What the Chase Sapphire Preferred Card is and who it's built for
The Chase Sapphire Preferred is a rewards card that gives you points on travel and dining purchases, plus a sign-up bonus if you spend a certain amount in the first few months. It costs $95 per year. The card is designed for people who book their own flights and hotels, eat out regularly, and want to convert those everyday purchases into travel rewards rather than cash back.
The card does not require a specific income level or credit score to open one, but Chase will pull your credit report and review your credit history. If you have fair credit or better and no recent missed payments, you have a reasonable chance of approval. The card arrives in the mail within 7 to 10 business days after approval.
This is not a card for someone who rarely travels or never eats out. The $95 annual fee only makes sense if you use the rewards fast enough to cover it. Chase publishes a travel credit worth $50 per year (up to $300 over five years) that offsets some of the fee, but you have to use it intentionally.
Key Takeaways
- The card earns 3 points per dollar on travel and dining, 1 point per dollar on everything else, and comes with a sign-up bonus that requires you to spend $4,000 in the first three months.
- You pay $95 per year, but the card includes a $50 annual travel credit that you can use on flights, hotels, rental cars, and some other travel purchases.
- Points can be transferred to airline and hotel partners at a 1-to-1 ratio, or redeemed for cash back at a lower rate, or used to book travel through Chase's website.
- The card includes trip cancellation insurance, emergency medical and dental coverage abroad, and lost luggage reimbursement if you book the trip with the card.
- You can request a credit line increase after six months, and Chase will not automatically close the account if you do not use it regularly.
How the rewards points work and what they're worth
Every time you use the card, you earn points. The earning rate depends on what you buy: 3 points per dollar on travel (flights, hotels, rental cars, taxis, trains, parking) and dining (restaurants and bars), 1 point per dollar on everything else. Those categories are the only ones that earn bonus points—groceries, gas, and retail shopping all earn 1 point per dollar.
The value of your points depends on how you use them. If you redeem them for cash back through Chase's website, each point is worth about 1 cent, so 10,000 points = $100. If you transfer them to an airline partner like United or Southwest, the value can be higher or lower depending on the flight and the airline's pricing that day. If you book through Chase's travel portal, points are typically worth 1.25 to 1.5 cents each, so the same 10,000 points might be worth $125 to $150 toward a flight.
The sign-up bonus is usually 60,000 points if you spend $4,000 in the first three months. At the cash-back rate, that's $600. At the travel portal rate, it could be worth $750 to $900 toward a flight or hotel. Chase changes this bonus periodically, so the offer you see may be different.
The annual fee and how the travel credit works
The $95 annual fee posts to your account every year on the anniversary of when you opened the card. You cannot avoid it by not using the card—it charges whether you swipe it once or never. If you close the card, you are not charged a fee for the year you close it, but you lose access to the points you have not yet redeemed.
Chase includes a $50 annual travel credit that reimburses you for certain travel purchases. The credit applies automatically when you charge a may have access to purchase to the card. may have access to purchases include airline tickets, hotel stays, rental cars, parking, taxis, rideshare (Uber, Lyft), trains, buses, and some travel booking sites. Groceries, gas, and retail shopping do not may have access to. The credit resets every calendar year on January 1, so if you do not use it by December 31, you lose it.
The math is straightforward: $95 fee minus $50 credit = $45 net annual cost. To break even, you need to earn enough points to cover that $45, which takes roughly 4,500 points at the cash-back rate. If you spend $1,500 on travel or dining in a year, you will earn enough points to cover the fee.
How to open the card and what happens after approval
You can open the card online at Chase.com or by calling 1-800-935-9935. The online process takes about 10 minutes. You will need your Social Security number, date of birth, address, and employment information. Chase will ask how much annual income you have and whether you have any existing Chase accounts.
After you submit the process, you get an when ready decision in most cases. If approved, you will see a confirmation number and an estimated arrival date for the card. If Chase needs more information, they will call you within one business day. If you are denied, Chase will mail you a letter explaining why within 30 days.
Once the card arrives, you set up it by calling the number on the back or logging into your Chase account online. You can start using it when ready. Your first statement closes 25 to 30 days after your first purchase, and your first payment is due about 21 days after that. If you want to meet the sign-up bonus spending requirement, you have three months from the date you open the account.
What protections and benefits come with the card
The card includes trip cancellation and interruption insurance, which reimburses you up to $10,000 per person if you have to cancel or cut short a trip because of a covered reason (illness, injury, death of a family member, or job loss). You have to book the trip with the card for this to work. The coverage does not explore if you cancel for a reason not on the list, like changing your mind or a bad weather forecast.
The card also covers emergency medical and dental expenses if you need treatment while traveling outside the United States. Coverage is up to $250,000 for medical expenses and $500 for dental. This is secondary coverage, meaning your regular health insurance pays first, and the card covers what your insurance does not. You do not have to file a claim with your health insurance first—Chase will reimburse you directly if you submit receipts.
Lost luggage reimbursement covers baggage and personal belongings if an airline loses your luggage or it is damaged in transit. Coverage is up to $2,500 per person, per trip. You have to book the trip with the card, and you have to file a claim with the airline first before Chase will reimburse you.
The card does not include purchase protection, price protection, or extended warranty coverage. Those benefits are available on some other premium travel cards but not this one.
How to redeem points and transfer them to partners
You can redeem points in three ways: through the Chase travel portal, as a statement credit, or by transferring to an airline or hotel partner.
The Chase travel portal is a website where you search for flights, hotels, and rental cars and pay with points instead of cash. You can see the point cost before you book. The portal includes most major airlines and hotel chains, plus some smaller ones. The point value varies by what you book—a $500 flight might cost 40,000 points one day and 45,000 points another day, depending on demand and availability.
Statement credit is the simplest option. You log into your Chase account, go to the rewards section, and choose to redeem points as a credit to your bill. Each point is worth 1 cent, so 10,000 points = $100 credit. This is the lowest value you can get, but it requires no planning or research.
Transfer partners include airlines (United, Southwest, American, Delta, JetBlue, and others) and hotels (Hyatt, Marriott, IHG, and others). You transfer points at a 1-to-1 ratio—10,000 points = 10,000 airline miles or hotel points. The value depends on how you use the miles or points with that partner. Some partners have better redemption rates than others, and the rates change. If you know how to use airline miles strategically, transfers can be worth more than the travel portal, but it requires research and planning.
Common reasons the card might not be right for you
If you do not travel or eat out much, the $95 annual fee is hard to justify. You would need to spend at least $1,500 per year on travel and dining just to earn enough points to cover the fee. If your spending is lower than that, a no-annual-fee card with cash back might be a better fit.
If you prefer simplicity over maximizing rewards, the card requires you to think about how to redeem points. The travel portal is straightforward, but transfers to partners require knowledge of airline and hotel pricing. If you just want to earn cash back and not worry about strategy, a flat-rate cash-back card is easier.
If you have fair credit or a recent late payment, Chase may deny you. The card is designed for people with good to excellent credit (typically a score of 670 or higher). If you have been denied before, you can call Chase to ask what changed or wait six months and try again.
If you travel internationally but rarely book hotels or flights with the card, you lose the bonus points on those categories. The card's benefits are strongest for people who book their own travel and pay with the card every time.
Frequently Asked Questions
What's the difference between this card and the Chase Sapphire Reserve?
The Reserve costs $550 per year and includes a $300 annual travel credit (instead of $50), higher point values on some categories, and additional benefits like airport lounge access and concierge service. It is designed for people who spend much more on travel and can justify the higher fee. The Preferred is the entry-level version for people who travel regularly but do not need all the premium perks.
Can I use the travel credit on any airline or hotel?
The credit works on most major airlines and hotel chains, plus rental cars, taxis, rideshare, trains, and some travel booking sites. It does not work on cruises, tours, or travel insurance. The credit applies automatically when you charge a may have access to purchase, so you do not have to do anything special to use it.
What happens to my points if I close the card?
Your points do not disappear when ready, but you have a limited time to redeem them. Chase typically gives you 30 to 60 days after you close the account to redeem any remaining points. After that, the points are forfeited. If you are thinking about closing the card, redeem your points first.
Do I have to pay the annual fee if I do not use the card?
Yes. The $95 annual fee charges every year on the anniversary of when you opened the account, regardless of whether you use the card. If you decide the card is not worth it, you can close it anytime, but you will not get a refund for the annual fee you already paid.
How long does it take to earn enough points for a free flight?
It depends on how much you spend and how you redeem. If you spend $5,000 per year on travel and dining (earning 3 points per dollar), you earn 15,000 points. At the travel portal rate of 1.25 cents per point, that is worth about $188 toward a flight. A domestic flight typically costs 25,000 to 50,000 points through a transfer partner, so you would need to spend $40,000 to $80,000 per year to earn a free flight that way. Most people use points to offset part of a trip rather than cover the whole cost.