[{"@context":"https:\/\/schema.org\/","@type":"Article","@id":"https:\/\/moneydoneright.com\/passive-income\/cash-back-and-rewards\/credit-cards\/chase-sapphire-preferred-review\/#Article","mainEntityOfPage":"https:\/\/moneydoneright.com\/passive-income\/cash-back-and-rewards\/credit-cards\/chase-sapphire-preferred-review\/","headline":"Chase Sapphire Preferred Review: A Useful Travel Card, But Only For Some","name":"Chase Sapphire Preferred Review: A Useful Travel Card, But Only For Some","description":"Chase Sapphire Preferred Basics: The Chase Sapphire Preferred card is a travel credit card...","datePublished":"2021-07-21","dateModified":"2025-03-13","author":{"@type":"Person","@id":"https:\/\/moneydoneright.com\/author\/logan-allec\/#Person","name":"Logan Allec, CPA","url":"https:\/\/moneydoneright.com\/author\/logan-allec\/","identifier":4,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Money Done Right","logo":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","width":488,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/chase-sapphire-preferred-review.jpg","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/chase-sapphire-preferred-review.jpg","height":460,"width":1900},"url":"https:\/\/moneydoneright.com\/passive-income\/cash-back-and-rewards\/credit-cards\/chase-sapphire-preferred-review\/","video":[null,{"@context":"http:\/\/schema.org\/","@type":"VideoObject","@id":"https:\/\/www.youtube.com\/watch?v=nSi1kdU5o3I#VideoObject","contentUrl":"https:\/\/www.youtube.com\/watch?v=nSi1kdU5o3I","name":"Citi Double Cash Review","description":"In this video, I review one of the credit cards I talk a lot about here on this channel, and that's the Citi Double Cash card. I will go over all the features of this card and also compare it to some of its competitors!  Click SHOW MORE to see my card links! \ud83d\udc47\n\nCredit Cards Mentioned In This Video:\n\u27a1\ufe0f My Citi Double Cash Link: http:\/\/go.moneydoneright.com\/citi-double-cash\n\u27a1\ufe0f My Chase Freedom Flex Link: http:\/\/go.moneydoneright.com\/chase-freedom-flex\n\nOther Credit Cards:\n\u27a1\ufe0f Best Travel Credit Cards: http:\/\/go.moneydoneright.com\/travel-credit-cards\n\u27a1\ufe0f Best Cash Back Credit Cards: http:\/\/go.moneydoneright.com\/cash-back-credit-cards\n\u27a1\ufe0f Best Gas Credit Cards: http:\/\/go.moneydoneright.com\/gas-credit-cards\n\u27a1\ufe0f Best Airline Credit Cards: http:\/\/go.moneydoneright.com\/airline-credit-cards\n\u27a1\ufe0f Best Hotel Credit Cards: http:\/\/go.moneydoneright.com\/hotel-credit-cards\n\u27a1\ufe0f Best 0% APR Credit Cards: http:\/\/go.moneydoneright.com\/zero-percent-apr-credit-cards\n\u27a1\ufe0f Best Balance Transfer Credit Cards: http:\/\/go.moneydoneright.com\/balance-transfer-credit-cards\n\u27a1\ufe0f Best Small Business Credit Cards: http:\/\/go.moneydoneright.com\/small-business-credit-cards\n\u27a1\ufe0f Best No Annual Fee Credit Cards: http:\/\/go.moneydoneright.com\/no-annual-fee-credit-cards\n\u27a1\ufe0f Best No Foreign Transaction Fee Credit Cards: http:\/\/go.moneydoneright.com\/no-foreign-transaction-fee-credit-cards\n\u27a1\ufe0f Best Secured Credit Cards: http:\/\/go.moneydoneright.com\/secured-credit-cards\n\u27a1\ufe0f Best Prepaid Credit Cards: http:\/\/go.moneydoneright.com\/prepaid-credit-cards\n\u27a1\ufe0f Best Student Credit Cards: http:\/\/go.moneydoneright.com\/student-credit-cards\n\nCool Stuff:\n\ud83d\ude97 Free Auto Insurance Quotes: http:\/\/go.moneydoneright.com\/gabi\n\ud83c\udfe1 Free Mortgage Refi Rates: https:\/\/moneydoneright.com\/credit-karma-home-mortgage\/\n\u26b0\ufe0f Free Life Insurance Quotes: https:\/\/moneydoneright.com\/quotacy-life\/\n\ud83d\udcb5 Free Personal Loan Quotes: https:\/\/moneydoneright.com\/fiona\n\ud83d\udcbb Get Cash Back on Online Shopping: https:\/\/moneydoneright.com\/rakuten\/\n\ud83d\uded2 Get Cash Back on Groceries: https:\/\/moneydoneright.com\/ibotta\n\nVideos:\n\ud83d\udcc8 11 Places to Get Free Stocks: https:\/\/youtu.be\/g2PNE74eyks\n\ud83d\udcb3 Best Credit Cards For 2021: https:\/\/youtu.be\/3EYNsjjVOTw\n\ud83d\udce6 7 Ways to Get Free Stuff: https:\/\/youtu.be\/o7CaiOPMhhA\n\ud83d\ude80 Review of My Favorite Stock Broker: https:\/\/youtu.be\/XNMhp9xeNq8\n\ud83d\udcb0 Free Millionaire Math Webinar: https:\/\/loganallec.com\/\n\ud83d\udc6a Our Family Vlog: https:\/\/youtube.com\/TheAllecFamily\n\nPrograms (Use Coupon Code YOUTUBE for 50% Off!)\n\ud83c\udf93 The Money Course (Paid): https:\/\/www.loganeducation.com\/offers\/FUmjEuPB\/checkout\n\nTable of Contents:\n0:00 Citi Double Cash Review\n0:40 Unlimited 2% Cash Back\n1:45 0% Introductory APR on Balance Transfers\n2:26 No Signup Bonus\n2:40 So How Much Can You Earn?\n3:26 Pairing Strategy With the Chase Freedom Flex\n4:11 How to Redeem Citi Double Cash Rewards\n4:53 Converting Rewards to Citi ThankYou Points\n5:35 Transferring ThankYou Points to Travel Partners\n6:50 Free Credit Score from Equifax\n7:30 Fraud and Identity Theft Protections\n8:05 Lost Wallet Service\n8:25 $0 Liability on Unauthorized Charges\n8:32 Citi Entertainment\n8:44 3% Foreign Transaction Fee\n9:06 Citi Double Cash vs. Fidelity Rewards Visa Signature Card vs. PayPal Cashback Mastercard\n10:29 Citi Double Cash Pros and Cons\n\nAdvertiser Disclosure:\nThis video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities.\n\n#creditcard #creditcards #personalfinance","thumbnailUrl":["https:\/\/i.ytimg.com\/vi\/nSi1kdU5o3I\/default.jpg","https:\/\/i.ytimg.com\/vi\/nSi1kdU5o3I\/mqdefault.jpg","https:\/\/i.ytimg.com\/vi\/nSi1kdU5o3I\/hqdefault.jpg","https:\/\/i.ytimg.com\/vi\/nSi1kdU5o3I\/sddefault.jpg","https:\/\/i.ytimg.com\/vi\/nSi1kdU5o3I\/maxresdefault.jpg"],"uploadDate":"2021-03-26T16:00:15+00:00","duration":"PT13M7S","embedUrl":"https:\/\/www.youtube.com\/embed\/nSi1kdU5o3I","publisher":{"@type":"Organization","@id":"https:\/\/www.youtube.com\/channel\/UCQ9WUXlSuLlbi5BLkgtEUEA#Organization","url":"https:\/\/www.youtube.com\/channel\/UCQ9WUXlSuLlbi5BLkgtEUEA","name":"Logan Allec","description":"Logan Allec is a CPA and the founder of Choice Tax Relief, which specializes in helping people with their IRS and state tax debt.","logo":{"url":"https:\/\/yt3.ggpht.com\/43_VKqrbO06RGMcxfdQbDXosrkVRq1yf5QgSQEiR4ILUGWV9fJtTh0o2ftYMYqVo6PwnEOPRdg=s800-c-k-c0x00ffffff-no-rj","width":800,"height":800,"@type":"ImageObject","@id":"https:\/\/www.youtube.com\/watch?v=nSi1kdU5o3I#VideoObject_publisher_logo_ImageObject"}},"potentialAction":{"@type":"SeekToAction","@id":"https:\/\/www.youtube.com\/watch?v=nSi1kdU5o3I#VideoObject_potentialAction","target":"https:\/\/www.youtube.com\/watch?v=nSi1kdU5o3I&t={seek_to_second_number}","startOffset-input":"required name=seek_to_second_number"},"interactionStatistic":[[{"@type":"InteractionCounter","@id":"https:\/\/www.youtube.com\/watch?v=nSi1kdU5o3I#VideoObject_interactionStatistic_WatchAction","interactionType":{"@type":"WatchAction"},"userInteractionCount":3410}],{"@type":"InteractionCounter","@id":"https:\/\/www.youtube.com\/watch?v=nSi1kdU5o3I#VideoObject_interactionStatistic_LikeAction","interactionType":{"@type":"LikeAction"},"userInteractionCount":204}]}],"about":["Credit Cards"],"wordCount":4094,"articleBody":"\t    \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tChase Sapphire Preferred\t\t\t\tBasics: The Chase Sapphire Preferred card is a travel credit card that can work for both regular and occasional travelers thanks to a low annual fee, a high sign-up bonus, a useful rewards and bonus structure, and other perks, like transferable points currencies with travel partners.Pros: This card comes with a huge sign-up bonus, a lucrative rewards structure, no foreign transaction fees, and flexible points transfers.Cons: The annual fee may not be worth the perks for some users, the actual rewards rates aren\u2019t anything special, and it\u2019s missing some of the premium travel perks offered by other cards.\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tRewards \t\t\t\t\t\t\t\t\t\t7\/10\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tOther Perks\t\t\t\t\t\t\t\t\t\t6\/10\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tAnnual Fee\t\t\t\t\t\t\t\t\t\t8\/10\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tWelcome Offer\t\t\t\t\t\t\t\t\t\t10\/10\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tEase of Approval\t\t\t\t\t\t\t\t\t\t5\/10\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tIntro APR\t\t\t\t\t\t\t\t\t\t0\/10\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tWELCOME OFFER80,000 bonus points for spending at least $4,000 within three months of opening the accountANNUAL FEE$95REWARDS RATE\u2022 5 Chase Ultimate Rewards points per $1 for travel purchased through Chase Ultimate Rewards(R)\u2022 3 points per dollar on dining\u2022 2 points on all other travel purchases\u2022 1 point per dollar on everything elsePERKS\u2022 Flexible points redemption\u2022 No foreign transaction fees\u2022 A generous sign-up bonus\u2022 Low annual fee\u2022 $50 annual Ultimate Rewards Hotel Credit\t\t\t\tOur Review Methodology        We may receive a commission if you sign up or purchase through links on this page.  Here's more information.    Today, I\u2019m reviewing the Chase Sapphire Preferred credit card. This card is one of the Chase travel card options, and it offers a solid rewards structure that can be utilized in flexible ways by novice and seasoned travelers.This card is popular with travelers in part because it comes with a low annual fee compared to many of the competitor cards. It has a useful rewards structure, and the lack of fees makes this card attainable for your everyday vacation traveler, or for occasional travelers who want to earn rewards without the high cost the premium cards come with.There are also a few downsides to this card, too. In this review, I\u2019m going to go over the Preferred\u2019s rewards structure, features and benefits, and pros and cons. I\u2019ll also share my thoughts on who the Sapphire Preferred is best for (and who it probably isn\u2019t that great for).If you\u2019re interested in the Chase Sapphire Preferred, I would appreciate it if you used my affiliate link since if you use it and are approved, I will get a small commission so I can continue to create content for you.Chase Sapphire Preferred Review and Walkthrough VideoIf you\u2019d like to see a comprehensive step-by-step walkthrough of the Chase Sapphire Preferred credit card, check out my YouTube video below!Chase Sapphire Preferred OverviewThe Chase Sapphire Preferred card is a travel credit card that can work for both regular and occasional travelers. It comes with a low annual fee, a high sign-up bonus, a useful rewards and bonus structure, and some useful travel protections and perks, like transferable points currencies with travel partners.But, while the Chase Sapphire Preferred card offers useful travel-related benefits, like transferable points and 1:1 travel partners, the card doesn\u2019t offer the premium travel perks that some of the similar travel cards offer. For example, the Chase Sapphire Preferred doesn\u2019t offer priority boarding, free checked bags, or airport lounge access, which are typical perks offered by premium travel cards.Still, this card offers a solid rewards structure that can be utilized in flexible ways, and it comes with a low annual fee compared to the competitor cards. A lack of fees makes this card even more attainable for your everyday vacation traveler, or for novice travelers who want to earn rewards without the high cost the premium cards come with.Chase Sapphire Preferred Features.simple_table-41868 table tr th{\ttext-align: center;\t\t}.simple_table-41868 table tr td{\ttext-align: center;\t\t}Welcome OfferYes; earn 100,000 bonus points for spending at least $4,000 within three months of opening the accountAnnual Fee$95Ongoing Rewards Rate2 Chase Ultimate Rewards points per $1 for travel and restaurants1 point per dollar on everything elseOther BenefitsReferral bonusesBonus categoriesPay Yourself Back programPoints transferralMy Chase PlanPoints transferral (1:1 transfer partners)Credit Score Requirement700+Security Deposit RequiredNoIntro APRNo introductory 0% APR periodBalance Transfer FeeEither $5 or 5% of the amount of each transfer, whichever is greaterRewards Redemption OptionsTravelExperiencesMerchandiseTrust accountsGift cardsCashStatement creditMinimum Redemption RequirementNoneForeign Transaction FeeNoMaximum Late Fee$29 for the first late payment; $40 for subsequent late payments made within 6 months of the initial late paymentGrace Period21 daysWelcome bonusChase is currently giving new Sapphire cardholders a bonus of 100,000 points when they spend at least $4,000 within three months of opening their account. With credit card rewards, though, it\u2019s always important to ask how much points are actually worth.If you choose to redeem for cash, 100,000 points is equal to $1,000. However, the Sapphire Preferred card offers 25% extra when you use your points to book travel through Chase Ultimate Rewards or to cover past purchases in specific categories.What this basically means is that the 100,000 bonus points will give you $1,250 in travel credit if you book your travel through the Chase Ultimate Rewards portal or use your points through the Chase Pay Yourself Back program.While you\u2019re not really saving money if you spend an extra $1,000 just to collect the introductory bonus, if that\u2019s money you were going to spend anyway, then this is a great deal.The welcome offer does come with a few conditions \u2014 you need to put $4,000 in spending on the card in your first three months (equal to a little over $1,300 a month). You are also limited to receiving new cardmember bonuses every 48 months for Sapphire accounts.Overall, however, the bonus is extremely high \u2014 $1,250 back for $4,000 in spending equals over 25% back. In fact, this is the highest welcome offer I\u2019ve ever seen on the Chase Sapphire Preferred, so if you\u2019re interested in getting the card, click this link to get that bonus and do some traveling.RewardsThe Sapphire Preferred offers 1% back on non-bonus purchases and 2% on travel and dining.You can get good value with the Sapphire Preferred if you\u2019re able to find the right rewards opportunities by taking advantage of Chase\u2019s offers or transferring your points to a third-party platform. But, the cash-back structure doesn\u2019t necessarily justify paying $95 per year just to keep your card active.Bonus categoriesThe Sapphire Preferred gives you two points per dollar spent on its two bonus categories: travel and dining, which includes both dine-in and takeout and delivery. Translated, this equals 2% back on travel and dining if you redeem your points for cash, or 2.5% if you redeem your points for travel through Chase or the Pay Yourself Back program.[Pro tip: The Sapphire Preferred does come with an annual fee of $95, so it\u2019s important to bear that in mind when considering the rewards it offers.]Non-bonus categoriesFor purchases outside the travel and dining categories, spending on the Sapphire Preferred yields only one point per dollar spent, which equals 1% back or 1.25% back if you redeem your points for travel through Chase or the Pay Yourself Back program, which I go into detail about below.No foreign transaction feesThough the Chase Sapphire Preferred card charges an annual fee, it doesn\u2019t charge a fee on purchases made abroad. Foreign transaction fees can add up quickly, so this is a great card to consider if you\u2019re planning on travelling internationally.This makes the Sapphire Preferred a great option for international travel because you\u2019ll not only be able to get more value out of your points when you use them to book travel through Chase Ultimate Rewards, but you\u2019ll also be able to earn bonus rewards for travel and dining purchases at your destination.Pay Yourself Back programAs I mentioned, the Pay Yourself Back program is another way you can get a 25% bonus on your Sapphire Preferred spending, aside from the traditional way of redeeming for travel through Chase.The Pay Yourself Back program essentially allows you to get the same 25% bonus statement credit when you use your points to cover purchases you\u2019ve already made in certain categories.Currently, these categories are dining, groceries, home improvement, and select charities, but they are set to expire at the end of September 2021, excluding charity, which will expire at the end of December 2021.You\u2019ll see the Pay Yourself Back program when you go to your points. This is what the interface looks like.Here you can see an example of the 25% bonus offered through the Pay Yourself Back program. Usually, I would need 2,587 points to get $25.87 in cash back, but if I choose to pay myself back for this Safeway purchase, I\u2019ll get the same amount of money for only 2,069 points.However, this money will be applied as statement credit rather than as cash. This means that if my balance is zeroed out when I redeem these points, I\u2019ll get a -$25.87 balance that will cover my next purchases.It\u2019s important to note that the ability to pay yourself back isn\u2019t going to replace your minimum payment obligations. For example, if I owe a $25 minimum payment on an existing balance, redeeming my points will decrease that balance, but I can\u2019t avoid the minimum payment or late fee by paying myself back in this way.You should also bear in mind that you\u2019re ineligible for this bonus if you\u2019ve earned a Sapphire bonus in the last 48 months. If you\u2019ve received a bonus from another Sapphire card sometime in the last four years, you\u2019ll need to wait for that period to expire before you can take advantage of this offer.Earn extra pointsWith this card, you may be able to get significantly more than the basic rewards points by strategically redeeming the points you earn through regular spendingFor example, if you use the Pay Yourself Back program or book travel through Chase Ultimate Rewards, your cash back rates in the bonus categories will increase by 25%.You can also transfer your points to third-party rewards programs, which will open up more opportunities for you to perhaps get even more than the 25% bonus you\u2019d get through Pay Yourself Back or Chase Ultimate Rewards.Referral bonusesYou\u2019ll get 15,000 extra points for each person you refer to the Sapphire Preferred, up to five times per year. That can equal up to $750 in points or $937.50 for travel, just in referral rewards.Bonus rewards and statement credits for servicesThe Chase Sapphire Preferred also offers other rewards and statement credits, including:Grocery credit: Chase offers up to $50 in grocery credit for new cardmembers in their first year.Food delivery subscription: The Sapphire Preferred also comes with a DashPass subscription for DoorDash or Caviar, which would usually cost $10 per month.Peloton credit: With the Sapphire Preferred, you can also get up to $60 in statement credit on Peloton Digital and All-Access memberships through the end of 2021. The $60 will be applied automatically to your account after your purchase, but it won\u2019t work if you buy it through a third-party platform like the App Store or the Google Play store, so if you\u2019re interested in that offer, make sure to get your membership directly from Peloton.Rideshare bonus: You\u2019ll also earn 5% back on Lyft rides and subscriptions through the end of March 2022. If you use those points to book travel through Chase Ultimate Rewards, your bonus will increase to 6.25%.My Chase PlanFinally, the Sapphire Preferred gives you access to My Chase Plan, which can help you work out an interest-free payment arrangement on purchases over $100. You just have to charge the purchase to your card. If it\u2019s eligible, you\u2019ll see the option to pay through My Chase Plan in your account activity. Once you opt into that, you\u2019ll be able to select a payment plan that works for you.There is a small monthly fee for the My Chase Plan, so it\u2019s not completely free. That said, it allows you to avoid the perils of compound interest.Points transferralThe Chase Sapphire Preferred also allows you to transfer your points to certain hotel and airline rewards programs at a one-to-one value as long as you have 1,000 or more points. If you have any other Chase cards, you can also consolidate your rewards onto your Sapphire Preferred card and then transfer them all to another rewards program.Why is this important? While you get 25% extra credit with the Sapphire Preferred when you pay yourself back or book travel through Chase Ultimate Rewards, in some cases you might get even more if you transfer those points from your Chase account to another rewards provider.Currently, the Chase Sapphire Preferred has 13 supported partners you can transfer your points to: Aer Lingus AerClub, British Airways Executive Club, Emirates Skywards, Air France KLM Flying Blue, Iberia Plus, JetBlue TrueBlue, Singapore Airlines KrisFlyer, Southwest Airlines Rapid Rewards, United Airlines MileagePlus, Virgin Atlantic Flying Club, Intercontinental Hotels Group Rewards Club, Marriott Bonvoy, and World of Hyatt.When you transfer your points to one of these providers, you\u2019re only going to get a one-to-one value, but these providers occasionally offer their own bonuses that go beyond the 25% extra you would get from Chase, in which case you would get a greater bonus for transferring your points.Bear in mind that this transfer can also backfire and cause you to receive less value per point than if you had simply redeemed for travel through Ultimate Rewards or Pay Yourself Back. Thus, it\u2019s important to do the math before transferring your points so you can be sure to get the best value.Combine points with other Chase cardsChase also allows you to combine the points you earn with your Preferred card with points you earn on other cards.For example, if you have the Freedom Unlimited card, which comes with 1.5% cash back on non-bonus spending (compared to the 1% with Sapphire Preferred), you can put your non-bonus purchases on your Freedom Unlimited for the higher rate and then transfer the points to your Sapphire Preferred card to take advantage of its benefits.In some cases you might want to avoid having two cards from the same provider, but in this case there\u2019s a kind of symbiotic relationship where you can earn the points on one card and redeem them on another card to maximize your overall value.Chase Sapphire Preferred FeesUnlike many of the competitor cards, the Chase Sapphire Preferred card does not come with high fees or other costs. The only real fee you pay for this card is the annual fee, which will cost you about $95 each year.When weighing the annual fee, keep in mind that the question isn\u2019t just whether the Sapphire Preferred will give you $95 or more in rewards to offset the costs. You also need to ask whether it\u2019s going to give you $95 more than a comparable card that\u2019s free.You will have additional costs for balance transfers \u2014 either $5 or 5% of the amount of each transfer, whichever is greater \u2014 but there are no monthly fees, no foreign transaction fees, or other costs that come with this card.Chase Sapphire Preferred ProsHuge sign-up bonus: The Sapphire Preferred comes with a huge signup bonus of 100,000 points, which can be redeemed for $1,250 for travel through Chase Ultimate Rewards, the biggest welcome I\u2019ve ever seen on this card.Lucrative bonus rewards: While the base rewards make it seem like you\u2019re only going to get 1-2% back on the bonus categories, in many cases, you\u2019ll be able to get significantly more than that by strategically redeeming the points you earn through regular spending.Flexible points transfers: You not only have the ability to transfer points from your Sapphire Preferred account to another rewards platform, but you also have the ability to transfer points to the Sapphire Preferred from another Chase card.No foreign transaction fees: The Sapphire Preferred doesn\u2019t come with any foreign transaction fees, so you can earn the same rewards abroad that you would in the United States.Chase Sapphire Preferred ConsThe annual fee: While an annual fee isn\u2019t necessarily a bad thing since you can sometimes offset that cost with your rewards, it\u2019s something to take into account, especially when you\u2019re looking at a card that costs $95 a year. Until you get $95 in rewards per year, you\u2019re just going to be making up what you paid to keep the card open.Basic rewards rates: There\u2019s a lot to like about the Sapphire Preferred, but the rewards rates themselves aren\u2019t anything special compared to some of the other cash-back cards on the market. The Chase Freedom Unlimited, for example, has no annual fee but offers 1.5% back on non-bonus purchases, 3% on dining, and 5% on travel you book through Ultimate Rewards.Missing premium features: The Sapphire Preferred is missing a few premium features that you can get with the Sapphire Reserve. The Sapphire Reserve costs $550 a year, but it comes with some additional perks that might justify the cost, like a $300 annual travel credit, access to some airport lounges, and a 3% bonus on travel and dining instead of the 2% through Sapphire Preferred.Chase Sapphire Preferred FAQs.accordion-list .accordion-title:hover{color: #4db848;}How much are the Chase Sapphire Preferred points worth?The value of Chase Sapphire Preferred points vary. Chase Sapphire Preferred points are worth about 1.25 cents when you redeem them to book travel, such aas airfare, rental cars, cruises, or hotels. If you redeem the points for cash, they\u2019re worth about 1 cent apiece. Do Chase Sapphire Rewards expire?No, Chase Sapphire Rewards won\u2019t expire. As long as your account is open, your points are safe in your account, and there is no limit to the number of points you can earn. What credit score is required for the Chase Sapphire Preferred card?A score above 700 is typically needed to qualify for this card. Chase puts other limitations on credit card approvals, too \u2014 including the 5\/24 rule, which limits approvals to applicants who have applied and been approved for fewer than five credit cards in the last 24 monthsChase Sapphire Preferred Alternatives.btn.btn-blue.dift:hover, .btn.btn-default.dift:hover {color: #4db848;border-color: #4db848;background: #fff !important;}\t\t\t Chase Sapphire PreferredChase Sapphire ReserveCapital One Venture Rewards CardAmerican Express Gold Card \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tPros and Cons\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tRead Review\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tAnnual Fee\t\t\t\t\t\t\t$95\t\t\t\t\t\t\t\t\t\t\t\t\t$550\t\t\t\t\t\t\t\t\t\t\t\t\t$95\t\t\t\t\t\t\t\t\t\t\t\t\t$250\t\t\t\t\t\tRewards Rate\t\t\t\t\t\t\t2 Chase Ultimate Rewards points per $1 for travel and restaurants1 point per dollar on everything else\t\t\t\t\t\t\t\t\t\t\t\t\t3 Chase Ultimate Rewards points per dollar on dining and travel 1 point per dollar on everything else else\t\t\t\t\t\t\t\t\t\t\t\t\tEarn unlimited 2X miles per dollar on every purchase, every day\t\t\t\t\t\t\t\t\t\t\t\t\t4 Membership Rewards points per dollar at restaurants4 points per dollar spent at U.S. supermarkets on up to $25,000 in purchases per year3 points per dollar spent for flights booked directly with airlines or with American Express Travel1 point per dollar spent on other eligible purchases\t\t\t\t\t\tWelcome Bonus\t\t\t\t\t\t\tEarn 100,000 bonus points for spending at least $4,000 within three months of opening the account\t\t\t\t\t\t\t\t\t\t\t\t\t60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening\t\t\t\t\t\t\t\t\t\t\t\t\tEarn 100,000 bonus miles when you spend $20,000 on purchases in the first 12 months from account opening, or still earn 50,000 miles if you spend $3,000 on purchases in the first 3 months\t\t\t\t\t\t\t\t\t\t\t\t\tEarn 60,000 points after you spend $4,000 on eligible purchases within the first six months from account opening\t\t\t\t\t\tForeign Transaction Fee\t\t\t\t\t\t\tNone\t\t\t\t\t\t\t\t\t\t\t\t\tNone\t\t\t\t\t\t\t\t\t\t\t\t\tNone\t\t\t\t\t\t\t\t\t\t\t\t\tNone\t\t\t\t\t\tRewards Redemption Options\t\t\t\t\t\t\tTravelExperiencesMerchandise Gift cardsCashStatement credit\t\t\t\t\t\t\t\t\t\t\t\t\tTravelExperiencesMerchandise Gift cardsCashStatement credit\t\t\t\t\t\t\t\t\t\t\t\t\tTravelCashGift cards\t\t\t\t\t\t\t\t\t\t\t\t\tTravelPoint transfers to partners, including airlines and hotelsGift cardsStatement creditShoppingDonations to charity\t\t\t\t\t\t\t\t\t \t\tWho the Chase Sapphire Preferred Card is Good ForCardholders who already have another Chase cardIf you already have another Chase card, particularly the Freedom Unlimited or the Freedom Flex, I would recommend the Chase Sapphire Preferred to you.As I mentioned before, the Freedom Unlimited offers 1.5% cash back on non-bonus spending, 3% back on dining, and 5% when you use your points to book travel through Chase Ultimate Rewards. The Sapphire Preferred offers more redemption-oriented opportunities, like bonuses for Pay Yourself Back, paying for travel, or potentially transferring your points to a third-party rewards platform.Thus, while the benefits are great when you have one card or the other, you unlock even more opportunities when you use them together since they offer different types of perks.Those who regularly book travel overseasThe Sapphire Preferred would also be a good fit for you if you book a lot of travel, especially if you need a card with no foreign transaction fee. While it isn\u2019t just a travel card, it is particularly well-suited to people with lots of travel spending since it offers a 25% bonus on most of your rewards and the opportunity to redeem your points in a mileage or hotel reward program for more than you would get through Chase Ultimate Rewards.However, if you have a high level of travel spending, the Sapphire Reserve would probably be a better option for you than the Preferred, even considering the $455 difference between their annual fees ($95 for Preferred and $550 for Reserve).Ultimately, that decision is going to depend on your spending. Up to a certain point, you\u2019ll be better off with the Preferred, but beyond that point, the extra cost for the Reserve is worth it. If you\u2019re interested in taking a closer look at the exact numbers, keep an eye out for my upcoming Preferred vs. Reserve comparison video.Who the Chase Sapphire Preferred Card May Not Be Good ForThose who want a simple cash-back setupIf you\u2019re just looking for a simple cash-back setup, I might recommend looking for another card. The Sapphire Preferred is great for travel rewards, but it\u2019s a little more labor-intensive. If you want to maximize the value out of it, you\u2019re going to have to book travel, transfer your points, etc.Thus, if you\u2019re looking for the easiest way to get as much cash back as possible, you might want to look at something like the Citi Double Cash card, which gives you 2% cash back on all purchases. While you will miss out on some of the optimization opportunities with the Citi Double Cash card, you\u2019ll be able to get 2% back without having to worry about the extra steps.Regular travelers who want more travel-related perksI hinted at this a minute ago, but I also would not recommend the Sapphire Preferred to you if you book enough travel to make the Sapphire Reserve worth the annual fee of $550. Many people are wary of the Reserve because of the large price tag, and for good reason, but there are a lot of contexts where the Sapphire Reserve outperforms the Sapphire Preferred.First, the Reserve comes with a $300 annual travel credit, which effectively brings the annual fee down to $250, assuming you already spend $300 or more on travel per year. On top of that, Reserve cardholders get a 50% bonus on Pay Yourself Back and on travel booked through Chase Ultimate Rewards \u2014 double the bonus offered by Sapphire Preferred.Reserve cardholders also get 3% back on travel and dining (compared to 2%), 10% back on Lyft (compared to 5%, and a reimbursement of up to $100 in Global Entry\/TSA PreCheck application costs.Thus, even without considering the subjective benefit of the access to airport lounges, you can see how the Sapphire Reserve could end up being a lot more valuable for big spenders.Final Thoughts on the Chase Sapphire PreferredThe Chase Sapphire Preferred card may not offer the same types of perks that other premium travel cards offer \u2014 there is no airport lounge access or free baggage checks \u2014 but it comes with other perks, like the bonus categories, travel partners, and Pay Yourself Back program that can make this card\u2019s rewards structure useful to a savvy cardholder.That said, whether or not the Chase Sapphire Preferred card is the right one for you will depend on a lot of factors. If you\u2019re a light traveler who\u2019s concerned about getting value from other travel cards with high annual fees, this card may be a good fit. Or, if you regularly use another Chase card, or use your cards on overseas trips and want to avoid the high costs associated with foreign transaction fees, this card could be useful to you.If you\u2019re aiming for a card with tons of travel perks, or if you\u2019re looking for a simple cash-back structure, you may not find this card as useful as others would. If you\u2019re willing to pay a larger annual fee, you might come out ahead with the Sapphire Reserve. It all depends on your goals for your cards and how you plan on structuring your spending."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Passive Income","item":"https:\/\/moneydoneright.com\/passive-income\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Cash Back And Rewards","item":"https:\/\/moneydoneright.com\/passive-income\/\/cash-back-and-rewards\/#breadcrumbitem"},{"@type":"ListItem","position":3,"name":"Credit Cards","item":"https:\/\/moneydoneright.com\/passive-income\/\/cash-back-and-rewards\/\/credit-cards\/#breadcrumbitem"},{"@type":"ListItem","position":4,"name":"Chase Sapphire Preferred Review: A Useful Travel Card, But Only For Some","item":"https:\/\/moneydoneright.com\/passive-income\/cash-back-and-rewards\/credit-cards\/chase-sapphire-preferred-review\/#breadcrumbitem"}]}]