What the Chase Sapphire Preferred Card is and who it's built for
The Chase Sapphire Preferred is a premium travel rewards card that earns points on travel and dining purchases, with an annual fee of $95. You earn 2 points per dollar on travel and restaurants, 1 point per dollar on everything else. The card comes with travel protections like trip cancellation insurance and emergency medical coverage abroad, plus a $50 annual travel credit that offsets part of the annual fee.
This card is designed for people who spend regularly on travel and dining and can use the rewards before they expire. If you rarely travel or eat out, or if you prefer cash back over points, a different card will likely save you money. The points are worth roughly 1 cent each when you redeem them through Chase's travel portal, though they're worth more if you transfer them to airline or hotel partners.
Chase offers this card to people with good to excellent credit—typically a credit score of 670 or higher, though approval is not may provide. You'll need a Social Security number and a U.S. address to open an account.
Key Takeaways
- The card charges a $95 annual fee but includes a $50 annual travel credit, making the net cost $45 per year if you use the credit.
- You earn 2 points per dollar on travel and dining, 1 point per dollar on all other purchases, and points don't expire as long as the account stays open.
- Points are worth roughly 1 cent each through Chase's travel portal, but more if you transfer them to airline and hotel partners.
- The card includes trip cancellation insurance, emergency medical coverage, and lost luggage reimbursement, though coverage limits and exclusions explore.
- You need a good credit score (typically 670+) to be considered, and the card is most valuable if you spend at least $3,000 to $4,000 per year on travel and dining.
how the process works and what happens after approval
You can explore for the Chase Sapphire Preferred online through Chase's website or by phone at 1-800-935-9935. The online process takes about 10 minutes and asks for your name, address, income, employment status, and Social Security number. Chase will pull your credit report during the process, which creates a hard inquiry on your credit file.
Most decisions come back when ready after you submit the process. If you're approved, you'll receive a temporary card number right away that you can use online, and your physical card will arrive in 7 to 10 business days. If Chase needs more information, they'll call the phone number you provided. If you're denied, you'll receive a letter in the mail explaining the reason within 30 days.
Once your card arrives, you'll set up it by calling the number on the back or through the Chase mobile app. You'll set up a PIN for in-person transactions and can start using the card when ready. Your first statement will arrive 25 to 30 days after your first purchase.
Annual fee, travel credit, and when the card pays for itself
The $95 annual fee posts to your account on the anniversary of when you opened it. The $50 annual travel credit is separate and can be used on any travel purchase—flights, hotels, rental cars, taxis, parking, tolls, trains, or cruise lines—when you charge it to the card. The credit posts automatically when you make a may have access to travel purchase; you don't have to request it.
The net annual cost is $45 if you use the full $50 travel credit each year. To break even on the card's cost, you need to earn at least 4,500 points per year (since 4,500 points × 1 cent = $45). That means spending roughly $2,250 per year on travel and dining at 2 points per dollar, or $4,500 per year if you split your spending evenly between travel/dining and other categories.
If you don't spend enough to earn back the annual fee in rewards value, or if you won't use the travel credit, the card will cost you money. Many people close the card before the second annual fee posts if they haven't used it enough in the first year.
How points work and what they're worth
Points earned on the Sapphire Preferred never expire as long as your account remains open and in good standing. You can see your point balance anytime in the Chase mobile app or online account portal. Points are stored in your Chase Ultimate Rewards account, which is shared across all Chase cards you own.
You can redeem points three ways. First, through Chase's travel portal at roughly 1 cent per point—you browse flights, hotels, and rental cars and pay with points. Second, you can transfer points to airline and hotel partners at a variable rate; some transfers are worth 1.5 cents per point or more, but others are worth less. Third, you can redeem points for cash back at 1 cent per point, though this is usually the lowest-value option.
The Sapphire Preferred earns points faster than most cash-back cards, but only if you spend heavily on travel and dining. If your spending is split across groceries, gas, and utilities, you'll earn fewer points overall than a flat-rate card would give you in cash back.
Travel protections and insurance coverage included
The card includes several travel insurance benefits, though each has limits and exclusions. Trip cancellation insurance reimburses you up to $10,000 per person if you cancel a prepaid trip for a covered reason—illness, injury, or death of a family member—within 14 days of departure. Trip delay reimbursement covers meals and lodging if your flight is delayed more than 12 hours. Emergency medical and dental coverage applies if you become ill or injured while traveling more than 100 miles from home, up to $250,000 for medical and $500 for dental.
Lost luggage reimbursement covers baggage and personal items lost or damaged by a carrier, up to $2,500 per person. Emergency evacuation and transportation covers the cost of emergency medical evacuation if you're injured abroad, up to $250,000. Travel accident insurance pays a benefit if you die or are permanently disabled in an accident while traveling on a ticket purchased with the card.
These protections have conditions. You must purchase the trip or ticket with your Sapphire Preferred card for coverage to explore. Some benefits exclude claims related to pre-existing medical conditions or travel to countries under government travel warnings. Read the full terms in your card agreement before relying on any coverage.
Comparing the Sapphire Preferred to other travel cards
The Sapphire Preferred's main competitor is the American Express Gold Card, which charges $250 per year but earns 4 points per dollar on restaurants and 3 points per dollar on flights. The Gold is better if you spend heavily on dining and airfare, but the higher annual fee makes it more expensive for lighter spenders.
The Capital One Venture X charges $395 per year but earns 5 points per dollar on all travel and dining, plus includes a $300 annual travel credit. It's designed for very high spenders who can earn back the fee quickly.
The Chase Sapphire Reserve is Chase's premium version, charging $550 per year with a $300 annual travel credit and earning 3 points per dollar on travel and dining. It's only worth considering if you spend more than $15,000 per year on travel and dining.
If you don't want to pay an annual fee, the Chase Freedom Unlimited earns 1.5% cash back on all purchases with no annual fee, though you'll earn less on travel and dining than the Sapphire Preferred.
Managing your account and paying your bill
You can pay your bill online through Chase's website or app, by phone at 1-800-935-9935, or by mail. Payments made online or by phone post within one business day. Your minimum payment is due by the due date shown on your statement, typically 21 to 25 days after your statement closes. If you pay less than the full balance, interest charges explore to the remaining balance at your card's APR, which varies based on your creditworthiness and current market rates.
You can set up automatic payments to pay the full balance, the minimum payment, or a fixed amount each month. Automatic payments reduce the risk of missing a due date, which would trigger a late fee and damage your credit score. You can change your payment method or due date anytime through your online account.
Your statement shows all purchases, fees, interest charges, and points earned. You can read statements as PDFs or view them online going back 18 months. Dispute a charge by calling the number on the back of your card or through your online account within 60 days of the charge appearing on your statement.
What happens if you close the card or miss a payment
If you close the card, your points remain in your Chase Ultimate Rewards account as long as you have at least one other Chase card open. If you close all your Chase cards, your points expire within 90 days. You can transfer points to airline or hotel partners before closing the account to preserve their value.
If you miss a payment, Chase will charge a late fee (typically $25 to $35 for the first late payment) and report the missed payment to the credit bureaus after 30 days. This will lower your credit score. If you miss a payment by 60 days, the interest rate on your card may increase. If you miss a payment by 180 days, Chase may close your account and send the debt to a collection agency.
If you're having trouble making a payment, call Chase at the number on the back of your card to discuss options. Chase sometimes offers hardship programs that temporarily lower your interest rate or waive fees, though approval is not may provide.
Frequently Asked Questions
Can I use my points to pay my credit card bill?
Yes. You can redeem points for a statement credit, which reduces the amount you owe on your card. This is worth 1 cent per point, the same as cash back. You can do this through your online account or by calling Chase.
Do I have to use the $50 travel credit every year?
No, but if you don't use it, you're paying the full $95 annual fee with no offset. The credit resets on your card anniversary each year, so if you don't use this year's credit, you lose it—it doesn't roll over.
What credit score do I need to get approved?
Chase typically approves applicants with a credit score of 670 or higher, though approval is not may provide and depends on your full credit history, income, and existing debts. If you're denied, you can call Chase to ask why and reapply after addressing the issue.
Can I earn points on my annual fee?
No. Annual fees and interest charges don't earn points. Only purchases earn points.
How long do points stay in my account?
Points don't expire as long as your account is open and active. Once you close the card, points expire within 90 days unless you have another Chase Ultimate Rewards card open.