Chase Sapphire Preferred Review 2023

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If you're new to travel rewards credit cards or just don't want to pay hundreds in annual fees, the Chase Sapphire Preferred® Card - Product Name Only is a smart choice. It earns bonus points on a wide variety of travel and dining purchases and offers strong travel and purchase coverage, including primary car rental insurance. Plus, for a limited time, the card is offering 80,000 points. That's worth Chase Sapphire Preferred® Card in travel, based on Insider's points and miles valuations.

Chase Sapphire Preferred Review: Is It the Best Credit Card for You?

The Chase Sapphire Preferred® Card - Editorial Name Only is one of the best rewards credit cards with an annual fee under $100, and its welcome bonus offer is 80,000 points. Beyond its rewards, the Chase Sapphire Preferred® Card - Editorial Name Only comes with some of the best travel coverage available, including trip cancellation and interruption insurance and primary car rental insurance.

There are even more reasons to consider the Chase Sapphire Preferred® Card - Editorial Name Only with the addition of a $50 annual credit for hotels booked through the Chase Travel Portal, a 10% anniversary points bonus, and up to 5 points per dollar in popular spending categories.

The Chase Sapphire Preferred® Card - Editorial Name Only is the less-premium sibling of the Chase Sapphire Reserve® - Product Name Only, which has a Chase Sapphire Reserve® annual fee compared to a Chase Sapphire Preferred® Card annual fee on the Chase Sapphire Preferred® Card - Editorial Name Only. The Chase Sapphire Reserve® - Editorial Name Only earns more points on certain travel purchases and comes with up to a $300 annual travel credit and perks like airport lounge access, so it's better suited to those who frequently travel.

If you're interested in both the Chase Sapphire Preferred and Reserve but you're on the fence about paying a high annual fee, it makes more sense to apply for the Chase Sapphire Preferred® Card - Product Name Only. It's got a (much) bigger welcome bonus and many of the same travel and shopping perks — and later, if you find yourself traveling more, you could always request an upgrade to the Sapphire Reserve.

We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

Chase Sapphire Preferred Rewards

Chase Sapphire Preferred bonus

The Chase Sapphire Preferred increased bonus is Chase Sapphire Preferred® Card - Intro Bonus. Insider values Chase points at 1.8 cents each, on average, making this bonus worth around Chase Sapphire Preferred® Card - Featured Reward Value in travel.

As long as your Chase Sapphire Preferred® Card - Editorial Name Only is open and in good standing, your Chase Ultimate Rewards® points will not expire. However, if you close your card, you'll lose all the points in your account — so be sure to redeem them or transfer them to an airline or hotel partner before you cancel.

How to earn points with the Chase Sapphire Preferred

Chase Sapphire Preferred® Card - Editorial Name Only members earn points at the following rates:

• 5x points on all travel purchased through Chase Ultimate Rewards®
• 3x points on dining, including eligible delivery services, takeout, and dining out
• 3x points on select streaming services
• 3x points on online grocery purchases (excluding Target, Walmart, and wholesale clubs)
• 2x points on all other eligible travel purchases

All other purchases earn 1 point per dollar.

If you're not sure if a purchase will qualify for bonus points, check out our guide to what purchases count in the Chase Sapphire bonus categories for a full rundown.

How to use Chase Ultimate Rewards points 

Chase Ultimate Rewards® points are worth 1 cent each by default when redeemed through the Chase Travel Portal. With the Chase Sapphire Preferred® Card - Product Name Only, you get 25% more value, or 1.25 cents per point.

Redeem Chase points for travel

You can redeem Ultimate Rewards points for flights, hotels, rental cars, and more through the Chase Ultimate Rewards Travel Portal at the 1.25-cent rate with no limits or blackout dates. The redemption system searches many airline and hotel brands, with a similar feel and layout to major discount travel websites.

However, if you want to get even more value per point, you can transfer to Chase's airline and hotel transfer partners at a 1:1 ratio. That means 1 Chase point equals 1 point or mile in these programs:

You generally get the best value per point by transferring to airlines and booking premium travel, like a first-class flight or a hotel stay that would cost hundreds of dollars. Also, keep in mind that many transfer partner airlines are members of alliances that give you additional partner airline choices.

When you get a good deal, you can book a domestic round-trip flight for 25,000 points. With British Airways, for instance, you can book short-haul flights on partner American Airlines for even fewer points. Southwest also offers many great deals with no checked baggage fees for your first two bags.

If you earn the welcome bonus offer on the Chase Sapphire Preferred® Card - Editorial Name Only, you'll have more than enough points for a round-trip award flight to Europe — and depending on the partner you redeem with, you could have points left over to jumpstart your next trip.

Redeem Chase points for other purchases

There are plenty of non-travel options for redeeming your Chase points, but you won't necessarily get as much value as you would by transferring to partners:

• Cash back: Cash in your points at a rate of 1 cent each toward a statement credit or direct deposit to your bank account
• Chase Pay Yourself Back: Use points toward eligible purchases at a rate of up to 1.25 cents apiece
• Gift cards: Your points are worth 1 cent each toward gift cards from popular merchants 
• Apple, PayPal, and Amazon purchases: Use points directly for Apple (1 cent each), PayPal (0.8 cents each), or Amazon (0.8 cents each) purchases; the latter two options aren't a good value — you're better off paying for your purchase with the card, then redeeming points at 1 cent apiece toward a statement credit

Chase Sapphire Preferred Benefits and Features

This card gives you more than just valuable points. The Sapphire Preferred's benefits come in handy when traveling and shopping at home, online, or anywhere your travels take you.

When you're traveling outside of the US, the Chase Sapphire Preferred® Card - Product Name Only does not charge any foreign transaction fees. Foreign transaction fees are typically 3% to 5% of your purchase, so they can quickly add up if you don't take the right card on your trips abroad.

Annual hotel credit

The Chase Sapphire Preferred® Card - Editorial Name Only offers up to $50 in annual statement credits toward hotel purchases made through the Chase Ultimate Rewards travel portal. New cardholders can start earning the credit immediately, while existing cardholders will be eligible after their next account anniversary.

Maximizing this credit is an easy way to shave up to $50 off the card's Chase Sapphire Preferred® Card annual fee — making your net out-of-pocket cost each year just $45.

10% anniversary point bonus

Each year on your account anniversary, you'll receive a points bonus equal to 10% of all purchases made in the previous year.

For example, if you spent $25,000 on the card in an anniversary year, you'd receive a bonus of 2,500 points.

Primary car rental insurance

The Chase Sapphire Preferred® Card - Editorial Name Only card includes primary car rental insurance for damage due to theft or collision, which means it kicks in before your own car insurance and allows you to confidently pass up the extra charge of a car rental agency's own insurance whenever you rent a vehicle and pay with the Chase Sapphire Preferred® Card - Editorial Name Only (note that it doesn't include liability insurance).

Most cars and countries are included, but check the terms and conditions for specific exclusions.

Trip interruption/cancellation insurance

If you've paid for an eligible trip with the Chase Sapphire Preferred® Card - Editorial Name Only and it's cut short or canceled for a covered reason like illness or severe weather, the card's travel insurance could reimburse you up to $10,000 per person and $20,000 per trip for pre-paid, non-refundable travel expenses.

Trip delay insurance

When you use your Chase Sapphire Preferred® Card - Editorial Name Only to pay for your fare, its trip delay insurance can get you reimbursed up to $500 per ticket for hotel rooms, food, toiletries, clothes, or other reasonable expenses when your flight is delayed overnight or by 12 hours or more.

Baggage delay insurance

If you've paid for your travel with the Chase Sapphire Preferred® Card - Editorial Name Only and your bags are delayed for six hours or more, you could be reimbursed for essential purchases (like clothing and toiletries) up to $100 per day for up to five days.

Lost luggage reimbursement

If the carrier damages or loses your bags, you and your immediate family members could be covered for up to $3,000 per passenger as long as you've paid for your tickets with the Chase Sapphire Preferred® Card - Editorial Name Only.

Extended warranty

The Chase Sapphire Preferred® Card - Editorial Name Only extends the time period of a US manufacturer's warranty on eligible items by an additional year, on warranties of three years or less when you pay with your card.

Purchase protection

If an eligible item you've bought with the Chase Sapphire Preferred® Card - Editorial Name Only is damaged or stolen within 120 days of purchase, purchase protection could make you eligible for up to $500 in reimbursement per claim, and up to $50,000 per account.

Travel and emergency assistance services

If you're traveling away from home and have a problem, you can get help with medical and legal referrals or other emergency assistance. This service is free for Chase Sapphire Preferred® Card - Editorial Name Only cardholders, but any third-party costs are your responsibility.

Travel accident insurance

When you pay for your air, bus, cruise, or train transportation with the Chase Sapphire Preferred® Card - Editorial Name Only, you're eligible for accidental death or dismemberment coverage of up to $500,000.

Roadside dispatch

Chase Sapphire Preferred® Card - Editorial Name Only cardholders can contact the roadside dispatch hotline for help with arranging services like towing and flat tire repair for a set fee.

DoorDash DashPass

With the Chase Sapphire Preferred® Card - Editorial Name Only, you can receive a complimentary DashPass membership (for waived delivery fees on qualifying orders) through December 31, 2024. Enrollment is required to receive this perk. 

Instacart benefits

Through July 31, 2024, Chase Sapphire Preferred® Card - Editorial Name Only cardholders can enroll for a complimentary six months of Instacart+ membership, which comes with free delivery on orders of $35+ and reduced service fees. If you don't plan to keep the membership open beyond six months, be sure to set a calendar reminder to cancel, otherwise, it will automatically renew for another year (currently $99) once your free six months are up.

With the Chase Sapphire Preferred® Card - Editorial Name Only, you can now also earn up to $15 per quarter in statement credits toward Instacart purchases (activation required). If you maximize this benefit each quarter, it's worth up to $60 per year — which makes up for much of the card's annual fee.

Gopuff credit

Through December 31, 2023, the Chase Sapphire Preferred® Card - Editorial Name Only offers $10 per month in Gopuff credits when you add your card as the default payment method in the Gopuff app. Gopuff is a service that offers speedy delivery of everyday items like food, alcohol, electronics, and medicine.

Cardholders receive the credit automatically when they make an eligible purchase with Gopuff. There's a minimum order amount of $10, and a flat $3.95 delivery fee per order.

Chase Sapphire Preferred Annual Fee and Other Costs

It is easy to see how you can get $100 or more in value from this card every year, but it isn't free. The Chase Sapphire Preferred® Card - Product Name Only charges a Chase Sapphire Preferred® Card annual fee. However, you can use the card for international purchases without worrying about extra charges, because it doesn't add foreign transaction fees.

Like most other credit cards, you'll pay interest if you carry a balance (currently a Chase Sapphire Preferred® Card - Regular APR APR), and there fee in other situations, including:

• Balance transfer fee: Either $5 or 5% of the amount of each transfer, whichever is greater
• Cash advance fee: Either $10 or 5% of the amount of each transaction, whichever is greater
• Late payment fee: Up to $40
• Returned payment fee: Up to $40

Chase Sapphire Preferred vs Chase Sapphire Reserve

The closest competing card to the Chase Sapphire Preferred® Card - Product Name Only is the Chase Sapphire Reserve® - Product Name Only, which is a premium credit card and charges a much higher annual fee of Chase Sapphire Reserve®.

The biggest factor in deciding which of these cards is best for you is whether or not you'll be able to take advantage of the Chase Sapphire Reserve® - Product Name Only's extra benefits in order to justify the higher annual fee. A side-by-side table is below, but be sure to check out our Chase Sapphire Preferred and Reserve credit card comparison, and read our Chase Sapphire Reserve credit card review for a deep dive into what makes the card unique.

How the Chase Sapphire Preferred Compares

Other popular cards like the American Express® Gold Card - Product Name Only and Capital One Venture Rewards Credit Card - Product Name Only are geared to travelers, offering top-notch benefits and generous rewards. Depending on your spending and travel habits, one of these cards could be a better fit for you. 

*The American Express® Gold Card - Product Name Only earns 4x points on the first $25,000 spent at U.S. supermarkets each calendar year, then 1 point per dollar

***the American Express® Gold Card - Product Name Only offers up to $10 in dining credits each month when you use your card at Grubhub, Seamless, The Cheesecake Factory, Wine.com, Milk Bar, Goldbelly, and participating Shake Shack locations. Enrollment required.

Chase Sapphire Preferred Frequently Asked Questions (FAQ)

Who is eligible for the Chase Sapphire Preferred?

Most people who are approved for the Chase Sapphire Preferred® Card - Editorial Name Only have a credit score in the good to excellent range. However, Chase only allows you to have one Sapphire card at a time, so if you already have the card (or its sibling, the Chase Sapphire Reserve® - Product Name Only), you won't be approved.

You also aren't eligible if you've earned the bonus on any Sapphire card in the past 48 months, or have opened five or more cards (from any bank) in the past 24 months. The latter restriction is known as the Chase 5/24 rule, and it applies to most Chase cards.

Is the Chase Sapphire Preferred worth it?

The Chase Sapphire Preferred® Card annual fee on the Chase Sapphire Preferred® Card - Editorial Name Only might seem intimidating if you've only had no-annual-fee cards in the past. It's definitely worth it in the first year because the value of the welcome bonus far exceeds the cost.

Beyond that, you'll want to evaluate your spending habits and if they align with the card's bonus categories. You'll also need to consider if you can use perks like the annual hotel credit, top-notch travel insurance benefits, and the ability to transfer points to travel partners (which you don't get if you only have a no-annual-fee Chase card).

What are Chase Sapphire Preferred rewards?

The Chase Sapphire Preferred® Card - Editorial Name Only earns Chase Ultimate Rewards points, which you can redeem for travel booked through Chase, statement credits, gift cards, and merchandise. The best way to use your rewards is usually by transferring them to Chase's airline and hotel partners, because you can often get outsized value from your points this way.

Does the Chase Sapphire Preferred charge for authorized users?

It's free to add authorized users to your Chase Sapphire Preferred® Card - Editorial Name Only. They'll get their own card, but any points earned from their spending will belong to the primary cardholder. Keep in mind any transactions made by your authorized users are your responsibility, so only add folks you trust.

What is the credit limit for the Chase Sapphire Preferred card?

Because the Chase Sapphire Preferred® Card - Editorial Name Only is a Visa Signature card, the minimum credit limit is usually $5,000. Many people get approved for credit limits that are higher than that.

What's the difference between the Chase Sapphire Preferred and Chase Sapphire Reserve?

The Chase Sapphire Preferred® Card - Editorial Name Only is a mid-tier card with a Chase Sapphire Preferred® Card annual fee and generous rewards for spending. The Chase Sapphire Reserve® - Product Name Only is a premium card meant for frequent travelers, and comes with upscale benefits and rewards in exchange for a Chase Sapphire Reserve® - Annual Fee annual fee.

Can you upgrade or downgrade the Chase Sapphire Preferred card?

If you've had your Chase Sapphire Preferred® Card - Editorial Name Only for at least a year and decide it's not a good fit for you, you can call Chase and ask to product change to a different personal Chase Ultimate Rewards earning card. For example, if you find yourself traveling more often and want perks like Priority Pass airport lounge access, you could ask for an upgrade to the Chase Sapphire Reserve® - Product Name Only.

Or, on the other hand, if you find that paying the Chase Sapphire Preferred® Card - Editorial Name Only's annual fee isn't worth it for you, you could request a downgrade to the no-annual-fee Chase Freedom Flex℠ - Product Name Only or Chase Freedom Unlimited® - Product Name Only. 

Does the Chase Sapphire Preferred cover TSA PreCheck or Global Entry?

No, the Chase Sapphire Preferred® Card - Editorial Name Only doesn't come with a TSA PreCheck or Global Entry credit. However, its sibling, the Chase Sapphire Reserve® - Editorial Name Only, does offer this feature. You can find more options in our guide to the best credit cards with Global Entry and TSA PreCheck credits.

Methodology: How We Reviewed the Chase Sapphire Preferred

We compared the Chase Sapphire Preferred® Card - Editorial Name Only to similar travel rewards credit cards and assessed the card on various factors, including:

• Ease of use — Does the card make it easy to earn and redeem rewards? Are there multiple options for using points?
• Rewards earning potential — Are there broad bonus categories that are useful to a wide range of customers, and are any of them capped at a certain amount of spending?
• Annual fee — Is the annual fee worth paying based on the card's rewards and benefits?
• Benefits — How do the card's perks, especially travel benefits, stack up against similar cards?

Here's a full breakdown of how we rate credit cards at Insider.