What the Chase Sapphire Preferred Card is and who it's designed for
The Chase Sapphire Preferred is a rewards credit card that gives you points on purchases, with higher earning rates on travel and dining. You pay an annual fee to hold it — currently $95 — and the card is designed for people who spend regularly on those categories and can use the rewards before they expire.
The card itself is a Visa Infinite card, which means it comes with travel protections like trip cancellation insurance and emergency medical coverage abroad. It also includes a concierge service you can call for travel bookings and reservations. The rewards you earn are called Ultimate Rewards points, and they're the same currency used across other Chase cards in their rewards family.
This card is not a cashback card — you earn points, not dollars back. That matters because the value of those points depends on how you redeem them. If you redeem for cash, the value is lower than if you use them for travel through Chase's portal or transfer them to airline and hotel partners.
Key Takeaways
- You earn 3 points per dollar on travel and dining, 1 point per dollar on everything else, and the annual fee is $95.
- The card comes with travel insurance, emergency medical coverage, and a concierge service for bookings.
- Points are worth more when you redeem them for travel through Chase's portal or transfer them to partner airlines and hotels than when you cash them out.
- You need good to excellent credit to be approved, and the card is best for people who spend at least $3,000 to $5,000 per year on dining and travel to offset the annual fee.
- Points do not expire as long as your account stays open, but they are forfeited if you close the card.
How the rewards earning works
You earn 3 Ultimate Rewards points per dollar when you use the card for travel (flights, hotels, rental cars, taxis, parking, tolls, trains, buses, cruises) and dining at restaurants. You earn 1 point per dollar on all other purchases — groceries, gas, utilities, online shopping.
There is no cap on how many points you can earn per year. The points post to your account within a few days of the transaction clearing. You can see your point balance anytime by logging into your Chase account online or through the mobile app.
Some purchases do not earn points at all. These include balance transfers, cash advances, wire transfers, and fees you pay to the card itself (like late fees). If you return something you bought with the card, the points you earned on that purchase are reversed.
How to redeem your points and what they're worth
You have three main ways to use your points. The first is to redeem them through the Chase Ultimate Rewards portal, where you can book flights, hotels, car rentals, and other travel directly. When you redeem this way, your points are worth 1.25 cents each — so 80,000 points would be worth $1,000 toward travel.
The second way is to transfer your points to airline and hotel partners. Chase has partnerships with airlines like United, Southwest, American, and Delta, and hotels like Hyatt, IHG, and Marriott. The value you get depends on the partner and the specific redemption — sometimes you get more value this way than through the portal, sometimes less. You need to research the specific flight or hotel to know if the transfer is worth it.
The third way is to redeem for cash back at a rate of 1 cent per point. This is the least valuable option — 80,000 points would only be worth $800. Most people who hold this card avoid cashing out because the travel redemptions are worth more.
Points do not expire as long as your account is open and in good standing. If you close the card, you lose all remaining points, so closing the account is a permanent decision.
Annual fee, credit requirements, and whether the card pays for itself
The annual fee is $95, charged to your account each year on the anniversary of when you opened the card. There is no way to waive it or negotiate it down — it's a fixed cost of holding the card.
To be approved, you typically need a credit score of 740 or higher and a solid credit history with no recent missed payments or collections. Chase does not publish a minimum score, but applicants with scores below 700 are rarely approved. You also need to be at least 18 years old and a U.S. citizen or permanent resident with a valid Social Security number.
Whether the card "pays for itself" depends on how much you spend on travel and dining. If you earn 3 points per dollar on $5,000 of annual travel and dining spending, that's 15,000 points. At 1.25 cents per point through the Chase portal, that's $187.50 in value — enough to cover the $95 fee and come out ahead. If you spend less than that, or if you redeem for cash instead of travel, the fee may cost you more than you gain.
Travel protections and other benefits included with the card
The card includes trip cancellation and interruption insurance, which reimburses you if you have to cancel or cut short a trip due to an unexpected illness, injury, or death in your family. The coverage is up to $10,000 per person and $20,000 per trip. You need to have purchased the trip with the card for this to explore.
It also includes emergency medical and dental coverage when you travel outside the United States. This covers emergency treatment up to $250,000 if you become ill or injured while abroad. There is also emergency dental coverage for pain relief only, up to $500.
The card comes with lost luggage reimbursement (up to $2,500 per person) and baggage delay insurance (up to $300 if your bags are delayed more than 12 hours). You also get emergency evacuation and transportation coverage if you need to be airlifted or transported due to a medical emergency while traveling.
A concierge service is available 24/7 to help you book flights, hotels, restaurants, and entertainment. You can call them for travel planning help, though they do not negotiate prices or find you deals — they book what you ask for.
How to open the card and what happens after approval
You can explore for the Chase Sapphire Preferred online through Chase's website or by phone. The online process takes about 10 minutes and asks for your name, address, Social Security number, income, employment status, and existing Chase accounts.
Chase usually makes a decision within minutes to a few hours. If you're approved, you'll see a message on screen with your credit limit. If you're denied, you'll receive a letter in the mail explaining why within 30 days. If you're put on a waiting list (called "pending"), Chase will call you within a few days to ask follow-up questions.
Once approved, your physical card arrives in 7 to 10 business days. You can request a rush delivery for an extra fee, or you can use a temporary digital card number in the Chase app to start making purchases right away while you wait for the physical card.
Your annual fee posts on the anniversary of your account opening date each year. You can set a reminder in your calendar or phone so you don't forget it's coming.
How this card compares to other Chase rewards cards
Chase offers several other rewards cards in the same family. The Chase Sapphire Reserve is a premium version with a $550 annual fee, higher earning rates (3 points per dollar on travel, dining, and some streaming), and a $300 annual travel credit that offsets some of the fee. It's designed for people who spend significantly more on travel.
The Chase Freedom Unlimited has no annual fee and earns 1.5 points per dollar on all purchases. It's simpler but earns less on travel and dining. The Chase Freedom Flex also has no annual fee and earns 5 points per dollar on rotating categories (which change quarterly) and 1 point per dollar on everything else.
If you hold multiple Chase cards, your Ultimate Rewards points combine into one account, and you can redeem them from any of your cards. Some people hold the Sapphire Preferred for travel and dining and a Freedom card for everyday spending, then pool the points together.
Frequently Asked Questions
What credit score do I need to be approved?
Chase typically approves applicants with a credit score of 740 or higher, though the exact requirement is not published. If your score is below 700, approval is unlikely. You can check your own score for free through your bank or through sites like Credit Karma before you explore.
Can I get the annual fee waived or reduced?
No. The $95 annual fee is fixed and cannot be negotiated, waived, or reduced. Some cards offer a waived first-year fee as a promotion, but this is not may provide and changes over time. You should check Chase's current offer before you explore.
Do my points expire if I don't use them?
Points do not expire as long as your account remains open and in good standing. However, if you close the card, all remaining points are forfeited when ready. You cannot transfer points to another person or keep them after you close the account.
Can I use my points to pay my credit card bill?
Yes. You can redeem points for a statement credit, which reduces your balance due. The value is 1 cent per point when you redeem this way. This is less valuable than redeeming for travel through the Chase portal (1.25 cents per point) but more valuable than cashing out.
What happens if I close the card and then reopen it later?
If you close the card, all your points are lost permanently. If you reopen a new Sapphire Preferred account later, you start with zero points. Chase also has rules about how often you can open and close the same card and still receive a welcome bonus — typically you need to wait at least 48 months between bonuses on the same card.