Credit Cards

Chase Sapphire Preferred Review + Perks

Posted: April 06,2020
by Jestan Mendame
Last updated: September 25,2020

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The Chase Sapphire Preferred is one of our favorite starter credit cards for its perks.

In this Chase Sapphire Preferred review, we’ve come to the conclusion that this card has some of the best perks and stands out as one of the best all-around travel cards on the market.

Its big welcome bonus, excellent perks, and reasonably priced annual fee makes it a pretty attractive choice for both newbie and experienced credit card enthusiasts.

Not to mention, the Chase Sapphire Preferred allows you to transfer your points to other loyalty programs, like Singapore Airlines KrisFlyer or Marriot Bonvoy, at a 1:1 ratio. This means that you’ll have more flexibility and get more value when you redeem your Chase Ultimate Rewards points.


Read More: Singapore Airlines First Class Boeing 777-300 Singapore (SIN) to Los Angeles (LAX)


Chase Sapphire Preferred Basic Features

Sign-up Bonus

The sign-up bonus on this card is quite lucrative. You can get 80,000 points once you spend a total of $4,000 within three months of getting your card.

Hitting that spending threshold is a must because 80,000 points is worth $1000 when redeemed as travel rewards on Chase Ultimate Rewards.


At A Glance:

Earn 2X points on travel and dining at restaurants. Get a welcome bonus of 80,000 points.


Earning Points

After checking out this Chase Sapphire Preferred review, you’ll see you earn 2 points for every dollar spent at any restaurant or when you make travel-related purchases. You earn 1 point on everything else.

Aside from that, you’ll get 25% more value if you use your points towards airfare, hotel stays, and car rentals on the Chase Ultimate Rewards website.



Annual Fee

The annual fee is $95 which isn’t that expensive so it’s a great card for beginners who are new to credit cards, points, and miles. This fee is very easy to pay off if you’re using the card and redeeming your points correctly.


Read More: Top 3 Picks For The Best Beginner Credit Cards


Chase Sapphire Preferred Perks And Benefits

The welcome bonus isn’t the main highlight of this card because the Chase Sapphire Preferred comes with valuable benefits for travelers. Let’s discuss each one.

1:1 Points Transfer

Chase points are worth 1.25 cents when you redeem travel rewards on Chase Ultimate Rewards, but since Chase points are transferable, you’re not just locked into the company’s loyalty program.

You can move your points to multiple transfer partners which gives you more options for rewards redemption.

The transfer ratio is 1:1 so there’s a chance that you’ll get a better value for your points if you choose to transfer them to other loyalty programs. For example, your 10,000 points may only be worth a one-night hotel stay on Chase Ultimate Rewards but is worth a round-trip flight on TrueBlue.

Here’s a complete list of transfer partners for Chase Sapphire Preferred cardholders.

Airline Travel Partners

  • JetBlue TrueBlue
  • Singapore Airlines KrisFlyer
  • British Airways Executive Club
  • Virgin Atlantic Flying Club
  • Emirates Skywards
  • Flying Blue AIR FRANCE KLM
  • Iberia Plus
  • Southwest Airlines Rapid Rewards
  • Aer Lingus, AerClub
  • United MileagePlus

Hotel Travel Partners

  • IHG Rewards Club
  • World of Hyatt
  • Marriott Bonvoy

Car Rental Collision Damage Waiver

If you don’t use your car rental company’s collision insurance, you can use your credit card’s insurance to pay for theft or collision damage that happened within the U.S. or abroad. The card offers primary coverage so it automatically kicks to reimburse the incident up to the actual cash value.

Trip Cancellation/Interruption Insurance

For trips that are canceled because of bad weather, sickness, or other eligible situations, you have a $10,000 insurance per person and a $20,000 insurance per trip. The insurance covers travel expenses like hotel stays, airfare, and tours.

Trip Delay Reimbursement

You and your family members can get a reimbursement of up to $500 per ticket if your flights get delayed for more than 12 hours. The insurance will help cover hotel expenses, meals, and cab fares to lower down your travel costs.

Baggage Delay Insurance

You’ll get a reimbursement of up to $100 per day for 5 days if your baggage gets delayed for more than 6 hours. This helps you cover important personal expenses like clothing and toiletries.

Purchase Protection

Get a 120-day theft or damage insurance for your new purchases. The coverage gives you up to $5,000 per claim and $50,000 per account.

Extended Warranty Protection

Get a 1-year warranty extension if you make purchases from U.S. manufacturers that have eligible warranties of at most three years.

Travel and Emergency Assistance

You can get assistance for legal or medical emergencies during your travels as long as you will cover the costs incurred.

24/7 Access To Customer Service

Get 24/7 access to Chase’s customer service wherever you are in the world. This feature makes the card a great travel companion especially if you’re traveling abroad.

Partner Benefits

Aside from the 2 points per $1 that you’ll earn from travel and dining purchases, you’ll earn an additional 5 points per $1 on Lyft rides up until March 2022.

You’ll also get free delivery and lower service fees from DoorDash if your orders are over $12.

Other Chase cards will also get additional points earnings or cashback on Lyft purchases. The Chase Sapphire Reserve will earn 10 points per $1 while the Chase Freedom, Chase Freedom Unlimited, and Chase Freedom Student earns 5% cashback

No foreign transaction fees

Most credit cards come with a 3% foreign transaction fee if you make purchases outside the United States. Let’s say you spend $2,000 on dining in Greece, that’s about $60 in fees which can slowly add up in the long run. With the Chase Sapphire Preferred, you can spend as much as you want without having to pay these costly fees.



Drawback Of The Chase Sapphire Preferred

Getting the Chase Sapphire Preferred is a no-brainer because it’s an all-around card that covers multiple consumer pain points.

However, the term “all-around” can have a negative connotation because the card might be trying to devalue its perks to evenly distribute it across different categories.

Basically, it’s not a cheap card nor a luxurious card – it’s just a mediocre card. Here are some of the reasons why you may want another card.

No Premium Perks

The card is perfect for travelers in general, however, it doesn’t really satisfy travelers who love premium perks and want to travel in style.

You might want other cards like the Chase Sapphire Reserve or Amex Business Platinum. Sure, the cards do have expensive annual fees which are $550 and $595 respectively but the perks are also worth it.

For example, both cards have Global Entry and TSA-Precheck statement credits. This allows you to pass through special security lanes so you can avoid the long lines and huge crowds at regular lanes.

You’ll also get airport lounge access which allows you to take a break during long-haul flights. These lounges have free WIFI, drinks, snacks, and sometimes places to sleep.

Low Rewards Rate

The card lets you earn 5 points per $1 on Lyft purchases but it’s not an area where consumers really spend their money on.

Meanwhile, the 2 points per $1 on travel and dining are pretty decent but other cards can offer the same rate or even more without the annual fee.

A good example is the ABOC Platinum Rewards Mastercard. It’s a cashback card that lets you earn 5x points on rotating categories which include travel, groceries, home improvement, and automotive purchases. It has no annual fee.

There’s also the Discover It Miles which lets you earn unlimited 1.5x miles on all purchases, and it doesn’t have annual fees too. Sure, the rate is lower but you don’t have to worry about maximizing the use of your card to offset any annual fee.


Pros

  • Earning points isn’t complicated
  • Low spending needed to earn the 80,000 bonus points
  • Has lots of transfer partners.
  • 1:1 points transfer ratio

Cons

  • The 2 points per $1 rate is low compared to other cards

Who’s this card good for?

Essentially, the Chase Sapphire Preferred is perfect for everyone. We can’t really think of a reason why travelers or frequent flyers wouldn’t want to have it.

The card’s $95 annual fee isn’t really that pricey, given the fact that it offers perks that can cover the price of the fee. You also don’t have to stick to one loyalty program so you can really maximize your points by redeeming rewards from other loyalty programs.

Add the 1:1 transfer ratio to the mix and this makes the card even more valuable for consumers.

Unless you want premium benefits, then this card might not be for you. You’re better off with premium credit cards like the Chase Sapphire Reserve or Amex Business Platinum.

Bonus Tip: How To Use The Chase Sapphire Preferred

Since you have the ability to transfer your points across multiple Chase cards, the Chase Sapphire Preferred makes a good complementary card for the purpose of redeeming rewards.

For example, you can get the Chase Freedom which earns 5% cashback on groceries, home improvement, and more. Since the cashback categories are mostly necessities, you can rack up points faster because you make these purchases on a regular basis.

After that, you can now transfer your points to your Chase Sapphire Preferred which has the feature of transferring points to other loyalty programs. And because of the 1:1 ratio, you now have more redemption options which allow you really maximize the points you’ve earned.

Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

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