7 Chase Sapphire Preferred benefits you might not know about
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The Chase Sapphire Preferred Card is one of the most popular travel rewards cards out there and comes with a number of well-known benefits, as well as a 60,000-point bonus when you spend $4,000 on purchases within the first three months of account opening and a $95 annual fee.
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Well-Known Chase Sapphire Preferred Benefits
- Earns Ultimate Rewards points (one of the most valuable points currencies available)
- Earns 5x on Lyft (through March 2022) and 3x points on dining and 2x points travel, including expenses such as food and grocery delivery services, tolls, Uber and more
- No foreign transaction fees
- Has Chip and Signature Technology, which provides better security and wider acceptance when traveling overseas
These benefits are among the reasons the Chase Sapphire Preferred consistently makes TPG’s list of best travel credit card offers and why it was named Best Travel Rewards Credit Card at the 2020 TPG Awards. But let’s look at seven lesser-known benefits you may not know about.
Related: Chase Sapphire Preferred Review
- Partner benefits with Peloton and DoorDash
- Trip cancellation/trip interruption insurance
- Baggage delay insurance
- Trip delay reimbursement
- Purchase protection
- Extended warranty protection
- Primary rental car insurance
Partner benefits with Peloton and DoorDash
Historically, the Chase Sapphire Preferred hasn’t offered much in the way of statement credits or similar benefits. It’s a mid-tier credit card with a low annual fee, so that is to be expected. However, within the past couple of years, the Sapphire Preferred has been on the receiving end of a couple of new perks from partners such as Lyft, DoorDash and most recently Peloton.
The ability to earn 5x on Lyft is well-documented. But there are two other perks you may not realize you can take advantage of.
Through Chase’s partnership with DoorDash, a food pickup and delivery service, you can get at least one year of complimentary DashPass, the company’s subscription service. DashPass comes with $0 delivery fees and reduced service fees on eligible orders over $12. The subscription service typically costs $9.99 per month, which means you’ll get at least $119.88 in value. You do have to activate this benefit by Dec. 31, 2021.
For any Peloton fans, the Chase Sapphire Preferred also now comes with up to $60 back on an eligible Peloton Digital or All-Access membership (through Dec. 31, 2021). A Peloton All-Access membership is for those who have Peloton hardware, such as a bike, and costs $39.99 per month.
The Digital membership doesn’t require any hardware (although you can still use it with your bike) and costs $12.99 a month. Both membership options come with access to more than just bike workouts — there are also class options for cardio, running, strength, yoga and more. You’ll also get 5x on Peloton Bike, Tread and accessory purchases of more than $1,800, with a maximum earn of 25,000 points through the end of 2021.
Trip Cancellation/Trip Interruption Insurance
If your trip is cut short or interrupted by sickness, severe weather and other covered situations (deemed so by the benefit administrator), you can be reimbursed for prepaid, nonrefundable travel expenses (such as plane tickets, hotels and tours) on up to $10,000 per person and $20,000 per trip. This coverage is available to you and your immediate family members traveling with you when you pay for the trip expenses with your Chase Sapphire Preferred.
I invoked this benefit for the first time when I was in Kuala Lumpur on business, staying at Le Méridien. I had brought my wife and 9-month-old son along to see the city and enjoy the hotel while I was at work each day. From Malaysia, we had nonrefundable AirAsiaX tickets from Kuala Lumpur to Busan, Korea. Unfortunately, the day before our flight, my son awoke with a terrible cough. We decided a trip to Korea may not serve his best interests and it was time to send my wife and son back home to Japan and our doctor.
I called Chase at 3 a.m. Eastern Time to inquire about having the AirAsia tickets to Busan covered by the benefit. Within 10 minutes, I had an email requesting the canceled plane ticket itinerary, a doctor’s note and the credit card statement showing where the tickets were purchased. Soon after, I confirmed the benefits administrator had received my documentation and I was told a $625 credit would be issued back to my Sapphire Preferred card. That was pretty fantastic!
Baggage Delay Insurance
If your checked bag is delayed by more than six hours, you can be reimbursed up to $100 per day for up to five days for essential purchases like toiletries and clothing. For example, my mother’s checked suitcase did not arrive on Air Canada’s flight from Toronto to Tokyo. I immediately called Chase from Narita International Airport (NRT) to inquire about this benefit.
I was told to get a baggage delayed report from the baggage service counter and keep receipts for any essentials she purchased, up to $100 a day for five days or until the suitcase arrived. The suitcase was finally delivered to my Japanese address four days later. In the meantime, we took full advantage of the benefit, with my mom buying $400 worth of clothes, shoes and toiletries to get around Japan during her stay.
I sent the benefits administrator a baggage delayed report, a courier note when the bag was finally dropped off, receipts for my mom’s purchases and the credit card statement showing I had paid for her ticket. Since she had flown on an award ticket, I had only paid for the fees with my Sapphire Preferred card (and not the whole fare). I was nervous this would make us ineligible for the perk, but we received a $400 check a short time later to cover the expenses.
Along these same lines, you may be eligible for up to $3,000 in lost luggage coverage. However, this benefit requires you to produce almost all your original receipts for items costing more than $25, making it much harder to get full value.
Trip Delay Reimbursement
Have you ever been on the last flight of the day to your destination only to have it canceled? If it’s due to weather or any other cause that allows the carrier to deflect blame, you may get a preferred rate from the local airport hotel or be out of luck altogether. Either way, you’ll likely be forced to pay out of pocket.
If your common carrier travel is delayed more than 12 hours or requires an overnight stay, the Chase Sapphire Preferred card covers you and your family for up to $500 per ticket of non-reimbursed expenses, such as meals and lodging. Thankfully, I’ve never had to put this benefit to use, but knowing I could stay in a nice place for free would make the situation a bit more tolerable.
Primary car rental insurance
While most — although not all — credit cards offer car rental insurance, you’ll notice that there’s a difference in the insurance being offered. While several credit cards offer secondary car rental insurance and some even charge a fee, others offer primary car rental insurance — a better coverage for your next car rental.
Fortunately, one of the perks of the Chase Sapphire Preferred is that it offers primary car rental coverage for no added fee onto your rental. This means rentals of up to 31 consecutive days paid for with the card are covered for losses, including physical damage and/or theft of the rental vehicle, valid loss-of-use charges assessed by the rental company and reasonable and customary towing charges related to a covered loss. In addition, with this particular card, your coverage is up to the cash value of the rental car.
Using a credit card that offers this type of coverage means that you can decline any rental car agency insurance policy — which will save you money on your rental — and not have to file a claim with your own auto insurance policy.
While this is a benefit you hope you never have to use, it can sure come in handy in an unfortunate event. Additionally, you’ll also earn 2x points on all travel expenses, including car rentals, so you’ll still be earning bonus points by paying for your car rental with the Sapphire Preferred.
This benefit covers eligible personal property (purchased using your Sapphire Preferred card) in the event of theft, damage or involuntary and accidental parting with property. If something happens to an item within 120 days of purchase, it will be repaired or replaced for a value of up to $500.
There’s a lengthy list of excluded items, including animals, antiques, anything with an engine, perishable items and used/pre-owned items. Still, when I bought my latest iPad, I felt a bit more at ease knowing I had 120 days of coverage if I spilled coffee on it or left it behind while traveling.
Plenty of other cards offer similar benefits (such as Amex purchase protection), but it’s good to know Chase is keeping up with the competition.
Extended Warranty Protection
This benefit can really save you money. Receive an additional year of coverage on eligible purchases with a manufacturer’s warranty of three years or less. Boats, automobiles, aircraft, medical equipment, leased or pre-owned items and items for commercial use are ineligible.
A few years ago, I purchased what was then a top-of-the-line flat-screen TV for $1,200, with a manufacturer’s warranty of two years. Then, one day three years later, my wife and I were watching a football game when a loud pop occurred and a puff of smoke appeared from the back of the TV.
I called Chase, and a representative asked for a copy of the original purchase receipt and a letter from the TV manufacturer stating it was out of the manufacturer’s warranty. I was then instructed to get an estimate from a TV repairman (yes, they still exist) of what it would cost to fix the TV. I flipped through the yellow pages (yes, these still exist too) and a few days later had an estimate saying the TV was broken beyond repair. After I submitted the estimate, I got a credit back for my original purchase price of the TV, as well as a credit for the TV repairman’s fee.
I then bought a TV for $800 that was better than what I had paid $1,200 for three years earlier. In addition, Chase promises reimbursement within five business days of receipt and validation of all required documents. Needless to say, I was pretty excited this benefit was on the card.
Several of these benefits have provided excellent value for me and made life easier when I could have otherwise been out of luck. As always, make sure you read the fine print for benefit terms and conditions. Clearly defined and labeled documentation submitted in a logical order has made the claim processes rather painless for me.
Also, note that the above seven benefits are by no means the only perks of the Chase Sapphire Preferred card. For example, travel accident insurance, zero liability protection and travel and emergency assistant services could all make a sour situation a little bit sweeter.
Apply here for the Chase Sapphire Preferred Card and earn 60,000 bonus points after you spend $4,000 in the first three months from account opening.
Additional reporting by Madison Blancaflor.
Featured photo by John Gribben for The Points Guy.
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