The Chase Sapphire Preferred has long been a staple in the world of miles and points. This Chase Points earnings card is the gold standard of mid tier travel credit cards and comes with a $95 annual fee. I got this card last year when Chase was offering an increased sign up bonus of 100,000 points (currently back down to 60,000) with a spend requirement of $4,000 in the first three months. The Chase Sapphire Preferred has always been one of the most popular travel credit cards, but is this card right for you? Here’s my verdict and everything you need to know!
Chase Sapphire Preferred gets you access to Chase Ultimate Rewards
Chase Ultimate Rewards is one of the most valuable rewards programs. With the Chase Sapphire Preferred, you get access to this program and the ability to either redeem points at 1.25 cents per point through the Chase Travel Portal or transfer points to partner airlines and hotels. Both options can provide plenty of value, but the true option is to book Hyatt hotels or premium class flights with Aeroplan,. Both options could possible net you upwards of 3 cents per point.
Chase Sapphire Preferred Benefits are lack luster
While there is a nice signup bonus(we’ve seen better) and generous trip coverage, the Chase Sapphire Preferred overall benefits are rather lack luster. The earning rates are middle of the pack
The card earns
- 5x points for travel purchase through Chase (I’ve had headaches when trying to make changes so I prefer to book directly with the airline)
- 3x with online grocery stores
- 3x on dining
- 3x on select streaming services
- 2x on other travel
- 1x on other purchases
- $50 annual hotel credit only on booking made through Chase Travel
- 10% anniversary points boost
The Chase Sapphire Preferred doesn’t have great earnings rate other than 5x on travel booked through their own portal and 3x on dining. Online grocery shopping is overpriced, but if you’re willing to pay to save time this could be an intriguing area. In addition, while there are numerous travel cards that carry an annual fee of $100 or less and offer Global Entry / TSA Pre-Check credit, this card is not one of them. It would be nice to see something like that added since it would be given once every 4 years vs annually. Finally while the $50 hotel credit on booking through Chase travel could be nice, hotels typically don’t award such bookings with points. In addition, you most likely won’t receive elite benefits with hotel bookings through the portal.
How I use this Card?
After meeting the minimum spending requirement and earning 100,000 points, I have rarely used this card. The signup bonus was one of the best we’ve seen in awhile, but as I Chase Hyatt Globalist ( Jen and I re-qualified for next year by September mostly using credit card spend) and American Airlines Elite Status ( Part of my one year experiment). Since I got the annual fee waived for the first year, the card was well worth it. I do plan on product changing this card in the near future. So long story short, this card is sitting somewhere untouched.
The Chase Sapphire Preferred is solid starter credit card for the first year thanks to it’s signup bonus, easy(ish) minimum spend requirement, and the ability to have full access to Chase Ultimate Rewards. On the other hand, the lack luster benefits, including the lack of lounge access (not even priority pass) or Global Entry/ TSA Pre-check make this card a non-starter when heading into year 2. A card like the Capital One Venture Rewards offers 75,000 points for the same spend and a flat rate earning of 2 points per dollar. Unlike the Chase Sapphire Preferred, this card also includes 2 passes to Capital One Lounges annually and a Global Entry or TSA PreCheck Credit every 4 years. With so many intriguing and competitive options on the market, the Chase Sapphire Preferred is not as attractive as previous years. I definitely think there are much better options especially since the welcome bonus is a meager 60,000 points. If you do plan on opening this card, I would wait and see if we get another increased offer in the near future.
Let me know your thoughts in the comments sections!
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