Chase Sapphire Preferred is worth its $95 annual fee, as long as you spend at least $1,334 per month. That will enable you to qualify for the card’s initial rewards bonus, which will cover the cost of many years’ annual fees.
You get 60,000 points when you spend $4,000 during the first 3 months after you open your account. That’s a value of $750 when you redeem for travel through Chase Ultimate Rewards. (Points are worth 1 cent each, plus Chase Ultimate Rewards gives you an extra 25% redemption value.) The bonus alone will pay for 7+ years’ of membership dues.
The third type of bonus you can get is from referrals. You earn 15,000 points for every person who signs up for Chase Sapphire Preferred using your referral link, with a limit of 75,000 points per year. That means you can earn an extra $188-$938 in travel every year, more than enough to offset the annual fee. You can’t forget about the everyday rewards you’ll earn on purchases, either.
Plus, Chase Sapphire Preferred has more benefits than just reward points. There are no blackout dates or other travel restrictions. And you’ll get a number of other free perks like travel insurance, roadside assistance, and purchase protection. All of these things enhance the value of this card even more.
Therefore, while Chase Sapphire Preferred’s annual fee certainly is above average, the rest of the offer is, too. So as long as you have excellent credit and spend enough to qualify for the initial bonus, Chase Sapphire Preferred is well worth the price.
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