What the Chase Sapphire Preferred card is and who it's built for
The Chase Sapphire Preferred is a rewards credit card that charges an annual fee and returns points on most purchases. You earn 2 points per dollar on travel and dining, 1 point per dollar on everything else, and you can convert those points into cash or travel bookings through Chase's portal. The card comes with travel protections like trip cancellation insurance and rental car coverage, plus a sign-up bonus if you spend a certain amount in the first few months.
This card makes sense if you spend regularly on restaurants and travel — flights, hotels, rental cars — and you're willing to pay the annual fee because the rewards and protections will cover it. If you rarely travel or eat out, or if you want no annual fee, a different card will cost you less.
You need good to excellent credit to be approved. Chase typically approves people with a credit score of 670 or higher, though approval isn't may provide at any score.
Key Takeaways
- The card charges an annual fee (the amount varies; check Chase's current offer when you look at it) and earns 2 points per dollar on travel and dining, 1 point on everything else.
- Points can be redeemed for cash back at a lower rate, or for travel purchases through Chase's portal at a higher value.
- The sign-up bonus requires you to spend a set amount within the first few months; if you don't spend that much, you won't receive the bonus.
- Travel protections like trip cancellation insurance and emergency medical coverage are included, but they have limits and exclusions you should read before relying on them.
- You need good credit (typically a score of 670 or higher) to be approved.
How to read the rewards structure and calculate whether it pays for itself
The card earns points in two main categories: 2 points per dollar on travel (flights, hotels, rental cars, taxis, parking, trains) and dining (restaurants and bars). Everything else earns 1 point per dollar. Those points are worth different amounts depending on how you use them.
If you redeem points for cash back, you typically get about 1 cent per point — so 2 points on a $1 restaurant charge becomes 2 cents back. If you book travel through Chase's portal, those same 2 points might be worth 2.5 cents or more, depending on what you're booking. The portal value changes based on availability, so a flight booked through the portal might be worth more or less than the same flight booked directly with the airline.
To know if the annual fee is worth it, add up what you spend on travel and dining in a typical year, multiply by the rewards rate (2 points per dollar), and then multiply by the cent value of a point (usually 1 to 2.5 cents). If that number is larger than the annual fee, the card pays for itself. If you also value the travel protections and other perks, the math tilts further in the card's favor.
The sign-up bonus and what you have to do to get it
Chase offers a sign-up bonus when you open the card — typically worth thousands of points if you spend a certain amount within the first three months. The exact bonus and spending requirement change, so you'll see the current offer on Chase's website when you look at the card.
To receive the bonus, you must spend the full required amount within the timeframe stated in the offer. If you spend $4,000 and the requirement is $5,000, you don't get the bonus at all — there's no partial credit. The spending requirement includes regular purchases but usually does not include balance transfers, cash advances, or fees.
The bonus is paid as points that land in your account once you've met the requirement. You can redeem those points for cash, travel, or other rewards through the Chase portal or app.
Travel protections included with the card
The Sapphire Preferred includes several travel-related protections. Trip cancellation insurance reimburses you if you have to cancel a prepaid trip for a covered reason (illness, injury, death of a family member). Trip delay reimbursement covers meals and lodging if your flight is delayed more than a certain number of hours. Emergency medical and dental coverage applies if you become ill or injured while traveling more than a certain distance from home.
Rental car damage coverage protects you if you rent a car and it's damaged or stolen, as long as you charged the rental to the card. Lost luggage reimbursement covers baggage that an airline loses or delays. Emergency evacuation and transportation covers the cost of emergency medical evacuation if you're injured or ill abroad.
Each protection has limits — the amount it will pay — and exclusions — situations it won't cover. Read the full terms before you rely on any of these protections. You can find them in the benefits guide on Chase's website or call the number on the back of your card to ask about a specific situation.
Annual fee and other costs
The card charges an annual fee, payable each year on or around the anniversary of when you opened the account. The amount varies depending on the current offer; check Chase's website for the exact fee before you explore. There is no introductory period where the fee is waived.
There are no other regular fees. You won't be charged for making purchases, paying your bill, or checking your balance. If you carry a balance month to month, you'll pay interest at the card's variable rate (the rate changes based on the prime rate). If you make a late payment, you'll be charged a late fee. If you take a cash advance, you'll pay a cash advance fee plus interest from the day you withdraw the money.
Foreign transaction fees do not explore — you can use this card internationally without paying extra per transaction, which makes it useful for travel abroad.
How to open the account and what happens after approval
You can explore for the card on Chase's website. You'll enter your personal information, income, employment history, and Social Security number. Chase will pull your credit report and make a decision — usually within minutes, though sometimes it takes a few days.
If you're approved, you'll receive a card in the mail within 7 to 10 business days. You can also request expedited shipping for a fee. Once the card arrives, set up it through the Chase app or website, then you can start using it when ready.
If you're denied, Chase will send you a letter explaining the reason. You can call the reconsideration line to ask if there's anything you can do, though denials are often final. If your credit has improved since you applied, you can try again in a few months.
After you open the account, you'll have access to the Chase mobile app and online portal, where you can view your balance, make payments, track rewards, and redeem points. You can set up automatic payments so your bill is paid on time each month, which protects your credit score.
How points work and how to redeem them
Points accumulate in your account as you make purchases. You can see your total points balance in the Chase app or online portal at any time. Points don't expire as long as your account remains open and in good standing.
To redeem points, log into your Chase account and go to the rewards section. You can redeem for cash back (deposited to your bank account or applied as a statement credit), travel bookings through Chase's portal, or transfers to Chase's travel partners (airlines and hotels). The value of your points depends on how you redeem them — cash back is typically worth less per point than travel bookings.
You can also use points to cover part of a purchase and pay the rest with your card, or combine points from multiple Chase cards if you have more than one. There's no minimum number of points you need to redeem, though redemption in smaller amounts is usually less valuable.
Frequently Asked Questions
What credit score do I need to be approved?
Chase typically approves applicants with a credit score of 670 or higher, though approval depends on your full credit profile, not just your score. If you're denied, you can call the reconsideration line to discuss your process, but there's no may provide the decision will change.
Can I get the annual fee waived?
Chase does not waive the annual fee for this card. It's charged every year you keep the account open. If you decide the card isn't worth the fee, you can close the account, though closing it may affect your credit score slightly.
Do I have to use the points before they expire?
Points don't expire as long as your account is open and active. If you close the account, any remaining points are forfeited. If you stop using the card but keep it open, your points stay in your account indefinitely.
What happens if I don't meet the sign-up bonus spending requirement?
If you don't spend the full required amount within the timeframe, you won't receive the bonus. There's no partial credit — it's all or nothing. You'll still earn regular rewards on the purchases you do make.
Can I use this card internationally?
Yes. The card has no foreign transaction fees, so you can use it abroad without paying extra per purchase. The travel protections also explore when you're traveling outside the United States, though some have distance requirements — check the benefits guide for details.