Chase Sapphire Preferred refreshed: $95 annual fee card earns 4.5/5 rating

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The Chase Sapphire Preferred® Card (see rates and fees ) has a strong reputation behind it , and for good reason. With strong earning rates, benefits that easily outweigh its $95 annual fee and access to Chase's 14 transfer partners, it's easy to see why this card is a great fit for both beginners and die-hard points and miles enthusiasts alike .

This card recently received a refresh . While one change might disappoint Hyatt fans, many cardholders will come out ahead thanks to the new perks and bonus categories.

That said, no card is a perfect fit for everyone. If you're looking for lounge access, elite status or high earning rates on general travel purchases, another card may be a better option. The Sapphire Preferred works best in the hands of flexible travelers who want an easy card to maximize.

Card rating*: ⭐⭐⭐⭐½

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

Limited-time offer on the Chase Sapphire Preferred ending soon: Earn 100,000 bonus points after spending $5,000 on purchases in the first three months from account opening.

Chase Sapphire Preferred: The basics

Chase recently refreshed the Sapphire Preferred , adding additional perks to help cardholders justify its annual fee and a long-awaited gas and electric vehicle charging stations bonus category. If you're a prospective cardholder, you'll want to take note of these perks in particular when trying to decide if this card is worth it:

Updated : Up to $100 statement credit each year for prepaid hotel bookings made through Chase Travel ℠

New : Statement credit for Global Entry , TSA PreCheck or Nexus every four years

New : Complimentary Apple TV subscription for one year (activate by Dec. 31)

Complimentary DoorDash DashPass membership (valued at $120 each year; through Dec. 31, 2027; activation required)

$10 DoorDash credit each month for non-restaurant orders for DashPass members (alcohol orders may be exempt; through Dec. 31, 2027)

Updated : Bonus rewards on popular categories including gas, EV charging and select vacation homes

Access to Chase's 14 transfer partners , including popular options like World of Hyatt, United Airlines and Air Canada Aeroplan

10% anniversary bonus points boost (expiring Oct. 1 for existing cardholders; this perk is not available for cardholders who applied on or after June 15)

It's important to note the one negative change that came with the Sapphire Preferred's refresh: The transfer ratio for World of Hyatt is dropping from 1:1 to 4:3. For existing cardholders, this change will go into effect on Oct. 1, while new cardholders who applied on or after June 15 will see it take effect immediately.

As an existing Sapphire Preferred cardholder, one of my favorite parts of the refresh is what didn't change: the annual fee. It's common for issuers to raise annual fees when adding new benefits, so I was pleasantly surprised to see Chase keep the Sapphire Preferred at $95.

Related: Chase Sapphire Preferred statement credits: What they are and how to use them

Chase Sapphire Preferred pros and cons

Pros Cons

Part of valuable Chase Ultimate Rewards ecosystem

Bonus points on travel, gas, EV charging and dining

Premium travel protections

Useful annual hotel credit

Global Entry/PreCheck/Nexus credit

Has an annual fee

No lounge access

Hyatt transfers limited to a 4:3 ratio

Chase Sapphire Preferred benefits

Before this refresh, I thought it was harder to justify the Sapphire Preferred 's annual fee if you weren't already getting value from perks like DoorDash DashPass.

With its recent refresh, however, it's now one of the easiest cards to get more value out of than it charges each year for its annual fee.

Provided, of course, that you don't need to go out of your way to use its benefits.

I'm very pleased to see that the Chase Travel hotel credit has increased from up to $50 to up to $100 each cardholder anniversary year. I always found the previous $50 credit difficult to maximize, as it rarely made a meaningful dent in the cost of a hotel stay. At $100, this benefit feels much more useful and gives me far more confidence that I'll use it every year.

A room at the Hyatt Regency Niagara Falls Fairview, which you can book through Chase Travel. ANNIE BLACK/THE POINTS GUY And, maximizing this credit will, on its own, put you $5 in the green against the Sapphire Preferred's annual fee.

When TPG credit cards writer Augusta Stone used this credit, she effectively paid just $35 for a night away at the Atlanta Marriott Alpharetta.

The addition of a Global Entry, TSA PreCheck or Nexus statement credit is very welcome and aligns the Sapphire Preferred more closely with competitors like the Capital One Venture Rewards Credit Card . If you already have Global Entry or TSA PreCheck, you can always use your Sapphire Preferred credit to gift a membership to a friend, family member or other person. I recommend going with Global Entry , since you'll get TSA PreCheck as part of that program.

It's worth noting that the Sapphire Preferred is now one of the few cards with a sub-$100 annual fee to offer this benefit.

SEAN CUDAHY/THE POINTS GUY A one-year Apple TV subscription was a surprise addition from my perspective (activation required), but it makes sense given the Chase Sapphire Reserve® 's (see rates and fees ) own Apple TV benefit (through June 22, 2027). Apple TV costs either $12.99 per month or $90 for the annual plan, so either way, you're saving a lot of money with this perk. Be sure to activate it by Dec. 31.

While I've been a fan of the Sapphire Preferred for a long time, I criticized it for its lack of meaningful benefits to warrant its annual fee when compared to mid-tier competitors like the Venture Rewards or even Chase's own United℠ Explorer Card (see rates and fees ).

These additions significantly improve the Sapphire Preferred's value proposition.

How to earn and use your rewards

Earning rewards

With the Sapphire Preferred , you'll earn Ultimate Rewards points at the following rates:

5 points per dollar on all Chase Travel purchases, including flights, hotels, rental cars, vacation homes, cruises, activities and tours

5 points per dollar spent on Lyft rides (through Sept. 30, 2027)

5 points per dollar spent on eligible Peloton equipment and accessory purchases over $150 (through Dec. 31, 2027; limit of 25,000 bonus points)

NEW : 3 points per dollar spent on gas and EV charging

NEW : 3 points per dollar spent on vacation homes at these top brands: Airbnb, Vrbo, Plum Guide, HomeAway, Homestay.com and Vacasa

3 points per dollar spent on dining, streaming services and online groceries*

2 points per dollar spent on all other travel

1 point per dollar spent on all other purchases

*The elevated earning rate for online grocery store purchases excludes Target, Walmart and wholesale clubs.

A long-standing gap with the Sapphire Preferred, and Chase in general, was its lack of a bonus category for gas and EV charging stations. With gas prices skyrocketing and more people switching to electric cars, Chase made the right move by finally adding this category to the Sapphire Preferred.

TPG credit cards writer Stephanie Stevens called out the new vacation homes category as a big plus for her. She's booked over 60 Airbnbs , so there's plenty of opportunity for her to earn lots of bonus points with this new category.

Robert Bruno Steel House in Ransom Canyon, Texas. AIRBNB I live in Portland, Oregon, a city with a strong mass transit system (by U.S. standards). That means I'm often swiping my Sapphire Preferred for transit tickets, so I'm glad that this card's general travel rewards category remains as broad as before . I've also previously used my Sapphire Preferred's general travel category to earn bonus points on a camping reservation and inter-city train bookings in Germany.

My remaining criticism of the Sapphire Preferred's earning categories is that its grocery category is still restricted to online orders only. Walmart, Target and wholesale stores are also excluded from this category, which is a major downside for me as a frequent Walmart shopper. Still, this is a relatively minor critique given that the card's overall earning structure is very strong for a $95 annual fee.

Redeeming rewards

You can redeem Ultimate Rewards points for a variety of options, including statement credits, gift cards, Amazon.com purchases and travel booked through Chase Travel.

The Sapphire Preferred includes access to Chase's Points Boost feature , which means you can redeem your points for up to 1.75 cents per point, depending on the redemption. While Points Boost can offer solid value in the right circumstances, I generally prefer transferring my points to Chase's airline and hotel partners, where I can often get significantly more value.

Speaking of transferring points, Chase offers 14 transfer partners, including World of Hyatt , United MileagePlus , Air Canada Aeroplan and Air France-KLM Flying Blue .

Personally, I transfer most of my Ultimate Rewards points to World of Hyatt. Last year, I transferred 87,500 Ultimate Rewards points to Hyatt to book 10 nights at different hotels across Germany , easily saving me hundreds of dollars.

The Andaz Munich Schwabinger Tor. OLIVIA MITTAK/THE POINTS GUY However, Hyatt transfers will see some changes as part of the card's refresh. Beginning Oct. 1 for existing cardholders (and immediately for those who apply on or after June 15), transfers to World of Hyatt will move from a 1:1 ratio to a less favorable 4:3 ratio .

The switch will affect cardholders who frequently transfer points to Hyatt, like me, but Hyatt remains a compelling transfer partner thanks to its fixed award chart pricing. And with a deep roster of airline and hotel partners, Chase still offers plenty of opportunities for valuable redemptions.

For example, Stephanie recently transferred 32,000 Ultimate Rewards points from Chase to Air France for two economy flights from Paris-Charles de Gaulle Airport (CDG) to Dulles International Airport (IAD) in September. She also paid $540 total in taxes and fees.

Thanks to a 20% Chase transfer bonus , she only needed 32,000 points instead of 38,000. The same flights would have cost $3,456 if purchased with cash.

How much are Chase points worth?

The table below shows the potential value you can get from your Chase points, depending on the redemption option you select.

Cash/statement credit Chase Travel portal Transfer partners

1 cent per point or less Up to 1.75 cents per point, depending on the redemption 2.05 cents per point**, or potentially more, depending on the redemption

**According to TPG's July valuations.

Related: How much are Chase Ultimate Rewards points worth?

Potential drawbacks of the Chase Sapphire Preferred

The Sapphire Preferred remains one of the best travel rewards cards for its annual fee, but it won't be the right fit for everyone.

Between the growing list of bonus categories, statement credits and partner perks, cardholders may need to pay closer attention to where and how they use the card to maximize its value. Those who prefer a simple set-it-and-forget-it rewards card may find the added complexity less appealing.

This card will provide the most value to people who travel regularly and redeem their rewards for travel. While Ultimate Rewards points can be redeemed for cash back, some of their greatest value comes from booking travel through the Chase Travel portal or transferring points to airline and hotel partners. If you don't expect to use either strategy, the Sapphire Preferred may be harder to justify.

The Sapphire Preferred is undoubtedly one of the strongest mid-tier cards, but as with any other card, it's important to make sure it fits your lifestyle and travel needs .

Sapphire Preferred vs. Sapphire Reserve

The Sapphire Preferred 's equally well-known older sibling is the Chase Sapphire Reserve . This card charges a substantially higher $795 annual fee, but comes with a much wider array of perks, including:

Up to $500 each year in credits for The Edit hotel stays (two up to $250 credits; minimum two-night stay required, must be prepaid)

Up to $300 flexible travel credit

Up to $300 each year in DoorDash credits, given as up to $25 monthly for non-restaurant orders (through Dec. 31, 2027)

Up to $120 each year in Lyft credits, given as up to $10 monthly (through Sept. 30, 2027; does not apply to Wait & Save, bike or scooter rides)

Priority Pass and Sapphire lounge access

IHG One Rewards Platinum Elite status (through Dec. 31, 2027)

Higher earning rates on many travel purchases

You'll also still be able to transfer Ultimate Rewards points to Hyatt at a 1:1 ratio with this card. The Sapphire Reserve's higher annual fee won't make sense for everyone, but Hyatt loyalists may find the preserved 1:1 transfer ratio reason enough to consider it .

On the other hand, if a $795 annual fee is far beyond what you're comfortable paying for a credit card, the Sapphire Preferred's perks are generally easy to use and well worth the $95 annual fee.

To learn more, check out our showdown between the Sapphire Reserve and Sapphire Preferred .

When to apply for the Sapphire Preferred

Right now, new Sapphire Preferred cardholders can earn 100,000 bonus points after spending $5,000 on purchases in the first three months from account opening. This offer is ending soon.

According to TPG's July 2026 valuations , that welcome offer is worth $2,050.

United Polaris business class, one of many redemptions you could make with your welcome bonus. KYLE OLSEN/THE POINTS GUY Given that the Sapphire Preferred previously offered 75,000 bonus points for the same spending in the same time frame, this is a great offer. If you've been waiting for the right time to open this card, now's definitely that time.

Just keep in mind that you must be under 5/24 to be approved for the Sapphire Preferred. If you currently hold the Sapphire Preferred, previously held it or earned a welcome bonus on it in the past, you more than likely will not be eligible to earn another welcome bonus .

Who should get the Sapphire Preferred?

Get the Sapphire Preferred if:

You're a beginner looking to earn travel rewards.

You don't value airport lounge access.

You don't currently have a card that earns Ultimate Rewards points.

Skip it if:

You've already earned a Sapphire Preferred welcome bonus.

You've applied for five or more cards from any issuer in the last 24 months.

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

Other cards to consider if you don't want the Sapphire Preferred

If the Sapphire Preferred isn't matching what you're looking for, consider one of these options instead:

If you want a card with simpler rewards : The Capital One Venture Rewards earns 5 miles per dollar spent on hotels, vacation rentals and rental cars booked through Capital One Travel, plus 2 miles per dollar spent on all other purchases. It's a simpler alternative to the Sapphire Preferred for the same $95 annual fee. To learn more, check out our full review of the Venture Rewards .

If you want premium perks for an affordable price : The Capital One Venture X Rewards Credit Card is a great option to consider if the Sapphire Reserve is too expensive for you, but you still want more premium perks than the Sapphire Preferred offers. For a $395 annual fee, you'll receive lounge access , an annual $300 statement credit for Capital One Travel and 10,000 bonus miles. To learn more, check out our full review of the Venture X .

If you want more flexible transfer partners: The Bilt Obsidian Card ($95 annual fee; see rates and fees ) is a great option for travelers who value flexible rewards. Bilt Points can be transferred to a variety of airline and hotel partners, and the program continues to offer 1:1 transfers to World of Hyatt. To learn more, check out our full review of the Bilt Obsidian Card .

For additional options, check out our picks for the best travel cards .

Bottom line

The Sapphire Preferred earned its fame for an affordable annual fee and simple perks that fit anyone, regardless of their level of experience with rewards credit cards.

While the Hyatt transfer change is a downside of the latest refresh, I'm a big fan of the Sapphire Preferred's updated earning rates and new credits. For most travelers, this card is still a no-brainer.

Plus, if you apply now, you can earn 100,000 bonus points after spending $5,000 in the first three months from account opening, a great offer considering the card's typical welcome offer — but note that this offer is ending soon.

Apply here: Chase Sapphire Preferred Card

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