Get The Most Value For Your Travel Rewards with the Chase Sapphire Preferred® Card
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I have to confess, I felt kind of sleazy when I applied for this card. It offered a great sign-up bonus and I couldn't pass it up. Yet more than a year later, I continue to use the card regularly. So what is it about the that made me think of it less like a one-night stand and more like a long-term relationship?
How This Card Works
This card delivers its rewards in the form of Chase's Ultimate Rewards points. Earn 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases worldwide. It has an introductory annual fee of $0 the first year, then $95.
Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $625 in travel when you redeem through Chase Ultimate Rewards®. Plus, earn 5,000 miles if you add an authorized user and make a purchase also within the first three months of account opening. These bonus points can be transferred to miles or points with partner airlines or hotel chains. (See also: Best Credit Cards that Offer Bonus Cash for Sign Up)
The Real Value of Sapphire Is Points Transfers
Frankly, it's the points transfer option that I use most, as I find far more value in each point than the 1.25 cents I get from booking travel directly through Chase. While other travel rewards credit cards allow points transfer, many do not offer a 1:1 transfer rate. The bonus of 50,000 Chase Ultimate Rewards points equal 50,000 partner miles or points with partners including Southwest Airlines, British Airways, United Airlines and more. You do have the option to also redeem your points for cash, travel, gift cards, and merchandise. (See also: Best Credit Cards that Transfer Points to Miles)
In addition to partner airlines, Sapphire Preferred points can be transfered to partner hotels. I find the Hyatt transfer option the best, considering that an award night at their most expensive properties, including many that cost over $1,000 per night, is a mere 22,000 Hyatt points. Other hotel partners include IHG, Marriott, and Ritz-Carlton. (See also: Best Credit Cards that Transfer Points to Hotels)
Travel and Purchase Protections Included
This card also includes valuable benefits, which can help save you money, protect your purchases, and travel more comfortably. Some of the additionalbenefits you get just for being a cardholder and using your card for your purchases include the following:
- Trip Cancellation/Trip Interruption Insurance
- Auto Rental Collision Damage Waiver
- Baggage Delay Insurance
- Trip Delay Reimbursement
- Purchase Protection
- Price Protection
- Return Protection
- Extended Warranty Protection
Great for International Travel
There is a $0 foreign transaction fee when I use this card internationally, which can save as much as 3% on foreign purchases. (See also: Best Credit Cards with No Foreign Transaction Fees)
- $0 Intro fee for the first year. $95 after that.
- 17.49% - 24.49% Variable APR
- Balance Transfer Fee: 5% ($5 Minimum).
- $0 Foreign Transaction Fee
Annual fee. While the fee is $0 the first year, the subsequent $95 annual fee is significant if you aren't able to earn enough rewards each year that covers the cost of the card. You should spend enough in travel and dining to take advantage of the bonus points, and be able to use the points to book travel through Chase or transfer to one of their partners. (See also: Best No Annual Fee Credit Cards)
Who This Card Is Best For
This is an extremely popular travel rewards card, for good reason. Each Sapphire Preferred point is worth at least 1.25 cents, but really, they're worth a lot more when used to redeem for award flights at partner airlines or free stays at premium hotels.
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