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Chase Sapphire Preferred® Card Review

Chase Sapphire Preferred® is an excellent points rewards credit card that offers comprehensive benefits, flexible rewards, a strong partner program, and multiple ways to earn bonus points. There is an introductory annual fee of $0 the first year, then a $95 annual fee moving forward, but if you use the card with any regularity, your rewards will easily cover that cost. Apply Here

Cliff Brody

Cliff Brody

Rewards Credit Cards Expert

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Updated: February 4, 2014

The Good

Large sign-up bonus:

At 40,000 bonus points, the Chase Sapphire Preferred® Card offers one of the best sign-up bonuses. However, in order to get the bonus you have to spend $3,000 in the first three months of card ownership, which can add up to $500 towards travel rewards and more. If you know there are some big purchases coming up in the near future, making those purchases with your new Chase Sapphire Preferred® Card can be a quick way to secure some major points.

Annual dividend:

At the end of each year, Chase Sapphire Preferred® customers will receive a 7% Annual Points Dividend on all new points earn on purchases, even on points already redeemed. Unlike many rewards credit cards that require you to meet certain spending criteria in order to be eligible for a bonus, all Chase Sapphire Preferred® cardholders are eligible for this nice bonus.

1:1 point transfer:

Chase has partnered with numerous popular travel rewards programs that allow 1:1 point transfer, meaning 1,000 Ultimate Rewards points equal 1,000 partner miles or points. Some of the participating rewards programs include United MileagePlus, Southwest Airlines Rapid Rewards, British Airways Executive Club, the Ritz-Carlton Rewards, Marriott Rewards, and several others. Having the ability to transfer your points to these partner rewards programs make your points far more valuable.

Flexible redemption options:

Some competitor credit cards have limited options when it comes to redeeming points. The points you earn with the Chase Sapphire Preferred® Card can be redeemed for things like hotels, airline tickets, car rentals, gift cards, merchandise, and several other options. You can even redeem them for charitable causes. Having this much flexibility with your rewards makes accumulating points that much more desirable. On top of that, you can get 20% off airfare, hotels, car rentals, and cruises when you redeem through Ultimate Rewards.

Multiple ways to earn bonus points:

The Chase Sapphire Preferred® Card allows you to earn bonus points in multiple ways. For every dollar spent, cardholders can receive two points on travel, two points on dining, and one point on all other purchases. Providing multiple ways to earn bonus points makes it easy for your rewards to quickly accumulate.

No foreign transaction fees:

If you travel internationally on a regular basis, or if you have a big vacation on the horizon, you want to ensure the credit card you are using will not charge you foreign transaction fees. Similar rewards credit cards charge as much as 3% per foreign currency transaction. The Chase Sapphire Preferred® Card does not charge foreign currency transaction fees, allowing you to travel without worrying about unanticipated fees.

Wide-ranging benefits:

Additional benefits available for cardholders can vary fairly significantly between rewards credit cards. Chase Sapphire Preferred® cardholders have access to some of the most comprehensive benefits available in the industry. Some of these benefits include purchase security, price protection, travel insurance, fraud liability, emergency support, and several others.

The Bad

Annual fee:

The Chase Sapphire Preferred® Card has a $0 introductory fee the first year, then a $95 annual fee. There are multiple rewards credit cards without annual fees, and it might be worthwhile to acquire one of these cards if you don't plan on using your credit card on a regular basis. However, with all the benefits and bonuses accompanying the Chase Sapphire Preferred® Card, any regular usage will more than likely cover the annual fee.

All point transfers are final:

As mentioned, Chase Sapphire Preferred® allows you to transfer your points to a large number of partner organizations. When making these transactions, it's important to be aware that all point transfers are final. This is not necessarily a deal-breaking feature, just something to be mindful of when utilizing the partner program.

The Details

Rates and Fees
Annual Fee $95 ($0 first year)
Cash Advance Fee $10 or 5% per cash advance
Cash Advance Rate (APR) 19.24%
Foreign Currency Transaction Fee None
Introductory Rate (APR) None
Standard Rate (APR) 15.24%* Variable
Penalty Fees
Default Penalty Rate (APR) 29.99%
Late Payment Fee Up to $35
Minimum Interest Charge None
Over-Limit Fee None
Returned Payment Fee Up to $35
Balance Transfers
Introductory Balance Transfer Rate (APR) None
Standard Balance Transfer Fee $5 or 3% per transfer
Standard Balance Transfer Rate (APR) 15.24%* Variable
Rewards
Additional Rewards for Dining 2 points per $1
Additional Rewards for Gas None
Additional Rewards for Groceries None
Additional Rewards for Shopping None
Additional Rewards for Travel 2 points per $1
Bonus Points Offered 7% annual point dividend on all new points earned on purchases
Rewards Earnings for All Purchases 1 point per $1
Sign-Up Bonus 40,000 points after spending $3,000 within first 3 months
Type of Reward Points

Features

Rewards

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  • Offers Companion Reward - The airline credit card offers a companion airfare reward.
  • Additional 2:1 Rewards Categories - The credit card offers 2:1 rewards or more for at least one additional purchase category - like dining, travel, gas, groceries, shopping, or other.
  • Bonus Points Offered - The credit card offers bonus points you can earn throughout the year.
  • No Blackout Dates - There are no blackout travel dates for your points, miles, or cash back rewards.
  • No Expiration - Your rewards points, miles, or cash back rewards will never expire.
  • Sign-Up Bonus - The credit card offers a sign-up bonus reward.
  • Unlimited Rewards - You can accumulate an unlimited amount of points, miles, or cash back rewards with your credit card.
  • 2:1 Rewards or More - The credit card offers 2 Points, 2% Cash Back, or 2 Miles or more for every dollar spent.

Benefits

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Reward Redemption

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Application

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Balance Transfers

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Insurance Coverage

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