Chase Sapphire Preferred Credit Card Review

Ever since my financial awakening and my decision to start using credit cards again, an obvious trend has developed. You see, anytime I get a new card and say to myself (and to my wife), “I think we’re all set now,” I inevitably find another card that tempts me with its rewards. 

That’s what happened with the Chase Sapphire Preferred — except that it wasn’t the card’s primary rewards that lured me, it was purely the welcome bonus. I actually wrote about this conundrum previously since, on the whole, I’m the type of person who wants to hold a credit card long term and, thus, want it to make sense in my set-up. 

Yet, even though the Sapphire Preferred’s ho-hum category multipliers did little to nothing for us, my wife went ahead and applied for the card anyway. Funny enough, a couple of months later, Chase revamped the card with new benefits, rewards categories, and more — and has since updated it once again. So, three years after nabbing that welcome bonus, we continued to hold the card.

So, what do I think of the current Chase Sapphire Preferred and why has it stayed in our mix? Let’s take a look at what the card entails, how redemptions work, and my thoughts overall.

What Chase Sapphire Preferred Has to Offer

About the Chase Sapphire Preferred

The Sapphire Preferred is usually regarded as the little sibling to Chase’s incredibly popular Sapphire Reserve card. Those who might ‘prefer’ the Preferred over the Reserve include those looking for a lower annual fee, those just getting started in the “point and miles” game, and those who might not travel quite often enough to get the full benefits of the Reserve.

Speaking of annual fees, the Chase Sapphire Reserve comes at a cost of $95 per year. While this is far lower than the Reserve’s $795 annual fee, it’s not insignificant. Finally, I also feel a need to mention that the card is made of metal, which has become quite a trend and especially appeals to a certain demographic.

The Welcome Bonus We Received and the Current Offer

As I noted in my intro, my initial interest in the Chase Sapphire Preferred card was limited to the welcome bonus it was peddling. So what was this amazing bonus? Well, we were able to earn 100,000 Chase Ultimate Rewards points after spending $4,000 on the card in our first three months. This bonus amounts to $1,000 in value for cashback. The $95 annual fee was not waived, so that cut into our reward a bit — but the $1,000 bonus for spending a reasonable and achievable $4,000 was just too good to pass up.

At the time I’m writing this, the 100,000 welcome bonus is no longer being offered. However, you can currently (as of October 22nd, 2026) earn 75,000 bonus points after spending $5,000 on the card within the first three months.

Cardholders currently earn:

• 5x points on flights, hotels, rental cars, cruises, activities, and other eligible purchases through Chase Travel
• 3x points on dining worldwide, including eligible takeout and delivery
• 3x points at gas stations
• 3x points on EV charging
• 3x points on vacation homes booked directly through eligible brands such as Airbnb, Vrbo, and more
• 3x points on online grocery purchases (excluding Target, Walmart, and wholesale clubs)
• 3x points on eligible streaming services
• 2x points on other travel purchases
• 1x point on other purchases

Going through these categories, there’s an obvious improvement over the previous line-up. For one, the 5x category provides a nice incentive to try out the Chase Ultimate Rewards travel portal when possible, while still giving customers 2x points if they choose instead to book travel through other means. 

Elsewhere, the boost from 2x on dining to 3x is nice and is instantly more competitive. As for the other two 3x categories, they’re a little less impactful for me. First, limiting it exclusively to “online grocery” seems a bit weird to me and doesn’t move the needle in my case since my Amex Gold Card earns 4x at U.S. supermarkets, including online services like Instacart (in my experience at least). 

As for the 3x on select streaming services, while I definitely see the appeal here, but I don’t think this will be as lucrative for most people as they might think. Also, the no-annual-fee Capital One Savor also has 3% back on streaming now, so this addition doesn’t mean much to me personally.

$100 Annual Hotel Credit

One perk that was added and then upgraded on the Chase Sapphire Preferred is annual hotel credit. Now, cardholders can earn up to $100 in statement credits each account anniversary year when they book hotel stays via the Chase Ultimate Rewards portal. To be clear, this credit is only offered after your first renewal and subsequent cardholder anniversaries.

This benefit was just raised to $100 after the most recent refresh — but we previously used the $50 version. Specifically, we cashed it in while booking a stay at Hilton Grand Vacations Tuscany Village Orlando. Needless to say, $100 is even better than $50 and makes the Sapphire Preferred’s annual fee easier to justify in your renewal years.

Anniversary Point Bonus

When the Sapphire Preferred was updated in 2021, it added an anniversary point bonus mechanic. Alas, this was removed in 2026. The good news is that this bonus wasn’t much to write home about. So, I think doubling the renewal hotel credit more than makes up for that loss.

Chase Offers

Finally, before we move on to redemption options, I do want to mention Chase Offers. When you log into your account, you may see different offers from various brands that you can activate. For example, we found one for Best Buy offering 10% off up to $35, which came in handy when I purchased my new camera. Other recent Chase Offers that have popped up for us include 10% back on shopDisney, 15% back on Audible, $5 back on Amazon Music Unlimited, and more.

While Chase Offers don’t seem to be as plentiful or lucrative as Amex Offers, we’ve already made use of a few of them. Thus, I’m inclined to call this an underrated perk. In any case, if I were you, I’d be sure to check out the Chase Offers section regularly to see what ways you can save.

Chase Sapphire Preferred Ultimate Reward Points Redemption Options

As you earn points with your Chase Sapphire Preferred, you’ll have a few different ways to redeem them. Plus, while you may have heard about a superpower the card used to have, things have since changed. Let’s take a look at the current options.

Cashback

Starting off easy, if you just want to cash in your points for, well, cash, that’s certainly an option. Sapphire Preferred customers can elect to redeem their Ultimate Rewards points for statement credits or have the cash deposited into a linked bank account. In either case, your points will be worth 1¢ each with this option.

I want to take moment to mention that this is one of the reasons I might prefer Chase Ultimate Rewards points to American Express Membership Rewards points in general. Although Amex’s currency has its own strengths, the 0.6¢ per point that customers get when redeeming for cashback is pitiful. Thankfully, Chase gives what I think is a fair rate here. Thus, while there may be better and more valuable options, those who just want to claim cash can feel pretty good doing so IMHO.

Travel

One of the top perks that came with the Chase Sapphire Preferred in the past was the ability for cardholders to earn ”25% more value on travel.” This was achieved through the Chase Travel portal, where points could be redeemed at a rate of 1.25¢ each.

Sadly, this is no longer the case. Rather than having a pegged 1.25¢ value, points redeemed via the Chase Travel portal have the same 1¢ per point value as cashback — plus Point Boosts. According to Chase, Points Boost points are worth up to 1.5x on select hotels and on flights with select airlines.

If you can find a solid Point Boost, then this may be a great way to use your Ultimate Rewards. However, for the most part, I think most cardholders would prefer that the old 25% flat bonus were still in effect.

Pay Yourself Back

With 2020 throwing more than a few curveballs, Chase introduced the Pay Yourself Back program, intended to help cardholders get more value out of their rewards at a time when travel was made more difficult. The program stuck around beyond the pandemic, offering 25% bonuses on point redemptions for select categories. I even once got 1.25¢ per point when using Pay Yourself Back for an Away backpack. 

Once again, though, this is a part of the card that has changed. While Pay Yourself Back does still exist, it’s not quite what it once was. As of this writing in October 2026, customers can get a 25% bonus when redeeming points to cover select charitable donations. Another offer allows customers to get a 10% bonus (so 1.1¢ per point) when redeeming to cover the card’s annual fee.

When you head to the Pay Yourself Back portal, you’ll see a list of qualifying transactions made over the past 90 days. In each case, you’ll see the amount of the transaction, the number of points it would typically cost you to claim a statement credit, and the adjusted point amount that you can spend instead. Once you select a transaction, you can then elect to only cover a portion of the purchase in points (assessed at the same rate).

I think we all figured that this feature wouldn’t last forever, so kudos to Chase for keeping it alive as long as they have. After all, it may still come in handy for some.

Transfer Partners

In addition to booking travel directly through the Ultimate Rewards portal, you can also choose to turn your Chase points into points with various airlines and hotel chains. These transfer partners currently include:

• Aer Lingus AerClub
• Air Canada Aeroplan
• Air France-KLM Flying Blue
• British Airways Executive Club
• Iberia Plus
• JetBlue TrueBlue
• Singapore Airlines KrisFlyer
• Southwest Rapid Rewards
• United MileagePlus
• Virgin Atlantic Flying Club
• IHG One Rewards
• Marriott Bonvoy
• World of Hyatt (4:3)
• Wyndham Rewards

Notably, unlike American Express transfer partners that have varying exchange rates, almost all of Chase’s current partners transfer at a rate of 1:1. For example, 1,000 Chase Ultimate Rewards points could be turned into 1,000 Air France/KLM Flying Blue points. The exception to this is World of Hyatt, which recently moved to a 4:3 transfer ratio. Well, actually, those with the Chase Sapphire Reserve can still get 1:1, but the Preferred is 4:3 now.

Although the (nearly) standard 1:1 transfer rate makes this a bit easier to comprehend than some other point programs, this is still a more advanced redemption option. That said, some travelers may appreciate the presence of JetBlue and Southwest on this list as these points may prove easier to use directly. In any case, if you really want to get the most value with transfer partners, I’d suggest doing some digging to find the best option — which may even include transfer points to an airline you don’t intend to fly!

Gift Cards

Another redemption option I want to mention briefly involves gift cards. Chase offers gift cards from a number of popular brands, with denominations starting at just $10 for some. Nearly all of these options value points at 1¢ each, however there are occasional sales. For example, as of this writing, cardholders can get 10% off Lowe’s gift cards, allowing them to get a $200 card for 18,000 points.

Considering that the regular statement credit redemption rate is also 1¢ per point, there aren’t really very many reasons to go this route instead — unless, perhaps, if you planned on giving the gift card to someone else. Of course, those occasional sales on gift cards could make them worth it if you didn’t want to redeem for travel or Pay Yourself Back categories. Either way, at least it’s better than our final option…

Amazon

Lastly, when I saw that Chase offered integration with Amazon, I was moderately excited. After all, I’ve enjoyed having the option to cash in my Discover or Capital One cashback directly on Amazon while making purchases. However, I then realized that, with Chase, Amazon redemptions only valued Ultimate Rewards points at 0.8¢ each. In other words, you’d be better off just buying the item and requesting a statement credit after the fact.

I’m not sure why the exchange rate is devalued here but I wouldn’t recommend this option. The one exception would be when Chase or other issuers occasionally offer discounts to Amazon shoppers who redeem points for their transactions. In these cases, the loophole is that you can use 1 Ultimate Rewards point to trigger the discount and pay the rest normally so that you can save your points for better redemptions.

Final Thoughts on the Chase Sapphire Preferred

Overall, the Chase Sapphire Preferred still isn’t my favorite card by any stretch, but it did get significantly more interesting after the recent revamp. With more competitive multipliers, the now $100 annual anniversary hotel credit, and, yes, that amazing welcome bonus we managed to score, the card does definitely have some attractive features. 

Moreover, as I’ve grown more familiar with the Chase Ultimate Rewards currency, the more I’ve come to appreciate it. In particular, I see this ecosystem as being much more approachable for points and miles newbies who want to have a solid backup option in case their premium travel redemptions don’t work out.

When we first got the Sapphire Preferred, my initial plan was to downgrade it to a Freedom card or, counterintuitively, upgrade to a Sapphire Reserve in year two. But, as I mentioned, we decided to keep the card for at least another year — and that’s a trend we’ve kept up since. With the $100 hotel credit now completely offsetting the $95 annual fee, I no longer see a reason not to keep it, honestly.

Lastly, those with fewer cards in their wallets that would take up tasks that the Chase Sapphire Preferred can do will likely find even more value in the card, once again making it a great starter option. In fact, this is the card a friend of mine recently picked up as her first American credit card, thanks largely to the flexibility of Chase’s ecosystem and having Air Canada as a transfer partner (did I mention she’s Canadian?). I suspect that there are plenty of others who will feel similarly about the Sapphire Preferred, which is surely why it’s been such a staple.