Current Offer (February 2026)
Earn 60,000 bonus points after spending $4,000 on purchases in the first 3 months. That's worth $750 when redeemed through Chase Travel, or potentially $1,200+ if you transfer to Chase's airline and hotel partners. There's no intro 0% APR offer on this card — it's built for rewards, not balance transfers.
The ongoing APR sits between 21.49%–28.49% variable. Pay your balance in full each month and this never becomes relevant. If you carry balances, look at the Citi Double Cash or a dedicated balance transfer card instead.
Rewards Rates
| Category | Earn Rate | Est. Value per $1 spent |
|---|---|---|
| Dining & Restaurants | 3x points | 3.75¢–6¢ |
| Travel (all types) | 2x points | 2.5¢–4¢ |
| Lyft rides | 5x points | 6.25¢–10¢ |
| DoorDash / Instacart | 3x points | 3.75¢–6¢ |
| Everything else | 1x points | 1.25¢–2¢ |
Point values shown as a range: the low end reflects Chase Travel portal redemptions (1.25¢/pt), the high end reflects premium transfer partner redemptions. Most cardholders should realistically target 1.5–2¢ per point as an average blended value.
Calculate Your Annual Rewards
Pros & Cons
- 60,000-point signup bonus worth $750–$1,200+
- Strong 3x earn rate on dining
- Transfer to 14 airline and hotel partners
- Primary rental car insurance (rare at $95)
- Trip cancellation up to $10,000 per trip
- No foreign transaction fees
- Points pool with Chase Freedom cards
- No lounge access (unlike Chase Sapphire Reserve)
- 1x on groceries is below competitors
- No intro 0% APR period
- $95 annual fee (though easily justified)
- Dining credit less generous than Amex Gold
Travel & Purchase Protections
This is where the Sapphire Preferred earns its $95 fee. The protection suite is unusually robust for a sub-$100 card:
- Trip Cancellation / Interruption Insurance: Up to $10,000 per covered trip, $20,000 per occurrence. Covers illness, severe weather, and other covered reasons.
- Primary Rental Car Insurance: Covers collision damage — most cards only offer secondary coverage, which means your own insurance pays first. Primary coverage means you can decline the rental agency's CDW entirely.
- Baggage Delay Insurance: Up to $100/day (5 days max) if your baggage is delayed more than 6 hours.
- Trip Delay Reimbursement: Up to $500 per ticket if your trip is delayed 12+ hours or requires an overnight stay.
- Purchase Protection: 120 days against theft or damage, up to $500 per claim.
- Extended Warranty: Adds 1 year to manufacturers' warranties of 3 years or less.
The Ultimate Rewards Ecosystem
The Sapphire Preferred earns Chase Ultimate Rewards points, one of the most flexible point currencies available. You have three redemption paths:
1. Chase Travel Portal (1.25¢/pt)
Redeem directly for flights, hotels, car rentals, and activities. Simple, predictable, and solid — but not where you'll find maximum value.
2. Transfer Partners (1.5–4¢/pt)
Transfer 1:1 to 14 airline and hotel programs including United MileagePlus, Hyatt, Southwest, British Airways, Air France/KLM, and more. Hyatt transfers in particular consistently deliver 2–3¢ per point for premium hotel stays. This is where the Sapphire Preferred becomes genuinely elite-level.
3. Cash Back (1¢/pt)
Redeem for statement credits at 1 cent per point. This is the floor — use it only if you have leftover points with no near-term travel plans.
If you also hold the Chase Freedom Unlimited or Freedom Flex (both no-fee cards), their 1.5–5x earnings on everyday categories feed into the same Ultimate Rewards pool, boosting your effective earn rate significantly.
Who Should Get This Card?
The Chase Sapphire Preferred is a strong fit for you if you spend meaningfully on dining and travel, want a flexible points currency you can transfer to airlines and hotels, and don't want to pay $550+ for a premium card. It's the classic "first serious travel card" for good reason.
It's a weaker fit if most of your spending is on groceries (Amex Gold's 4x is better), if you want lounge access (Chase Sapphire Reserve or Capital One Venture X), or if you need an intro 0% APR period.
How It Compares
The Sapphire Preferred's closest competitors are the American Express Gold ($250 fee, 4x dining and groceries) and the Capital One Venture X ($395 fee, 10x on hotels). At $95, the Sapphire Preferred wins on value-to-fee ratio for most people who aren't heavy spenders in a single category.