Chase Sapphire Preferred

The Chase Sapphire Preferred is the card that launched a thousand points obsessions. At $95 per year, it's the gateway drug to the Chase Ultimate Rewards ecosystem — giving you access to the full 14+ transfer partner network (the same one Sapphire Reserve cardholders use) along with solid earning rates on dining and travel. It's not the flashiest card in anyone's wallet, but it might be the smartest.

You earn Chase Ultimate Rewards points, one of the most valuable and flexible points currencies in the game. Points transfer 1:1 to partners like United, Southwest, British Airways, Air France/KLM Flying Blue, and more (World of Hyatt is now 4:3 on this card), or can be redeemed through Chase Travel at 1 cent each, up to 1.5 cents with Points Boost. Those transfer partners are what make the case for this card.

Chase positions the Sapphire Preferred as the on-ramp to its premium rewards ecosystem, and it nails that role. It pairs exceptionally well with no-annual-fee Chase Freedom cards (Flex, Unlimited, Rise) to build a points-earning machine that covers every spending category — without requiring you to pay $795 for the Sapphire Reserve. Start here, pool points, transfer to partners. That's the playbook.

• Transfer to 14+ Travel Partners: Transfer points 1:1 to United, Southwest, British Airways, Air France/KLM Flying Blue, Virgin Atlantic, IHG, Marriott, and more. World of Hyatt is the exception: 4:3 on this card (1,000 Chase points = 750 Hyatt points), right away if you applied on or after June 15, 2026, and from October 1, 2026 for everyone else. Still useful, just no longer the whole reason to hold the card.
• Points Boost on Chase Travel: Points are worth up to 1.5 cents each on select hotels and flights through Chase Travel, and 1 cent on everything else there. (If you applied for the card before June 23, 2025, points earned before October 26, 2025 can still be redeemed at 1.25 cents in Chase Travel until October 26, 2027.)
• $100 Annual Chase Travel Hotel Credit: Up to $100 in automatic statement credits for hotel stays booked through Chase Travel each account anniversary year, doubled from $50 in June 2026. Use it and it covers the $95 fee by itself.
• 3x on Gas, EV Charging and Vacation Homes: New in June 2026: 3x points at gas stations, on EV charging, and on vacation homes booked directly with top brands like Airbnb and Vrbo.
• Global Entry, TSA PreCheck or NEXUS Credit: Up to $120 back every four years when you pay the application fee with the card. Also new in June 2026.
• Complimentary DashPass: One year of DoorDash DashPass membership (a $120 annual value) with free delivery and reduced fees when you activate by December 31, 2027, plus $10 off one non-restaurant order each month. Solid if you order delivery regularly.
• A Year of Apple TV: Complimentary Apple TV for a year (a $156 value) when you activate by December 31, 2026. New in June 2026.
• 5x Points on Lyft: Earn 5 total points per dollar on eligible Lyft purchases, including rides, bike and scooter rides, and memberships, through September 30, 2027.
• Trip Cancellation/Interruption Insurance: Up to $10,000 per covered traveler and $20,000 per trip for pre-paid, non-refundable travel expenses. Underrated perk that can save you thousands.
• No Foreign Transaction Fees: Use the card internationally without the typical 3% surcharge.
• Primary Car Rental Insurance: Primary coverage (not secondary) when renting a car for business or personal use. This is a big deal — skip the rental counter CDW and save $15-30/day.

• Annual Fee: $95 — one of the best values in the transferable points world.
• Authorized User Fee: $0 per authorized user. Free is free.
• Foreign Transaction Fees: None
• APR: Variable, based on creditworthiness (19.24% - 27.49%)
• Balance Transfer Fee: 5% of the amount transferred, $5 minimum
• Late Payment Fee: Up to $40

The Chase Sapphire Preferred currently offers 75,000 bonus Ultimate Rewards points after spending $5,000 on purchases in the first 3 months from account opening.

Booked through Chase Travel at the base 1 cent per point, that bonus is worth $750, or up to $1,125 on Points Boost bookings at 1.5 cents. But through transfer partners, savvy redeemers can extract $1,200 or more in travel value — enough to cover a round-trip domestic flight in business class or a one-way international premium cabin ticket. Not bad for meeting a spend requirement you probably would've hit anyway.

Eligibility note (2026 update): Chase now judges bonus eligibility card by card: you can't open a Sapphire Preferred while you have one open, and the bonus may not be available if you've previously held this card or earned its bonus. This means current Sapphire Preferred holders can now apply for and earn the Sapphire Reserve bonus (and vice versa), which was not possible under the old rules. The 5/24 rule still applies: if you have opened 5 or more new credit cards in the past 24 months, you will likely be denied.

• 5x points: Travel purchased through Chase Travel (excluding hotel purchases that qualify for the $100 hotel credit)
• 5x points: Eligible Lyft purchases, including rides, bike and scooter rides, and memberships (through September 30, 2027)
• 5x points: Peloton equipment and accessory purchases over $150, on up to $5,000 in total purchases (through December 31, 2027)
• 3x points: Dining, including restaurants, takeout, and eligible delivery services
• 3x points: Gas stations and EV charging
• 3x points: Vacation homes booked directly with top brands like Airbnb and Vrbo
• 3x points: Select streaming services
• 3x points: Online grocery purchases (excluding Target, Walmart, and wholesale clubs)
• 2x points: Other travel purchases (airlines, hotels, car rentals booked directly)
• 1x point: All other purchases

10% Anniversary Bonus (discontinued): Chase is retiring it as part of the June 2026 refresh. If you applied on or after June 15, 2026, you don't get it at all. If you applied earlier, purchases made through October 1, 2026 still earn the 10% bonus, paid by January 31, 2027 — and that's the last one.

Chase Ultimate Rewards points are among the most flexible currencies in the rewards game, and here's what you can do with them:

• Transfer Partners (Best Value): Transfer to 14+ airline and hotel partners including United MileagePlus, Southwest Rapid Rewards, British Airways Avios, Air France/KLM Flying Blue, Virgin Atlantic Flying Club, Singapore Airlines KrisFlyer, IHG One Rewards, and Marriott Bonvoy. Transfers are 1:1 except World of Hyatt, which is 4:3 on this card (1,000 Chase points = 750 Hyatt points): right away if you applied on or after June 15, 2026, and from October 1, 2026 for everyone else. Transfer partners are still the reason the CSP exists.
• Chase Travel Portal: Redeem at 1 cent per point for flights, hotels, car rentals, and activities, or up to 1.5 cents on select hotels and flights with Points Boost. A solid fallback when transfer partners don't offer a better deal.
• Pay Yourself Back: Redeem points as statement credits against rotating categories. Recent rates on the CSP ran 1.05 to 1.25 cents each, with 1.25 cents limited to charitable donations. Handy for flexibility.
• Statement Credits: 1 cent per point when applied to any purchase — leaves value on the table, but it's there.
• Gift Cards & Amazon: Generally 1 cent per point or less. Don't do this.

Best value: Transfer to airline partners for premium cabin international flights, or to World of Hyatt for hotel stays, but do the math at this card's 4:3 Hyatt ratio. A Hyatt Category 4 hotel that costs $250/night is 15,000 Hyatt points on a Low-priced night, which takes 20,000 Chase points at 4:3: 1.25 cents per point. Hyatt's new chart prices Category 4 anywhere from 12,000 to 25,000 points a night, so check the date before you transfer. Premium cabin flights are where the CSP still punches way above its weight class.

• $100 Chase Travel Hotel Credit: Up to $100 in statement credits for hotel stays booked through Chase Travel. Applied automatically each account anniversary year — nothing to activate or remember.
• Global Entry, TSA PreCheck or NEXUS Credit: One statement credit of up to $120 every four years for the application fee, when you pay it with the card.
• DashPass by DoorDash: Complimentary DashPass membership for one year, valued at $120/year, providing $0 delivery fees and reduced service fees on eligible DoorDash orders. Activate by December 31, 2027. DashPass members also get $10 off one non-restaurant order (groceries, retail and more) each calendar month through December 31, 2027. It doesn't roll over, so use it or lose it.
• Apple TV: At least 12 months of complimentary Apple TV (a $156 value) for the primary cardmember when you activate on chase.com or the Chase Mobile app by December 31, 2026. If you already pay Apple for it, that plan pauses and picks back up when the free year ends.
• Trip Cancellation/Interruption Insurance: Up to $10,000 per person, $20,000 per trip for pre-paid, non-refundable expenses when a trip is cancelled or cut short due to covered reasons. Book trips on this card for the peace of mind.
• Primary Car Rental Coverage: Covers theft and collision damage up to $60,000 on most rental cars with an MSRP of $125,000 or less, when you charge the whole rental to the card and decline the rental company's CDW/LDW. Primary means it kicks in first — no filing through your personal auto insurance.
• Trip Delay Reimbursement: Up to $500 per covered traveler for reasonable expenses when a common carrier delay exceeds 12 hours or requires an overnight stay.
• Emergency Evacuation and Transportation: Up to $100,000 for emergency evacuation and medical transport if you or a covered traveler get sick or injured on a trip 100+ miles from home. New in June 2026.
• Baggage Delay Insurance: Covers essential purchases up to $100/day for 5 days if bags are delayed 6+ hours.
• Lost Luggage Reimbursement: Up to $3,000 per passenger for lost baggage.
• No Foreign Transaction Fees: No 3% surcharge on purchases made outside the U.S.
• Purchase Protection: Covers new purchases for 120 days against damage or theft, up to $500 per item, $50,000 per account.
• Extended Warranty: Extends U.S. manufacturer warranties by one additional year on eligible items.

The Sapphire Preferred wins on one thing that matters enormously: transfer partner quality. Hyatt is still on the list, but at 4:3 on this card it's a nice extra rather than the whole case. The 1:1 airline partners like United, Southwest and British Airways do the heavy lifting now. The Amex Gold earns more on dining and groceries but costs $325 — it's a different conversation. The Capital One Venture offers the simplicity of 2x on everything, but its transfer partners don't include United, Southwest or Hyatt. The Citi Strata Premier is a solid competitor with its own transfer network, but the CSP's ecosystem advantage (Freedom cards pooling points) gives it the edge.

The Chase Sapphire Preferred is for anyone who wants premium transfer partners without paying a premium annual fee. If you eat out a few times a week, fill up at the pump, travel a few times a year, and like the idea of that spending turning into flights and hotel stays, this is your card. It also shines as the anchor in a broader Chase ecosystem: pool points from Freedom Flex, Freedom Unlimited, and Freedom Rise into one high-value Ultimate Rewards balance, then transfer to airline or hotel partners when you're ready to book. It's the $95 card that punches like a $300 card.