Is the Chase Sapphire Preferred card worth it?

The Chase Sapphire Preferred card is easily one of our favorite travel credit cards, especially for those new to credit card points and miles. It earns valuable transferable rewards, has great bonus categories, and offers solid perks and protections, all for a relatively low annual fee. In our view, the Chase Sapphire Preferred card is very worth it.

How much is the Chase Sapphire Preferred welcome bonus worth?

The value of the Chase Sapphire Preferred welcome bonus depends on how you redeem it. The current welcome bonus of 60,000 points and a $300 Chase Travel credit is worth $900 at minimum if you simply redeem your points for cash-back. However, if you make strategic use of your points through the Chase transfer partners, we expect that you could receive $1,500+ in value from the welcome bonus.

Is the Chase Sapphire Preferred card hard to get?

For the most part, no, the Chase Sapphire Preferred card is not hard to get, as it’s recommended that you have a credit score of 670 or higher. That said, even a perfect credit score will not guarantee that you will be approved for the card, as Chase takes other factors into consideration like your income, your history with Chase, your 5/24 status, and more.

How much is 60,000 Chase points worth?

At a minimum, 60,000 Chase points are worth $600 if you choose to redeem them for cash-back. If you hold the Chase Sapphire Preferred card and opt to redeem them through Chase Travel you’ll receive a 25% bonus, giving 60,000 points a value of $750. However, you can often get significantly more value than these figures by redeeming your points through the Chase transfer partners, which is why we value Chase Ultimate Rewards points at 2 cents per point. If you redeem points at this value, 60,000 points would be worth $1,200.

What can you book through Chase Travel?

You can book a variety of travel purchases through Chase Travel, including flights, hotels, vacation rentals, cruises, rental cards, along with tours and attractions.

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What Is the New Chase Sapphire Preferred Welcome Bonus Offer Worth?

Updated: November 15, 2024, 2:11am CST

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Chase Sapphire Preferred Card: New Welcome Bonus Offer
Chase Sapphire Preferred Card Benefits
1. Redeem for Cash-back and a Chase Travel Credit — $600 in Value
2. Redeem Through Chase Travel — $750 in Value
3. Redeem with Chase Transfer Partners — $1,200+ in Value
Final Thoughts

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Right now, the Chase Sapphire Preferred^® Card has a new welcome bonus offer that new applicants can take advantage of.

It’s common to encounter varying dollar estimates on the value of this welcome offer, which can be overwhelming for those new to the points and miles world. In this article, we’ll provide examples of several redemption options to give you an idea of how much value you can expect out of your new welcome bonus offer — both from the low end and high end.

Chase Sapphire Preferred Card: New Welcome Bonus Offer

Chase Sapphire Preferred^® Card

U.P. Rating

A fantastic travel card with a great welcome offer, good benefits, and perks for a moderate annual fee.

Chase Sapphire Preferred^® Card

A fantastic travel card with a great welcome offer, good benefits, and perks for a moderate annual fee.

Welcome OfferEarn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
60,000 bonus points

UP's Bonus Valuation*:
$1,200

Annual Fee

$95

APR

20.99% - 27.99% Variable

Credit Recommended

Good to Excellent (670-850)

Why We Like This Card

The Chase Sapphire Preferred^® card is one of the best travel rewards cards on the market. Its bonus categories include travel, dining, online grocery purchases, and streaming services, which gives you the opportunity to earn lots of bonus points on these purchases.

Additionally, it offers flexible point redemption options, no foreign transaction fees, and excellent travel insurance coverage including primary car rental insurance. With benefits like these, it’s easy to see why this card is an excellent choice for any traveler.

Pros & Cons

Pros

5x points on all travel booked via the Chase Travel portal
5x points on select Peloton purchases over $150 (through March 31, 2025)
5x points on Lyft purchases (through March 31, 2025)
3x points on dining purchases, online grocery purchases, and select streaming services
2x points on all other travel worldwide
$50 Annual Chase Travel Hotel Credit
Complimentary access to DashPass for a minimum of one year when you activate by December 31, 2027
Excellent travel and car rental insurance
10% annual bonus points
No foreign transaction fees
1:1 point transfer to leading airline and hotel loyalty programs like United MileagePlus and World of Hyatt

Cons

$95 annual fee
No elite benefits like airport lounge access or hotel elite status

Card Highlights

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
Enjoy beneﬁts such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more.
Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Travel℠. For example, 60,000 points are worth $750 toward travel.
Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2027.
Member FDIC

Financial Snapshot

APR: 20.99% - 27.99% Variable
Foreign Transaction Fees: None

Card Categories

Rewards Center

Chase Ultimate Rewards

Chase Sapphire Preferred Card Benefits

Chase Sapphire Preferred Hotel Exterior Upgraded Points LLC 2 — One of the best travel credit cards. Image Credit: Upgraded Points

In addition to the increased welcome bonus offer on the Chase Sapphire Preferred card, here are the other rewards and benefits you’ll receive.

5x points on all purchases made through Chase Travel, and on Lyft rides (through March 31, 2025)
3x points on dining, online grocery purchases, and select streaming services
2x points on all other travel purchases
1x points on all other purchases

You’ll also receive great card perks like a $50 annual hotel statement credit, annual bonus points equal to 10% of your total purchases made the previous year, and no foreign transaction fees, along with great travel and purchase coverage like primary rental car insurance, trip delay insurance, and more.

Bottom Line:

Read our full guide to learn all the benefits of the Chase Sapphire Preferred card.

1. Redeem for Cash-back and a Chase Travel Credit — $600 in Value

The absolute minimum value you should be getting for your Chase Ultimate Rewards points is redeeming them for cash-back, where you’ll receive a value of 1 cent per point. This would make your 60,000-point welcome bonus worth $600.

2. Redeem Through Chase Travel — $750 in Value

One benefit of your new Chase Sapphire Preferred card is the 25% bonus you receive when redeeming your points through Chase Travel. This gives you a redemption value of 1.25 cents per point toward these purchases, as opposed to the 1 cent per point you receive for cash-back.

Redeeming your points this way would give you a value of $750 for your 60,000 points.

Hot Tip:

When you make a booking through Chase Travel, you aren’t limited to just flights and hotels; you can also book rental cars and cruises, along with tours and other activities.

3. Redeem with Chase Transfer Partners — $1,200+ in Value

In our view, the absolute best way to redeem Chase Ultimate Rewards points is through the Chase transfer partners, which often allow you to receive significantly more than 1.25 cents per point you’d receive through Chase Travel. It is for this reason that we value Chase Ultimate Rewards points at 2 cents per point.

For instance, you could redeem 60,000 points to stay 2 nights at the Andaz Tokyo Toranomon Hills during standard award availability with the World of Hyatt program. Nights at this hotel often cost $600 at the low end and $1,200 at the high end — giving you a value of 2 cents to 4 cents per point for your redemption.

United Polaris business class seat on a Boeing 767 — Use your welcome bonus to fly United Polaris business class. Image Credit: Chris Hassan

You could also transfer 60,000 points to the Air Canada Aeroplan program to book a business class award ticket aboard a Star Alliance partner to European cities like Paris, London, Istanbul, Barcelona, and more. It is not uncommon for business class tickets to these destinations to cost $2,000 to $3,000, giving you 3.3 to 5 cents per point in value.

Given how common it is to get 2+ cents per point out of your points when redeemed through the Chase transfer partners, we’d expect you to get at least $1,200 out of your welcome bonus offer — with the potential to get even more value than that!

Final Thoughts

So, how much is the welcome offer for the Chase Sapphire Preferred card worth? It all depends on how you redeem it.

That said, at the low end, you shouldn’t get less than $600 for your points if you redeem them for cash-back. At the high end, if you redeem your points strategically through the Chase transfer partners, you could expect to get $1,200+ in overall travel value.