New 80,000-point bonus for a top travel card: Chase Sapphire Preferred credit card review

Apr 15, 2022

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Editor’s note: This post has been updated with the latest credit card information.


Chase Sapphire Preferred Card overview

The Chase Sapphire Preferred Card is one of the best-known travel rewards credit cards, featuring 5 points per dollar on travel booked through the Chase travel portal and 3 points per dollar on dining, select streaming services and online grocery store purchases (excluding Target, Walmart and wholesale clubs). These valuable points can be transferred to airline and hotel partners or redeemed directly for travel at a rate of 1.25 cents per point through Chase Ultimate Rewards. Card rating*: ⭐⭐⭐⭐½

*Card rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.

As many travelers look ahead to a busy summer (and beyond), we keep getting asked a familiar question for those planning trips: Which travel credit card should you start with?

To be honest, TPG readers ask that question a lot, not just ahead of busy travel seasons. And we almost universally recommend the Chase Sapphire Preferred Card. It earns one of our favorite rewards currencies. It offers lucrative perks. And it features a low annual fee. In fact, many of us started our journey into points and miles with the Chase Sapphire Preferred.

And for a limited time, too, the card is offering an elevated sign-up bonus of 80,000 Ultimate Rewards points after you spend $4,000 on purchases in the first three months from account opening.

Here’s what you need to know about the Chase Sapphire Preferred.


Ready to get the card? Apply here for the Chase Sapphire Preferred


In This Post

Who is the Chase Sapphire Preferred for?

The Chase Sapphire Preferred is designed to work for both frequent and casual travelers. With a $95 annual fee, it’s not an expensive card, which makes it a good choice for beginners.

I also recommend starting your journey into the world of loyalty points with Chase cards, because you need to strategically plan around Chase’s 5/24 rule regarding applications. The Sapphire Preferred is definitely worth considering for one of your coveted five slots for opening new cards within two years.

Related: Who should (and who shouldn’t) get the Chase Sapphire Preferred?

Chase Sapphire Preferred sign-up bonus

With the Chase Sapphire Preferred, you’ll earn a sign-up bonus of 80,000 points after you spend $4,000 on purchases in the first three months from account opening, enough to take you just about anywhere in the world you want to go.

This haul of points is worth a minimum of $1,000 when redeemed for travel through the Chase portal, but if you maximize Chase’s transfer partners, TPG’s valuations peg the full value of the bonus at a whopping $1,600.

Transfer your Chase Ultimate Rewards to Hyatt and get free hotel nights worldwide. (Photo by Summer Hull / The Points Guy)
Transfer your Chase Ultimate Rewards to Hyatt and get free nights worldwide at properties like the Grand Hyatt Kauai. (Photo by Summer Hull/The Points Guy)

Main benefits and perks

In addition to the sign-up bonus, there are many appealing perks on the Sapphire Preferred.

$50 annual hotel credit

In Aug. 2021, Chase revealed a slew of exciting changes to its Sapphire cards, including the Sapphire Preferred. One of these new perks was a $50 statement credit on hotel stays purchased through the Chase Ultimate Rewards travel portal upon opening the card, as well as each following cardmember anniversary. It’s automatically applied to your account each year when you make an eligible charge. Note that the $50 credit does not earn Chase Ultimate Rewards points.

If you open the card now, you’ll receive access to the credit immediately. Existing cardmembers won’t receive the credit until after their next account anniversary.

Related: How to use the new $50 hotel credit on the Chase Sapphire Preferred

10% annual points bonus

Another change Chase added to the card is a 10% anniversary points bonus. Cardholders will receive a 10% bonus based on their total spending during the account anniversary year at a rate of 1 point for each $1 spent. For example, if you spent $100,000 on your Sapphire Preferred during your cardmember year, you’ll receive 10,000 bonus points at the end of the year.

Note that this 10% is calculated on the dollars you spend rather than the points you earned. You thus don’t receive additional points by leveraging the card’s bonus categories.

DoorDash

The Chase Sapphire Preferred also includes at least one year of complimentary DashPass membership with DoorDash, which gives you free delivery and reduced service fees on eligible purchases. There is a cost associated with using food delivery services such as DoorDash, but this can be a valuable benefit if you already use the service.

A DoorDash Inc. delivery bag sits on the floor at Chef Geoff's restaurant in Washington, D.C., U.S., on Thursday, March 26, 2020. As the wheels of government turn too slowly for small businesses desperate for a piece of the $2 trillion U.S. relief package due to the coronavirus pandemic, restaurateur Geoff Tracy is using GoFundMe to raise money for 150 hourly workers at his American comfort food standby Chef Geoff's and other restaurants. Photographer: Andrew Harrer/Bloomberg via Getty Images
The Chase Sapphire Preferred now receives a one-year DashPass membership with DoorDash. (Photo by Andrew Harrer/Bloomberg via Getty Images)

Travel protections

This card is an ideal choice to pay for travel bookings such as car rentals, cruises, plane tickets and hotels because of the comprehensive travel and purchase protections it affords. Among them, cardholders can expect the following:

You can read more about the Chase Sapphire Preferred shopping and travel benefits here.

How to earn points

The Chase Sapphire Preferred comes with a simple earning structure that is easy to maximize. Here’s what you’ll earn:

  • 5 points per dollar on travel booked through the Chase travel portal.
  • 5 points per dollar on Peloton Bike, Tread and Guide purchases over $450, with a maximum earning of 25,000 points (through June 2022).
  • 5 points per dollar on Lyft (through March 2025).
  • 3 points per dollar on dining, select streaming services and online grocery store purchases (excludes Target, Walmart and wholesale clubs).
  • 2 points per dollar on all travel not booked through the Chase travel portal.
  • 1 point per dollar on everything else.

How to redeem points

When you’re ready to redeem the points you’ve earned with the Chase Sapphire Preferred, you’ll understand why the card shines. Here are some ways you can use your Ultimate Rewards.

Chase Ultimate Rewards travel portal

You can use your points to purchase airfare, reserve hotel rooms and even rent a car through Chase Travel — all at a fixed rate of 1.25 cents per point. That means you don’t need to worry about blackout dates or finding award space; you’ll always have the option to book travel using your points. As long as there’s a seat for sale on the flight you want, or a hotel room available to reserve with cash, you’ll be able to pay for it with your points.

Transfer to Chase travel partners

It’s possible to receive much more than 1.25 cents per point in value by transferring rewards to Chase airline and hotel partners, though.

Hyatt Andaz Mayakoba. (Photo by Summer Hull/The Points Guy)

Some of the best Chase transfer partners include HyattUnited, British Airways and Singapore Airlines for fancy hotels or plane seats.

Chase Pay Yourself Back

Through June 2022, you can use the Chase “Pay Yourself Back” feature to redeem your points at 1.25 cents each to offset purchases made at Airbnb and with select charitable organizations. Chase also just added new charities to specifically support relief efforts in Ukraine.

Related: How to donate points and miles to help Ukraine

Which cards compete with the Chase Sapphire Preferred?

There are many worthwhile mid-tier travel credit cards, but the Capital One Venture Rewards Credit Card is the one that goes toe-to-toe with the Sapphire Preferred. The card currently offers the following:

*Benefits only available to accounts approved for the Visa Signature card. Terms apply.

If trying to decide between these two cards, think about which one’s earning formula suits your spending habit, and which one’s transfer partners you’re more likely to maximize.

Related: Chase Sapphire Preferred vs. Capital One Venture Card

Another alternative option would be a cobranded card with a specific airline or hotel program. These aren’t nearly as flexible as the Sapphire Preferred, but if you’re flying predominantly with one airline or staying frequently at properties under a specific hotel umbrella, those perks may come in handy.

Is the Chase Sapphire Preferred worth the annual fee?

The Chase Sapphire Preferred is worth opening if:

  1. You can achieve the 80,000-point sign-up bonus.
  2. You’re looking for valuable travel protections.
  3. You currently hold the Chase Freedom Unlimited and/or Chase Freedom Flex card.

When you carry the Sapphire Preferred along with one of these cards, you can freely move points from one account to another, effectively augmenting the value of your Freedom earnings by translating them from cash-back rewards into fully transferable Ultimate Rewards points.

The Chase Sapphire Preferred continues to represent a solid value proposition for a wide swath of the public. So long as you’re using the card frequently enough to get more than $95 in value from the rewards earned and benefits utilized, this card is definitely worth the annual cost.

Bottom line

If you’re ready to move beyond cash-back or fixed-value travel rewards credit cards, there is no better place to start than with the Chase Sapphire Preferred.

After its debut a decade ago, it’s still regarded as one of the best rewards credit cards. It earns some of the most valuable points around, and it’s flexible enough to meet the travel rewards needs of practically every points and miles skill level. It also comes with a low enough price tag for many to be able to give it a try.


Apply here for the Chase Sapphire Preferred with a 80,000-point bonus.


Additional reporting by Ryan Wilcox, Chris Dong, Stella Shon, Jennifer Yellin, Joseph Hostetler and Eric Rosen.

Featured photo by Wyatt Smith/The Points Guy.

Chase Sapphire Preferred® Card

WELCOME OFFER: 80,000 Points

TPG'S BONUS VALUATION*: $1,600

CARD HIGHLIGHTS: 3X points on dining and 2x points on travel, points transferrable to over a dozen travel partners

*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.

Apply Now
More Things to Know
  • Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 when you redeem through Chase Ultimate Rewards®.
  • Enjoy benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases, plus more.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 80,000 points are worth $1,000 toward travel.
  • With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories
  • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
Regular APR
16.24% - 23.24% Variable
Annual Fee
$95
Balance Transfer Fee
Either $5 or 5% of the amount of each transfer, whichever is greater.
Recommended Credit
Excellent/Good

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.