Chase Sapphire Preferred Card Benefits – Forbes Advisor

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The Chase Sapphire Preferred® Card has been one of the most popular rewards cards since it launched in 2009. The hefty blue metal card has been ubiquitous at group dining excursions and even made a cameo on Anthony Bourdain’s No Reservations. When it began to lose its luster, Chase revamped the card in 2021 to make it more competitive. As a result, the card retained its status as one of the best mid-tier credit cards on the market.

With a reasonable $ 95 annual fee and solid welcome bonus, it’s an excellent option for anyone looking to diversify their points portfolio. But the card offers perks well beyond the welcome bonus. Here’s a look at all the Sapphire Preferred benefits worth knowing about:

Chase Sapphire Preferred Welcome Offer

The Chase Sapphire Preferred’s welcome offer is currently 60,000 bonus points after spending $ 4,000 on purchases in the first 3 months from account opening. Chase Ultimate Rewards® are one of the most versatile currencies out there. You can use that bonus towards travel at a value of 1.25 cents per point when booked through Ultimate Rewards or potentially get over 2 cents per point by redeeming them through one of 14 airline or hotel transfer partners.

Chase Sapphire Preferred Earning Rate

The Sapphire Preferred is a rewarding card for everyday spending thanks to generous category bonuses. Cardmembers earn 5 points per dollar on travel purchased through Chase Ultimate Rewards®, 3 points per dollar on dining, select streaming services, and online grocery purchases (excluding Walmart, Target and wholesale clubs), 2 points per dollar on all other travel purchases and 1 point per dollar on all other purchases. Plus, the card earns 5 points per dollar on Lyft rides through Mar. 31, 2025. While these rates are competitive, it gets better: You’ll get a 10% point bonus every account anniversary. So if you charge $ 20,000 in purchases to your Sapphire Preferred Card in 12 months, you’d receive 2,000 bonus points. It’s a nice way to get rewarded for purchases that don’t earn a category bonus. You’ll essentially earn a minimum of 1.1 points per dollar spent.

Chase Sapphire Preferred: Redeeming Points

When you’re ready to redeem your Chase Ultimate Rewards points, you have several options. The best way to maximize value from your points is by transferring them to one of over a dozen airline and hotel partners. In fact, if you redeem your points for premium travel (think first and business class seats, all-inclusive hotels), you can get well over two cents in value per point:

The easiest way to redeem points for travel bookings through the Chase Ultimate Rewards Travel portal. Your points will be worth 1.25 cents each this way. Sometimes this option is actually the best use of points. For example, high-end Marriott and IHG hotels routinely charge 50,000 points or more per night for a free night. However, if the room rates are below $ 400 per night, you’re better off redeeming points through Ultimate Rewards Travel. That’s because, at 1.25 cents each, you’ll redeem less than 50,000 points per night.

Chase Sapphire Preferred Airport Lounge Access

The Chase Sapphire Preferred card does not offer airport lounge access. If that benefit is important to you, then you should opt for the Chase Sapphire Reserve®. That card has a higher annual fee of $ 550, but offers Priority Pass Select membership which is valued at $ 429 per year.

Priority Pass Select gets you access to over 1,300 airport lounges worldwide. At some airports, you can even opt for a dining credit at select restaurants. While American Express doesn’t extend this credit to their card members, Chase does.

Chase Sapphire Preferred Valuable Benefits

While the Sapphire Preferred Card lacks elite and lounge benefits, it offers plenty of other useful travel perks. The card comes with an annual $ 50 credit toward hotel bookings made through Ultimate Rewards Travel. While you won’t earn 5 points per dollar on these bookings, the $ 50 off goes a long way in reducing the overall cost of your stay or even enabling you to upgrade to a nicer room.

Cardmembers also have no foreign transaction fees on purchases made abroad, plus a slew of travel protections. Charge your trip to your credit card and you’ll enjoy primary rental collision coverage, trip cancellation / interruption insurance, trip delay reimbursement and baggage delay insurance.

Primary Rental Collision Coverage

The rental collision coverage is especially valuable because it can save you thousands of dollars if you get into a fender-bender in a rental car. Simply charge the rental to your Sapphire Preferred and decline the rental car company’s collision insurance at the rental counter. Chase will cover the damage cost up to the car’s cash value and your personal insurance won’t be involved.

Travel Protections

The Sapphire Preferred’s trip cancellation / interruption insurance covers up to $ 10,000 per person and $ 20,000 per trip if your trip is canceled or cut short. Covered reasons include illness and weather. In today’s world, those two reasons alone are becoming common for flight delays and trip cancellations. When you charge those costs to your Sapphire Preferred, you won’t have to worry about losing your hard-earned vacation funds.

Similarly, if your trip is delayed more than 12 hours or requires an overnight stay, you’ll receive up to $ 500 per ticket towards unreimbursed expenses. Qualifying expenses include meals, lodging and other incidental costs incurred because of the delay.

And if the airline can’t account for your luggage over six hours after landing, you’ll get up to $ 100 per day, up to five days, to cover toiletries and clothes.

Everyday Perks

The Sapphire Preferred’s everyday perks are perfect if you utilize delivery services. Sapphire Preferred cardholders receive a free DoorDash DashPass subscription through Dec. 31, 2024. Normally this subscription costs $ 96 per year, so you’ll more than offset the card’s $ 95 annual fee by utilizing this benefit.

Through Dec. 31, 2023, cardmembers also receive $ 10 in monthly GoPuff statement credits. GoPuff is a delivery service similar to DoorDash that specializes in fast delivery of snacks, drinks and household essentials.

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Bottom Line

The Chase Sapphire Preferred can easily recoup its annual fee in benefit value. Between the welcome bonus, elevated rewards categories and annual rebate you can expect to come out ahead if you use the Chase Sapphire Preferred for your daily spending.

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