Chase Sapphire Preferred® Card Review
The Chase Sapphire Preferred® card has been one of the most popular rewards credit cards since Chase debuted it over 10 years ago. The card remains a mainstay of the Chase Ultimate Rewards family. We typically recommend the Chase Sapphire Preferred (CSP) as the first card for those starting in the points and miles hobby. In this Chase Sapphire Preferred review we will take a look at the welcome offer, the earning structure, card perks and share our overall thoughts.
Sapphire Preferred’s Current Welcome Offer
Here is the current Chase Sapphire Preferred welcome offer terms:
- Earn 60,000 Ultimate Rewards points (URs) after $4,000 in spend within the first three months.
- The $95 annual fee is NOT waived the first year.
The welcome offer for the CSP has been as high as 100,000 points but 60,000 points is the standard welcome offer.
Chase Application Rules
Like other Chase cards, you will not qualify for this card if you have opened more than 5 credit cards with any bank in the last 24 months. You also can not receive the welcome offer on this card if you have earned one on ANY Sapphire product in the past 48 months. You also can not be carrying another Sapphire product at the time of your application. This includes the Chase Sapphire® Reserve and the no fee Sapphire product that is only available via downgrade.
Chase Sapphire Preferred® Card Review: Earning Rates
Here are the earning rates for the Chase Sapphire Preferred:
- 5X on travel when purchased through the Chase Ultimate Rewards portal (excluding hotel purchases that qualify for the $50 Annual Ultimate Rewards Hotel Credit).
- 3X on
- Eligible delivery services
- Online grocery (excluding Target, Walmart and wholesale clubs)
- Select streaming services
- 2X on other travel purchases.
- 1X on everything else
Sapphire Preferred Card Benefits
The Chase Sapphire Preferred comes with a slew of benefits for cardholders, here are some of the more notable ones:
- Get 10% anniversary bonus on points earned each year on the cardholders anniversary.
- Get a $50 annual credit on hotel stays purchased through the Chase Ultimate Rewards travel portal.
- Auto rental collision damage waiver.
- This benefit provides reimbursement for damage due to collision or theft up to the actual cash value of most rental vehicles. Since the CSP’s coverage is primary, you do not have to file a claim with any other party before you can receive coverage under this benefit.
- Trip cancellation/interruption insurance coverage.
- If your trip is cut short or interrupted by sickness, severe weather and other covered situations, you can receive reimbursement for prepaid, nonrefundable travel expenses on up to $10,000 per person and $20,000 per trip.
- Baggage delay insurance.
- If your checked bag is delayed by more than six hours, the CSP provides reimbursement for up to $100 per day for up to five days for essential purchases like toiletries and clothing.Same page link to Offer DetailsSame page link to Offer Detailslink to Offer DetailsSame page link to Offer Details Same page link to Offer DeSame page link to Offer Details
Ultimate Rewards Redemption Potential
Chase Ultimate Rewards (UR) can be redeemed for travel through the Ultimate Rewards travel portal, redeemed for statement credits via Pay Yourself Back, or transferred to Chase’s travel partners.
CSP cardholders can redeem URs through the Chase portal at a rate of 1.25 cents per point. That gives you a 25% increase versus redeeming the points for straight cash back at 1 cent per point or the new lowered pay yourself back rate of 1 cent per point.
The redemptions that bring the most value are usually through Chase’s travel partners. Chase has some of the best travel partners among the major card issuers. By transferring your points to travel partners, you can book flights and hotels worth much more than 1.25 cents per point you get through the Chase Travel Portal.
Chase Sapphire Preferred® Card Review: Chase Transfer Partners
Unlike points and miles earned with a specific airline or hotel brand, Chase URs can be transferred to any of Chase’s travel partners. Points transfer at a ratio of 1:1 to partners. This means every time you swipe your CSP, you could earn 1x, 2x, 3x or 5x points with any of these partners.
Chase Ultimate Rewards has 11 airline partners and 3 hotel partners:
- Aer Lingus
- Air Canada (coming “late 2021”)
- British Airways
- Flying Blue (KLM/Air France)
- Singapore Airlines
- Southwest Airlines
- United Airlines
- Virgin Atlantic
Chase Sapphire Preferred® Card Review: Final Thoughts
We typically recommend most folks to start with Chase cards because of the 5/24 rule. And of all the Chase cards, the Chase Sapphire Preferred is really the best option for most of those starting off in award travel. The card and its benefits are easy to use and understand. Dining and travel are straightforward bonus categories that can benefit most travelers. For points redemptions, the Chase portal offers an easy way to redeem points, and the breadth of Chase’s travel partners offers something for everyone.
The CSP is often the starting point for the Chase Trifecta. Through this powerful trio of Chase cards, you can earn between 1.5x and 5x on every single purchase. This means your Chase points will accumulate much faster, allowing you to redeem for your dream trip even sooner!
How will you use the Chase Sapphire Preferred for your dream vacation? Join our Facebook group and share your thoughts!