If you’re in the market for a travel rewards credit card, the Chase Sapphire Preferred® Card should be on your list. The plentiful Chase Sapphire Preferred benefits have made it a traveler favorite.
Many people wonder if they should apply for a Chase Sapphire Reserve® vs. Chase Sapphire Preferred® Card. One thing to watch out for is the higher annual fee on the Chase Sapphire Reserve®, which makes the Chase Sapphire Preferred® Card a much more affordable option. Only you can decide whether the Chase Sapphire Preferred cardholder perks make the $95 annual fee worth paying.
To help you see if it’s among the best credit cards for you, here are some of the top Chase Sapphire Preferred benefits.
Chase Sapphire Preferred benefits
This card is branded as a travel credit card, but it’s also useful when you’re close to home. That’s because this card is packed with perks you can use in your daily life. Here are some of our favorites:
An impressive sign-up bonus offer
The Chase Sapphire Preferred® Card offers a generous 100,000-point welcome bonus. You need to spend $4,000 within the first three months of card ownership to qualify. If you redeem those bonus points through the Chase Ultimate Rewards portal, they’re worth $1,250 in travel rewards. If you’re looking for cards with a big sign-up bonus, this is one of the biggest sign-up offers out there.
Excellent earning potential
With bonus rewards on both travel purchases and everyday spending, this card is great for collecting lots of points. It earns:
- 5 points per $1 on travel booked through Chase Ultimate Rewards (excluding hotel purchases that qualify for the $50 annual hotel credit)
- 3 points per $1 on dining, including eligible delivery services, takeout, and dining out
- 3 points per $1 on online grocery purchases, excluding Target, Walmart, and wholesale clubs
- 3 points per $1 on select streaming services
- 2 points per $1 on all other travel purchases
- 1 point per $1 on other purchases
10% anniversary points bonus
Each account anniversary year, Chase rewards you with bonus points equal to 10% of your total spending over the previous year. For example, $25,000 in spending would net you 2,500 bonus Chase points.
Added purchase protections
This Chase card comes with purchase protection. If something you buy with the card is damaged or stolen, you can get up to $500 per claim and up to $50,000 per account. Eligible purchases are covered for up to 120 days.
This Chase Sapphire card also has extended warranty protection. This coverage extends U.S. manufacturers’ warranties by a year. This perk is available for eligible warranties of three years or less.
Benefits for people who like takeout
If you order delivery a lot, you’ll like that this card comes with a complimentary DoorDash DashPass subscription. You’ll get reduced service fees and $0 delivery fees on orders over $12. This perk is valid for a minimum of one year, and cardmembers must activate this membership by Dec. 31, 2021.
Earn more points for rideshare spending
Another of Chase’s limited-time bonus categories is extra rewards on Lyft rideshares. Lyft is a useful service even if you aren’t making a major trip. The Chase Sapphire Preferred earns 5 points per $1 spent on Lyft purchases through March 2022.
Benefits for fitness fanatics
This card offers up to $60 in statement credits for Peloton Digital or Peloton All-Access memberships through Dec. 31, 2021.
If you want to buy Peloton equipment, your Preferred card will earn 5 points per $1 on purchases on individual Peloton equipment and accessory orders of over $1,800. The bonus rate applies on up to $5,000 in total purchases through March 30, 2022.
Chase Sapphire Preferred travel benefits
The Chase Sapphire Preferred® Card is one of the best travel credit cards on the market. As such, it’s not surprising to find some great travel-focused benefits. Whether you travel a couple of times a year or more regularly, some of these perks may offer a lot of value.
$50 annual Ultimate Rewards hotel credit
This card offers $50 in statement credits per account anniversary year for hotel stays purchased through Chase Ultimate Rewards. You can book most hotels through the Ultimate Rewards travel portal, so this benefit is easy to use.
Earn big on travel purchases
Preferred cardholders earn 5 points per $1 on travel purchased through Chase Ultimate Rewards and 2 points per $1 on all other eligible travel purchases. If you love travel, these Chase Ultimate Rewards points can add up.
Points are worth more when redeemed for travel
Another top Chase Sapphire Preferred benefit is that points have more value when redeemed for travel. You’ll get 25% more value when you redeem points for travel purchases in the Chase Ultimate Rewards portal.
Airline and hotel transfer partners
Chase points aren’t just popular because they’re worth more on travel purchases. You can also transfer them to Chase’s partners, which include over a dozen popular airlines and hotels.
No foreign transaction fees
The Chase Sapphire Preferred benefits don’t stop there. Like all the top travel cards, this card doesn’t charge a foreign transaction fee, making it a great card for international travel. Cards that do charge for foreign purchases typically take around 3% per transaction, which can really add up. It’s much easier to shop abroad if you don’t have to worry about extra fees.
Protection for your next trip
The Chase Sapphire Preferred® Card comes with trip cancellation and trip interruption insurance. Let’s say a trip you paid for with your card is canceled or cut short by illness, poor weather, or another covered situation. Cardmembers can get up to $10,000 per person and $20,000 per trip reimbursed for prepaid, non-refundable travel expenses. This includes travel expenses like passenger fares, tours, and hotels.
The Chase Sapphire Preferred benefits also include trip delay insurance. If travel is delayed by more than 12 hours or requires an overnight stay, you and your family can claim up to $500 per ticket in expenses. This includes expenses such as meals and lodging.
Another of the Chase credit card benefits is baggage delay insurance. You’re eligible for reimbursement for purchases like toiletries and clothing when your baggage is delayed for more than six hours. You can get back up to $100 per day for up to five days.
Auto rental collision damage waiver
Chase Sapphire Preferred benefits also include an auto rental collision damage waiver. To use this perk, decline the rental car company’s collision insurance. Then, charge the entire rental cost to your Chase Sapphire Preferred® Card. You’re covered up to the vehicle’s actual cash value for theft and collision damage. This is available for most rental cars within the U.S. and abroad.
The Chase Sapphire Preferred is a winner
As you compare credit cards with travel rewards, do consider the Chase Sapphire Preferred® Card. Like many Chase credit cards, this is an excellent card with many benefits and perks. You usually need a good credit score to get approved for this card. If you’re ready to apply, first check to see if you prequalify for a Chase credit card.
View more information: https://www.fool.com/the-ascent/credit-cards/chase-sapphire-preferred-benefits/