Is the Chase Sapphire Preferred® Card Really Worth It? [Detailed]

Chase Sapphire Preferred

Full Disclosure: We may be financially compensated when you click on links to credit card products from our advertising partners, such as American Express, Chase, Citi & Capital One. Opinions and product recommendations on this site are ours alone, and have not been influenced, reviewed or approved by the issuer. See our Advertiser Disclosure for more details. Thanks!

U.P. Rating for Chase Sapphire Preferred® Card: ? The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

If you’ve spent any amount of time researching the best way to earn and use miles and points, chances are you have come across the Chase Sapphire Preferred® Card.

You’ve likely read about the awesome sign-up bonus, Chases’s great airline and hotel transfer partners, and the value of Chase Ultimate Rewards points, right?

But, have you ever stopped to think about the value of this card? Have you ever wondered if the Chase Sapphire Preferred is really worth it?

Today, we are diving deep into the benefits of the Chase Sapphire Preferred to see if it lives up to all the hype.

Chase Sapphire Preferred Welcome Bonus

The first thing you should look at is the generous welcome bonus offered by the Chase Sapphire Preferred (see table below). Just the welcome bonus alone more than makes up for this card’s annual fee.

Key Benefits of the Chase Sapphire Preferred

The Chase Sapphire Preferred offers lots of different benefits. Some offer value from day 1, like Chase Ultimate Rewards points, but others offer value that is harder to quantify, like insurance and purchase protection. Here’s a quick look at some of the main benefits of this card to see if it’s really worth the annual fee.

Chase Ultimate Rewards Points

Chase Ultimate Rewards Points are arguably the most valuable and sought after of all of the transferrable points options out there. They’re easy to earn and can be used in lots of different ways.

Ultimate Rewards points are usually worth 1 cent each when used in the Chase Travel Portal. But, when you have the Chase Sapphire Preferred, your points are worth 1.25 cents each — that’s 25% more value!

You can then use your points in the Chase travel portal to book hotels, flights, rental cars, cruises, activities, and vacation packages.

The Chase travel portal operates like an online travel agency (think Expedia or Travelocity), but instead of using a credit card to pay for your travel, you can use your Ultimate Rewards points.

Bottom Line: To cover the cost of the Chase Sapphire Preferred’s annual fee with points alone (based on the minimum value of 1.25 cents per point), you would only need to earn 7,600 points per year. That’s just over 633 points per month. Since travel and dining purchases earn 2 points/$1, this will be an easy task for many people. 

Chase Airline and Hotel Transfer Partners

Transferring your Chase Ultimate Rewards points to hotel or airline partners will generally get you even more value than using them in the Chase Travel Portal. Having the Chase Sapphire Preferred card grants you access to all of Chase’s hotel and airline transfer partners.

Your points will transfer at a 1:1 ratio to these great partners:

Chase Airline Transfer Partners

Chase Airline Transfer PartnerMin TransferTransfer Ratio
(Chase > Airline)
Transfer Time
Aer Lingus AerClub1,0001:1Almost Instant
British Airways Executive Club1,0001:1Almost Instant
Flying Blue AIR FRANCE KLM
1,0001:11 hour
Emirates Skywards1,0001:1New, pending reports
Iberia Plus1,0001:1Almost Instant
JetBlue1,0001:1Almost Instant
Singapore Airlines KrisFlyer
1,0001:11-2 days
Southwest Airlines Rapid Rewards1,0001:1Almost Instant
United Airlines MileagePlus1,0001:1Almost Instant
Virgin Atlantic Flying Club1,0001:1Almost Instant

Chase Hotel Transfer Partners

Chase Hotel Transfer PartnerMin TransferTransfer RatioTransfer Time
World of Hyatt
1,0001:1Almost Instant
IHG Rewards Club1,0001:11 day
Marriott Rewards1,0001:12 days

So, why are your points more valuable by using these transfer partners? Because most of these partners don’t have a fixed value for their points. So you can often see 2, 3, or more cents per point in value on premium redemptions (think business and first class flights).

For example, you could transfer your points to Singapore Airlines to book the coveted Singapore Suites, or transfer points to United to book a business class flight to Europe.

Southwest Airlines is a little different because their point values are somewhat fixed: any Southwest redemption will get you about 1.5-1.6 cents per point in value. But even at this fixed rate, you’re getting more value than booking through the Chase Travel Portal. This option has become even more valuable now that Southwest flies to Hawaii.

World of Hyatt offers great redemption options if you want to use your points for a hotel stay. You’ll often find 1.5-2.5 cents per point in value even on budget or mid-level hotels.

Hot Tip: For more great ideas on how to maximize your Chase points, see our article on the best ways of using 100,000 Chase Ultimate Rewards points.

Pair the Sapphire Preferred With Other Cards

Did you know that having the Chase Sapphire Preferred makes your Chase Freedom® or Chase Freedom Unlimited® more valuable?

Chase Sapphire Preferred and Chase Freedom
Having the Sapphire Preferred in your wallet makes your Freedom and Freedom Unlimited cards more valuable too. Image Credit: Shutterstock

While both the Freedom and Freedom Unlimited cards are advertised as cash-back cards, they actually earn points that you can use to book travel through the Chase Travel Portal or that you can exchange for cash-back. Either way, you will get 1 cent per point in value.

However, if you also hold the Chase Sapphire Preferred, you can transfer points earned on either of the Freedom cards to the Chase Sapphire Preferred. Then they are worth 1.25 cents each in the travel portal, and they can be transferred to airline or hotel partners.

Travel With Confidence

The Chase Sapphire Preferred also offers a lot of benefits that are important but can be hard to quantify. These extra travel benefits are invaluable when you need them — but hopefully you won’t need them often!

couple in airport with suitcases
Image Credit: Olena Yakobchuk/Shutterstock

Trip Cancellation/Trip Interruption Insurance

These benefits cover you and your immediate family in the event that a “covered loss” prevents you from traveling before or during your trip. A “covered loss” can include accidental bodily injury, loss of life, sickness, severe weather, and more.

There is a maximum of $10,000 in coverage per covered trip.

Baggage Delay Insurance

This benefit provides reimbursement for the purchase of essential items if your bags are delayed by a common carrier for 6 or more hours. You and your immediate family members are covered for up to $100 per day for up to 5 days (for a total of up to $500).

Lost Luggage Insurance

This benefit covers the costs you incur to repair or replace checked and/or carry-on baggage due to physical loss, theft, or damage if the loss or damage occurs during a covered trip on a common carrier.

To be eligible, you need to report the loss as soon as you exit the carrier, and you need to submit a claim with the carrier first. This benefit covers you and your immediate family. There is a maximum of $3,000 in benefits for each covered person.

Trip Delay Reimbursement

Trip delay reimbursement provides up to $500 per purchased ticket for reasonable expenses if your trip is delayed more than 12 hours by covered situations, including equipment failure or severe weather.

Travel and Emergency Assistance Services

These complimentary services are available 24 hours a day, 365 days a year. All you need to do is call, and you will be referred to the appropriate emergency services. This can include things like medical services, legal services, transportation services, or translation services.

Travel Accident Insurance

Travel accident insurance provides coverage to you and your immediate family if you are injured while riding in, exiting, or entering a common carrier. This includes the airport, station, or terminal before or after a common carrier trip.

Hot Tip: Details about these policies can be found in the Chase Sapphire Preferred benefits guide. You can also check out our complete guide to credit card insurance for some guidance.

Drive With Confidence

The Chase Sapphire Preferred card comes with some of the best car rental coverage available — and it’s totally complimentary.

couple driving in car
Image Credit: Soloviova Liudmyla/Shutterstock

An Auto Rental Collision Damage Waiver (CDW) is a form of insurance that offers protection against damage or theft of your rental car. The coverage provided by the Chase Sapphire Preferred is primary, meaning you don’t have to file a claim with any other insurance first.

This coverage applies to rentals in the U.S. and in most other countries worldwide. Your coverage extends to any additional drivers listed on your rental agreement, plus any authorized users on your card and additional drivers listed on their car rental agreements.

To activate your coverage, be sure to decline the policy offered by the car rental agency and pay for your entire rental with your Chase Sapphire Preferred. You’ll also be earning 2 Ultimate Rewards points per dollar when renting a car!

Hot Tip: For more information on the included car rental insurance, check out our in-depth guide to maximizing your car rental coverage with the Chase Sapphire Preferred.

Shop With Confidence

Girl shopping with credit card
Image Credit: Billion Photos/Shutterstock

Purchase Protection

Chase purchase protection provides reimbursement or repair for qualifying items purchased with your card in the event of theft or accidental damage. To qualify, at least part of your purchase needs to be made with your Chase Sapphire Preferred card or points from your Chase Sapphire Preferred account.

If the item you purchased is stolen or accidentally damaged within 120 days from the date of purchase, you can receive a replacement, repair, or reimbursement for your item at the discretion of the benefits administrator.

The Chase Sapphire Preferred’s purchase protection policy is capped at $500 per claim and $50,000 per account.

Extended Warranty Protection

Extended warranty coverage increases the U.S. manufacturer’s warranty of an item by 1 year if the original warranty is less than 3 years. At least part of the item needs to have been purchased with your Chase Sapphire Preferred card or points in your Chase Sapphire Preferred account.

Each claim has a $10,000 maximum, and each account has a maximum of $50,000.

Hot Tip: For more information about these purchase protection and warranty benefits, check out this guide to Chase price and purchase protection benefits. 

Who Should Get the Chase Sapphire Preferred?

You can see by now that the Chase Sapphire Preferred card is definitely worth it! 

While no credit card is right for everyone, the Chase Sapphire Preferred comes close. It’s no wonder it’s one of the first cards recommended when getting started with points and miles.

The ideal cardholder for the Chase Sapphire Preferred is someone who:

  • Loves traveling
  • Dines out often
  • Is just getting started with points and miles
  • Wants a great travel rewards credit card but doesn’t know where to start
  • Wants flexible points that can be used in many ways
  • Wants a card with a low annual fee

The Chase Sapphire Preferred might not be the right card for you if you:

Final Thoughts

The Chase Sapphire Preferred gets a lot of hype. But, it gets a lot of hype for a reason — it deserves it! The Chase Sapphire Preferred offers a ton of benefits for a reasonable annual fee.

This card earns Ultimate Rewards Points, which are the gold standard of transferrable points. They can be used directly in the Chase Travel Portal to book flights, hotels, rental cars, and more. Or, you can transfer them to one of Chase’s hotel or airline partners to maximize their value even more.

You won’t be disappointed once this card’s in your wallet — the Chase Sapphire Preferred card is a solid choice for anyone who loves traveling.


FAQ

What's the difference between the Chase Sapphire Preferred® Card and the Chase Sapphire Reserve®?

The Chase Sapphire Reserve® is the big brother of the Chase Sapphire Preferred® Card. In addition to a higher annual fee ($450 vs. $95), the Sapphire Reserve comes with more benefits. However, the Sapphire Preferred is a great choice if you are looking for a travel rewards credit card with a low fee. For more information on these 2 cards, check out our head-to-head comparison of the Chase Sapphire Reserve vs. the Chase Sapphire Preferred.

Is the Sapphire Preferred fee waived?

No, the Chase Sapphire Preferred® no longer waives the first year of the annual fee. Regardless, this card is still a solid choice if you are looking for a travel rewards credit card.

What are the main benefits of the Chase Sapphire Preferred?

The Chase Sapphire Preferred® Card earns valuable Ultimate Rewards points, which can be used to book travel directly through the Chase travel portal. Or you can transfer your points to select hotel and airline partners. The Sapphire Preferred also offers great travel benefits like primary car rental insurance, trip cancellation/interruption insurance, and baggage delay insurance.

Katie Seemann

About Katie Seemann

Katie is an Ohio native who caught the travel bug after spending a semester in college in Nottingham, England. In addition to exploring England, she visited Ireland, Scotland and the Netherlands during that time and loved every minute of it (everything except the hostel in Scotland – that’s an experience she doesn’t intend on repeating!) In 2015, Katie discovered the world of points and miles, and since then she’s earned countless points and has an embarrassingly large number of credit cards in her wallet (which she needs a spreadsheet to keep track of!)

Advertisement

Chase Sapphire Preferred® Card

  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • No foreign transaction fees

Disclaimer: Any comments listed below are not from the bank advertiser, nor have they been reviewed or approved by them. No responsibility will be taken by the bank advertiser for these comments.

Any thoughts or questions? Comment below!

Email needed if you'd like comment updates. It will NOT be published.

Advertiser Disclosure

Many of the credit card offers that appear on this site are from credit card companies from which we receive financial compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). However, the credit card information that we publish has been written by experts who know these products inside out, and what we recommend is what we would (or already) use ourselves. This site does not include all credit card companies or all available credit card offers that are on the market. For more information on our advertisers, see here.