The Chase Sapphire Preferred Card is a premium travel rewards credit card that has gotten very popular due to its rewards structure and flexible Ultimate Rewards points that can be redeemed for cash, travel credits, or transferred to airline miles and hotel points. If you don’t have it yet, the current 100,000 point bonus is the highest offer ever. Here are the highlights:
100,000 bonus Ultimate Rewards points after $4,000 in purchases within the first 3 months. This is worth $1,250 when you redeem through Chase Ultimate Rewards towards travel and other categories (including grocery and dining through 9/30/21). You could do even better if converting to airline miles or hotel points.
25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. 100,000 points are worth $1,250 toward travel. No blackout dates. As long as there’s a seat on the flight, you can book it through Chase Ultimate Rewards.
25% more value with Pay Yourself Back tool., when you redeem them for statement credits against existing purchases in select, rotating categories. 100,000 point can offset $1,250 in purchases in those specific categories. NEW: From October 2021 to March 2022, you can get 1.25 cents per point value when redeemed for statement credits against purchases with Airbnb, Away through awaytravel.com, and donations to select charitable organizations.
NEW: 5X total points on all travel purchased through Chase Ultimate Rewards. 2X points on all other travel purchases.
NEW: 3X points on on dining, including eligible delivery services, takeout and dining out. (Previously 2X.) 1 point per dollar spent on all other purchases.
NEW: 3X points on select streaming services. Includes Disney+, Hulu, ESPN+, Netflix, Sling, Vudu, Fubo TV, Apple Music, SiriusXM, Pandora, Spotify and YouTube TV.
NEW: 3X points on online grocery purchases (excluding Target, Walmart and wholesale clubs).
NEW: $50 Annual Credit on hotel stays purchased through Ultimate Rewards. New cardmembers will start earning towards the credit immediately and existing cardmembers will start earning after their next account anniversary.
NEW: 10% Anniversary Point Bonus. Each account anniversary, cardmembers will earn bonus points equal to 10% of total purchases made the previous year. That means, $25,000 in spend will earn an additional 2,500 bonus points.
Free year of DoorDash DashPass. Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash’s subscription service. Activate by 12/31/21. If you are new customer to DoorDash and sign up via my DoorDash referral link, you will get $10 off your first 3 DoorDash orders over $20 ($30 total savings). I will get food credits as well. Thanks if you use it!
5X total points on Lyft rides through March 2022.
$60 in statement credits on Peloton Digital and All-Access Memberships through 12/31/2021. Take classes using a phone, tablet, or TV. No fitness equipment is required.
No foreign transaction fees.
1:1 point transfer to leading airline and hotel loyalty programs. New: Air Canada Aeroplan is now a transfer partner.
Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
$95 annual fee.
Note the following text:
The product is not available to either (i) current cardmembers of any Sapphire credit card, or (ii) previous cardmembers of any Sapphire credit card who received a new cardmember bonus within the last 48 months.
Chase has an unofficial rule that they will automatically deny approval on new credit cards if you have 5 or more new credit cards from any issuer on your credit report within the past 2 years (aka the 5/24 rule). This rule is designed to discourage folks that apply for high numbers of sign-up bonuses. This rule applies on a per-person basis, so in our household one applies to Chase while the other applies at other card issuers.
Ultimate Rewards points. This card offers a special 25% bonus on travel redemptions made through the Ultimate Rewards travel website. For example, 60,000 Ultimate Rewards = $750 in travel. Similar to Expedia or Travelocity, you can book flights on most major airlines and hotel chains. This makes it much more flexible to spend your points. You can even buy something more expensive and pay the difference.
If you have other Chase cards that earn Ultimate Rewards points like the Freedom Flex, Freedom Unlimited, Ink Business Cash or Ink Business Unlimited, you can transfer points into this card account and take advantage of the this higher premium. In other words, your existing Ultimate Rewards points balance could be increased in value by getting this card.
The Chase Sapphire Reserve Card is the “ultra-premium” rewards card that offers a bigger 50% bonus on travel redemptions, along with more perks and a higher annual fee.
Prefer airline and/or hotel points? This card also allows you to transfer Ultimate Rewards points into hotel and/or airline miles. Transfer to United Airlines, British Airways, Air Canada, Singapore Airlines, Korean Air, Southwest, Hyatt Hotels, IHG Hotels, and Marriott Hotels at a ratio of 1 Ultimate Rewards point = 1 mile/hotel point. Miles redemption continue to offer great value for savvy travelers, especially for last-minute travel and business class seats. I personally use the transfers to “top off” my account to reach a free coach ticket or free hotel night when I don’t have enough points otherwise. My favorite options are United miles, Southwest miles, and Hyatt hotel points. In this manner, I can often get close to 2 cents per point value.
Cash redemptions are a simple and easy option, but the conversion is a straight 100 points = $1.
Sharing points. Ultimate Rewards points are instantly transferable to other accounts including family members, as long as they have their own Chase card with Ultimate Rewards as an authorized user. This way, you can pool points together for transfers and redemptions if you like.
Additional card benefits:
Premium, dedicated customer service line with a live person, 24/7. A real person picks up after a couple rings, no phone trees or typing those darn 16 digits over and over. You can use this feature to redeem cash rewards over the phone for free, although booking rewards tickets over the phone costs $20 (doing so online is free).
Primary car rental collision damage waiver insurance. Decline the rental company’s collision insurance and charge the entire rental cost to your card. Coverage is primary and provides reimbursement up to $75,000 for theft and collision damage for most rental cars in the U.S. and abroad. Most other cards only offer secondary coverage that kicks in only after the deductible of your individual insurance policy is used.
Trip Cancellation/Trip Interruption Insurance. If your trip is canceled or cut short by sickness, severe weather and other covered situations, you can be reimbursed up to $10,000 per trip for your pre-paid, non-refundable travel expenses, including passenger fares, tours, and hotels.
Trip Delay Reimbursement. If your common carrier travel is delayed more than 6 hours or requires an overnight stay, you and your family are covered for unreimbursed expenses, such as meals and lodging, up to $500 per ticket
Bottom line. The Chase Sapphire Preferred Card is a popular premium travel rewards card. The sign-up bonus is currently 100,000 Ultimate Rewards points worth 100,000 United miles, 100,000 Hyatt points, or $1,250 towards travel when you redeem through Chase Ultimate Rewards travel portal or in select categories via their Pay Yourself Back tool. The 3X points on dining out, online grocery, and select streaming services plus a $50 annual hotel credit are new additions.
You can only get one Sapphire bonus every 48 months, so compare with the Chase Sapphire Reserve Card, which offers a bigger 50% bonus on travel redemptions, along with more perks and a higher annual fee.
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