Chase Sapphire Preferred Credit Card (Review)

Welcome to my review of the Chase Sapphire Preferred Credit Card.

If you read my previous review of the Chase Ink Plus business card, you might have been wondering if there is a similar card for consumers. The answer is YES, and it’s called the Chase Sapphire Preferred card.

Like it’s cousins in the Chase family of business cards, the Chase Sapphire Preferred card is among the best consumer rewards cards available.

This card is one of my favorites for a variety of reasons, including…

* A generous new member bonus (typically 40,000 bonus points when you spend $3,000 in purchases on the card in the first 3 months from account opening)

* Generous ongoing point earning opportunities, as follows:
– 2 points per dollar spent on travel
– 2 points per dollar spent dining at restaurants
– 1 point per dollar on everything else
– 7% annual points divident

What makes Chase Sapphire Preferred points especially valuable is that they are “Chase Ultimate Rewards” points, which I have found to be among the most valuable of any reward points available.

For example, you can redeem your Ultimate Rewards points for cash back, gift cards, and travel rewards, just to name a few options. (A good rule of thumb when redeeming your points for cash back or gift cards is that 100 points equal $1. So your 40,000 point bonus is worth $400 in cash back or gift cards.)

But what really sets Chase Sapphire Preferred apart from other points programs is that you can transfer your Chase Ultimate Rewards points to partner programs on a 1:1 basis, with NO transfer fees. Participating partners include the following:

* Southwest Airlines
* British Airways
* United Airlines
* Virgin Atlantic Airlines
* Korean Air
* Amtrak
* Marriott
* Hyatt
* Ritz-Carlton
* IHG Hotels

Taking advantage of the points transfer options will often prove to be a better value than simply converting your points into cash or gift cards. As you can see, Chase Ultimate Rewards give you far more flexibility in redeeming your points than most other points programs.

The only downside to the Chase Sapphire Preferred card is that it carries an annual fee of $95, but this is waived during the first year.

Overall, I consider the Chase Sapphire Preferred card to be one of the best consumer rewards cards available, and I give it my highest recommendation.