by Daniel | Last Updated February 26th, 2021
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In this article, I’m going to review the Chase Sapphire Preferred credit card and go over some of the benefits that it has.
This is one of the best-valued credit cards on the market at the moment and is perfect for anyone new to credit cards.
To begin with, it is well priced at just $95 per year and it offers the ability to earn a lot of points that can be used with a multitude of different loyalty programs.
So the Chase Sapphire Preferred credit card is kind of like the little brother of the Chase Sapphire Reserve card.
It has a way cheaper annual fee of just $95 as opposed to the Chase Sapphire Reserve’s annual fee of $550.
And it still offers a wide variety of bonuses and the potential to earn a lot of points just by using the card.
Let have a look at what benefits the card offers and see how much its bonuses are actually worth.
First up you will receive 60,000 Ultimate Rewards Points after you spend $4,000 within the first three months of opening your account.
And these points are worth $750 if they are redeemed through Chase Ultimate Rewards and potentially more if you use them with one of the many frequent travel programs that are associated with the card.
And if you do not currently hold a Chase Sapphire card and have not received a new cardmember bonus in the last 48 months, you can earn $50 in statements credits that can be used towards grocery store purchases within the first year of opening the account.
Next up let’s have a look at some of the perks that come with the card.
The first bonus you will get is from DoorDash, and with this offer, you will receive a complimentary DashPass membership for at least 1 year and this entitles you to free delivery on any orders over $12 and reduced fees on qualifying orders.
A new bonus that was added to the card last year is $60 in statement credits that can be used to pay for a Peleton Digital or All-Access Membership.
Peleton offers a wide variety of different exercise programs such as yoga, strength training, and cardio routines that can be accessed through your mobile phone, TV, or Tablet.
Now when it comes to traveling the Chase Sapphire Preferred Card has a lot of useful benefits.
To begin with, if you use your Chase card to pay for a trip you will be covered by Trip Cancellation and Interruption Insurance.
So if your trip happens to be cut short because you become sick or there is severe weather, you can be reimbursed up to $10,000 per person and up to $20,000 per trip.
This includes passenger fares, tours, and hotels.
Another useful benefit is the Auto Rental Collision Damage Waiver.
So to use this benefit, basically when you hire a car from a rental agency, as long as you use the card to pay for the entire trip you can decline the rental agency’s collision insurance which can sometimes cost a fair bit.
And Chase will provide primary coverage for the car and reimbursement up to the actual cash value of the car for theft and collisional damage in the US and abroad.
Next up you will receive Baggage Delay Insurance which will reimburse you up to $100 a day for 6 days if your baggage is delayed for more than 6 hours by a passenger carrier, and this will cover expenses such as toiletries and clothing.
Along with this, you will also get Trip Delay Reimbursement.
So If your trip is delayed for more than 12 hours or requires an overnight stay you and your family will be covered for unreimbursed expenses such as meals and lodging up to a total of $500 per ticket.
The Chase Sapphire Reserve also comes with shopping protection when you use your card for certain purchases.
To begin with, you get Purchase Protection which will cover new purchases for 120 days against damage or theft up to $500 per claim and a maximum of $50,000 per account.
And then you also get Extended Warranty Protection,
So this basically extends the warranty by an extra year on any US manufactures warranty that is 3 years or less.
So these are the travel and shopping-related benefits that come with the card so now let’s look at how many points you can earn and what they are worth.
First up you can earn 5x points on all Lyft rides until March 2022.
Then from here, you will earn 2x points on all dining and travel-related expenses and 2 x points on grocery store purchases up to a total of $1,000 per month.
So you can earn a fair amount of points by taking advantage of the card and using it wisely.
Another fantastic benefit the card offers is a 1 for 1 point transfer with a large range of different frequent traveler programs that include airlines and hotels.
Some of the airlines include:
British Airways Executive Club
Singapore Airlines KrisFlyer
United MileagePlus and Emirates Skywards.
Whist hotels travel partners include:
World of Hyatt
IHG Rewards Club and Marriott Bonvoy.
Finally, the Chase Sapphire Preferred card has no foreign transaction fees.
This is a great benefit if you do travel overseas a fair bit as it can cave you a decent amount of money.
According to Chase.com if you were to spend $5,000 internationally, you would avoid paying $150 in foreign transaction fees.
One final way to make the most out of the card is to refer a friend.
So if you do get the Chase Sapphire Preferred Card you can receive 15k bonus points for each person that you refer up to a total of 75k points per year.
So, in my opinion, the Chase Sapphire Preferred Card is a great deal and for only $95 per year, it is definitely worth it.