Is The Chase Sapphire Preferred Worth It?

The Chase Sapphire Preferred® Card* has long been one of the best travel credit cards. But with many other valuable cards to choose from, does it deserve a place in your wallet? It has one of the most versatile rewards programs available, but depending on your travel habits, it may not meet your expectations.

Table of Contents

• Key Highlights
• Pros and Cons of the Chase Sapphire Preferred
• Who Should Get the Chase Sapphire Preferred?
• Alternatives to the Chase Sapphire Preferred
• Bottom Line: Is the Chase Sapphire Preferred Worth It?
• FAQs

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Pros and Cons of the Chase Sapphire Preferred

Pros

• Excellent rewards-earning opportunities. The Chase Sapphire Preferred® Card* offers competitive earnings rates in multiple popular spending categories. The card also earns Chase Ultimate Rewards, one of the most flexible and valuable rewards program currencies.
• Points transferability. Chase Sapphire Preferred cardholders may transfer their Chase Ultimate Rewards to participating loyalty program partners 1:1. On the list of airline and hotel partner programs are Southwest, United, Hyatt and Marriott.
• Strong travel and consumer protections. Chase Sapphire Preferred cardholders enjoy a list of protections, including auto collision damage waiver, purchase protection and extended warranty.
• Partner benefits. The Chase Sapphire Preferred® Card* includes limited-time promotions for Lyft, DoorDash, Instacart and Peloton that provide complimentary memberships, statement credits or elevated rewards on purchases.

Cons

• Annual fee. The Chase Sapphire Preferred® Card* charges a $95 annual fee. While that’s lower than some premium travel cards, including the higher-end Chase Sapphire Reserve®*, you’ll still want to consider whether you could leverage enough of the card’s benefits to make the annual fee worth it.
• No intro APR offer. For a card with premium rewards, a moderate annual fee and a decent selection of benefits, one major missing element from the Sapphire Preferred is an offer for a low introductory APR period.
• No airport perks. Unlike its sibling the Sapphire Reserve, the Chase Sapphire Preferred® Card* does not offer airport lounge access or a fee credit for Trusted Traveler programs like Global Entry, TSA PreCheck® or NEXUS.

Who Should Get the Chase Sapphire Preferred?

The Chase Sapphire Preferred® Card* packs a lot of punch for a card with a $95 annual fee, both in terms of rewards and benefits. Here are some people who could yield the most value from the card.

Those Who Want a Beginner Travel Card

The card can be an excellent travel starter card for those looking to gain experience with travel rewards and want a card that earns rewards with flexible redemption options. The Ultimate Rewards program offers enhanced value on travel redemptions, and its transfer partners allow you to maximize your travel rewards.

Those Who Want a Huge Welcome Bonus

When opening the card, eligible applicants can earn 60,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening. This welcome offer may be worth even more if you transfer them to one of the Ultimate Rewards program’s travel transfer partners.

Those Who Want To Maximize Ongoing Rewards

The Sapphire Preferred may also be a good fit for people who spend a lot in its various bonus rewards spending categories. Cardholders earn:

• 5 points per dollar on travel purchased through Chase Travel℠, 3 points per dollar on dining, select streaming services, and online grocery purchases (excluding Walmart, Target and wholesale clubs), 2 points per dollar on all other travel purchases and 1 point per dollar on other purchases
• 5 points per dollar on Lyft rides through March 31, 2025.

The Ultimate Rewards program has several ways to redeem rewards. Cardholders can get 1.25 cents per point in value if they use their rewards to book travel through Chase Travel.

Alternatively, you can get up to 1 cent per point in value for cash back, gift cards, select products and dining.

But if you’re looking to squeeze as much value out of each point as possible, your best bet is to either redeem them for travel through Chase or transfer them to one of the program’s partners.

Those Who Want Access to Travel Partners

Sapphire Preferred cardholders can transfer their Ultimate Rewards points to one of the program’s partners at a 1:1 ratio. Those options are:

• Aer Lingus AerClub
• Air Canada Aeroplan
• British Airways Executive Club
• Emirates Skywards
• Air France-KLM Flying Blue
• 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

Depending on the partner and how you redeem your rewards, you could get more or less than the 1.25 cents-per-point maximum. The value of your points or miles will be based on various factors, including the itinerary or property, travel dates and cash value of the redemption.

If you’re considering booking a stay with Hyatt, for instance, visit the hotel brand’s website and enter your travel dates for the property you’re eyeing. You can find the redemption value by dividing the cash price by the points required to book the stay.

If a stay costs $150 or 8,000 points, you’re getting 1.87 cents per point, which is better than the 1.25 cents per point you’d get if you booked that stay through Chase Travel. Learning how to maximize rewards like this can be time-consuming but can also help you receive more value from your points.

Those Who Want Extra Perks

Depending on how you use your card, you may be able to get enough value from its benefits alone to make up for its $95 annual fee. Here’s what to expect:

• Up to $50 in statement credits each account anniversary year for hotel stays booked through Chase
• Complimentary DashPass subscription from DoorDash for at least one year when you activate by December 31, 2024
• Complimentary six-month Instacart+ membership, plus $15 per quarter in statement credits on Instacart orders
• Trip cancellation and interruption insurance
• Primary auto rental collision damage waiver
• Baggage delay insurance
• Trip delay reimbursement
• Travel and emergency assistance services
• Purchase protection
• Extended warranty protection

Those Who Want to Avoid a High Annual Fee

Finally, since the Chase Sapphire Preferred® Card* has a modest annual fee compared to other top travel credit cards out there, it could be a good fit if you’re on a budget or you have a hard time stomaching a yearly charge of hundreds of dollars.

Read more. Chase Sapphire Preferred Benefits

Alternatives to the Chase Sapphire Preferred

If you’re not certain the Chase Sapphire Preferred® Card* is right for you, here are other options to consider.

Chase Sapphire Reserve®*

The Chase Sapphire Reserve®* takes things up a notch in both the rewards and benefits departments, but also charges a $550 annual fee. Here’s a quick breakdown of what the card offers:

• 60,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening
• 5 points per dollar on flights and 10 points per dollar on hotels and car rentals when purchasing travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3 points per dollar on other travel and dining and 1 point per dollar spent on all other purchases
• Redemption value of 1.5 cents per point on travel booked through Chase and on statement credits in select categories
• A $300 annual travel credit
• Complimentary access to more than 1,300 airport lounges around the world with Priority Pass Select
• A statement credit toward application for TSA PreCheck, Global Entry or NEXUS
• Increased partner benefits with Lyft, DoorDash and Instacart
• Enhanced travel and purchase coverages beyond what the Chase Sapphire Preferred® Card offers

The Sapphire Reserve’s features make it worthwhile mostly for regular travelers, especially those who fly often enough to derive solid value from the card’s airport perks. But if you only travel once or twice per year, or if road-tripping is your style, you may earn more everyday rewards from the Sapphire Preferred while paying a lower annual fee.

Read more. Chase Sapphire Preferred vs. Chase Sapphire Reserve

Capital One Venture X Rewards Credit Card

If you want to earn bonus miles on every purchase while accessing premium perks, the Capital One Venture X Rewards Credit Card is a solid choice. The card does charge a $395 annual fee but offers enough value to make up for it in benefits. Here are some of the highlights:

• 75,000 bonus miles after spending $4,000 on purchases within the first three months of account opening
• 2 miles per dollar on all eligible purchases, 5 miles per dollar on flights booked through Capital One Travel, 5 miles per dollar on Capital One Entertainment purchases through 12/31/25 and 10 miles per dollar on hotels and rental cars when booking via Capital One Travel
• 10,000-mile bonus every year starting on your first anniversary
• $300 annual travel credit for bookings through Capital One Travel
• Complimentary access to Priority Pass Select and Plaza Premium Lounges, as well as to Capital One lounges
• Access to exclusive restaurants and culinary experiences through Capital One Dining
• Statement credit toward application for TSA PreCheck or Global Entry
• Ability to redeem points for travel through Capital One’s travel portal or by booking directly with airlines, hotels or rental car companies and requesting a statement credit
• Miles earned can be transferred to more than 15 travel partners

If you value simplicity, you may appreciate the flat-rate earnings structure of the Capital One Venture X Rewards Credit Card. But you could ultimately earn more from the Sapphire Preferred if you have high spending in its bonus categories.

Read more. Chase Sapphire Preferred vs. Capital One Venture X

The Platinum Card® from American Express

For those who are okay with paying a steep fee in exchange for a mountain of luxury benefits and statement credits, The Platinum Card® from American Express (terms apply, see rates & fees) can certainly deliver. Here’s what you’ll get as a cardholder:

• 80,000 Membership Rewards Points after spending $8,000 on purchases on the card in the first 6 months of card membership
• 5 Membership Rewards Points per dollar for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 points per dollar on prepaid hotels booked with American Express Travel and 1 point per dollar on other eligible purchases
• Receive $200 in statement credits per year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel when you pay with the Platinum Card®. Hotel Collection requires a minimum two-night stay
• Receive up to $20 in statement credits each month when you pay for eligible purchases with the Platinum Card® at your choice of providers including Peacock and The New York Times
• Cover the cost of a $12.95 monthly Walmart+ membership with a statement credit after you pay for Walmart+ each month with your Platinum Card
• Access to several lounge networks including the Centurion Lounges, Priority Pass lounges and Plaza Premium lounges
• Select one qualifying airline and receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to the card
• Get Uber VIP status and receive up to $200 in Uber savings on rides or Uber Eats orders in the U.S. annually.
• Receive up to $300 back each year on an Equinox+ subscription or any Equinox club membership when you pay with your Amex Platinum.
• Receive up to $189 back per year on CLEAR® Plus Plus Membership when you use your card

For frequent travelers, The Platinum Card® from American Express provides a bevy of benefits that are difficult for other rewards cards to match. But it’s important to verify that you’ll actually use enough of the available credits to earn back the card’s annual fee. If several of the Platinum’s benefits would go unused, you may get more value from the lower-cost Sapphire Preferred.

Bottom Line: Is the Chase Sapphire Preferred Worth It?

The Chase Sapphire Preferred is worth it if you can utilize the card’s rewards and benefits more than the $95 annual fee. Besides the attractive bonus spending categories, the Chase Sapphire Preferred® Card* provides a lot of value on the redemption side through Chase Ultimate Rewards® and comes loaded with a respectable number of extra protections and partner benefits. But depending on your travel goals, preferences and spending habits, it might not be the right fit.

It’s always a good idea to ask if a card is worth its annual fee, and the Chase Sapphire Preferred® Card* is no exception. Be sure to calculate your expected return before hitting that apply button.

Frequently Asked Questions (FAQs)