by Daniel | Last Updated April 23rd, 2023
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So the Chase Sapphire Preferred card is now offering a generous 80,000 bonus points if you can manage to spend just $4,000 within the first 3 months of card ownership.
And with Chase Sapphire Preferred points being worth 1.25 cents per point, this sign-up bonus is worth $1,000 when redeemed through Chase Ultimate rewards.
There is also the ability to transfer the points to 11 different airline partners and 3 different hotel partners at a 1 to 1 value.
Now best of all this card is not expensive at all as its annual fee is just $95, this is a bargain considering the value of this new sign-up bonus, the benefits, and points earning potential that are on offer.
So let’s take a closer look at everything that is included with the Chase Sapphire Preferred card to see if it’s a good fit for you.
Who is this card good for?
The Chase Sapphire Preferred Card is a good credit card for people who frequently travel and dine out, as well as for those who want flexible redemption options. It’s also a great card for international travel as it doesn’t charge foreign transaction fees.
Benefits and User Perks
So let’s take a look at all of the benefits and perks that come with the Chase Sapphire Preferred card.
Each year you will be provided with a $50 statement credit that can be used towards hotel stays that are booked through Chase Ultimate Rewards.
And this effectively brings the annual fee down to just $45.
Then each account anniversary year Chase will give you back bonus points equal to 10% of your total purchases made during the previous year.
So if you spend a fair amount on the card each year, it is possible to boost your points-earning potential quite substantially.
Now in terms of partner benefits, there are a few options on offer.
The first is a complimentary 6-month Instacart+ membership that provides you with $15 in statement credits each quarter.
And with a 12-month membership costing $99/year, the 6-month membership is worth $50, then when you add in the $30 in statement credits that you will receive over the first 6 months, just this benefit alone is worth $80.
There is then a complimentary 12-month DashPass Subscription that is worth $96/year.
This provides you with lower service fees and free delivery on orders that are $12 or more.
Then it is possible to receive a $10 Monthly statement credit from Gopuff. Here you can order a whole range of different products such as drinks, snacks, or other household items
And this befits is worth $120 each year.
So just the befits that I’ve listed so far are worth $346, which covers the cost of the annual fee by more than 3 times over.
Now as I mentioned at the start of the video it is possible to transfer points to 11 different airline partners and 3 different hotel partners.
This can provide fantastic value if you put in the time and effort to find a good deal with one of the travel partners.
Points Earning Potential
So besides the fact that you can receive a 10% points earning bonus from Chase each anniversary year, there is also the ability to earn a reasonable amount of points from quite a wide variety of different categories.
Initially, you will be able to earn 5x points for any travel-related purchases that are made through Chase Ultimate Rewards.
And when you travel via Lyft you will also receive 5x points.
Then when dining at a restaurant or ordering take away it is possible to earn 3x points.
Along with this, you will also receive 3x points for purchases made at select streaming services and for online grocery purchases.
Any travel that is purchased from outside of Chase Ultimate Rewards will earn you 2x points.
Then all other purchases that are made on the card will earn 1 point per dollar spent.
Insurance Coverage
Now even though the Chase Sapphire Preferred card is only $95 a year it still offers a solid range of insurance-related coverage that can really help to keep you out of trouble in the unlikely event something goes wrong on your travels.
With Trip Cancellation/Interruption Insurance, there is coverage of up to $10,000 per person and $20,000 per trip.
This can be used towards any pre-paid, non-refundable travel expenses.
Then similar to this is Trip Delay Reimbursement which provides you and your family with up to $500 per ticket if your travel is delayed for more than 12 hours.
There is also an Auto Rental Collision Damage Waiver that provides you with primary coverage to help cover the costs of any theft or damage that is made to a rental car.
With Baggage Delay Insurance it is possible to receive up to $100 a day for up to 5 days if your luggage is delayed for more than 6 hours by a passenger carrier.
Then with Purchase Protection new purchases that are made to your card are covered for up to 120 days against damage or theft.
This provides the ability to receive up to $500 per claim and a total of $50,000 per account.
And finally, there is Extended Warranty Protection which provides you with one additional year of coverage on any US manufacturer’s warranties that are 3 years or less.
APR
So I’ll just finish off this review by going over what the current APR rates for this card and what fees you can expect to be charged if you happen to do a balance transfer or get a cash advance.
Currently, the APR for purchases and balance transfers is between 20.74% to 27.74%.
And with a balance transfer, there will be a fee of either $5 or 5% of the amount of each transfer.
If you get a cash advance, (which I don’t recommend) the APR will be 29.74%, and there will also be a fee of either $10 or 5% of the amount of each transaction.
Failing to make the minimum payment or having a payment returned by your bank will most likely result in you being put in a Penalty APR of 29.99%, along with this there will be a fee of up to $40 for a late payment and a $40 fee for a returned payment.
Final Thoughts
So that is pretty much everything there is to know about the Chase Sapphire Preferred card, and as you can see it is a fantastic card that currently has a large sign-up bonus of 80,000 points which are worth $1,000 when used for travel through Chase Ultimate Rewards.
And if you transfer the points to one of the many travel partners it is possible to receive even more value than this, although it might take a bit of work to find the best deal.
If you you like to see how the Chase Sapphire Proffered card stacks up against the more Exclusive Chase Sapphire Reserve card, check out my full in-depth comparison and review here.