Learn how to apply for the Chase Sapphire Preferred Card and earn 60,000 bonus points after spending $4,000 in the first three months. Follow the link to get started.
It’s 2020 and Chase Sapphire Preferred Card continues to reign as one of the top travel rewards cards on the market. With a massive signup bonus, access to the Chase Ultimate Rewards program, and a host of additional benefits, it isn’t hard to see why.
Whether you covet lucrative travel rewards or enjoy the simplicity of cash back, this card is flexible enough to meet almost every need. The exceptional Chase Sapphire Preferred benefits are hard to beat, especially when it comes to some important travel protections and perks.
If you’re new to travel rewards, we still think the Chase Sapphire Preferred is the best travel credit card to start with. It’s almost always the first card we recommend, and you’d do well to keep it at the top of your wallet. Check out these ten great benefits of the Chase Sapphire Preferred Card and learn why!
Top Chase Sapphire Preferred Benefits and Perks
- 60,000 point signup bonus after meeting minimum spending requirements
- Signup bonus is equal to $750+ in travel redemptions
- Excellent travel redemptions through Chase Ultimate Rewards
- Flexible points that transfer to 13 travel partner programs
- Redeemable for “cash value” in gift cards
- Earns 2x points per dollar spent on travel and dining
- [New] Earns 5x points per dollar spent on Lyft rides
- Various travel protections and insurance coverages (including no foreign transaction fees)
- Offers purchase protection and extended warranty coverage
- Pairs with other Chase cards to maximize point earnings
- Reasonable $95 annual fee
Benefits of the Chase Sapphire Preferred Explained
Now that you’ve seen some of the highlights, let’s take a closer look at our favorite Chase Sapphire Preferred benefits!
1) Earn 60,000 Bonus Points ($750+ Value)
The Chase Sapphire Preferred Card provides access to our favorite rewards program – Chase Ultimate Rewards. By spending on the card, you earn valuable points that can be redeemed in a variety of ways. Seriously, these points are like gold! (More on that below.)
Because these points are so valuable, the Chase Sapphire Preferred Card’s biggest benefit is the gigantic signup bonus it offers. You’ll earn a whopping 60,000 Chase Ultimate Rewards points by spending $4,000 on the card in the first three months. That translates into $750 in travel redemptions through the Chase portal, or you can redeem them for slightly less in gift cards. Boom!
Transferring points to one of Chase’s travel partners typically provides even more valuable redemptions. And, thankfully, these points never expire as long as your account stays open.
2) Superb Travel Redemptions
As I said above, to us, Chase points are like gold. In fact, we think they’re the most valuable rewards points you can earn. They are super flexible and
There are a variety of ways to redeem your points, but the most lucrative option is to use them on travel. Although Chase points are worth just 1 penny per point on their own, redeeming them for travel means you can get 1.25 to 2+ cents per point!
There are two ways to make this happen:
- Redeem points through the travel portal – You can book travel experiences directly through the Chase travel portal using Chase points. Here, your points stretch 25% further (1.25 cents/point) than their cash value! You can redeem them for things like airfare, hotels, car rentals, and cruises.
- Transfer points to partner loyalty programs – Chase points transfer to 13 popular travel partners at a 1:1 ratio. Some partner programs include Southwest Airlines, United Airlines, British Airways, Air France, Marriott, Hyatt, IHG, and more.
Transferring points to partner programs usually nets the most value per point, and it’s typically our favorite way to redeem our own points. For example, the 60,000 point signup bonus is often enough to cover a round-trip flight to Europe.
So yeah, these points are super valuable!
3) Points Transfer 1:1 to 13 Travel Partners
If you’re new to rewards cards, you may not realize the commitment you’re making. It takes time, energy, and spending to earn points, so you need to make sure you’re earning the right points and miles.
That’s why a flexible rewards card like the Chase Sapphire Preferred is the perfect option for getting started.
With co-branded hotel or airline cards, you’re stuck with the points you earn. For instance, earning 60,000 American miles or Hilton points means you can only redeem your points through those brands. But, what happens if you find a better deal from another airline or hotel? You’re still stuck with those points.
Thankfully, Chase points are transferable to 13 different partner programs. They can also be used to purchase travel experiences through the portal, making them a lot more flexible than points and miles offered by individual brands.
4) You Can Redeem Points for Cash Back or Gift Cards
The Chase Sapphire Preferred Card is still a great option even if you don’t have travel plans.
One of the biggest Chase Sapphire Preferred benefits is that you can redeem points for gift cards or a statement credit! Even better, points can be redeemed for their full “monetary” value. Retail partners include Lowe’s, Macy’s, Amazon.com, Best Buy, and many more!
Although gift cards aren’t the most valuable way to redeem Chase points, it’s nice to know that you won’t get stuck with a boatload of points and nowhere to use them!
5) Earn 2x Points on Travel and Dining
With the Chase Sapphire Preferred Card, you’ll earn a nifty 2x points on all travel and dining purchases. Spending in these categories can add up quickly, making this a valuable card to have for these occasions. Additionally, the card earns one point per dollar on everything else.
6) Earn 5x Points on Lyft Rides
If you like to travel, chances are good you end up using a rideshare app once you reach your destination. From getting to your hotel to making it to a restaurant, apps like Lyft are a great way to get around town for less. We use them all the time and love it.
Well, wouldn’t it be nice to earn extra Chase points every time you hitch a ride? Now you can!
New for 2020, you’ll now earn 5x points every time you grab a ride with Lyft. It’s my favorite new Chase Sapphire Preferred benefit, and I plan to use it often. Of course, you’ll need to use your CSP to pay for the ride, but chances are good you’re already doing that anyway!
7) Chase Sapphire Preferred Benefits: Travel Protection
Points aren’t the only benefit of the Chase Sapphire Preferred Card. It also provides important travel protections for those who need them. Here’s a quick look at some of them:
- Trip Cancellation/Interruption Insurance – Get reimbursed for up to $10,000 per trip in prepaid, non-refundable travel costs if your trip is canceled or interrupted due to covered and unforeseen events. (Think illness, injury, severe weather, etc.) Of course, you must use your card or use points through the portal for the purchase.
- Primary Auto Rental Insurance – The Chase Sapphire Preferred Card offers primary auto rental coverage (up to the cash value of the car) when you use your card to pay for the rental.
- Trip Delay Insurance – Unreimbursed expenses incurred due to a flight, train, or other common carrier delay are also eligible for a reimbursement of up to $500 per ticket. The delay must be at least 12 hours, and you must have used your card when booking.
- Baggage Delay Insurance – If your bag is delayed by more than 6 hours, a reimbursement claim for purchases on items like toiletries and clothing may be filed. Reimbursements are limited to $100 a day for up to 5 days, and your card must have been used to book.
- No Foreign Transaction Fees – Like all good travel cards, the Chase Sapphire Preferred Card does not charge fees on foreign transactions.
8) Purchase Protections for Peace of Mind
In addition to the travel protections, another important benefit of the Sapphire Preferred Card is that it offers additional purchase protections that anybody will love.
- Purchase Protection Coverage – Items purchased with this card are covered for up to $500 per claim in theft or damages within the first 120 days after purchase. You are limited to a lifetime cap of $50,000.
- Extended Warranty Coverage – The Chase Sapphire Preferred extends an additional year of warranty coverage on items purchased with your card. Items must made by U.S. manufacturers, and the original manufacturer’s warranty must cover three years or less.
9) Pairs with the Chase Freedom Card to Maximize Your Point Haul
Pairing the Chase Sapphire Preferred Card with a cash back card like the Chase Freedom helps maximize your spending and increases your point haul. That way, you can transfer cash back from the Freedom Card to travel partners, as well!
The Chase Freedom Card offers 5% cash back on your first $1,500 of combined spending in rotating categories each quarter. So, when grocery stores are included, use your Chase Freedom to take advantage of the 5% cash back. Then, use your Sapphire Preferred on other purchases.
The Chase Freedom Card also offers a signup bonus of its own. You’ll earn an easy $150 cash back bonus after making just $500 in purchases the first three months. That’s practically free money! It’s also a great way to earn even more points you can redeem for travel.
10) Annual Fee is Reasonable
The Chase Sapphire Preferred Card comes with an annual fee of $95, but don’t let that scare you off. The fee is no longer waived for the first year, but the sign up bonus more than makes up for it!
Remember, though, most of the top rewards cards come with an annual fee. Many premium rewards cards also have fees that are significantly higher.
For instance, the Chase Sapphire Reserve Card also offers some very valuable travel benefits. However, you may be scared off by the fact that it comes with a $550 annual fee. Although the benefits essentially cancel out the fee (and possibly more), that big number still can be a hard pill to swallow.
Starting with the Sapphire Preferred Card is a great way to get your feet wet without shelling out an arm and a leg on annual fees. Unless you’re a frequent traveler, we recommend starting with the CSP card first. (You can always upgrade to the Reserve Card later!)
11) You May Not Be Approved Later
To make the most of your points and miles, you’ll eventually need more than one rewards card. Since Chase Ultimate Rewards are our favorite rewards currency, it’s important to remember that Chase can sometimes be stingy with granting approvals.
Because of Chase’s 5/24 rule, applying for more than 5 cards over a 24-month period means you will not be approved for many of their best rewards cards. This includes the Chase Sapphire Preferred. While that may seem like a lot of applications, once you get deeper into points and miles, you’ll realize that it’s really not.
So, grab the Chase Sapphire Preferred Card while you still can. It’s arguably the best “all-around” card available, and we’d hate for you to miss out on the gigantic signup bonus because you’ve applied for too many other cards.
Chase Sapphire Preferred Benefits: Final Thoughts
The Chase Sapphire Preferred is one of the best travel rewards cards available, especially if you’re new to points and miles.
Flexible enough to meet all needs, the 60,000 point signup bonus is worth $750 in travel when booked through the Chase portal. Additionally, points can be transferred to over a dozen travel partners for even more valuable redemptions. That’s in addition to all the other Chase Sapphire Preferred benefits that the card provides (like trip cancellation/interruption insurance)!
Since the annual fee is just $95, the signup bonus easily makes the card worth it. The ongoing benefits make the card a keeper for years to come. (Learn more by reading our complete Chase Sapphire Preferred review.)
Pairing the card with other options helps make the most of your spending. But, if you’re new to the points and miles game, the Chase Sapphire Preferred Card is definitely where you should start.
What rewards card did you start with? Let us know in the comments below!
What are the top benefits of the Chase Sapphire Preferred?
Currently, the Chase Sapphire Preferred offers a 60,000 point signup bonus after you spend $4,000 in the first three months. This is equal to $750 in free travel when redeemed through the Chase portal.
You can also transfer points points to Chase’s travel partners for even more value.
Does the Chase Sapphire Preferred have an annual fee?
Yes. The annual fee on this card is $95.
Is the Chase Sapphire Preferred worth it?
Yes. Chase points are super flexible, and the signup bonus alone more than covers the $95 annual fee. Points can be redeemed for travel, cash back, gift cards, and more.
Additional Chase Sapphire Preferred benefits include trip cancellation/interruption coverage, primary auto rental insurance, and no foreign transaction fees.
Does the Chase Sapphire Preferred include airport lounge access?
No, the Chase Sapphire Preferred does not include access to airport lounges.
Chase Sapphire Preferred Benefits
- Signup Bonus
- Point Value
- Rewards Flexibility
- Transfer Partners
- Additional Benefits
The Chase Sapphire Preferred offers a host of excellent benefits, including a 60,000 point signup bonus when you spend $4,000 in the first three months. That is worth $750 when redeemed through the Chase travel portal. Additionally, the card offers important travel coverages like trip cancellation/interruption protection, primary auto rental insurance, no foreign transaction fees, and more. Although it doesn’t offer certain perks you’ll find on some premium cards (like airport lounge access), we still think this is the best travel rewards card for beginners. Learn how to apply here.