Chase Sapphire Preferred Review (2026): Benefits, Rewards & Value
A mid-tier travel card with excellent transfer partners and valuable travel protections.
Chase Sapphire Preferred Guide
A mid-tier travel card with excellent transfer partners and valuable travel protections.
ANNUAL FEE
$150
WELCOME BONUS
75,000 bonus points after spending $5,000 on purchases in the first three months
POINTS VALUE
1.25¢ per point through Chase Travel Portal
TRANSFER PARTNERS
14
In This Guide:
Transfer Partners
| Transfer Partner | Transfer Ratio | Transfer Time | Transfer Bonuses |
|---|---|---|---|
| United MileagePlus | 1:1 | Instant | Rare transfer bonuses |
| Southwest Rapid Rewards | 1:1 | Instant | No recent transfer bonuses |
| British Airways Executive Club | 1:1 | Instant | Occasional 30% transfer bonuses |
| Air France-KLM Flying Blue | 1:1 | Instant | Rare transfer bonuses |
| World of Hyatt | 1:1 | Instant | No recent transfer bonuses |
| Marriott Bonvoy | 1:1 | Instant | No recent transfer bonuses |
Annual Credits & Benefits
Annual Hotel Credit
Account anniversary year
Statement credits for hotel stays purchased through Chase Travel℠.
Pro Tip: Use this credit for hotel bookings you'd make anyway to effectively reduce the annual fee. It applies automatically after booking.
10% Anniversary Points Boost
Annual
Receive bonus points equal to 10% of your total purchases made in the previous year. (e.g., $20,000 spend = 2,000 bonus points).
Pro Tip: This is an automatic benefit that rewards continued spending on the card, adding significant value over time.
Complimentary DashPass by DoorDash
Minimum 1 year (activate by Dec 31, 2027)
Free DashPass subscription for at least one year, eliminating delivery fees on eligible orders over $12, plus a $10 monthly promo on non-restaurant orders.
Pro Tip: Activate the benefit even if you only occasionally use DoorDash. The monthly promo for non-restaurant orders is a new addition to maximize.
Wellness Offers (WHOOP, Calm, Function Health)
One-time/Annual
Credits or discounts for WHOOP annual membership, Calm Premium subscription, and Function Health lab testing.
Pro Tip: Enroll by the specified dates (e.g., WHOOP by May 12, 2026, Calm/Function by Mar 31, 2026) to take advantage of these limited-time wellness perks if they align with your interests.
Is the Chase Sapphire Preferred Worth the $150 Annual Fee?
Ideal For:
- Travel enthusiasts looking for flexible rewards and valuable travel protections
- Diners and online grocery shoppers who want to maximize points on everyday spending
- Those seeking premium travel benefits without the highest annual fees of ultra-premium cards
- People who value transferring points to airline and hotel partners (especially World of Hyatt)
- Cardholders who can easily utilize the $50 annual hotel credit and DashPass benefits
Not Ideal For:
- High-volume luxury travelers who would benefit from extensive lounge access (e.g., Centurion Lounges)
- People who rarely travel or don't utilize the card's bonus categories and credits
- Those who prefer simple cash back with no annual fee
- Very frequent travelers who might get more comprehensive benefits from the Sapphire Reserve
- Consumers unwilling to pay an annual fee, even with offsetting credits
Value Calculation Example
Here's a conservative estimate of annual value for a typical cardholder who uses most, but not all benefits:
| Benefit | Face Value | Realistic Value | Notes |
|---|---|---|---|
| Welcome Bonus | $750 | $750 | When used for travel through Chase Travel℠ (1.25¢ per point) |
| Annual Hotel Credit | $50 | $50 | Easily used on virtually any hotel booking through Chase Travel℠ |
| 10% Anniversary Points Boost | $30+ | $30 | Based on $20,000 annual spend (2,000 bonus points) |
| Primary Rental Car Insurance | $75+ | $75 | Savings on rental insurance for 1-2 rentals per year |
| Trip Delay/Cancellation Insurance | $100+ | $50 | Value depends on travel frequency and disruption likelihood |
| Complimentary DashPass by DoorDash | $120 | $80 | Assumes 65% utilization for delivery fees and monthly promo |
| Peloton/Lyft Benefits | $50+ | $25 | Value highly dependent on usage of Peloton or Lyft services |
| Annual Fee | -$150 | -$150 | Yearly cost |
| TOTAL VALUE | $1,175+ | $1,060 | +$910 over annual fee |
First year value includes the welcome bonus. Subsequent years would provide approximately $310 in realistic value, well above the new $150 annual fee. Transfer partner redemptions can potentially provide even greater value than estimated here, with points often valuing at 2¢+.
How to Earn Points
5X on Travel via Chase Travel℠
Earn 5X points on travel purchased through the Chase Travel℠ portal. This includes flights, hotels, car rentals, and cruises.
3X on Dining
Earn 3X points on dining worldwide, including restaurants, delivery services, and takeout.
3X on Select Streaming Services
Earn 3X points on popular streaming services.
3X on Online Groceries
Earn 3X points on online grocery purchases (excluding Target, Walmart, and wholesale clubs).
2X on All Other Travel
Earn 2X points on all other travel purchases not made through Chase Travel℠.
5X on Peloton Equipment/Accessories
Earn 5X points on Peloton equipment and accessory purchases over $150 (up to 25,000 pts) through December 31, 2027.
5X on Lyft
Earn 5X total points on Lyft rides through September 30, 2027.
Sweet Spot Redemptions
| Route/Redemption | Points Required | Transfer Partner | Notes |
|---|---|---|---|
| U.S. to Hawaii in Economy | 24,000-30,000 points round-trip | Singapore KrisFlyer (for United flights) | Transfer UR points to Singapore KrisFlyer to book United flights to Hawaii for fewer points than booking directly through United. |
| Short-haul American Airlines flights | 7,500-13,000 points one-way | British Airways Avios | BA's distance-based award chart offers great value for short AA flights, often costing half what AA would charge. |
| Luxury Hyatt Stays | 5,000-40,000 points per night | World of Hyatt | One of the best uses of UR points, with top-tier properties starting at just 40,000 points per night. |
Advanced Tips & Tricks
Pro Insider Tips
Combine with Freedom Cards
Pair with the Chase Freedom Flex and Freedom Unlimited to earn more Ultimate Rewards points, then transfer them to your Sapphire Preferred for better redemption options.
Use Pay Yourself Back
Redeem points at 1.25¢ each toward statement credits for select categories with the Pay Yourself Back feature.
Maximize Travel Insurance
Book travel with this card to get trip cancellation/interruption insurance, primary rental car coverage, and more.
Frequently Asked Questions
How does the Chase Sapphire Preferred compare to the Reserve?
The Preferred has a lower annual fee ($150 vs $795) but offers fewer premium benefits. The Preferred offers 1.25¢ per point through the portal versus 1.5¢ with the Reserve. It's ideal for occasional travelers who want good value without a high annual fee, and the increased fee in 2026 makes its credits even more crucial.
Can I upgrade to the Sapphire Reserve later?
Yes, Chase allows upgrades between Sapphire cards after you've held the card for at least one year, subject to approval and credit limit requirements. Ensure you weigh the benefits and annual fee carefully before upgrading.
What's the 10% anniversary point bonus?
On each account anniversary, you'll receive bonus points equal to 10% of the total purchases you made in the previous year. For example, if you spent $20,000, you'll get 2,000 bonus points. This is an excellent ongoing perk for cardholders.
Ready to Apply?
The Chase Sapphire Preferred offers exceptional benefits and rewards that make it a valuable addition to your wallet. A mid-tier travel card with excellent transfer partners and valuable travel protections.