Chase Sapphire Preferred Benefits Explained

Any conversation about credit card benefits is likely to include the Chase Sapphire Preferred® Card — thanks in part to its huge 100,000 point sign-up bonus right now. But while this is arguably the card’s flashiest benefit, it’s hardly the only one. With a great rewards program and perks that include both travel-focused and non-travel benefits, the Chase Sapphire Preferred is one of the best choices for frequent travelers. The card carries a $95 annual fee, but you’ll quickly get your money’s worth if you use all the benefits. 

Whether you already have the Chase Sapphire Preferred or are thinking about applying for it, here’s what you should know about its benefits. 

Chase Sapphire Preferred Benefits

Beyond its best-ever sign-up bonus and some other perks, the benefits of Chase Sapphire Preferred card largely center on earning and redeeming points.

For every dollar you spend with the card, you get one Chase Ultimate Rewards® point, which is valued at one cent. To get the most value out of your card though, you should use it for dining and travel. In both of these categories, you’ll earn double points. 

Chase makes these categories pretty broad. “Sapphire Preferred offers 2x points on dining at restaurants as well as on eligible delivery and takeout, and 2x points on a broad definition of travel — from the traditional airfare and hotels to taxis, trains, rideshare, toll bridges, parking lots, and more,” says Marleta Ross, general manager of Chase Sapphire. Finally, the Chase Sapphire Preferred also offers 5x points on Lyft rides.

You can redeem your points for cash back, gift cards, and purchases at Amazon.com or the Apple® Ultimate Rewards Store, but you’ll get the best deal by trading your points for free travel through the Chase Ultimate Rewards portal or by transferring them to Chase’s travel partners. 

Other Benefits

The Chase Sapphire Preferred card comes with many great perks besides the rewards program. A lot of them are geared toward frequent travelers, though you’ll also find some lifestyle benefits as well. These include:

• One year of complimentary DashPass, DoorDash’s subscription service
• Up to $60 back on eligible Peloton digital or all-access membership
• Trip cancellation/interruption insurance
• Rental car coverage
• Extended warranty protection
• 120 days of purchase protection
• No foreign transaction fees

The card also gives you access to My Chase Plan, which lets you break up purchases over $100 into fixed monthly payments. You don’t pay any interest on My Chase Plan purchases, but you do pay a fixed monthly fee. 

Sign-Up Bonus

One of the biggest benefits of Chase Sapphire Preferred right now is its sign-up bonus, which is currently at an all-time high. If you spend at least $4,000 with the card within the first three months, you’ll get a whopping 100,000 bonus points. If you book through the Ultimate Rewards portal, those 100,000 points are worth $1,250.

Though this is one of the best credit card deals on the market right now, remember that you’ll need to spend $4,000 to get it. 

“Reward cards often attract people with a sign-up bonus, which usually involves spending a hefty amount up front to qualify. It’s important to not spend more than you can pay off,” says Courtney Nagle, a spokesperson for the National Foundation for Credit Counseling (NFCC). 

However, if you’re planning to spend $4,000 in the next three months anyway and can afford it — for example, if you have a big purchase on the horizon — then putting the balance on your Chase Sapphire Preferred card can give you a big head start on earning your next free trip. 

It’s important to note that you’re not eligible for this bonus if you currently have a Chase Sapphire card or have earned a new cardmember bonus from any Sapphire card in the last four years. 

What You Can Get With Your Points

One of the biggest benefits of Chase Sapphire Preferred cards comes from the versatility of their points usage. Through Chase Ultimate Rewards, you can use your points for:

• Travel
• Cash back
• Gift cards
• Purchases in the Apple® Ultimate Rewards Store
• Amazon.com orders
• Tickets to special events

And while you can usually exchange Chase Ultimate Rewards points at a rate of one point per cent, you get a 25% boost on your points if you book travel directly through the Chase Ultimate Rewards portal.

Alternatively, you can transfer points at a 1:1 value to more than a dozen of Chase’s travel partners:

• 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™
• World of Hyatt®

Transferring your points to an airline or hotel that partners with Chase can help you capitalize on any hotel or airline loyalty programs you participate in. 

Right now, Chase also lets Sapphire Preferred cardholders get a points boost with their Pay Yourself Back℠ program. Chase introduced this feature during the pandemic, allowing card users to get more from their points while travel was off the table. 

Through Sept. 30, 2021, Preferred points are worth 25% more when redeemed for statement credits after using your card at grocery stores, dining at restaurants (including takeout and eligible delivery services), home improvement stores, and a dozen select charitable organizations, per Ross.

Chase plans to update the Pay Yourself Back categories and redemption values periodically.

How To Qualify For a Chase Sapphire Preferred Card

You’ll typically need good to excellent credit to qualify for the best travel rewards cards, and the Chase Sapphire Preferred is no exception. You’ll need a credit score between 670 and 850, though there’s no way to know for sure if you’ll be approved or denied until you apply.

If your credit score isn’t high enough to qualify for the Chase Sapphire Preferred, you may want to sign up for a card with low or no credit score requirements in order to build credit. We recommend the Capital One QuicksilverOne Rewards Credit Card and the Petal 2 “Cash Back, No Fees” Visa® Credit Card, which let you earn rewards while building credit. After your credit score improves, you can then sign up for more lucrative rewards cards like the Chase Sapphire Preferred. 

It’s worth noting that Chase has an unconfirmed “5/24 rule” for its credit card applications. In general, in order to qualify for a Chase credit card, you can’t have opened five or more personal credit cards in the past 24 months. Although Chase hasn’t officially acknowledged this rule, you should carefully consider the timing of each credit card application you submit — whether with Chase or another issuer — if you’re interested in the Chase Sapphire Preferred or any other Chase credit cards.