Chase Sapphire Preferred Credit Card Review

Advertiser Disclosure

Real opinions always: At Seek Capital, our goal is to provide content that helps you make informed financial decisions. All products featured here are from our partners. That said, our business relationships do not affect our evaluations. Opinions are of the writer alone.

From Seek Capital - Best for Travel Rewards

Welcome Offer

Earn 50,000 Bonus Points

Earn 50,000 Bonus Points after you use your new Card to make $4,000 on purchases in your first 3 Months

Earn

2xPoints
Earn 2x points on travel and dining at restaurants
1xPoints
Earn 1 points per dollar on every other eligible dollar spent
25%Points
Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards®
5,000Points
Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening

Chase Sapphire Preferred Card

If you are a traveling foodie looking for a credit card with a ridiculous a signup bonus and rewards structure, look no furher than the Chase Sapphire Preferred Card. With this card in your wallet, you are going to get free meals, flights, and hotel rooms. Chase desires high value consumers and has made this card to win you over.

Rewards Highlights

  • No Introductory Annual Fee
  • 2x Points on travel and dining at restaurants
  • 1x Points on Everything Else

Expert Review

The Pros

  • No Intro Annual Fee
  • 2x Points on travel and dining at restaurants
  • 1x Points on Everything Else

The Cons

  • Has Annual Fee
  • No Introductory APR Rate

Recommended Credit Profile

Rates & Fees

  • Annual Fee$95
  • Intro Annual Membership Fee$0
  • Regular APR17.99% to 24.99%
  • Great ForShoppingDiningTravel
  • Regular Purchase APR17.99% to 24.99%
  • Regular Balance Transfer APR17.99% to 24.99%
  • Cash Advance APR26.99%
  • Balance Transfer Fee$5 or 5%
  • Cash Advance Fee$10 or 5%
  • Foreign Transaction Fee0%

Signup Bonus

When you sign up for this credit card, you will earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months of the account opening. No that is not a mistype! 50,000 bonus points! When you redeem those points for travel, that is worth $625.

In order to hit the signup bonus, you would need to spend $1,333 a month on the card for the first three months that you have it in your wallet. Since this card is targeted at a traveler (Think airfare) that dines out you can imagine how easy it is to hit that bonus. Even if you are not a traveler, but want to earn that huge bonus for your summer family vacation, if you put your gas, groceries, meals, and cell phone service on your credit card, instead of paying for these items with your debit card or checks, you will be able to hit the bonus.

Seek Tip: Because this card requires you to spend $4,000 in the first 3 months in order to hit the signup bonus, apply for the card when you have a big purchase coming up. For example, you might want to get this card before Christmas so you can put all of your gifts on it and hit the bonus right away.

With 50,000 bonus points worth $625, you can start to plan your next trip and know that the flight and hotel room for the first night are going to be covered by your new best friend – the Chase Sapphire Preferred Card. You can book a flight from Florida to the Bahamas and stay at the Atlantis for one night – all on Chase Bank.

The Points: Earning and Redeeming

When you have the Chase Sapphire Preferred Card in your wallet, you earn:

  • 2 Chase Ultimate Rewards points per $1 spent on travel and dining at restaurants; AND
  • 1 Chase Ultimate Rewards point per dollar on everything else

So, every time you go to your favorite restaurant, you earn 2 points for every $1 you spend. On all other purchases, you still earn a point. Next time you go to PF Changs with your friends, cover the bill and have them Venmo you the money. You will be the ultimate winner. Imagine a bill of $300. You would earn 600 points just for covering the cost of the bill with your Chase Sapphire Preferred Card.

When you use points to redeem for cash, each point is worth $.01 (one cent), which means that 100 points equals $1 in redemption value. Each point you redeem for travel booked through Chase Ultimate Rewards is worth 1.25 cents (one and a quarter cents), which means that 100 points equals $1.25 in redemption value. So, points are worth 25% more on travel than if redeemed for cash.

For example, 50,000 points are worth $625 towards travel, or $500 when redeemed for cash. The cost of travel is based on the rates and fares available through the Ultimate Rewards website and travel center, and may not reflect all rates and fares that are available through other sales channels.

1:1 Points Transfer

If you want even higher value than $625 for your 50,000 ultimate rewards points, you may want to use one of the best features of using this card, the 1:1 points transfer. Chase has partnered with some of the most amazing hotels and airlines. This means that when you transfer points from Chase Ultimate Rewards to its partners, you get 1 hotel point or airline mile for every point that you transfer.

The partners for airline travel are:

  • Aer Lingus AerClub
  • British Airways Executive Club
  • Flying Blue AIR FRANCE KLM
  • Iberia Plus
  • Korean Air SKYPASS
  • Singapore Airlines KrisFlyer
  • Southwest Airlines Rapid Rewards®
  • United MileagePlus®
  • Virgin Atlantic Flying Club

The hotel travel partners are:

  • IHG® Rewards Club
  • Marriott Rewards®
  • The Ritz-Carlton Rewards®
  • World of Hyatt

Imagine if you have 20,000 miles saved up with United. In order to book your roundtrip ticket to Chicago to visit the family, you need 25,000 total miles. You can easily transfer 5,000 miles from your Chase Ultimate Rewards account to your United account to cover the difference in miles. This is an amazing benefit since Chase has partnered with all of these tier 1 brands to allow you to do this.

This 1:1 points transfer option can get really crazy. In the summer, the Park Hyatt in New York City costs $900+ per night. You can transfer 30,000 points you have earned with the Chase Sapphire Reserve Card and get a one-night stay for free. That means that each point you have earned with your card is worth 3 cents. Wow!

Earn Double Points on Food & Travel

With this card you earn 2x points on food and travel. This might not sound like a lot upon first glance but the rewards can rack up fast. The dining category extends to include such items as Postmates. This is amazing. When you spend with Postmates you earn 2x the points.

Travelling includes Uber. Yes, Uber! When you set up your Uber account, make sure to use your Chase Sapphire Preferred Card. You will earn 2x the points for every time you get a ride. If you spend $100 a month on Uber, you will earn 200 points per month. That means you will earn 2,400 points a year just for taking the Uber rides you are taking anyways. That is worth $24 a year in cash back rewards or $30 in redeeming travel rewards.

No Foreign Transaction Fees

If you fly to Asia or Europe or visit Canada or Mexico this card is not going to charge you for every dollar you spend abroad. Most cards come with a 3% foreign transaction fee. It is another easy way for the bank to make money on us. Not with this card!

When you finally save enough money for a romantic getaway with your significant other to Rome, you will only pay for the actual cost of each transaction you make when your visiting. For example, if you spend $5,000 on your vacation in Rome, the bank will not hit you with $150 in fees. It might not sound like a lot, but wouldn’t you want an extra $150 in your pocket when you go to visit the Vatican?

Additional Perks For Travel

Trip Cancellation/Interruption Insurance

We all hate it when our flights are cancelled. Or when we get sick the day we are going to travel. This card comes with protection for this type of scenario. You can be reimbursed up to $10,000 per trip for your pre-paid, non-refundable travel expenses, including passenger fares, tours, and hotels.

Auto Rental Collision Damage Waiver

When you arrive in Los Angeles, you know that the trip is going to be expensive. You are standing at Budget Rental Car and they ask that big question: Do you want rental car coverage for an extra $10 to $20 per day.? With the Chase Sapphire Preferred Card, you can say no to that additional cost. With this card, you get primary card insurance which provides reimbursement up to the actual cash value of the vehicle for theft and collision damage.

Baggage Delay Insurance

We have all arrived at our destination and waited at the baggage claim for an hour to realize that our bags are missing. With the baggage delay insurance, you will be reimbursed for essential purchases like toiletries and clothing for baggage delays over 6 hours or up to $100 a day for 5 days. This means you can go straight to the store and get a change of clothes.

Travel and Emergency Assistance Services

If you run into a problem while you are travelling, this card comes with a solution. Whether someone hits you in your rental car and you need a lawyer, or you come down with the flu and you need a doctor, you can call Chase and the bank will make sure you get the best help available.

Startup Business Funding

Are you looking for funding to launch or start a new business?

Seek Capital specializes in start up business loans. Since 2015, we have funded over $200 Million for businesses across the United States.

Browse Through The Best Credit Cards