What the Chase Sapphire Preferred does

The Chase Sapphire Preferred is a travel rewards card that gives you points on purchases you make, then lets you redeem those points for travel-related expenses. You earn 2 points per dollar on travel and dining, 1 point per dollar on everything else. The card charges an annual fee — currently $95 — and that fee is paid once a year when your account renews.

The card's main draw is that points are worth more when you redeem them through Chase's travel portal. A point is worth roughly 1.25 cents when you book flights, hotels, or rental cars through that portal, compared to 1 cent if you redeem for cash back. That difference matters if you travel regularly and redeem through the portal rather than converting points to statement credits.

You also get a sign-up bonus: currently 60,000 points after you spend $4,000 in the first three months. That bonus alone is worth roughly $750 if you redeem through the travel portal. The bonus changes periodically, so check Chase's website for the current offer when you're ready to look.

Key Takeaways

  • The card earns 2 points per dollar on travel and dining purchases, 1 point per dollar on other spending, and points are worth more when redeemed through Chase's travel portal than as cash back.
  • You pay a $95 annual fee once per year, so the card makes sense only if you travel enough or dine out enough to earn back more than that in value.
  • The sign-up bonus is typically 60,000 points after you spend $4,000 in three months, worth roughly $750 if redeemed for travel through the portal.
  • Points do not expire as long as your account stays open, but closing the account forfeits any remaining points.
  • You can transfer points to airline and hotel partners at a 1-to-1 ratio, which sometimes gives you more value than redeeming through the portal, depending on the partner and the booking.

How to open a Chase Sapphire Preferred account

Go to Chase.com and search for "Sapphire Preferred" or navigate to the card's product page directly. Click the button to open an account. You'll need your Social Security number, date of birth, address, and income information. Chase will run a hard inquiry on your credit report, which temporarily lowers your credit score by a few points.

The process takes about 10 minutes. Chase usually tells you whether you're approved, denied, or pending within seconds. If you're approved, the card arrives in the mail within 7 to 10 business days. You can request expedited shipping at no extra cost if you need it sooner.

Once the card arrives, set up it through the Chase mobile app or website before you use it. Then make a purchase to confirm it works. You have until the end of the third month after your account opens to spend the $4,000 needed to earn the sign-up bonus.

Earning and redeeming points

Points post to your account within one to three business days of a purchase. You can check your balance anytime in the Chase app or on Chase.com under "My Rewards." To redeem points for travel, log into your account, click "Redeem Points," and choose "Travel" from the menu. You'll see flights, hotels, rental cars, and cruises available to book.

The Chase travel portal shows you prices in points and in dollars side by side. You can compare: if a flight costs 50,000 points or $625, you know that flight is worth 1.25 cents per point through the portal. If you have fewer points than the portal price, you can pay the difference in cash — a feature called "Pay Yourself Back" lets you use points to cover part of a travel purchase you've already made with the card.

Transferring points to airline and hotel partners is another option. Chase partners with airlines like United, Southwest, and American, and hotels like Hyatt and Marriott. You transfer points at a 1-to-1 ratio, meaning 10,000 points becomes 10,000 airline miles. Partner transfers sometimes offer better value than the portal — for example, a business-class flight that costs 150,000 points through the portal might cost 80,000 United miles if you transfer and book directly with United. This requires research and planning, but can stretch your points further on premium bookings.

Annual fee and when the card pays for itself

The $95 annual fee renews every year on your account anniversary — the date you opened the card. You pay this fee whether you use the card or not. If you close the account before the anniversary, you don't pay the fee for that year.

The card pays for itself if you earn enough points to cover the fee. Spending $4,750 on the 2% categories (travel and dining) earns 9,500 points, worth roughly $119 through the travel portal — enough to cover the $95 fee and come out ahead. If you spend less than that on travel and dining, or if you redeem points as cash back instead of through the portal, the card may not be worth the annual cost.

Chase sometimes offers a statement credit to cover the annual fee for cardholders who book travel through the portal, though this is not may provide and changes by year. Check your account benefits in the Chase app to see if this credit is available to you.

Comparing the Sapphire Preferred to other Chase travel cards

Chase offers two other travel cards in the Sapphire family: the Sapphire Reserve and the Sapphire Select. The Reserve charges a $550 annual fee but earns 3 points per dollar on travel and dining, and points are worth 1.5 cents each through the portal — making it worthwhile only if you spend heavily on travel. The Select has no annual fee but earns only 1.5 points per dollar on travel and dining, making it a lower-cost option if you travel occasionally.

Outside the Sapphire family, the Chase Freedom Unlimited earns 1.5% cash back on all purchases with no annual fee. It's simpler than the Sapphire Preferred — no category tracking, no portal redemption — but you get cash back instead of points, and the value per dollar is lower. The Freedom Unlimited makes sense if you want a no-fee card and don't travel enough to justify the Sapphire's annual cost.

The choice depends on how much you spend on travel and dining, whether you're willing to pay an annual fee, and whether you prefer points (which can be transferred to partners) or cash back (which is simpler to use). The Sapphire Preferred sits in the middle: higher annual fee than the Select, lower than the Reserve, and more earning power than the Freedom Unlimited.

Credit score and approval requirements

Chase typically approves applicants with a credit score of 670 or higher, though approval is not may provide at any score. The bank also looks at your income, employment history, and how many credit accounts you've opened recently. If you've opened three or more credit cards in the past 24 months, Chase may deny you or ask you to wait.

Your credit score will drop by 5 to 10 points when Chase runs a hard inquiry. This is temporary — the inquiry falls off your report after 12 months and stops affecting your score after about six months. Opening a new card also lowers your average account age, which can lower your score by a few more points, but this effect fades as the account ages.

If you're denied, you can call Chase's reconsideration line at the number on your denial letter. Sometimes the bank will reconsider if you can explain your situation or if you're willing to move credit from another Chase card to the new one. You have 30 days from the process date to call and ask.

Frequently Asked Questions

Do I have to use the travel portal to get value from this card?

No, but the value drops significantly if you don't. Points are worth about 1 cent each as cash back, compared to 1.25 cents through the portal. If you redeem as cash back, you're paying $95 a year for a card that earns roughly 2% cash back on travel and dining — which is the same as many no-fee cards. The portal redemption is what makes the annual fee worthwhile.

What happens to my points if I close the card?

Points disappear when you close the account. If you have 50,000 points saved up, they're gone once the account closes. You can keep the account open indefinitely without using it to preserve your points, though you'll still pay the annual fee each year. Some people keep old cards open just to hold points they plan to redeem later.

Can I use this card outside the United States?

Yes. The card has no foreign transaction fees, so you won't be charged extra when you use it abroad. The points earn at the same rate as domestic purchases. If you're traveling internationally, this card is better than many others because you avoid the 2% to 3% foreign transaction fee that most cards charge.

How long does it take to earn the sign-up bonus?

You have three months from the date your account opens to spend $4,000 and earn the bonus. Points from the bonus post within one to two billing cycles after you meet the spending requirement. If you spend $4,000 in the first month, the bonus points typically appear within 30 to 60 days.

Can I get the sign-up bonus more than once?

Chase has a rule called the "24-month rule": you can't earn a sign-up bonus on the Sapphire Preferred if you've earned one on any Sapphire card (Preferred, Reserve, or Select) in the past 24 months. If you earned a bonus on the Sapphire Reserve two years ago, you're may be able to access for the Preferred bonus now. If you earned one 18 months ago, you have to wait six more months.