Chase Sapphire Preferred Card Review

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Rewards rate:

Earn 5X points on Lyft rides through March 2022. That’s 3X points in addition to the 2X points you already earn on travel. 2X points on travel and dining at restaurants worldwide, eligible delivery services, takeout and dining out. 1 point per dollar spent on all other purchases.

  • Intro bonus: 80,000 points
  • Annual fee: $95
  • Regular APR: 15.99% – 22.99% Variable
  • Recommended credit score: 670-850 (Good to Excellent)

Chase Sapphire Preferred is a tiered, points-earning rewards card geared toward frequent fliers. It’s most valuable assets include a hefty welcome bonus, premium points redemption options and access to Chase’s Pay Yourself Back program.

At a Glance

  • Introductory welcome offer of 60,000 bonus points when you spend $4,000 on purchases in the first three months from account opening
  • 2x points on dining
  • 2x points on travel
  • 2x points at grocery stores through April 2021
  • 1x points on all other purchases
  • 25% redemption boost on points redeemed for travel through Chase Ultimate Rewards or eligible statement credits via Pay Yourself Back 
  • APR of 15.99%-22.99%
  • $95 Annual Fee


  • Generous welcome offer

  • Tiered bonus points categories

  • 1:1 point transfer at airline and hotel partners

  • No foreign transaction fee

  • Metal card


  • High APR

  • Annual fee

  • Need to pay attention to spending categories to maximize rewards

  • Other cards have similar, higher-earning bonus categories

Additional Card Details

One of the Chase Sapphire Preferred Card’s biggest pros for travel gurus is access to Chase Ultimate Rewards, where cardholders receive boosted points redemptions and 1:1 point transfers to airline and hotel travel partners. Beyond rewards on spending, this card has some nice extra benefits and travel protections that help its case as a solid travel rewards card. Here’s a rundown:

  • 5x points per $1 spent on Lyft rides through March 2022
  • Earn up to $60 in statement credits toward Peloton membership through Dec. 2021
  • 12 months complimentary DashPass from DoorDash subscription (activate by Dec. 2021)
  • Primary auto rental collision damage waiver
  • Baggage delay insurance
  • Trip cancellation/interruption insurance
  • Trip delay reimbursement
  • Travel and emergency assistance services
  • Extended warranty protection
  • Purchase protection

Pay Yourself Back

You can redeem your Ultimate Rewards points for eligible statement credits using the Pay Yourself Back program at the same 25% boosted value you’ll get when redeeming for travel. Request your Pay Yourself Back redemptions within 90 days of making purchases at qualifying merchants, which currently include grocery stores, home improvement stores, and dining (including takeout and delivery).

Should You Get this Card?

If you’re on a first-name basis with the curbside bag check guy at your local airport, this card could make a solid addition to your wallet. 

It’s a valuable tool for frequent fliers, mainly thanks to 1:1 partner transfers and boosted travel redemptions, both of which help maximize what your points are worth. Plus, helpful travel perks like trip cancellation and baggage delay insurance provide coverage for if your plans get derailed. 

This card can be especially lucrative if you pair it with a Chase Freedom card — the Chase Freedom Flex or Chase Freedom Unlimited. You’ll be able to transfer any rewards you earn from those cards over to your Chase Sapphire Preferred account and then redeem them for the Preferred’s premium 1 point = 1.25 cents rate.

Additional perks like Pay Yourself Back, access to a $60 Peloton credit, and DoorDash and Lyft rewards are also nice. But before getting caught up in the long list of perks, make sure you’ll actually use them, both to prevent breaking your budget and to offset the card’s $95 annual fee.  

How to Use Chase Sapphire Preferred 

The first step to maximizing this card is planning your spending so you qualify for the introductory offer. You’ll get 60,000 bonus points if you spend $4,000 in the first three months from account opening, which is equal to $750 when redeemed for travel through Chase Ultimate Rewards. With so many 2020 travel plans put on hold by the pandemic, that’s a nice boost toward next year’s overdue vacation. 

The Chase Sapphire Preferred Card’s bonus categories are limited to dining and travel (and groceries through April 2021), but you’ll want to be sure to use it for each of these purchases to rack up the Ultimate Rewards Points — where the real value comes into play. 

And with Chase’s broadly-defined categories, you may be able to secure 2x points on more purchases than you might think. Dining can include everything from fast food to fine dining and even your daily Starbucks. And travel purchases aren’t just vacation bookings — beyond airline and hotel reservations, think Uber and Lyft rides, bus trips, excursions, and more. 

If you have another card that earns higher rewards value in these categories, consider the tradeoff of points earned vs. redemption value for each, while accounting for extra benefits and annual fee. You might find while the Preferred Card earns fewer points per dollar spent, you still come out on top when factoring for what those rewards convert to when redeemed.

Finally, to really maximize this card, strategize how you use your points. Redeeming points for travel or statement credits via Pay Yourself Back will boost each point by 25%, meaning every 1,000 points you earn can be redeemed for $125, rather than the $100 they’d be worth if redeemed for cash or gift cards, for example. 

You can see how many points you have on your online account and on your monthly statement. Points earned in a monthly cycle are generally available at the beginning of the next cycle. 

Chase Sapphire Preferred Compared to Other Cards

Chase Sapphire Preferred® Card

Chase Sapphire Preferred® Card

  • Intro bonus:
  • Annual fee:


  • Regular APR:

    15.99% – 22.99% Variable

  • Recommended credit:

    670-850 (Good to Excellent)

  • Learn moreexterna link icon at our partner’s secure site
American Express® Gold Card

American Express® Gold Card

  • Intro bonus:
  • Annual fee:


  • Regular APR:

    See Pay Over Time APR

  • Recommended credit:

    670-850 (Good to Excellent)

  • Learn moreexterna link icon at our partner’s secure site
Chase Sapphire Reserve®

Chase Sapphire Reserve®

  • Intro bonus:
  • Annual fee:


  • Regular APR:

    16.99%-23.99% Variable

  • Recommended credit:

    740-850 (Excellent)

  • Learn moreexterna link icon at our partner’s secure site

Bottom Line


As with all of our credit card reviews, our analysis is not influenced by any partnerships or advertising relationships.

Chase Sapphire Preferred is a solid travel rewards card with plenty of extra benefits. But with a high APR and $95 annual fee, evaluate your spending to make sure you can really benefit from its perks and the Ultimate Rewards program before applying.

Frequently Asked Questions

Yes, there is a $95 annual fee.

1 point is equal to 1 cent when redeemed for cash, but you can earn 1.25 cents per point when you redeem for travel through Chase Ultimate Rewards or statement credits via the Pay Yourself Back program.

You’ll be able to choose redemption options through your account on Points earned during a billing cycle are generally available at the beginning of the next billing cycle.