The Pay Yourself Back benefit ends on December 31, 2022
TheChase Sapphire Preferred® Karteis a popular travel rewards card that offers many benefits without a large annual fee. And currently, new cardholders can earn 60,000 bonus points after spending $4,000 in purchases in the first three months of account opening.
With a 1:1 redemption rate (1 cent per point), 60,000 Chase Rewards points equals $600 in cash back — but you can still earn more from the bonusdepending on how you redeem the rewards. (Flying business class to Europe, anyone?)
While that might be the only incentive you need to sign up, the Sapphire Preferred offers a whole host of additional benefits that make this card uniqueworth the $95 annual fee. There's a reason it's one of themOur top rated travel credit cardsAndbest credit cards with annual fees under $100.
Plus, it's generoussignup bonusAndreward programSapphire Preferred offers 5X points on Lyft rides through March 2025, 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on dining and 2X points on all other travel purchases. In addition, the Sapphire Preferred also offers some less obvious benefits that you may not be aware of.
On Chase's secure website
$50 annual Ultimate Rewards hotel credit, 5x points on travel purchased through Chase Ultimate Rewards®, 3x points on dining, 3x points on select streaming services and online grocery purchases (excluding Target, Walmart and wholesale clubs), 2x points on all other travel purchases and 1X points on all other purchases
Earn 60,000 bonus points after spending $4,000 in purchases in the first three months of account opening. That's $750 if redeemed through Chase Ultimate Rewards®.
Introduction in April
Variable 21.49% – 28.49% on purchases and balance transfers
Fee for the transfer of the balance
Either $5 or 5% of the amount of each transfer, whichever is greater
Foreign transaction fee
The General Terms and Conditions.
Read oursChase Sapphire Preferred® Card Review.
Here are the perks you'll definitely want to take advantage of when you sign upChase Sapphire Preferred Card:
Your Chase Rewards points are worth a lot more if you have a Sapphire Preferred card.
When you redeem points for travel through the Chase Ultimate Rewards® travel portal, the points are worth 25% more. That means the 60,000 points you earned with your welcome bonus can go up to $750 when you spend them on hotel stays, flights, car rentals, cruises and more.
Points are also worth 25% more when you use the Chase Pay Yourself Back tool, which lets you redeem reward points for eligible purchases. So the 60,000 welcome bonus points can cover up to $750 in qualifying purchases.
Find the best ways to redeem Chase Ultimate Rewards points here
If you still have oneChase credit cardwhich also brings Ultimate Rewards®, like this oneChase Freedom Flex℠or theChase Freedom Unlimited®allows you to transfer your points to the Sapphire Preferred card so you can get more value from your points.
Sapphire Preferred gives you a higher redemption rate for your points than Freedomcash back cards(1.25:1 compared to 1:1), so transferring from one card to another is a smart and easy way to optimize your redemptions.
Sapphire Preferred cardholders can transfer their points 1:1 to any of Chase's 13 airlines or partners. These partners include United, Southwest, British Airways, JetBlue, Emirates, Marriott and Hyatt.
Redeeming points through a Chase travel partner can be a very good deal. For example, you can book luxury hotels like Park Hyatt Maldives or Park Hyatt Sydney for as little as 25,000 points per night. These hotels can often cost upwards of $1,000 per night.
How to Transfer Chase Ultimate Rewards Points
Sapphire Preferred cardholders have unlimited accessgrocery deliverieswith $0 shipping and reduced service fees on orders over $12 for a year or more on qualifying grocery purchases made with DashPass, DoorDash's subscription service (over $100 value).
DoorDashexpectationsthat DashPass members save an average of $5 per order compared to non-members. Depending on how often you order takeout, this can add up to big annual savings.
You must activate your DashPass membership by December 31, 2024.
How to get a free DoorDash DashPass with your Chase credit card
Through June 2022, Sapphire Preferred members will also earn 5x total points on every Peloton bike, pedal and accessory purchase over $1,800, up to a maximum of 25,000 points.
Chase Sapphire cardholders can now earn up to 5x-10x points on their Peloton purchases as well as expanded benefits
Cardholders gain access to exclusive shopping discounts at select retailers throughChase Offers. These offers usually give you a set dollar amount as cash backcredit statement, will be credited to your account within 14 business days.
Be sure to visit the Chase online shopping portal to earn extra points on purchases you make with Sapphire Preferred through a special link provided by the portal.
Purchases you make with Sapphire Preferred qualify for purchase protection and extended warranty protection in case something goes wrong. Purchase Protection covers your new purchases against damage or theft for 120 days, up to $500 per claim and $50,000 per bill. Extended Warranty Protection extends an additional year for eligible warranties of three years or less.
For each trip canceled or interrupted due to illness, inclement weather or other covered condition, you can claim up to $10,000 per person and $20,000 per trip for your prepaid non-refundable travel expenses, including passenger fares, excursions, etc. . hotels with compensation. (You must book the trip with your Sapphire Preferred card to qualify for this insurance.)
You will need to opt out of the rental company's collision insurance and charge Sapphire Preferred for the full cost of the rental to maintain coverageprimary coverageand compensation up to the actual cash value of the vehicle for theft and collision damage for most rental vehicles in the US and abroad.
Lost luggage and travel delays are common when traveling these days. Your Sapphire Preferred card relieves you of some of the costs associated with these issues with delayed baggage insurance and travel delay compensation.
Cardholders can receive a refund on essential purchases such as toiletries and clothing from passenger aircraft for baggage delays of more than 6 hours, up to US$100 per day for 5 days. And if you're delayed more than 12 hours or need an overnight stay, you and your family are covered for non-refundable expenses like meals and lodging up to $500 per ticket.
At any time during travel, you can call your Chase Benefit Manager for travel and emergency assistance, as well as legal and medical referrals. Plus, take advantage of the card's $50 annual Ultimate Rewards hotel credit to make your next trip more affordable.
You can also benefit from itno foreign transaction feesfor purchases outside the US, saving you the standard 3% fee that other cards may charge.
Taking advantage of the Sapphire Preferred's generous welcome bonus is unlikely, but the added perks—from travel insurance to shopping perks—make this card a must-have for those who love to travel, shop and dine out.
Chase Sapphire Preferred Rating: A budget card for travelers
Information about the Chase Freedom Flex℠ was independently collected by Select and was not verified or provided by the card issuer prior to release.
Editorial note:The opinion, analysis, criticism or recommendation expressed in this article is provided solely by the Select editorial team and has not been reviewed, approved or otherwise endorsed by any third party.