Is The Chase Sapphire Preferred Worth It?

If you’ve been building credit with a no-annual-fee credit card but want to take your rewards further, the Chase Sapphire Preferred® Card could be a natural next step. It’s great for travelers — and Lyft riders — who have good credit but don’t want to pay for a top-tier card.

With its $95 annual fee and generous welcome bonus, the Chase Sapphire Preferred is a mid-tier credit card that can be a valuable option for the right person. Learn more about the card below before deciding whether to add it to your credit portfolio.

When is the Chase Sapphire Preferred Card worth it?

As one of the most popular travel cards, the Chase Sapphire Preferred could help you get the hang of earning and using travel rewards. Plus, it offers 25 percent more redemption value when booking through the Chase Travel℠ portal.

Here are a few examples of when the Chase Sapphire Preferred could be right for you:

You travel often

If you’re already paying for travel and would like to cover your next trip with points, this card could help you do that.

Chase Sapphire Preferred earns:

• 5x on travel purchased through Chase Travel℠.
• 3x on dining, select streaming services and online groceries.
• 2x on all other travel purchases.
• 1x on all other purchases.

You can also use your points to book travel via Chase transfer partners, get gift cards, shop at Amazon.com and Apple® or use other redemption options.

And with the Chase Sapphire Preferred Card in your wallet, you can travel easier with comprehensive travel insurance and other benefits like:

• A 10 percent anniversary point bonus
• An annual $50 credit on hotel stays purchased through Chase Travel℠
• Lost luggage reimbursement and baggage delay insurance
• Rental car collision damage insurance

You want to earn a hefty welcome bonus

For a limited time, you can earn 100,000 bonus points after spending $5,000 on purchases in the first three months — a $1,250 value when redeemed for travel through the Chase Travel portal.

But if you take advantage of Chase’s travel partners, you might be able to squeeze even more value out of this sign-up bonus. With an estimated value of 2.0 cents per point on average, this welcome offer could be worth around $2,000 in travel redemptions.

This is one of the highest welcome offers for this card, ever. You can use this welcome bonus to book plenty of airfare, hotel nights and rental cars. If you were on the fence about applying for the Chase Sapphire Preferred, now is the time to jump on this jaw-dropping offer, because it won’t be around for long.

You’re loyal to Chase

If you’re a fan of Chase cards, you can explore the possibility of using the Chase trifecta. This pairing strategy allows you to maximize how you earn, combine and redeem points. The trifecta typically includes using a Sapphire card — like the Sapphire Preferred or Chase Sapphire Reserve® — a cash back card and a business card.

You can pool points from all three cards to use with Chase travel partners.

When is the Chase Sapphire Preferred Card not worth it?

While the Sapphire Preferred is an excellent travel credit card, it’s not for everyone. Here are some instances where the card might not be worth it for you:

You don’t want to pay an annual fee

If you’re not used to paying an annual fee, then the $95 it costs to get the Chase Sapphire Preferred Card might be hard to swallow. But it’s possible to offset the fee with the rewards and benefits you reap.

If you combine the welcome bonus, anniversary bonus, hotel credit, travel deals and partner discounts, you should come out ahead. But it’s worth taking a look at your typical credit card spending to make sure you’d spend enough to earn rewards and take advantage of the benefits.

You want a more premium travel credit card

Some cardholders might want to jump ahead to a premium card with a higher annual fee and better rewards, like the Chase Sapphire Reserve card. It comes with 10X points on hotel stays, car rentals and Chase Dining purchases through Chase Travel℠ and 5X points on Lyft purchases through September 2027; 5X points on air travel through Chase Travel℠; a $300 travel credit and more.

Just keep in mind that a higher-tier card might require an excellent credit score and steep annual fee — like Chase Sapphire Reserve’s $550 annual fee.

Should you get the Chase Sapphire Preferred Card?

If you have an established credit history and are ready to tap into more travel rewards, the Chase Sapphire Preferred can be a great choice. The flexible earning categories allow you to earn points on both travel expenses and everyday spending. Plus, if you find yourself hopping in Lyfts often, you could be earning ample points to get where you need to go anyway. You’ll just want to utilize the card enough to justify the $95 annual fee.

On the other hand, if your lifestyle is geared more toward dining and entertainment or simply paying for the essentials, a cash back card might be a better fit.

The bottom line

The Chase Sapphire Preferred is a popular, affordable travel card that could elevate your rewards potential and has an elevated sign-up bonus that makes it more than worth it. But before applying for the card, check out the Chase Sapphire Preferred benefits guide and see whether the card makes sense for your spending habits. Also keep in mind that you’ll need a good credit score to excellent credit score to qualify.