Chase Sapphire Preferred Review 2019

Notice: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities. Read our advertiser disclosure here.

The Chase Sapphire Preferred® Cardis arguably the best travel credit card on the market today. It comes with a huge array of travel benefits including no foreign transaction fees, lost luggage insurance, and trip interruption / trip cancellation insurance as standard. Also, you earn Chase Ultimate Rewards points for spending on your card. With a $95 annual fee waived for the first year, the Chase Sapphire Preferred® Card is almost a must-have card. Welcome our Chase Sapphire review.

Chase sapphire preferred

Key Feature Of The Chase Sapphire Preferred Card
cruise lines, travel agencies, discount travel sites, and operators of passenger trains, buses, taxis, limousines, ferries, toll bridges and highways, and parking lots and garages.
That is a huge list and gives you plenty of options to pick up 2X per dollar on your travel-related spending.

Chase Sapphire Preferred features

  • 60,000 points welcome bonus after spending $4,000 in the first three months of membership
  • 2X points on travel
  • 2X points on dining at restaurants around the world
  • 1 point per dollar on everything else
  • $95 annual fee waived for the first year
  • Earn Chase Ultimate Rewards points
  • No foreign transaction fees
  • Trip Interruption and Trip Cancellation insurance
  • Lost Luggage insurance
  • Car rental Collision Damage waiver cover
Image: Chase

Welcome bonus

The Chase Sapphire Preferred® Card comes with a huge 60,000 points welcome bonus when you spend $4,000 in the first three months of opening your account. The bonus offers tremendous value, and you have multiple redemption options for your points. Points from the CSP can be redeemed through the Chase Ultimate Rewards portal at a rate of 1.25₵ per point. The welcome bonus offers at least $750 worth of value on travel awards.

2X on travel and dining

Although earning 2X on travel and dining is not industry leading, and other cards will earn you a little more, these cards all tend to be premium cards with a hefty annual fee to match. For an annual fee of $95 earning 2X on dining and travel is outstanding value and industry leading for comparable cards.

CC
Photo: Unsplash

Travel benefits

Book your next trip with your Chase Sapphire Preferred® Card, and you will receive a host of industry-leading travel coverage benefits including:

  • Trip Interruption and Trip Cancellation insurance
  • Baggage Delay coverage
  • Lost Luggage insurance
  • Travel Accident Insurance
  • Trip Delay Reimbursement
Baggage_reclaim
Rushing off the plane is no good if your bag’s not there. Photo: Wikimedia

No foreign transaction fees

If you regularly find yourself traveling abroad, then the Chase Sapphire Preferred® Card makes a perfect companion. Aside from the top-notch insurance benefits, the card has no foreign transaction fees making ideal for use on overseas trips.

Annual fee

The Chase Sapphire Preferred® Card carries a mid-level $95 annual fee. The fee pales in comparison to the benefits and perks provided by the card.

Yearly rewards value

The value of your yearly Rewards will depend on what type of spending you are putting on your Chase Sapphire Preferred card, as well as how you redeem your points. Assuming you spend $15,000 on your card per year with $10,000 being spent on travel and dining and $5,000 on other spending, the yearly spend would yield the following number of Chase Ultimate Rewards points:

  • $10,000 at 2X per dollar = 20,000 Chase Ultimate Rewards points
  • $5,000 at 1X per dollar= 5,000 Chase Ultimate Rewards points.

The total yield from the spending is 25,000 Chase Ultimate Rewards points. You can redeem your points for a value of 1.25₵ per point through the Chase Ultimate Rewards portal, which works out as $312.5.

That is a return of 2.08% for spending on the Chase Sapphire Preferred® Card, which compares favorably to most cashback cards on the market, although you do have much better options, and can leverage your points for much better value.

Other award options

You can leverage Chase Ultimate Rewards points earned from your Chase Sapphire Preferred® Card for some excellent value by transferring them to one of Chase’s travel partners. You can transfer your point to 9 international airlines including Singapore, United, JetBlue, amongst others, as well as 3 hotel brands. Transferring your points to an airline and redeeming them for premium cabin travel will yield excellent value.

United
The United Polaris seat. Source: United

Application Restrictions

The  CSPChase Sapphire Preferred® Cardis subject to Chase’s 5/24 rule, and there are also some restrictions placed by Chase on earning the welcome bonus. If you are interested in the card’s big brother the CSR, then apply for that directly since you cannot hold two Sapphire cards at the same time.

Also, once you have received a welcome bonus from a Chase Sapphire Preferred card, you will have to wait for 48 months (four years) before you become eligible to earn another welcome bonus. If you hold either card, you can upgrade or downgrade, but you will not receive a signup bonus.

Pros and cons of the Chase Sapphire Preferred Card

ProsCons
• Huge Welcome bonus worth at least $750
• Great for overseas travel
• Low $95 annual fee
• Excellent 2X earning per dollar on Travel and dining
• Excellent insurance benefits
• Other cards have better earning on dining
• No bonuses when transferring Chase Ultimate Rewards to Airlines

Who is the Chase Freedom for?

The Chase Sapphire Preferred® Card is such a powerful tool that it is a perfect fit for a multitude of people. With great earning, and a huge welcome bonus, coupled with a low annual fee the card is ideal for anyone starting in their travel rewards journey. On the other hand, that card carries no foreign transaction fees, which makes it perfect if you take multiple trips overseas each year.

Main Alternative: Capital One Venture Rewards Credit Card

Arguably the main alternative to the Chase Sapphire Preferred® Card on the market today is the Capital One® Venture® Rewards Credit Card card. The card carries a similar annual fee of $95 and earns 2X on every purchase. Similar to the Chase Sapphire Preferred® Card card it is ideal for use overseas and imposes no foreign transaction fees. One of the main differences between both cards is that the $95 annual fee is waived for the first year, unlike the Chase Sapphire Preferred® Card.

Key feature of the Capital One Venture Rewards Credit Card
The cards outstanding value comes from its 10X earning per dollar at Hotels.com/Venture. If you transfer your miles to one of Capital one’s airline partners, this works out at an earning of 2 airline miles per dollar for spending at hotels. This is outstanding value and is unbeatable at the minute. One thing to remember is that unfortunately, this partnership between Capital One and Hotels.com will be coming to an end in January 2020.

Chase Sapphire Preferred Vs. Capital One Venture Rewards Credit Card

Both cards are extremely strong products, and it is hard to choose a winner in a side by side comparison. Choosing the right card will depend on spending patterns, and what travel goals you want to achieve.

Chase Sapphire PreferredCapital One Venture Rewards Credit Card
• 60,000 points welcome bonus after spending $4,000 in the first 3 months of membership
• 2X points on travel
• 2X points on dining at restaurants around the world
• 1 point per dollar on everything else
• $95 annual fee waived for the first year
• Earn Chase Ultimate Rewards points
• No foreign transaction fees
• Trip Interruption and Trip Cancellation insurance
• Lost Luggage insurance
• Car rental Collision Damage waiver cover
• 50,000 bonus miles sign-up offer
• No annual fee for the first year, followed by a $95 annual fee
• Earn 2x miles on every purchase
• Earn 10x miles at Hotels.com/Venture- this benefit ends January 2020
• Receive a $100 application fee credit for either Global Entry or TSA PreCheck
• Use your miles for airlines and hotels at any time with no blackout dates
• There are no miles-earning limits, and your miles never expire
• No foreign transactions fees
• 24-hour travel assistance service
• Auto rental collision damage waiver
• Travel accident insurance

Final thoughts

Simply the perks and benefits of the  Chase Sapphire Preferred® Card by far outweigh its annual fee, that is why it is one of the go-to cards for credit card rewards aficionados and is highly recommended as your first card if you are beginning in the credit card rewards milieu. If you are into credit card rewards, the Chase Sapphire Preferred® Card should be part of your arsenal.

Notice: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

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