For the long haul: Why TPG readers still love the Chase Sapphire Preferred Card
This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.
Of course, the card does come with a stellar sign-up bonus. Currently, you can earn 100,000 Ultimate Rewards points after you spend $4,000 on purchases in the first three months from account opening. TPG values Chase Ultimate Rewards points at 2 cents each, making this bonus worth $2,000. But its value lasts far beyond the sign-up bonus you can earn when you first apply for the card. I’ve personally had mine for almost three years now, and many TPG readers have had it for even longer.
We reached out to ask TPG readers who have the Chase Sapphire Preferred why they’ve kept it over the years, and there were a few popular reasons people have held onto the card.
One of the major reasons TPG readers have held onto their Chase Sapphire Preferred cards is because of the redemption opportunities through Chase Ultimate Rewards transfer partners. You can currently transfer your points at a 1:1 value with 10 airline and three hotel partners. You get access to the same set of partners as the Chase Sapphire Reserve — but without the higher annual fee.
TPG readers have used this benefit to take some stellar trips over the years.
Katie Mulheran, a TPG reader who has had the card for nine years now, has used her Chase Sapphire Preferred to book multiple trips to Napa, California. She’s also booked a trip from Minneapolis-Saint Paul International Airport (MSP) to Munich International Airport (MUC) for a ski trip in Austria.
“I’m keeping it because it allows me to transfer the points I get from my (Chase Freedom Unlimited),” Anthony Mongelluzzo told TPG. His Freedom Unlimited is currently more beneficial to use in terms of earning, but the Chase Sapphire Preferred helps him maximize redemptions. This is actually the strategy I personally use with my Chase Sapphire Preferred and Chase Freedom Unlimited duo.
Another common reason TPG readers cite for keeping the card is the extensive trip insurance coverage that comes on the card. Chase easily offers the most robust travel protections on its Sapphire credit cards compared to other travel credit cards.
Mulheran told TPG that trip insurance is the other primary reason she holds onto her card.
“I used the car insurance option when I rented a car for a two-week road trip in Ireland and saved a significant amount of money because I was able to decline the insurance from the rental car agency. On that same trip, my flight was diverted to the U.K. due to weather and … (I) was able to get reimbursed for that non-refundable (hotel) stay due to using my Chase Sapphire Preferred.”
TPG reader Richard Sorrell is a big fan of the card’s rental car coverage. He told TPG he’s used it twice with no hassles, and that’s one reason why he keeps it in his wallet (next to his Chase Freedom, which is no longer open to applications).
Ann Ruhmkorff is also a fan of the rental car coverage.
“(The) biggest benefit for us is the rental car insurance that covers Ireland … most cards don’t,” she said. She’s also used it twice — both claims quick and painless.
Trip insurance was also mentioned by TPG readers Arie Van Duijn, Judy Haran, Anthony Felix and more. It’s an underrated benefit of the card. Of course, no one wants to think about the worst-case scenario happening while on a trip. But when you have the Chase Sapphire Preferred in your wallet, you can have a bit more peace of mind when you travel that unexpected hiccups will be covered.
Flexible redemption options
During the coronavirus pandemic, flexibility has been the name of the game. Chase has been a frontrunner alongside American Express when it comes to offering temporary (and sometimes permanent) benefits to help cardholders make the most of their cards while travel isn’t a priority.
Ruby Escalona — who typically uses her Ultimate Rewards points for a trip to Europe each year — told TPG she’s taken advantage of the new Pay Yourself Back feature from Chase to redeem points for 1.25 cents each on everyday expenses such as groceries and home improvement.
With such an amazing sign-up bonus, the Chase Sapphire Preferred is a bit of a no-brainer for travelers who are under Chase’s infamous 5/24 rule. But there are plenty of reasons to keep it in your wallet for years after you earn the sign-up bonus.
And remember that if you get the card and decide you want more luxury perks and a higher portal redemption rate, you can request an upgrade to the Chase Sapphire Reserve after you’ve had the card for at least one year.
Featured photo by John Gribben for The Points Guy.
Welcome to The Points Guy!
WELCOME OFFER: 100,000 Points
TPG'S BONUS VALUATION*: $2,000
CARD HIGHLIGHTS: 2X points on all travel and dining, 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.
- Our best offer ever! Earn 100,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,250 when you redeem through Chase Ultimate Rewards®.
- Earn 2X points on dining including eligible delivery services, takeout and dining out and travel. Plus, earn 1 point per dollar spent on all other purchases.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 100,000 points are worth $1,250 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.
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. Activate by 12/31/21.
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required.