18 Benefits and Perks of the Chase Sapphire Preferred Card [$3,105+ in Value]

BY 

Andrew Kunesh

- UPDATED: May 9, 2021   |    15

1. Credit Cards  / 
2. Reviews

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For UP's rating and in-depth analysis, see our Chase Sapphire Preferred® Card review.

The Chase Sapphire Preferred® card is one of the most popular cards in the travel rewards space, and it’s the card we recommend that most points and miles beginners start out with. This is largely because the card has a sizable list of benefits, lets you earn points quickly on everyday purchases, and has an incredible welcome bonus that makes your first year of being a cardholder extremely lucrative.

But there are a number of these benefits that aren’t often talked about — mostly because they’re hidden deep within the card’s list of benefits. In this article, we’ll take a deep dive into the card’s benefits and assign a value to each of them, giving you a full look at how much the card’s benefits are worth in comparison to its modest annual fee.

Chase Sapphire Preferred Card Benefits

Below you’ll find a list of all of the Chase Sapphire Preferred card’s benefits. Note that the valuations we’ve given to each of these benefits are based on moderate usage, so make sure to look at your own travel patterns and assess the value for your own usage, too.

Welcome Bonus

New Chase Sapphire Preferred cardholders are eligible for a welcome bonus that is earned within the first few months of opening the card. In short, this welcome bonus is a lump sum of points that you’ll earn after meeting a certain spend threshold. Here’s a look at the card’s current welcome bonus:

Credit Card

Benefits & Info

Chase Sapphire Preferred® Card Apply Now (at Chase's secure site)

Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. Plus, earn up to $50 in statement credits towards grocery store purchases within your first year of account opening. Bonus Valuation*: $1,600 Earn 2x points on dining at restaurants including eligible delivery services, takeout and dining out and travel & 1 point per dollar spent on all other purchases. Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 80,000 points are worth $1,000 toward travel. Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. Activate by 12/31/21. Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required. Good to Excellent Credit Recommended (670-850) Annual Fee: $95 Must Reads: For more info on the Chase Sapphire Preferred, see our thoughts on its benefits, travel insurance coverage, and credit score requirements. Take a look at our full review to see why it's one of our favorite Chase credit cards.

Earn 2x Points on All Travel and Dining Purchases [$300]

To us, the Chase Sapphire Preferred’s biggest benefit is that the card earns 2 points per dollar spent on all travel and dining purchases. Both the travel and dining categories are broad, too, so you’ll earn 2x points on purchases at coffee shops, fast food stores, Ubers, Airbnbs, and virtually anything else that fits into these 2 categories.

Depending on how much you spend in these 2 categories, you can rack up some serious value with this benefit. For example, if you spend $5,000 on dining and $6,000 on travel annually, you’ll earn a whopping 22,000 Ultimate Rewards points for your purchases.

Hot Tip:The Chase Sapphire Preferred card earns 5x points per dollar spent on Lyft purchases (until March 2022), so make sure it’s your default payment method in the Lyft app.

We value Chase Ultimate Rewards fairly highly, meaning that you’re effectively earning 3.9% back on all travel and dining purchases. Further, this makes our example above worth a whopping $429 — not a bad return if you’d already be making these purchases!

So with that in mind, we value the Chase Sapphire Preferred card’s 2x points earning at $300 for moderate use. Your personal value may be more or less than this — for example, if you charge in reimbursable travel and dining purchases for work, you will likely assign this benefit a much higher value.

Transfer Points to Travel Partners [$300]

You can transfer Chase Ultimate Rewards points earned with your Chase Sapphire Preferred card to any of Chase’s airline and hotel transfer partners. This includes partners that span all of the 3 major airline alliances, most major hotel chains, and even some interesting non-alliance airlines like Southwest, Emirates, and Virgin Atlantic.

Chase Airline Transfer Partners

Chase Hotel Transfer Partners

Having the ability to transfer your points to airlines makes your Ultimate Rewards points extremely valuable. This is because you can take advantage of all of these respective partner’s award chart sweet spots.

For example, you can transfer 72,000 Ultimate Rewards points to Singapore Airlines and fly the famous Singapore Suites first-class one-way from New York (JFK) to Frankfurt (FRA). These tickets typically cost more than $8,000 cash, so you’re getting an excellent value by transferring your miles.

Alternatively, you can transfer 95,000 Ultimate Rewards points to Virgin Atlantic and book a round-trip business class ticket to Tokyo on partner ANA from the Midwestern and East Coast U.S. With this award, you’ll find excellent service in the sky and pay little taxes and fees. To us, this is by far the best way to get to Japan on Ultimate Rewards points, so don’t miss out!

We value the ability to transfer points to partners at $300, but you’ll get more value if you transfer your points frequently to book high-end award tickets. Check out the best Ultimate Rewards redemptions for inspiration on using your Chase points.

Redeem Points Through the Chase Travel Portal at 1.25 Cents per Point [$100]

Likewise, Chase Sapphire Preferred cardholders can redeem their points through the Chase Travel Portal at a rate of 1.25 cents per point. This is 0.25 cents per point higher than the Chase Freedom Flex℠ Credit Card and Chase Freedom Unlimited® card, so you’ll be able to redeem fewer points for more travel with the Chase Sapphire Preferred card.

Hot Tip: All tickets booked through the Chase Travel Portal are eligible to earn airline miles as they’re considered paid tickets by the airline. So with that in mind, make sure to add your frequent flyer number to all tickets you book on the Chase Travel Portal.

For example, if you book a $100 one-way flight from Chicago to New York, you’d pay just 8,000 Ultimate Rewards points. This is 1,000 miles cheaper than redeeming British Airways Avios on the same route on American Airlines, so make sure to always compare the Chase Travel Portal with transfer partners before booking a ticket.

We value this benefit conservatively at $100 as we generally recommend redeeming through transfer partners. However, it can sometimes make sense to use the Chase Travel Portal with this elevated redemption rate, so the value will be higher the more often you use it.

25% More Value in Statement Credit Redemptions [$100]

Cardholders can use Pay Yourself Back to redeem their Chase Ultimate Reward points at 1.25 cents per piece as a statement credit to offset purchases at grocery stores, home improvement stores, and dining establishments through September 30, 2021. Previously, you could use your points towards statement credits at a rate of 1 cent per point, so this is a substantial increase in value.

Combine Points With Freedom Cards [$100]

If you have a Freedom Flex card or Freedom Unlimited card, you can turn cash-back earned with those cards into Ultimate Rewards points by combining your cash-back with your Chase Sapphire Preferred card. Cash-back is transferred at a rate of $0.01 to 1 Ultimate Reward point.

This benefit is great because you can transfer points earned with your Freedom to travel partners and take advantage of a higher redemption rate through the Chase Travel Portal. Plus, you can use your Freedom in-tandem with your Chase Sapphire Preferred card to earn extra Ultimate Rewards points on the Freedom’s rotating 5% cash-back categories.

We value this benefit at $100, but it’s only applicable if you hold a Freedom Flex card or Freedom Unlimited card. You can disregard this valuation if you do not hold one of these cards.

No Foreign Transaction Fees [$100]

Purchases made with a Chase Sapphire Preferred card are not subject to foreign transaction fees. Many credit cards charge a 1-3% fee on purchases made in a foreign currency, meaning that a $100 purchase could end up costing you $103 if you’re charged in Euros, British Pounds, or another currency. Thankfully, that’s not the case with the Chase Sapphire Preferred card.

We value this benefit at $100 as many travelers already have a foreign transaction fee-free credit card. However, if you don’t, this benefit alone can save you hundreds of dollars a year depending on how often you travel.

Free Subscription to DoorDash DashPass ($120)

As of 2020, all Chase Sapphire Preferred cards include a free subscription to DoorDash DashPass.

DashPass members receive free food delivery and discounted service fees on select food delivery orders on the DoorDash app (so long as the order is $12 or more). Since DoorDash is available in all large American cities, you can use this service to order food delivery at home or to your hotel.

DashPass costs $10 per month, so this benefit is worth a nice $120 in benefit per year. However, you can only renew this benefit once for a maximum of 24 months of complimentary DashPass.

Make sure to enroll in this benefit on DoorDash’s website and start enjoying free food delivery!

Hot Tip: Cardholders also receive access to the Chase Dining hub via Ultimate Rewards online. This new program offers benefits like exclusive Chase Cardmember tables, virtual dining experiences with top chefs, curated meals to-go, and the ability to redeem Chase Ultimate Rewards Points for Tock app purchases through September 30, 2021.

Grocery Store Statement Credit [$50]

Use your card for grocery store purchases and you’ll receive a $50 statement credit for those eligible purchases. This credit is valid for purchases made within your first year after opening your account.

Peloton Statement Credit and Bonus Earnings [$60]

Receive a statement credit of up to $60 towards the cost of Peloton’s all-access membership fee of $39 per month (for those with a Peloton Bike or Peloton Tread) or digital access fee of $12.99 per month (for those without equipment). Cardmembers can enroll on Peloton’s promotion webpage.

Through March 2022, Chase Sapphire Preferred cardholders also earn 5x total points on each Peloton Bike, Tread, and accessory purchase over $1,800, up to 25,000 points.

Hot Tip: Cardmembers can enroll in complimentary Spot Club Platinum status at The Parking Spot for 2 years and will receive 20% off of their first reservation and points for 1 free day of parking. At Groupon, cardmembers can also enroll to receive 10% back on Groupon deals every month for 12 months (up to $50), rewarded as Groupon Bucks.

Primary Rental Car Insurance [$200]

Another super valuable Chase Sapphire Preferred card benefit is its included primary rental car insurance. All rental cars charged to your Chase Sapphire Preferred card will receive primary collision insurance, meaning that you don’t need to file a claim with your personal auto insurance if you incur damages to the car.

However, note that this insurance only covers damages to your rental car but does not include liability insurance. Because of this, you’ll either need to file a claim with your own car insurance or insurance you’ve purchased from the rental company if you’re involved in a wreck with another vehicle.

We value this benefit at $200 per year, but it can easily be worth more if you frequently rent cars. Purchasing the damage waiver can add up on long-term rentals, so having it included with your all rentals through the Chase Sapphire Preferred card can save lots of money if you rent multiple times per year.

Complimentary Travel Delay Insurance [$200]

Likewise, the Chase Sapphire Preferred cardincludes complimentary travel delay insurance. So long as you book airfare with your ChaseSapphire Preferred card, you’re eligible for expense reimbursement of up to $500 per ticket if your flight is delayed 12 hours or requires an overnight stay. You can be reimbursed for expenses like meals and lodging during your delay — just make sure that you charge your ticket and all expenses to your Chase Sapphire Preferred card.

Hot Tip: Traveling on an award ticket? Charge the taxes and fees to your Chase Sapphire Preferred card and you’ll be covered when your flight is delayed 12+ hours.

We value this benefit at $200, too, but if you have the chance to use it, it can easily be worth thousands of dollars depending on how often you fly (and are delayed). Now when you travel, you don’t have to worry about spending hundreds of dollars on a last-minute hotel when your flight is delayed.

Trip Cancellation And Interruption Insurance [$100]

Further, the card also covers you if you need to cancel a trip due to illness, severe weather, or a number of other eligible circumstances. With the Chase Sapphire Preferred card’s trip cancellation and interruption insurance, you’re eligible for reimbursement of up to $10,000 in non-refundable travel expenses if you need to cancel before the end of your itinerary due to these circumstances.

For example, if you spend $1,500 on a prepaid airline ticket and the airline goes out of business before you travel, Chase will reimburse you for the cost of the ticket. Likewise, if you or an immediate family member gets sick the day before departure, you’re eligible for reimbursement for all non-refundable expenses.

This benefit can offer great peace of mind when booking traveling, especially when you consider how many airlines have gone defunct this year. We value this benefit at $100 as you’re unlikely to have to use it, but it can be worth a lot more if you do.

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Chase Sapphire Preferred® Card

Terms Apply

• Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 when you redeem through Chase Ultimate Rewards®. Plus earn up to $50 in statement credits towards grocery store purchases within your first year of account opening.
• 2X points on dining at restaurants including eligible delivery services, takeout and dining out and travel & 1 point per dollar spent on all other purchases worldwide

Baggage Delay Insurance [$100]

The Chase Sapphire Preferred card also covers your checked baggage if it’s delayed more than 6 hours. You’ll receive $100 in reimbursements for essential items per day for up to 5 days. Like trip delay insurance, though, your plane ticket must be paid for with your Chase Sapphire Preferred card to take advantage of the benefit.

Additionally, make sure to get proof of baggage delay from your airline and keep all receipts for the things you’ve purchased during your baggage delay. Then, file a claim by calling the number on the back of your card within 20 days of the incident.

Chase says that things like clothing, toiletries, and a cell phone charging cable are eligible for reimbursement, but that’s not an exhaustive list. Call the number on the back of your card if you’re curious about a charge being eligible for reimbursement. Do note that contact lenses, eyeglasses, hearing aids, and money are explicitly not eligible for reimbursement, so make sure to keep these in your hand baggage.

We value this benefit modestly at $100. But again, if you can use it more than once, it will quickly become much more valuable. Note that even using this benefit once will more than cover the card’s $95 annual fee.

Roadside Dispatch and Travel and Emergency Assistance [$25]

Chase will help you find a doctor, lawyer, emergency transportation, or even someone to help you change a flat tire when traveling around the world, driving to work, or wherever else you may need help.

Just note that while Chase will help you find help in these situations, you’re liable for all charges incurred. So with that in mind, we value this simple benefit at $25. Check out our full guide to Chase travel benefits for a more exhaustive list of ways Chase can help.

Travel Accident Insurance [$50]

The final travel insurance benefit included with your Chase Sapphire Preferred card is travel accident insurance. This protects you and immediate family members in the case of accidental death or loss of speech, sight or hearing during your travels. The benefit amount is $500,000 when the incident happens on a common carrier (think airline, cruise ship, etc.) and $100,000 at all other times during your trip. However, the latter is only paid out if you’re traveling on a round-trip ticket charged to your Chase Sapphire Preferred card.

There are some specifics on how this insurance can be used, so make sure to check out our guide to Chase’s travel benefits for more info. We value this benefit at $50 as you’re unlikely to ever have to use it, but it can provide peace of mind when on long trips and adventure travel where you’re more likely to be injured.

Purchase Protection on All Purchases [$100]

All purchases you make with your Chase Sapphire Preferred card are protected from damage and loss for 120 days from purchase. If something you charge to the card is stolen or damaged within this window, you can file a claim for reimbursement with your credit card. You can claim up to $500 in reimbursement per claim, and claim up to $50,000 per year. This can be useful when purchasing a new smartphone, headphones, or another small device that’s easily damaged. You can submit a claim up to 90 days from when you lose or damage a purchase.

Nearly all purchases are covered by Chase’s purchase protection, but there are some exclusions. Some of these included pre-owned items, antiques, collectibles, software, motorized vehicles, and things purchased for commercial use or resale. Further, things that “mysteriously disappear with no evidence of a wrongful act” aren’t covered either.

We value this benefit at $100, but again, it can easily be worth more depending on how often you use it. This is especially true if you travel with expensive technology that has a high risk of being broken or stolen.

Extended Warranty on All Purchases [$100]

Even cooler, everything you purchase with your Chase Sapphire Preferred card will automatically have its warranty extended by 1 year from when the included warranty expires. You can claim up to $10,000 per warranty claim, and make up to $50,000 in claims per account. All purchases — except motorized vehicles, software, pre-owned items, and items purchased for resale — are eligible for extended warranty so long as it has a standard warranty of 3 years or less.

We value this benefit at $100 as you’re not likely to use this benefit often. However, those that can take advantage of the benefit can receive massive value from the benefit. Just remember that your card must be open and in good standing in order to file an extended warranty claim.

Final Thoughts

All in all, the Chase Sapphire Preferred card is a solid card, even with its annual fee — especially for points and miles beginners and those new to travel.

In the end, we value all of these benefits at a combined $1,895 without the welcome bonus, and over $2,000 with the welcome bonus. Just remember though: in order to take advantage of the travel and purchase protection benefits, you must charge your itinerary or purchase to the Chase Sapphire Preferred card, so make sure to add the card to all of your airline accounts.

Have you had to use any of the Chase Sapphire Preferred card’s travel or purchase protections? Let us know your experiences in the comments.