Chase Sapphire Preferred® Card benefits: How to get more out of your card

Two young woman on a beach vacation after learning about the Chase Sapphire Preferred benefitsImage: Two young woman on a beach vacation after learning about the Chase Sapphire Preferred benefits

In a Nutshell

The Chase Sapphire Preferred® Card offers several opportunities to get more out of your rewards points and plenty of useful travel perks. But if you’re looking for easy-to-use credits and complimentary elite status, you might want to look elsewhere.
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The Chase Sapphire Preferred® Card offers benefits such as bonus points on common purchases, flexible redemption options, convenient travel perks and more — all with a reasonable $95 annual fee. Read on to see the key benefits the card has to offer and if it’s right for you.

From our partner

Chase Sapphire Preferred® Card

From cardholders in the last year

2x points on travel and dining

What you’ll get: With the Chase Sapphire Preferred® Card, you’ll earn two Chase Ultimate Rewards® points for every $1 you spend on eligible purchases for travel and dining at restaurants, plus one point for every $1 you spend on all other purchases. Chase’s definition of eligible travel purchases includes airlines, hotels, car rentals, campgrounds, parking lots and more. And the restaurant category covers both sit-down restaurants and fast food.

Our take: Chase’s broad definition of the travel category means you can earn two points per $1 spent on a lot of purchases that you may not even consider to be travel, such as campgrounds and parking lots. The flexibility is a big plus — earning bonus points on your travel purchases, regardless of the airline or hotel, is a quality benefit.

25% bonus for travel redemption through Chase Ultimate Rewards

What you’ll get: Your points are worth 25% more when you redeem them for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards.

Our take: If you want to redeem your points for travel, the ability to get 25% more value is appealing. And when you use the Chase Ultimate Rewards portal to book your travel, you’ll only see options that allow for redemptions. You won’t have to worry about unexpected blackout dates where you can’t use your rewards for a booking.

1:1 point transfers to travel partners

What you’ll get: Chase offers 1:1 point transfers to 10 different airlines (including Southwest Airlines) and three hotel programs (including Marriott Bonvoy and World of Hyatt).

Our take: The ability to transfer your points to 13 different travel partners opens up even more flexibility when it comes time to redeem your rewards. Depending on available rates, you can transfer your points from Chase to another program to take advantage of the best deals.

For example, a hotel room might cost 30,000 points per night through its rewards program, but 60,480 points per night (or $756) through Chase Ultimate Rewards. In that case, you could save more than 30,000 points — the cost of a second reward night — by transferring your points to that hotel travel partner instead of booking through Chase.

5x points on Lyft rides through March 2022

What you’ll get: You’ll earn a total of five points per $1 spent on Lyft rides through March 31, 2022 (that’s three points added to the two points you already earn on travel for the ride).

Our take: While this benefit likely won’t do much for you if you don’t use Lyft regularly, it’s a nice points bonus for those who use the rideshare service. But keep in mind that using Lyft just to earn the extra points might end up costing you more than if you stuck to your current transportation habits.

DoorDash perks

What you’ll get: You’ll get a complimentary membership to DoorDash’s DashPass service for a minimum of 12 months when you activate by Dec. 31, 2021. DashPass includes $0 delivery fees and reduced service fees on orders of at least $12.

Our take: We always prefer flexible perks to those that can be used with only one service, but this is a good benefit for DoorDash users. A DashPass subscription currently costs $9.99 per month, so 12 months of the service is worth $119.88.

Trip cancellation/interruption insurance coverage

What you’ll get: If your trip is canceled or interrupted by sickness, severe weather or another covered reason, you’re eligible for up to $5,000 per covered person and $10,000 per trip for prepaid, nonrefundable travel expenses.

Our take: Complimentary trip cancellation and trip interruption insurance coverage are nice bonuses for a card that already includes other travel perks.

Trip delay insurance coverage

What you’ll get: If your eligible travel is delayed by 12 hours or more or requires an overnight stay, you and your family members are covered for additional, unreimbursed expenses of up to $500 per ticket.

Our take: While you may not ever need your trip cancellation and interruption insurance coverage, you’ll probably appreciate the peace of mind if you travel frequently. If you’re ever stuck with an overnight delay, it’s nice to know that Chase could foot at least some of the bill for a hotel and other necessary expenses.

Delayed baggage insurance coverage

What you’ll get: If your checked bag is delayed by more than six hours, you can be reimbursed up to $100 per day (for five days) for essential purchases like toiletries and clothing.

Our take: Depending on whether you check bags or prefer to travel only with carry-ons, this benefit may or may not be valuable to you. But if you do check a bag and it’s delayed, it’s good to know that you can pick up some new underwear and a toothbrush and be reimbursed for those expenses.

Rental car collision damage waiver

What you’ll get: If you decline the car rental company’s collision insurance coverage and charge the entire rental cost to your card, you’ll get collision damage waiver for the rental car. This coverage will reimburse you up to the cash value of the car for theft and collision damage for most rental cars in the U.S. and abroad. 

Our take: If you can decline the rental car company’s insurance coverage and still be covered for up to the cash value of the car, this is a good benefit. It’s a bonus that the card offers primary insurance coverage — other cards may only offer secondary car rental insurance for use after you’ve exhausted your personal auto insurance policy.

No foreign transaction fees

What you’ll get: You won’t pay foreign transaction fees when you use your card to make purchases abroad.

Our take: This feature is frequently included on cards geared toward travel, but that doesn’t make it any less valuable.

Purchase protection

What you’ll get: Any new purchases you make will be covered for 120 days against damage or theft, up to $500 per claim and $50,000 per account.

Our take: This is another solid benefit that could protect you against life’s mishaps.

Are the benefits/perks of the Chase Sapphire Preferred® Card worth it?

If you want to up your travel rewards game, the Chase Sapphire Preferred® Card offers quality benefits with a relatively low annual fee of $95. The card’s big highlights are the bonus points on travel and dining purchases, 25% bonus for travel redemption through Chase Ultimate Rewards, and the ability to transfer points at a 1:1 ratio to popular travel partners. But don’t sleep on the complimentary travel protections that might come in handy if your trip doesn’t go as planned.

On the other hand, not all of these perks and protections will be valuable for everyone. If you’re looking for a card with a more robust set of perks, you might want to consider the Chase Sapphire Reserve®, even with its $550 annual fee. This card offers all of the same benefits as the Chase Sapphire Preferred® Card, but with some notable upgrades.

With the Chase Sapphire Reserve®, you’ll receive a $300 travel credit each year, three points per $1 spent on travel (after using the full travel credit) and dining purchases, and a 50% bonus value on your points when you redeem for travel through Chase Ultimate Rewards. You’ll also get luxury perks like complimentary airport lounge access.

About the author: Caroline Lupini is a freelance writer with an MBA from Indiana University Bloomington. She’s been writing about credit cards and travel hacking since 2014 and has used the skills that sh… Read more.