The Chase Sapphire Preferred® Card is one of the best travel rewards credit card available right now. It is worth applying for the Sapphire Preferred Card if you have a credit score of 700 or higher, you like to travel and dine out, and you plan to charge $1,520 to $9,500 per year. The more you spend in the card’s bonus categories, the less you have to spend for the rewards to cancel out the annual fee. Also, be sure to pay the bill in full every month, so interest charges don't ruin the rewards party. 

What I Like About Chase Sapphire Preferred

$2,000+ in 2-year rewards value

The average person could earn $2,000+ in net rewards value (with fees included) in two years with the Sapphire Preferred Card, according to WalletHub’s calculations. That’s a nice chunk of change, and it’s why Sapphire Preferred is the preference of so many rewards-seekers.

Great initial bonus

Spending $5,000 within 3 months of opening the Chase Sapphire Preferred Card will score you 75,000 points. Those bonus points are worth $750 when redeemed for cash, gift cards, and travel, making this one of the biggest initial bonuses on the market. 

If you’re going to spend enough to qualify anyway, that’s a pretty sweet deal. For example, when I got my Sapphire Preferred sign-up bonus, I used the points to book airfare for a golf trip with friends.
 

Earn up to 5 points per $1 spent on travel

Sapphire Preferred offers 5 points per $1 spent on travel booked through Chase Travel℠ and 2 points per $1 spent on all other eligible travel purchases. Purchases made with the following types of travel providers qualify:

Great everyday rewards

You will earn 3 points per $1 spent on:

•    Dining, including eligible delivery services and takeout 
•    Select streaming services, including all the biggies – from Netflix and Hulu to YouTube Premium, Spotify, and Apple TV/Music.  
•    Online grocery purchases, excluding Target, Walmart and wholesale clubs. 

That’s about triple the average earning rate for a rewards card. So, if you spend a lot in these categories, using this card can be a great way to reduce the cost. The downside is that Sapphire Preferred gives only 1 point per $1 spent on most other purchases.
 

Annual bonuses 

After each account anniversary, you’ll get a bonus based on 10% of your spending the prior year. For example, if you charge $10,000 to the card in the previous year, you’ll get 1,000 bonus points as an anniversary bonus. You can also get up to $50 in credits each year for hotel stays booked through Chase Travel. Add referral bonuses to the mix, and you’ve got a few extra ways to save with this card each year. Most credit cards aren’t so generous.
 

Rewards redemption variety

The Chase Sapphire Preferred® Card enables you to choose your preferred redemption method without having to worry about your points losing much value in the process. Points are worth 1 cent each, on average, when redeemed for cash, gift cards, and travel.
 

14 rewards transfer partners

If you can’t find the travel accommodations that you want through Chase, you can transfer your points to one of its 14 rewards partners at a 1:1 ratio. For instance, 1 Sapphire Preferred point can be converted to 1 United Airlines mile.

Just make sure you get your money’s worth from whichever travel provider you transfer your points to. For a point of reference, 1,000 points end up being worth around $9 on average when transferred to and redeemed with Chase’s hotel partners, according to our research.
 

Helpful secondary benefits

The list of Chase Sapphire Preferred benefits includes rental car insurance, baggage insurance, purchase protection, extended warranty coverage and more. A lot of other cards are paring down their benefits these days, but not Sapphire Preferred. Be sure to review your guide to benefits for full details and important fine print.
 

Metal card

Chase Sapphire Preferred is the most impressive-looking card in my wallet, and it really does have a classy feel to it. That’s not why I got the card, but I probably do use it more than I would otherwise.

That said, this is purely a flourish. Having a metal credit card instead of a standard plastic one provides no real benefit other than it being harder to damage. It certainly doesn’t hurt that Sapphire Preferred is a cool-looking card, but a credit card’s material or design should never be a prominent factor in your credit card choice. It won’t save you extra money, after all. 

What I Don’t Like About Chase Sapphire Preferred

Higher-than-average annual fee

The Chase Sapphire Preferred Card’s annual fee is $95 – over three times higher than the average annual fee among credit card offers available right now, according to our research. It is assessed upon account opening and then every 12 months after. 

The card can still be worthwhile despite this fee, but you need to use it regularly to generate enough rewards to at least break even. 
 

Not good for balance transfers or financing big purchases 

The interest rate you’ll be assigned if you get approved for the Chase Sapphire Preferred Card is more than likely going to be higher than average for a credit card offer right now. The average APR is currently 22.35%, according to our database of 1,500+ credit card offers, while Chase Sapphire Preferred charges 19.24% - 27.49% (V). The specific rate you get from that range depends on your overall creditworthiness when you apply.  

If you want Chase Sapphire Preferred to continue being worthwhile in the long run, you need to avoid interest charges by paying your bill in full every month. 
 

High credit score requirement

The minimum credit score needed for Chase Sapphire Preferred is 700, if you want good odds of approval. It is intended for people with good or excellent credit. You can check your latest credit score for free here on WalletHub to gauge your chances.
 

Other requirements

In addition to a good or excellent credit score and enough income to pay at least the minimum due each month, the main requirements for Chase Sapphire Preferred are being at least 18 years old (19 in Alabama and Nebraska; 21 in Puerto Rico) and having a Social Security number or Individual Taxpayer Identification Number (ITIN). Furthermore, people who currently have any Chase Sapphire card, or who previously held this card or earned a Chase Sapphire initial bonus, may not be eligible for approval or the bonus.

There is no specific Chase Sapphire Preferred income requirement. However, just like with other cards, you need enough income to afford monthly bill payments, along with your other financial obligations, in order to qualify.

Bottom Line: Is It Worth Getting the Chase Sapphire Preferred Card?

Yes, the Chase Sapphire Preferred® Card is absolutely worth getting, especially if you are a frequent traveler. The outstanding rewards and benefits it offers make it one of the best rewards credit cards on the market and easily justify its $95 annual fee.

With Sapphire Preferred, the average person could earn over $2,000 in net rewards value over the first two years of use, according to our calculations. That’s with the card’s annual fee factored in, too.
 

How Much Do You Have to Spend?

Chase Sapphire Preferred is worth it if you spend $5,000 during the first 3 months your account is open, as you’ll qualify for an initial bonus of 75,000 points. Those bonus points are worth $750 when redeemed for cash, gift cards, and travel, which can cover the cost of the card’s membership fees for years.

Without the initial bonus, you’ll need to spend more than $1,000 per year for Chase Sapphire Preferred to be worth it, at a minimum. If you only make purchases in 1 point per $1 categories and redeem your points at normal value, you’ll have to spend $9,500 per year. And this assumes that you pay the bill in full every month. If interest starts accruing, you’ll end up spending a whole lot more. 

My Experience With Chase Sapphire Preferred

I got the Chase Sapphire Preferred® Card a few years ago for its initial bonus, which was one of the biggest on the market at the time, just like it is today. I qualified for the bonus with no issue and used it to pay for a flight. Things went exactly as planned.

The ongoing rewards haven’t been as good, but I’ve still kept the card open for purchases in the bonus categories and because I have a fairly high credit limit. The card looks and feels very impressive, too. I feel like a big shot when I pull out my metal card.

I also get to enjoy extra savings from popular retailers via Chase Offers. Plus, my online account tells me that I’m already approved for Chase Freedom Unlimited and Chase Freedom Flex if I want them. Having Chase Sapphire Preferred and paying the bill on time every month sure has its benefits.