Chase Sapphire Preferred® Card review 2023

Travel credit cards are a specialized type of credit card that earn points or miles you can redeem for free or discounted flights, hotel stays, rental cars or other travel-related perks. These cards differ from other types of credit cards that offer cash back or points you can use for gift cards, merchandise and rewards not associated with your travels.

The number of travel credit cards you can choose from can be overwhelming, with virtually every credit card company featuring at least one travel card in their lineup. While many travel cards offer similar benefits, a few stand above the crowd. 

One such card is the Chase Sapphire Preferred® Card, a long-time powerhouse among travel cards, offering an expansive slate of travel benefits and protections for its cardholders. Here's what to know about the rewards, benefits and other details of the Chase Sapphire Preferred credit card to determine if it makes sense for you. Learn more here now.

Chase Sapphire Preferred® Card overview

Travel experts have long recommended the Chase Sapphire Preferred® Card as a stellar travel card for beginning travelers and those seeking travel-based rewards. The card is designed with new and casual travelers in mind, right down to its modest $95 annual fee, which is offset by the plethora of benefits it delivers. 

The Chase Sapphire Preferred® comes with a generous welcome offer of 60,000 bonus points that can be earned when you spend $4,000 on purchases in the first three months after opening your account. That's worth up to $750 in travel when redeemed through Chase Ultimate Rewards — the Chase loyalty program that allows you to redeem points for cash back, travel arrangements, and other benefits. 

Learn more about the Chase Sapphire Preferred and how to score the high-value welcome bonus here.

Chase Sapphire Preferred® rewards

With the Chase Sapphire Preferred® Card, you'll earn points as follows:

• 5 points for each dollar spent on travel booked via Chase Ultimate Rewards portal
• 3 points per dollar at restaurants, on select streaming services and online grocery purchases (except at Target, Walmart, and wholesale clubs)
• 2 points per dollar on other travel expenses

You can transfer your points to one of many airline and hotel partners or redeem them directly for travel through Chase Ultimate Rewards. When you book through Chase, you'll also earn a 25% points bonus — so each point is worth 1.25 cents in value. In other words, every 10,000 points are worth up to $125 when you redeem for travel with Chase.

Pros of the Chase Sapphire Preferred® card

Chase Sapphire Preferred comes with a $95 annual fee, which is considerably lower compared to many premium travel cards, but still delivers plenty of benefits to boost your annual value, such as:

• High rewards rate on specific spending categories
• Valuable welcome bonus offer
• 1:1 point transfer ratio with a transfer partner list that includes numerous major airlines (Southwest, United Airlines, Virgin Atlantic) and hotel brands (Hyatt, IHG, Marriott)
• No foreign transaction fees, a valuable perk if you travel abroad often
• 25% increase in value on points you redeem for travel through Chase Ultimate Rewards

Cons of the Chase Sapphire Preferred® card

Always consider the disadvantages of any credit product before coming to a conclusion, such as these downsides for the Chase Sapphire Preferred credit card:

• No introductory APR promotions for either purchases or balance transfers
• $95 annual fee
• Doesn't include high-end travel benefits like airport lounge access or concierge service

Other perks of the Chase Sapphire Preferred® card

The Chase Sapphire Preferred® card offers some of the most valuable travel protections among its mid-tier travel credit card competitors. For example, the card comes with primary rental car insurance, which is extremely rare — most credit cards typically only offer secondary rental car insurance. The card also offers purchase protection, trip delay and trip cancellation insurance, baggage delay insurance and travel and emergency assistance services.

There are added benefits that can boost your card's annual value, too. In addition to bonus rewards, you'll get an annual $50 hotel credit for stays you book through Chase Ultimate Rewards. You'll also earn a 10% anniversary points bonus based on your total spending the previous year. So, if you spend $20,000 on your Chase Sapphire Preferred during your account year, you'll receive 2,000 bonus points on your account anniversary.

Start saving on travel expenses with a Chase Sapphire Preferred Card today!

Rates and fees

Rewards credit cards are useful and convenient, but interest charges and fees can stack up quickly if you're not careful. When considering any credit card, make sure you understand all the fees you could incur to save money and potential headaches in the future. Here's a breakdown of the Chase Sapphire Preferred® card's rates and fees.

Interest Rates

• Regular APR: Variable 21.49% to 28.49%
• Penalty APR: Variable up to 29.99%
• Intro APR: None

Fees

• Annual Fee: $95
• Balance Transfer Fee: $5 or 5% of the transfer amount, whichever is greater (there is no intro period for balance transfers)
• Cash Advance: $10 or 5% of the transaction amount, whichever is greater
• Foreign Transaction Fee: None

The final verdict

The Chase Sapphire Preferred® card remains a mainstay in the travel card market by delivering a wide variety of benefits. If you travel or dine often, this card is definitely worth your consideration, as it offers significant value and hefty reward rates in these categories. Right now, you can even benefit from one of the best-value sign-up bonuses on the market today.

If you want premium perks like airport lounge access and free checked bags, you might be better off getting an upper-tier travel card like the Chase Sapphire Reserve®. But if travel savings is your top priority, this card could be the better pick. As a mid-tier card, the Sapphire Preferred's annual $95 fee is modest compared to those charged by premium travel cards, which run upwards of $500 or more.

Want to score free travel this year? Sign up for the Chase Sapphire Preferred® card and start working toward the 60,000-point welcome offer now.

Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.