Chase Sapphire Preferred is one of the best credit card deals available right now. It is ideal for anyone with excellent credit who likes to travel, doesn’t mind booking at least one trip through Chase, and spends more than $1,333 per month.
New cardholders need to spend at least $4,000 within three months of opening an account to qualify for Sapphire Preferred’s monster initial bonus: 60,000 points. That’s the centerpiece of the offer, and using Chase’s travel portal is required to get top dollar when you redeem. You’ll get $750 in travel booked through Chase or a $600 statement credit. Either way, the bonus alone will pay for 6+ years’ of membership dues. Chase Sapphire Preferred’s annual fee is $95.
Needless to say, there’s little reason to pass on this deal if you’re a frequent traveler with top-tier credit. We haven’t even gotten to the valuable ongoing rewards yet, either.
But in case you want to learn a bit more before submitting an application, let’s take a closer look at what Sapphire Preferred brings to the table, where it can take you and whether it’s worth the cost.
Chase Sapphire Preferred Review Highlights:
- Initial bonus worth up to $750. Spending $4,000 within three months of opening the Chase Sapphire Preferred Card will score you 60,000 points, which you can redeem for $750 in travel booked through Chase Ultimate Rewards or a $600 statement credit. That’s one of the biggest initial bonuses on the market. Need we say more?
- 2 points per $1 spent on travel and dining. This earning rate translates to 2.5% cash back when you redeem for Ultimate Rewards travel or 2% cash back when used for a statement credit. That’s about double the average earning rate for a rewards card. Sapphire Preferred gives 1 point per $1 spent on most other purchases.
- 5 points per $1 spent on Lyft rides. Through March 2022, Chase Sapphire Preferred cardholders will earn a total of 5 points per $1 spent on Lyft rides. That’s 3 extra points on top of the 2 points per $1 cardholders normally receive on ridesharing purchases. As a result, you could earn as much as 6.25% cash back on Lyft rides paid for with Sapphire Preferred, depending on how you redeem.
- $95 annual fee. This pricey fee limits Sapphire Preferred’s ongoing value, and is nearly five times higher than the average annual fee.
- $1,450+ in 2-year rewards value. The average person would earn roughly $1,475 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 Chase’s Preferred Sapphire Card is the preference of so many rewards-seekers.
- 12+ months of DashPass. Chase Sapphire Preferred cardholders are eligible for a complimentary DashPass subscription from the food delivery service DoorDash. This provides discounted and fee-free delivery options, and it’s good for at least 12 months. You just have to activate the benefit by 12/31/2021.
To recap, Chase Sapphire Preferred is one of 2020’s best rewards cards for a reason. Its big initial bonus is the star of the show, saving you enough on travel that you’ll definitely need some suntan lotion. The ongoing rewards aren’t so hot if you don’t redeem your earnings for travel booked through Chase. But all in all, Sapphire Preferred is definitely worth the money.