What the Chase Sapphire Preferred offers and who it suits
The Chase Sapphire Preferred is a rewards card that gives you points on travel and dining purchases, plus a sign-up bonus if you spend a certain amount in the first months of holding it. The card charges an annual fee — currently $95 — which means the rewards need to outweigh that cost for it to make financial sense for you.
This card works best if you spend regularly on flights, hotels, restaurants, or rideshare services, and if you can use the travel credits the card offers to offset the annual fee. If you rarely travel or eat out, the fee will likely cost you more than the rewards are worth.
The card also gives you travel protections like trip cancellation insurance and emergency medical coverage abroad, though these are secondary benefits — they cover you only if your primary insurance doesn't. The real draw is the points earning rate and how those points convert to cash or travel bookings.
Key Takeaways
- The card earns 3 points per dollar on travel and dining, and 1 point per dollar on everything else, but you pay a $95 annual fee that you need to offset with rewards or credits.
- The sign-up bonus requires you to spend a set amount within the first months — the exact bonus and spending requirement change periodically, so check Chase's current offer before you open the account.
- Points can be redeemed through Chase's travel portal at a higher value than if you convert them to cash, so how you redeem matters to your actual return.
- The card includes a $50 annual travel credit that applies to things like airfare, hotels, and rental cars, which directly reduces the cost of the annual fee.
- You need good to excellent credit to be approved — Chase typically approves applicants with a credit score of 670 or higher, though approval is not may provide at any score.
How points earn and what they are worth
You earn 3 points per dollar spent on travel (airlines, hotels, rental cars, rideshare, taxis, parking, trains) and on dining at restaurants. Everything else earns 1 point per dollar. The points themselves have no fixed dollar value — their worth depends on how you redeem them.
If you redeem points through Chase's travel portal, each point is typically worth about 1.25 cents, meaning 100 points equals roughly $1.25 in travel value. If you convert points to cash back instead, they are usually worth about 1 cent each — so the same 100 points becomes $1 in cash. This difference matters: a $3,000 flight booked through the portal might cost 240,000 points, but converting those points to cash and buying the ticket yourself would cost you more.
The sign-up bonus is usually stated as a number of points — for example, 60,000 points after you spend $4,000 in the first three months. At the travel portal rate, that is worth roughly $750 in travel value, though the actual value depends on what you book and when the bonus offer was made.
The annual fee and how to offset it
The $95 annual fee is charged every year you hold the card. This is not a one-time cost — it renews on your card anniversary. For the card to be worth keeping, you need to either earn enough points to cover it or use the built-in credits that come with the card.
The card includes a $50 annual travel credit that reimburses you for purchases in the travel category (flights, hotels, rental cars, and similar). This credit is automatic — you do not have to request it — but it only covers the travel category, not dining or other purchases. If you use this credit, the net annual fee drops to $45.
Beyond the travel credit, you need to earn enough points to justify the remaining fee. If you spend $1,500 per month on travel and dining combined, you earn 4,500 points monthly, or 54,000 points per year. At the travel portal rate of 1.25 cents per point, that is $675 in annual value — enough to cover the fee and earn a profit. If your spending is lower, the math may not work in your favor.
The sign-up bonus and how it works
When you first open the card, Chase offers a sign-up bonus if you meet a spending requirement within a set timeframe, usually three months. The bonus and requirement change periodically — Chase may offer 60,000 points after $4,000 in spending one month, then 50,000 points after $3,000 in spending the next month.
The spending requirement counts only purchases made with the card, not balance transfers or cash advances. It includes all categories: travel, dining, and everyday purchases. You can check your progress toward the bonus in your Chase account online, and the bonus posts automatically once you hit the spending target within the timeframe.
The sign-up bonus is usually the largest chunk of points you will earn in the first year, so it is worth factoring into your decision. If the current bonus is 60,000 points, that is roughly $750 in travel value — which nearly covers the first year's annual fee and then some.
Travel protections and other card benefits
The Sapphire Preferred includes trip cancellation insurance, which reimburses you if you have to cancel a prepaid trip for a covered reason like illness or injury. It also covers trip delay (if you are stuck more than 12 hours), lost luggage, and emergency medical and dental care while traveling abroad. These protections are secondary, meaning they pay only after your primary insurance (if you have it) has paid its limit.
The card also gives you access to Chase's travel concierge service, which can help you book hotels, flights, and rental cars, though you can usually do this faster yourself online. You get no foreign transaction fees, which matters if you travel internationally and use the card abroad.
None of these benefits are unique to this card — most premium travel cards offer similar protections. They are useful to have, but they should not be the main reason you choose this card over another.
How this card compares to other travel rewards cards
The main competitors are the Chase Sapphire Reserve (which charges $550 annually but earns 3 points per dollar on all travel and dining, plus includes a $300 annual travel credit), the American Express Gold Card (which charges $250 annually and earns 4 points per dollar on flights and restaurants), and no-annual-fee cards like the Chase Freedom Unlimited (which earns 1.5 points per dollar on everything).
The Sapphire Preferred sits in the middle: it costs less than the Reserve or Amex Gold but earns more than a no-fee card. If you spend heavily on travel and dining, the Reserve's higher earning rate and larger travel credit may offset its higher fee. If you spend less than $1,500 monthly on these categories, a no-fee card might serve you better.
The choice depends on your actual spending. Calculate your annual spending on travel and dining, multiply by 0.03 (the 3% earning rate), then subtract the $95 fee and add back the $50 travel credit. If the result is positive, the card pays for itself. If it is negative or close to zero, a different card may be a better fit.
Credit requirements and how to open an account
Chase typically approves applicants with a credit score of 670 or higher for the Sapphire Preferred, though approval is not may provide at any score. Your credit history, income, and existing Chase accounts also factor into the decision. If you have been denied before, you can call Chase reconsideration at the number on the rejection letter to discuss your process.
You can open an account online through Chase's website or at a Chase branch. The online process takes about 10 minutes and asks for your Social Security number, income, employment status, and address. You will usually get a decision within minutes, though some applications go to manual review and take a few days.
Once approved, the card typically arrives within 7 to 10 business days. You can request expedited shipping for an additional fee, or you can ask Chase to rush it to a branch for pickup. The sign-up bonus clock starts the day you open the account, not the day the card arrives, so you have three months from account opening to meet the spending requirement.
Frequently Asked Questions
Can I get the sign-up bonus again if I close and reopen the card?
Chase has a rule called the "24-month rule" — you cannot earn a sign-up bonus on the Sapphire Preferred if you have earned one on this card within the past 24 months. This applies even if you closed the card. You can earn the bonus again after 24 months have passed since your last bonus posted.
What happens to my points if I close the card?
Your points do not disappear when you close the card — they stay in your Chase account and you can redeem them anytime. However, you lose access to the card's benefits like the travel credit and protections. If you are thinking about closing the card, redeem your points first or transfer them to a travel partner before you do.
Does the $50 travel credit cover everything in the travel category?
The credit covers airlines, hotels, rental cars, rideshare, taxis, parking, trains, and similar travel purchases. It does not cover travel insurance, baggage fees, or seat upgrades. The credit posts automatically when you make a may have access to purchase — you do not have to request it or submit a claim.
What credit score do I need to be approved?
Chase typically approves applicants with a score of 670 or higher, but approval depends on more than just your score — your credit history, income, and existing accounts matter too. If you are denied, you can call the reconsideration line to discuss your process, though there is no may provide they will reverse the decision.
Can I use this card internationally?
Yes, and the card charges no foreign transaction fees, which means you pay the same points rate abroad as you do at home. The card is accepted at most merchants worldwide that take Visa. You should notify Chase before you travel so they do not flag your purchases as fraud, though many cardholders travel without notifying and have no issues.