Chase Sapphire Preferred Card

Chase Sapphire Preferred Review Highlights

Initial bonus worth up to $1,000

Spending $4,000 within 3 months of opening the Chase Sapphire Preferred Card will score you 80,000 points, which you can redeem for $1,000 in travel booked through Chase Ultimate Rewards or an $800 statement credit. That’s one of the biggest initial bonuses on the market. Need we say more?

$1,600+ in 2-year rewards value

The average person would earn roughly $1,675 in net rewards value (with fees included) in two years with the Sapphire Preferred Card, according to WalletHub’s calculations. That’s a nice chunk of change. And it’s why Chase’s Preferred Sapphire Card is the preference of so many rewards-seekers.

2 points per $1 spent on travel and dining

This earning rate translates to 2.5% cash back when you redeem for Ultimate Rewards travel or 2% cash back when used for a statement credit. That’s about double the average earning rate for a rewards card. Sapphire Preferred gives 1 point per $1 spent on most other purchases.

$95 annual fee

This pricey fee limits Sapphire Preferred’s ongoing value and is nearly five times higher than the average annual fee.

5 points per $1 spent on Lyft rides

Through March 2022, Chase Sapphire Preferred cardholders will earn a total of 5 points per $1 spent on Lyft rides. That’s 3 extra points on top of the 2 points per $1 cardholders normally receive on ridesharing purchases. As a result, you could earn as much as 6.25% cash back on Lyft rides paid for with Sapphire Preferred, depending on how you redeem.

12+ months of DashPass

Chase Sapphire Preferred cardholders are eligible for a complimentary DashPass subscription from the food delivery service DoorDash. This provides discounted and fee-free delivery options, and it’s good for at least 12 months. You just have to activate the benefit by 12/31/2021.