Chase Sapphire Preferred Review

Our Chase Sapphire Preferred review showcases one of the most widely searched credit cards, due to its sheer popularity and because this rewards credit card hits a sweet spot between affordability and high-level travel benefits.

The Chase Sapphire Preferred card offers an excellent combination of bonus categories, valuable points transfer partners, and strong travel protections that make it a favorite among those with a good or excellent credit score. It ranks at the top in our best credit cards for good credit overview.

However, while popular, the card works best only for a limited number of consumers. While it doesn’t carry the extremely high annual fees of premium cards, at $95 per year, you’ll need to decide if it’s worth investigating.

About Chase Sapphire Preferred

Chase is one of the largest card issuers in the U.S. and is known for its diverse collection of rewards credit cards. The Sapphire Preferred is part of the company’s travel cards lineup, and represents a middle-ground between its everyday cash back cards and the premium Sapphire Reserve card.

The card is designed to maximize travel rewards. Hotel stays purchased through Chase Travel, plus airline or hotel bookings, and even services and online grocery purchases, all earn high points rewards when using the card. These rewards combine with valuable protections like trip cancellation coverage, rental car insurance, and purchase protection.

Chase is an expert provider of travel rewards cards and programs, and its extensive list of partner companies through which your points are redeemable reflects that fact. Another Sapphire Preferred perk includes a once-a-year bonus that provides you with extra points equal to 10% of your purchases from the previous year.

While the Sapphire Preferred doesn’t include luxury perks like lounge access, it’s one of the most powerful travel rewards cards among those available for consumers with good, but maybe not exceptional, credit.

Features and Benefits

The Chase Sapphire Preferred card stands out for its combination of rewards and flexibility.

• 5× points on travel purchased through Chase Travel
• 3× points on dining, streaming services, and online grocery purchases
• 2× points on other travel spent on travel outside the Chase system
• 1× point on all other purchases
• Points transferable to more than a dozen airline or hotel partners
• $50 annual credit on hotel stays purchased through Chase Travel
• Primary rental car insurance for cars
• Comprehensive travel and purchase protections
• Redemption flexibility, including statement credits, gift cards, or high-value travel rewards

Approval Odds for Good Credit

The Sapphire Preferred is marketed to applicants with good or better credit scores, according to Chase and the Consumer Financial Protection Bureau. While approval is possible for those with scores starting in the high 600s, most successful applications come from those in the 700+ range. This makes it slightly harder to qualify for than cash rewards credit cards, like other contenders in our list of the best cards for good credit, but not as difficult as premium cards with much higher service fees.

If you’re concerned about approval odds, it’s essential to know that Chase considers your income, purchase history, and existing credit relationship when evaluating your application. While that can sound intimidating, it also provides insight into the fact that you’ll need a solid credit score, as well as other healthy credit history factors.

If you’re still unsure, you can check out Chase’s pre-approval offers page to check your odds before accepting a new inquiry hit on your credit report.

Rates and Terms

The Sapphire Preferred comes with a variable APR range (subject to change) that reflects the current rates and your credit score. Balance transfer and cash advance APRs are also variable and subject to similar calculations. The card’s annual fee is $95, which is modest compared to premium cards offering similar benefits, though it may not be worth it unless you’re committed to securing rewards throughout the year.

Credit limits typically start around $5,000 and can be significantly higher depending on your income and creditworthiness. Chase has a good reputation for offering higher starting limits than much of the competition for those who qualify.

Chase Sapphire Preferred Review: Editorial Rating

Trusted Company Reviews Rating Score for Chase Sapphire Preferred: 9.1

While intro offers like 60,000+ points (75,000 at the time of writing) for spending $5,000 in the first three months from account opening are enticing, our review focuses more on its long-term benefits. The Chase Sapphire Preferred lands at the top of our overview of the best credit cards for good credit because of its high earning potential, multiple points-transfer partners, and strong travel protections.

Why We Like It

We like the Chase Sapphire Preferred card because it combines an earning potential comparable to some premium cards with a more modest annual fee. While the primary card benefits revolve around travel, the inclusion of points-earning categories like streaming services and online grocery purchases adds everyday value, adding to its versatility.

What We Don’t Like

While it’s one of the best travel rewards cards for those with good credit, it isn’t perfect. The $95 annual fee may feel steep for beginners, and redemption complexity through transfer partners requires extra effort. It also doesn’t provide airport lounge access, which some cardholders might expect at this level.

Chase Sapphire Points Transfer Partners

The following is a list of Chase’s travel rewards partners taken directly from the company’s website, through which you can transfer your Chase points on a 1-for-1 basis.

• Aer Lingus, AerClub
• Air Canada Aeroplan
• British Airways Executive Club
• Emirates Skywards
• Flying Blue AIR FRANCE KLM
• Iberia Plus
• JetBlue TrueBlue
• Singapore Airlines KrisFlyer
• Southwest Airlines Rapid Rewards
• United MileagePlus
• Virgin Atlantic Flying Club
• IHG Rewards Club
• Marriott Bonvoy
• World of Hyatt

Chase Sapphire Preferred Review: Customer Reviews

Customers and experts cite the Sapphire Preferred card’s high-value travel rewards and competitive transfer partners when giving it mostly positive reviews. Many Better Business Bureau reviews highlight satisfaction with Chase Travel when booking hotel stays or flights purchased through the platform.

Negative reviews draw attention to service fees for balance transfers, confusion over redemption rules, or difficulty meeting the $5,000 spending requirement to take advantage of the intro offer.

Chase Sapphire Preferred vs. Amex Gold

The Chase Sapphire Preferred and the American Express Gold Card are often compared against each other because they both target travelers and diners who want more than a basic cash back card.

The Sapphire Preferred focuses largely on travel rewards and its points transfer partners. Though other partners and rewards boost its versatility. Its strong travel protections also make it highly beneficial for frequent travelers.

The Amex Gold card, on the other hand, is all about dining and grocery rewards, offering higher rewards rates in those categories and a solid value for consumers’ everyday spending. However, it carries a higher annual fee and requires strategic use to justify the cost.

Who Is Chase Sapphire Preferred Best For?

The Chase Sapphire card is best for people with good, very good, or excellent credit who want high-value travel rewards without having to pay premium-level annual fees. It’s especially attractive to frequent travelers who already use some of Chase’s airline or hotel partners. If you’re planning travel during your first cardholder year, regularly use streaming services, and purchase groceries online, it can effectively provide short-term, everyday, and long-term benefits.

Who Should Not Get This Card?

The Chase Sapphire Preferred card may not be the best fit if you don’t travel often or if you prefer simple cash back rewards. Its strongest value lies in travel redemptions and transfer partners, which will likely go underutilized if not taken advantage of. Additionally, the $95 annual fee could outweigh the benefits if you’re not maximizing bonus categories like dining, travel, or streaming services.

Applicants with borderline credit scores or high credit utilization may also struggle with approval. Chase generally favors applicants with strong credit histories and higher credit scores (typically 700+). If you’re just starting out with credit or carry a high debt-to-income ratio, you may find more suitable approval odds and more relevant rewards with a no-fee cash back card instead.

Chase Sapphire Preferred Alternatives

While the Sapphire Preferred is a high-level travel rewards card for many, it won’t be the right match for everyone, particularly if you’re not a frequent traveler. Additionally, some cardholders may prefer a simpler cash rewards option with no annual fee, while others might want stronger approval odds or higher cash back features.

If any of those sound more like your style, here are some other contenders that rate well in our overview of the best credit cards for consumers with good credit that may fit your needs.

• Capital One Quicksilver: Best for simplicity and less stringent approval requirements
• Citi Custom Cash Card: Best for maximizing 5% category rewards
• Upgrade Life Rewards Card: Best for everyday household spending
• Synchrony Plus World Mastercard: Best for flat 1% cash back

Frequently Asked Questions

Source

Image source: creditcards.chase.com

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Deane Biermeier