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Chase Sapphire Preferred® Card review: The best travel rewards card for less than $100

A powerful combination of bonus rewards, annual credits and bonus points.

 /  17 min
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Bankrate rating
Rating: 4.8 stars out of 5

Bottom line

The Chase Sapphire Preferred is an excellent entry point into the world of travel rewards since it offers impressive value, easy redemption options and premium benefits for a modest $95 annual fee.

  • Rewards value
    Rating: 4.8 stars out of 5
    4.8 / 5
    Rating: 1 stars out of 5
    1 / 5
    Rewards flexibility
    Rating: 5 stars out of 5
    5 / 5
    Rating: 3 stars out of 5
    3 / 5
Good to Excellent (670 – 850)
Recommended Credit

60,000 bonus points

Intro offer



Offer valuation


1x - 5x

Rewards rate



Annual fee

21.49% - 28.49% Variable

Regular APR

Chase Sapphire Preferred® Card Overview

The Chase Sapphire Preferred Card is one of the best travel credit cards on the market, thanks to its relatively low annual fee, generous rewards structure and various travel protections. Boasting a variety of travel and everyday reward categories, and stellar reward redemption value as well as an annual hotel stay credit through Chase as well as an anniversary points bonus, the Sapphire Preferred offers excellent value to everyday spenders and rewards experts alike.

Although it lacks some of the robust perks found in more premium travel cards, the card is a good fit for travelers who want to earn rewards on their flights and hotel stays without a hefty annual fee.

  • Credit Card Cash Back


    • 5X points on travel through Chase Travel℠
    • 5X total points on Lyft rides (2X on general travel and 3X-point bonus. Offer through March 31, 2025)
    • 3X points on dining (including eligible delivery services), select streaming services and online grocery purchases (excluding Walmart, Target and wholesale clubs)
    • 2X points on other travel
    • 1X points on other purchases
    • Rewards value: 1.25 cents per point when redeemed through Chase Travel℠ and around 2.0 cents on average through the right transfer partner

    Expert Appraisal: Exceptional
    See our expert analysis

  • Rewards

    Welcome offer

    • 60,000 bonus points after spending $4,000 on purchases within the first three months

    Expert Appraisal: Good
    See our expert analysis

  • Credit Card Search

    Rates and fees

    • $95 annual fee
    • $0 foreign transaction fees
    • No intro APR on purchases
    • No intro APR on balance transfers
    • 21.49 percent to 28.49 percent variable APR

    Expert Appraisal: Typical
    See our expert analysis

  • Congrats

    Other cardholder perks

    • 10 percent anniversary bonus points based on your total purchases the previous year.
    • Up to $50 in annual statement credits toward hotel stays through the Chase Travel portal.
    • Comprehensive travel insurance, including trip cancellation/interruption insurance, trip delay reimbursement, and baggage delay insurance.
    • Complimentary, limited-time credits and/or other partner perks with Lyft, DoorDash, Instacart, Peloton and GoPuff.
    • Potential access to My Chase Plan alternative payment plans with a fixed monthly fee.

    Expert Appraisal: Good
    See our expert analysis

Chase Sapphire Preferred pros and cons


  • Checkmark

    It carries higher rewards rates on more travel and everyday categories than some travel-focused cards.

  • Checkmark

    It packs phenomenal redemption value through its impressive airline and hotel transfer partners and 25 percent point value redemption boost toward Chase travel.

  • Checkmark

    The rich perk roster features benefits commonly found on higher-tier travel cards, including an anniversary bonus and a wide-range of travel protections


  • The current sign-up bonus is decent, but it isn’t the first-class value this card previously provided.

  • Although it may not be hard for typical cardholders to offset, there’s still a $95 annual fee.

  • This card doesn’t offer introductory APRs on purchases or balance transfers, unlike its no-annual-fee rivals.

Why you might want the Chase Sapphire Preferred

If you’re looking for a cost-effective travel card, the Sapphire Preferred is hard to beat. The travel perks, annual credits and bonus points are impressive for a card in its class and may even make up for the annual fee on their own. Perhaps even more appealing is the diverse selection of bonus categories and redemption options, plus the remarkably high redemption values to fuel your next trip.

Rewards: Outstanding travel value

The Sapphire Preferred card’s rewards program is a powerhouse, offering impressive rewards rates on a more comprehensive variety of travel categories than many competing cards. Plus, it rewards plenty of other popular everyday categories that may be difficult to find on typical travel cards, including dining, select streaming services and online grocery purchases (excluding wholesale clubs and superstores like Target and Walmart). 

However, this card’s biggest strength is the value of Chase Ultimate Rewards points on certain redemption options. By redeeming your points for travel through Chase Travel℠ — including plane tickets, hotels, car rentals and cruise vacations — your points are worth 25 percent more (1.25 cents per point). Chase also features an impressive list of 1:1 airline and hotel transfer partners, and the right one could provide a market value of about 2.0 cents per point on average according to our most recent valuation

Even this card’s non-travel redemptions are notable for their value and versatility. You can redeem Chase Ultimate Rewards points at 1 cent apiece for cash back, statement credits, gift cards, merchandise (including Apple product purchases), Chase Experience events and Chase Dining purchases. You can also use your points at the checkout screen on and PayPal for a lower value (0.8 cents apiece). There’s no cap on the number of points you can receive in all of these categories, so the Sapphire Preferred has solid potential to be your primary credit card.

Bankrate Insight

You can earn points in a few clever ways if you don’t mind a little legwork. There’s a 15,000-point referral bonus if any friends are approved (up to five referrals per year), which could be an easy way to earn up to 75,000 more points. Plus, the Chase Offers card-linked program could earn an extra helping of rewards while you’re online shopping — which complements the online grocery shopping category quite well.

Perks: High-caliber benefits for its card tier

In addition to its stand-out reward features, the Sapphire Preferred’s benefits include valuable perks you’d normally need to fork up a higher annual fee to get. For example, the stellar travel insurance you’ll receive with the Sapphire Preferred includes trip cancellation and interruption insurance, trip delay reimbursement and baggage delay insurance — top-tier protections usually found among premium travel cards with annual fees around $400 or more.

Two of the most valuable perks of the Sapphire Preferred are its recurring bonuses. You’ll get up to $50 back each year in statement credits for hotel stays purchased with the card through the Chase Travel portal, but you may be able to squeeze even more value out of the anniversary point bonus. An eye-catching 10 percent points bonus on your total combined spending in points from the previous year will be automatically added to your rewards balance each account anniversary.

These types of bonuses are rare and quite significant for big spenders, but even average budgets can earn a decent amount of points from this annual offer. Bureau of Labor Statistics spending data suggests that the average annual yearly spend is $15,900, which would net an extra 1,590 Ultimate Rewards points with the anniversary bonus, worth up to $318 (based on our 2-cent point valuation) in travel each year. These two yearly benefits alone can more than make up for the annual fee before factoring in your rewards spending.

Chase also stacks on additional, limited-time partner perks so that your first few years with the card are especially lucrative. Although these partner perks won’t last forever, you can also rack up statement credits and bonus points from the Sapphire Preferred’s Lyft, DoorDash, Instacart and Gopuff benefits. In fact, these generous food delivery perks could be worth close to $200 or more.

Welcome offer: Good, but not the card’s best bonus

The current welcome offer for the Chase Sapphire Preferred weighs in at 60,000 bonus points after you spend $4,000 on purchases in the first three months from account opening. That’s equivalent to $750 when you redeem through Chase Travel℠, or potentially around $1,200 with the right transfer partner (based on Bankrate’s latest point valuation of about 2.0 cents on average).

However, this is a 15,000-point decrease to the card’s previous offer of 75,000 points with the same spending requirement. On the plus side, this is the same offer available on the higher-tier Sapphire Reserve® card (60,000 points after a $4,000 spend in your first three months), though that card's higher Chase Travel redemption value of 1.5 cents per point makes its 60,000-point bonus more valuable).

Why you might want a different travel card

The Sapphire Preferred is an excellent rewards card for experienced and novice travel cardholders alike. However, the card isn’t currently offering the top-notch sign-up bonus it has a reputation for and it may take convincing if you’re wary of annual fees.

Rates and fees: Annual fee may discourage newcomers

The Sapphire Preferred has a $95 annual fee, which may appear intimidating if you’re an occasional traveler looking for your first travel card. However, this price tag is low compared to the perks and rewards the card offers. The annual account anniversary bonus points and credits can potentially offset the annual fee alone, but the fee isn’t too difficult to offset through your normal rewards spending if needed.

You’d only need to spend about $212 across your 3X categories or $317 in the 2X general travel category each month if you redeem toward Chase travel at a value of 1.25 cents per point. However, if you transfer your points to the right high-value Chase travel partner and redeem at a value of 2.0 cents per point, you’d only have to spend $132 in the 3X categories or $198 in the 2X general travel category each month to offset the annual fee.

This level of rewards and perk value can be difficult to find among no-annual-fee travel cards, so the annual fee can be well worth it for the Sapphire Preferred card’s stellar category variety, redemption options, transfer partners, travel insurance and other benefits. No-annual-fee competitors also typically have lower rewards rates than the Preferred card and no yearly credits or notable travel perks.

The other rates and fees are typical for travel cards — there are no foreign transaction fees to worry about while you’re abroad and the ongoing APR is only slightly higher than the average current credit card interest rate.

We tried it: Here’s what our experts say

Bankrate credit cards editor Nouri Zarrugh loves the flexibility that comes with the Sapphire Preferred. He especially appreciates that — unlike most travel cards — the Sapphire Preferred offers 1 cent per point in cash back redemption value. Most competing cards force you to sacrifice value if you redeem for anything other than travel bookings.

"This was my first mid-tier travel card and it was a great starting point thanks to its practical bonus categories and flexible redemption. I especially love that — though I can get more value by redeeming points for travel — I have the option to get at least 1 cent per point for cash back."

—  Nouri Zarrugh, Senior Editor, Credit Cards

How the Chase Sapphire Preferred compares to other travel credit cards

It’s hard for many cards to strike a balance between rewards, first-year value and benefits like the Sapphire Preferred does, but a few cards hold their own against the Sapphire Preferred. Here are a few of our favorites.

Image of Chase Sapphire Preferred® Card
Bankrate Score
Apply now Lock
on Chase's secure site

Annual fee


Intro offer

60,000 bonus points

Rewards rate

1x - 5x

Recommended Credit Score

Good to Excellent (670 – 850)
Image of Capital One Venture Rewards Credit Card
Bankrate Score
See Rates & Fees , Terms Apply
Apply now Lock
on Capital One's secure site

Annual fee


Intro offer

Earn 75,000 miles

Rewards rate

2 Miles - 5 Miles

Recommended Credit Score

Good to Excellent (670 – 850)

Best cards to pair with the Chase Sapphire Preferred

Other Chase credit cards are your best pairing option because of their complementary reward categories and the ability to pool your earned rewards onto one card. Although the Sapphire Preferred is not part of the traditional Chase trifecta, this card’s fantastic reward opportunities and redemption values make pairing the Chase Sapphire Preferred with the Chase Freedom Unlimited® and/or Chase Freedom Flex℠ one of the best credit card combinations available. Given that the Sapphire Preferred is a travel card, consider pairing it with a flat-rate travel card or a cash back credit card that rewards your biggest non-travel categories — such as the Chase Freedom Unlimited.

Just keep Chase’s 5/24 rule in mind as you search for cards to pair with the Sapphire Preferred: You may not be eligible to open a Chase credit card if you’ve already opened five or more credit cards (no matter the issuer) in the past 24 months.

Who is the Chase Sapphire Preferred right for?

The Chase Sapphire Preferred is a flexible and valuable rewards card that can suit a range of wallets. Here’s who’s most likely to squeeze the most value from the card. 

Bankrate’s Take — Is the Chase Sapphire Preferred worth it?

The Chase Sapphire Preferred card’s great travel and dining rewards, everyday bonus categories and annual bonuses make it one of the best — if not the best — travel cards with a $95 annual fee. Indeed, the Sapphire Preferred can be rewarding for both infrequent travelers and rewards experts, thanks to its flexible rewards program and terrific card pairing options. Just be aware of the number of cards you have if you want to pair with a Chase card and make sure your monthly budget will benefit from the rewards categories.

The information about the Chase Freedom Flex℠ has been collected independently by The card details have not been reviewed or approved by the card issuer.

How we rated this card

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We rate credit cards using a proprietary card scoring system that ranks each card’s estimated average rewards rate, estimated annual earnings, welcome bonus value, APR, fees, perks and more against those of other cards in its primary category.

Each card feature is assigned a weighting based on how important it is to people looking for a card in a given category. These features are then scored based on how they rank relative to the features on other cards in the category. Based on these calculations, each card receives an overall rating of 1-5 stars (with 5 being the highest possible score and 1 being the lowest).

We analyzed over 150 of the most popular rewards and cash back cards to determine where each stacked up based on their value, cost, benefits and more. Here are some of the key factors that influenced this card’s overall score and how the score influenced our review:

Frequently asked questions

Written by
Garrett Yarbrough
Writer, Credit Cards
Bankrate expert Garrett Yarbrough strives to make navigating credit cards and credit building smooth sailing for his readers. After regularly featuring his credit card, credit monitoring and identity theft analysis on, he joined the and Bankrate teams as a staff writer to develop product reviews and comprehensive credit card guides focused on cash back, credit scores and card offers.
Edited by Senior Editor, Credit Cards
Reviewed by Former Senior Editor, Credit Cards

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