Chase Sapphire Preferred vs. Bilt Obsidian Card: Which $95 card is right for you?
Editor's Note
If you're weighing popular mid-tier travel cards, the Chase Sapphire Preferred® Card (see rates and fees) and Bilt Obsidian Card (see rates and fees) are solid options.
These cards each have a $95 annual fee (see Bilt Obsidian rates and fees) and earn transferable points you can use to book flights and hotels.
However, how you earn and redeem those points differs significantly. The Chase Sapphire Preferred is an all-around points earner, while Bilt's program is a good choice for earning rewards on housing.
There is also a key distinction in transfer ratios that may interest some hotel rewards maximizers. With the Chase Sapphire Preferred's recent change to its World of Hyatt transfer rate, Bilt's unchanged 1:1 transfer rate to Hyatt could be especially attractive to fans of the brand.
Chase Sapphire Preferred® Card — Earn 100,000 bonus points after spending $5,000 on purchases in the first three months from account opening.
To help you decide, here's a side-by-side comparison of the Chase Sapphire Preferred and Bilt Obsidian.
Chase Sapphire Preferred vs. Bilt Obsidian comparison
| Card | Chase Sapphire Preferred | Bilt Obsidian |
|---|---|---|
Welcome bonus | Earn 100,000 bonus points after spending $5,000 on purchases in the first three months from account opening. | Receive $200 in Bilt Cash when you apply and are approved.
(Up to $100 of Bilt Cash earned rolls over to the next year.) |
Annual fee | $95 | $95 (see rates and fees) |
Award currency | Chase Ultimate Rewards points (worth 2.05 cents apiece)* | Bilt Points (worth 2.2 cents apiece)* and Bilt Cash (if you choose) |
Earning rates |
|
|
Key benefits |
|
A maximum benefits amount and certain restrictions and limitations apply. Please review the Bilt Obsidian Mastercard Guide to Benefits for details. |
Foreign transaction fees | None | None (see rates and fees) |
*Per TPG's June 2026 valuations
^Brands eligible for 3 points per dollar spent with the Sapphire Preferred: Airbnb, Vrbo, Plum Guide, HomeAway, Homestay.com and Vacasa
#Sapphire Preferred cardholders receive up to $100 in statement credits for prepaid hotel stays booked through Chase Travel each anniversary year; current cardholders who have already used their $50 will receive an additional $50.
**You won't earn Bilt Cash if you opt for the tier-rewards option.
***Tax payments do not earn points.
Chase Sapphire Preferred vs. Bilt Obsidian welcome bonus
New Chase Sapphire Preferred applicants earn 100,000 bonus points after spending $5,000 on purchases in the first three months from account opening.
TPG's June 2026 valuations place this offer at a whopping $2,050, matching the highest bonus we've seen in the card's history.
When applying for any Chase card, it's important to keep the issuer's 5/24 rule in mind. And, with the Sapphire Preferred, you're limited to earning the bonus just once in your lifetime. So, if you've earned it before, you aren't eligible for it again.
Meanwhile, the Bilt Obsidian provides new cardholders with $200 in Bilt Cash when they apply and are approved.
Bilt Cash can be redeemed inside the Bilt platform in multiple ways, including for fitness classes, hotel bookings, Lyft rides and, most notably, unlocking points on mortgage and rent payments. You can redeem $30 in Bilt Cash to earn 1,000 Bilt points on mortgage or rent payments, up to the full price of your housing payments.
It's worth noting that Bilt Cash cannot be transferred to travel partners, which is a key distinction from transferable Bilt points.
With Bilt, you can't apply for the Bilt Obsidian if you're currently the primary cardholder of another Bilt card, such as the Bilt Palladium Card (see rates and fees) or the Bilt Blue Card (see rates and fees).
Winner: Chase Sapphire Preferred. Its bonus outpaces the Bilt Obsidian by a landslide, considering you only receive $200 in Bilt Cash and won't receive any transferable Bilt points. However, the Bilt Obsidian offer doesn't have a minimum spend requirement, which could be a positive for some cardholders.
Chase Sapphire Preferred vs. Bilt Obsidian benefits
Both cards pack in a solid suite of benefits to help offset their annual fees.
With the refreshed Chase Sapphire Preferred, you'll receive:
- Annual hotel credit: A $100 hotel credit each anniversary year^^ when you book through Chase Travel. This has doubled from $50.
- Apple TV subscription: One complimentary year of Apple TV (when activated by Dec. 31)^^
- DoorDash: A complimentary DoorDash DashPass subscription for at least one year (when you activate by Dec. 31, 2027) and $10 in monthly credits ($120 annually) for nonrestaurant purchases (through Dec. 31, 2027)
- Global Entry, TSA PreCheck or Nexus: Up to $120 in credits every four years^^
^^New or enhanced benefit
It's worth noting that cardholders who apply for the Sapphire Preferred on or after June 15, 2026, will not receive the annual 10% anniversary points bonus that was previously part of this card's benefits. If you applied before then, eligible purchases made through Oct. 1, 2026, will continue to earn the 10% bonus. If eligible, you'll receive your last anniversary bonus by Jan. 31, 2027.
Meanwhile, the Bilt Obsidian provides:
- Annual hotel credit: Up to $100 in Bilt Travel hotel credits each calendar year (split into two $50 biannual credits; minimum two-night stay required)
- World Elite Mastercard benefits: This includes Trip Delay Reimbursement (A maximum benefits amount and certain restrictions and limitations apply. Please review the Bilt Obsidian Mastercard Guide to Benefits for details.)
The Chase Sapphire Preferred's refreshed hotel credit puts it on par with the one that comes on the Bilt Obsidian in terms of value.
However, the Chase Sapphire Preferred hotel credit is easier to use since you can redeem the full $100 on a single transaction. With the Bilt Obsidian hotel credit, you're limited to $50 for stays of at least two nights from January to June, and you must redeem it again from July to December.
Generally, it is much easier to get outsize value from Sapphire Preferred's annual fee than from Bilt Obsidian's.
Winner: Chase Sapphire Preferred. The card offers more perks for its $95 annual fee, including a more flexible hotel credit and a statement credit for Global Entry/TSA PreCheck/Nexus application fees every four years.
Earning points with the Chase Sapphire Preferred vs. Bilt Obsidian
Both cards have good earning structures, but you'll need to analyze the key differences before making your choice.
The Chase Sapphire Preferred earns Ultimate Rewards points. With this card, you'll earn:
- 5 points per dollar spent on all travel booked through Chase Travel, eligible Lyft rides (through Sept. 30, 2027) and eligible Peloton equipment and accessory purchases over $150 (through Dec. 31, 2027)
- 3 points per dollar spent on dining, gas and EV charging, vacation homes at multiple brands^, online grocery purchases (excluding Target, Walmart and wholesale clubs) and select streaming services
- 2 points per dollar spent on all other travel worldwide
- 1 point per dollar spent on all other purchases
^Brands eligible for 3 points per dollar spent with the Sapphire Preferred: Airbnb, Vrbo, Plum Guide, HomeAway, Homestay.com and Vacasa.
The Chase Sapphire Preferred is an excellent all-around earning card. With the addition of bonus categories for gas, EV charging and vacation homes, most everyday spenders will be able to collect a high number of points on most of their purchases.
The Bilt Obsidian earns Bilt points on purchases. With the Bilt Obsidian, you can earn:
- 4% Bilt Cash on all nonhousing purchases (if you elect for the Bilt Cash earning structure for housing rewards; up to $100 of Bilt Cash earned rolls over to the next year)
- 3 Bilt points per dollar spent on your choice of either grocery (on up to $25,000 per year, then 1 point per dollar spent) or dining purchases
- 2 points per dollar spent on travel
- Up to 1.25 points per dollar spent on rent and mortgage payments with no transaction fee (rates and fees; if you elect for the tiered-rewards option**; earn up to 1 point per dollar spent on these purchases if you opt to earn Bilt Cash)
- 1 point per dollar spent on all nonhousing purchases***
**You won't earn Bilt Cash if you opt for the tier-rewards option.
***Tax payments do not earn points.
Bilt Obsidian cardholders can choose their 3 points per dollar bonus category, but they'll need to keep in mind that the grocery category is capped at $25,000 per year (then they'll earn 1 point per dollar spent).
Still, the Obsidian's grocery category is much broader than the Sapphire Preferred's. The Sapphire Preferred limits its grocery bonus category to online orders. With the Obsidian, you'll also earn bonus points on in-person groceries.
However, you'll also want to factor in housing rewards here, since you'll get the most out of this card if you earn points on your rent or mortgage.
If you select to earn tiered rewards, you can earn up to 1.25 points per dollar spent on your rent and mortgage payments. However, you won't earn Bilt Cash if you select this option.
If you opt to earn Bilt Cash, you'll earn 4% Bilt Cash on every purchase. Bilt Cash can be used to unlock points on housing payments at a rate of $30 in Bilt Cash for 1,000 Bilt points toward housing. You can also redeem Bilt Cash in a variety of other ways, including for fitness classes and hotel bookings.
The Bilt Obsidian can be exceptionally rewarding if you put a lot of spend on your card to earn points on housing. However, the Chase Sapphire Preferred is a simpler choice for everyday spenders.
Winner: Tie. This comes down to whether you value maximizing your earnings or keeping it simple. If you're a renter or homeowner, the Bilt Obsidian could deliver a lot of value. If you want to maximize everyday spending, the Chase Sapphire Preferred is a more straightforward card.
Redeeming points with the Chase Sapphire Preferred vs. Bilt Obsidian
Both cards offer multiple ways to redeem points.
The Ultimate Rewards points you'll earn on the Chase Sapphire Preferred can be redeemed for statement credits, gift cards, Amazon.com purchases and travel booked through Chase Travel.
Plus, the Chase Sapphire Preferred has access to Points Boost, which means you can redeem your points in the Chase Travel portal for up to 1.75 cents per point, depending on the redemption.
While Points Boost is a simple option that can be rewarding, I generally recommend transferring Ultimate Rewards points to one of Chase's transfer partners for maximum value.
Meanwhile, the Bilt Obsidian earns Bilt points that can be redeemed toward Amazon.com purchases directly, Bilt Collection purchases, Bilt Travel bookings, fitness classes and next month's rent or mortgage.
Still, you get the most value out of your rewards by leveraging one of Bilt's loyalty program partners.
Winner: Chase Sapphire Preferred. Points Boost is a good feature for straightforward redemptions in the portal, which gives it the edge over the Bilt Obsidian — but that's before you factor in transfer partners (more on that in the next section).
Transferring points with the Chase Sapphire Preferred vs. Bilt Obsidian
If maximizing value is your thing, I always recommend transferring your points — whether they're Ultimate Rewards points from the Chase Sapphire Preferred or Bilt points from the Bilt Obsidian.
First, we need to mention World of Hyatt. Transferring Ultimate Rewards points at a 1:1 ratio to Hyatt has long been a favorite choice for many of us at TPG.
Now, if you hold only the Chase Sapphire Preferred, you'll lose some value. New Chase Sapphire Preferred cardholders who apply on or after June 15, 2026, will be subject to a 4:3 transfer rate. If you applied before that date, you'll still have access to the 1:1 transfer rate until Sept. 30, 2026. From Oct. 1, 2026, onward, your points transfer at a 4:3 rate.
If you hold the Chase Sapphire Reserve® (see rates and fees) or Chase Sapphire Reserve for Business℠ (see rates and fees), you'll still have access to a 1:1 transfer ratio from Chase to Hyatt.
However, these cards come with a much higher $795 annual fee, and you'll need to combine your points earned from the Chase Sapphire Preferred into a single account before making the transfer. For many Sapphire Preferred holders, pairing with a $795 card isn't a practical solution.
TPG managing editor for credit cards Giselle Gomez transferred her Ultimate Rewards points to Hyatt at a 1:1 ratio (before the transfer rate change) for two stays. She used 24,000 points to book three nights at the Hyatt Place North Charleston in South Carolina during a holiday weekend. This would have cost her $200 per night in cash, so she netted 2.5 cents per point in value.
Bilt is maintaining its 1:1 transfer rate for Bilt Obsidian cardholders, so if you're a Hyatt devotee, this fact may bring the card over the top for you. Still, many other partners are shared between the two issuers.
Both Chase and Bilt offer 1:1 transfers to Air Canada Aeroplan, Air France-KLM Flying Blue, British Airways Club, United Airlines MileagePlus and Virgin Atlantic Flying Club — some of my favorite airline programs. I used 39,000 Flying Club points to book my first business-class flight from John F. Kennedy International Airport (JFK) to London's Heathrow Airport (LHR).
When it comes to airline partners, I think Bilt has the edge over Chase here because you can transfer Bilt points to Atmos Rewards.
Atmos Rewards is my favorite program, since I can consistently find fantastic deals on domestic American Airlines flights through it. I've booked many short-haul domestic American Airlines flights for 4,500 to 6,000 points one-way, including trips from Charlotte Douglas International Airport (CLT) to LaGuardia Airport (LGA) in New York.
Chase often runs transfer bonuses throughout an entire month, while Bilt includes one-day transfer bonuses on the first of the month as part of its Rent Day promotions. Chase's transfer bonuses are more accessible, while Bilt requires you to act fast.
Winner: Bilt Obsidian. Maintaining a 1:1 ratio for Hyatt transfers is a game changer. Plus, Atmos Rewards is exclusive to Bilt among major transferable points currencies.
Should I get the Chase Sapphire Preferred or the Bilt Obsidian?
If you value a high welcome bonus, a broad range of bonus categories and easy-to-understand earning and redemption options, the Chase Sapphire Preferred is the card for you. It also offers additional benefits, including useful statement credits for Global Entry, TSA PreCheck and Nexus and DoorDash.
The Bilt Obsidian is a better option for point maximizers who are willing to put in the effort to earn on housing payments. While it lacks a high welcome offer, it does grant access to the coveted 1:1 Hyatt transfer ratio, which may put it over the top for some travelers.
Bottom line
The Chase Sapphire Preferred and Bilt Obsidian (rates and fees) are solid $95 rewards cards offering transferable points that can be used in a variety of ways. However, each card caters to a different audience.
If you're into simplicity, high earning rates and a solid welcome bonus, the Chase Sapphire Preferred wins out. If you're a renter or homeowner who wants to maximize your earnings, the Bilt Obsidian is a great option. Hyatt loyalists may also prefer the Bilt Obsidian with the news about the Chase Sapphire Preferred's transfer ratio changing.
To learn more, read our full reviews of the Chase Sapphire Preferred and Bilt Obsidian.
Apply here: Chase Sapphire Preferred Card
Apply here: Bilt Obsidian Card