The Chase Sapphire Preferred points are worth 1 cent to 1.25 cents apiece, depending on how you redeem them. For example, you could redeem 10,000 points for a $100 statement credit or use them to book $125 in travel through Chase Ultimate Rewards. It’s important to note, though, that you only get extra value through Chase Ultimate rewards if you have one of the following credit cards: Chase Sapphire Preferred, Chase Sapphire Reserve®, or Ink Business Preferred® Credit Card. (And Chase Sapphire Reserve gets you 1.5 cents per point on travel costs).
Redeeming for travel through Chase with one of the three fee-based cards is the only dependable way to get more than a penny apiece for your Chase Sapphire Preferred points. More specifically, you’ll get 1 cent per Chase Sapphire Preferred point with each of the following redemption methods:
- Cash back/statement credit
- Gift cards
These two options offer the most versatility in terms of what you can spend your points on. But it costs you 25% in lost value. When you “Shop with Points” on Amazon.com, the points are worth just 0.8 cents each.
Finally, you also have the option of transferring your Chase Sapphire Preferred points to one of Chase’s 13 travel partners. Transfers are done on a 1:1 basis, in 1,000-point increments. And how much you get for transferred points depends on how much the particular travel partner’s points or miles are worth. This offers a certain amount of boom-or-bust potential. Your Chase Sapphire Preferred points could wind up being worth a lot more than normal or a lot less.
At the end of the day, if you don’t plan to redeem for travel through Chase, you might do better with a different credit card. It’s not as rewarding when used as a cash-back vehicle, and there are plenty of more versatile rewards cards available.