure to read the fine print when you get the card to understand exactly what all of these insurances and protections cover (and what they don’t). And check the Instacart, DoorDash, and Gopuff offers to see what is included as well as when these offers may expire.

Do I get Airport Lounge Access or TSA PreCheck/Global Entry with the Chase Sapphire Preferred?

The Chase Sapphire Preferred® Card does not include access to airport lounges, and it does not offer credits toward TSA PreCheck or Global Entry application fees. (The higher-end, higher annual fee Chase Sapphire Reserve® does offer these things.)

What Credit Score is Needed for the Chase Sapphire Preferred? What are My Odds of Approval?

There is no clear answer to this question. The card does have a minimum $5000 credit limit, so if you are completely new to credit or have a lower income, you may not qualify. (For more in-depth thoughts on what credit score is needed & approval chances for the Chase Sapphire Preferred, click here.)

Bottom Line: Should I Get It?

The Chase Sapphire Preferred® Card is a great card for people who want flexible points that can be used in a variety of ways toward travel rewards. We think Chase’s Ultimate Rewards program is the most “user friendly” program for people new to travel rewards, or those who aren’t ready to commit to travel as their main rewards goal. (The fact that you have the option to redeem your points for cash at a penny per point is a nice feature if you decide against pursuing travel rewards. Most travel cards give you a lower redemption rate if you don’t redeem toward travel; the Chase Sapphire Preferred® Card doesn’t.)

The large (60,000-point) bonus potential for new cardholders also means that you can earn a ton of points in the first year of having the card while you figure out if it is right for you.

Good luck on your approval for the Chase Sapphire Preferred® Card!


Author: Adam Jusko


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