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Chase Sapphire Preferred vs. Bilt Obsidian Card: Which $95 card is right for you?
Augusta Stone is a credit cards writer for TPG. She joined the TPG team in 2023 and is excited to take points and miles beginners with her on a journey toward maximizing rewards.
June 20, 2026 • 17 min read
The cards we feature here are from partners who compensate us when you are approved through our site, and this may impact how or where these products appear. We don't cover all available credit cards, but our analysis, reviews, and opinions are entirely from our editorial team. Terms apply to the offers listed on this page. Please view our advertising policy and product review methodology for more information.
Editorial note: TPG's Brian Kelly is a Bilt adviser and investor.
Editorial disclaimer: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
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By commenting, you agree to our Community Guidelines to help create a positive space for conversation. The responses below are not provided or commissioned by the bank advertiser, our partners, or The Points Guy (“TPG”). They have not been reviewed, approved, or otherwise endorsed by any of these parties. All responses are submitted by individual contributors, and neither the bank advertiser, our partners, nor TPG are responsible for ensuring that all posts and/or questions are answered.
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Quick summary
Two leading mid-tier travel rewards cards are compared, both offering transferable points and a similar annual fee structure.
One card excels with a higher introductory bonus and broader bonus categories, appealing to those seeking simplicity and flexible benefits.
The other stands out for maximizing rewards on housing payments and maintains a 1:1 transfer ratio to a major hotel loyalty program, which is now more favorable than its competitor's reduced ratio.
Both products provide annual hotel credits, travel protections and no foreign transaction fees, but differ in how benefits are structured and redeemed.
What to consider
Eligibility for introductory bonuses may be limited by previous card ownership or issuer-specific rules.
One product's hotel credit is easier to use in a single transaction, while the other splits the credit biannually and requires a minimum stay.
Changes to transfer ratios for hotel loyalty programs take effect after June 15, 2026, impacting future value for new applicants.
What you'll miss from the article
A detailed side-by-side comparison of earning, redeeming and transferring points, plus nuanced guidance for renters, homeowners and hotel loyalty enthusiasts.
Generated by AI with support from our editorial team.
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.
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 75,000 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.
(Each Bilt Cash award expires 12 months after you earn it, on the last day of that month.)
Bilt Points (worth 2.2 cents apiece)* and Bilt Cash (if you choose)
Earning rates
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 electric vehicle 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
4% Bilt Cash on all nonhousing purchases (if you elect for the Bilt Cash earning structure for housing rewards; Beginning Jan. 1, 2027, new Bilt cardholders will only have access to the housing-only rewards option. Cardholders who open an account by Dec. 31, 2026, can retain the 4% Bilt Cash earning option by opting out of the new benefits before their first card anniversary)
3 Bilt points per dollar spent on your choice of either grocery (on up to $25,000 per year, then 1 point per dollar) 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 (see 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***
Key benefits
Annual $100hotel credit when you book through Chase Travel#
DoorDash DashPass subscription (activation required) and monthly DoorDash credits on nonrestaurant purchases (through Dec. 31, 2029)
Global Entry, TSA PreCheck or Nexus application fee credit
One-year complimentary Apple TV subscription (when activated by Dec. 31)
Travel and purchase protections
$100 in Bilt Travel hotel credits each calendar year (split into two $50 biannual credits; minimum two-night stay required; starting in 2027, this benefit will become $100 of Bilt Cash)
World Elite Mastercard benefits, including Trip Delay Reimbursement
*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 Sapphire Preferred applicants earn 75,000 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 $1,538.
Meanwhile, the 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 (see rates and fees) or the (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 , 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, 2029) and $10 in monthly credits ($120 annually) for nonrestaurant purchases (through Dec. 31, 2029)
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.
MEDIAPHOTOS/GETTY IMAGES
Meanwhile, the 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; starting in 2027, this benefit will become $100 of Bilt Cash)
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.
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)
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.
AIRBNB
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 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; each Bilt Cash award expires 12 months after you earn it, on the last day of that month)
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
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***
†Beginning Jan. 1, 2027, new Bilt cardholders will only have access to the housing-only rewards option. Cardholders who open an account by Dec. 31, 2026, can retain the 4% Bilt Cash earning option by opting out of the new benefits before their first card anniversary.
**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.
SVETIKD/GETTY IMAGES
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 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.
SUMMER HULL/THE POINTS GUY
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 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 or Bilt points from the .
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 (see rates and fees) or (see rates and fees), you'll still have access to a 1:1 transfer ratio from Chase to Hyatt.
Hyatt Ziva and Zilara Cap Cana. 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.
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 is the card for you. It also offers additional benefits, including useful statement credits for Global Entry, TSA PreCheck and Nexus and DoorDash.
The 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 and (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.
By commenting, you agree to our Community Guidelines to help create a positive space for conversation. The responses below are not provided or commissioned by the bank advertiser, our partners, or The Points Guy (“TPG”). They have not been reviewed, approved, or otherwise endorsed by any of these parties. All responses are submitted by individual contributors, and neither the bank advertiser, our partners, nor TPG are responsible for ensuring that all posts and/or questions are answered.
