Chase Sapphire Preferred benefits can cover shampoo when your baggage is delayed (and much more)
Updated 10:27 AM EDT, Tue October 15, 2024
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It’s one of the best travel credit cards out there. The Chase Sapphire Preferred? Card is known for its valuable Chase Ultimate Rewards? points, and the card’s welcome offer is even bigger than usual: a whopping 60,000 bonus points after $4,000 in purchases in your first three months from account opening. Plus, get up to $300 in statement credits on Chase Travel purchases within your first year.
But the Sapphire Preferred’s value goes much deeper than that, with benefits that can help to discount — and insure — your travels.
Welcome bonus offer
The Chase Sapphire Preferred currently offers a welcome bonus of 60,000 bonus points after $4,000 in purchases in your first three months from account opening. Plus, get up to $300 in statement credits on Chase Travel purchases within your first year. The card previously had a 60,000-point bonus for meeting the same spending requirement, but didn’t include a $300 Chase Travel? credit.
Because Chase allows you to cash out your points at a rate of 1 cent each, this offer is worth at least $900. But you can wring significantly more value from your points when you redeem them for travel.
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Get up to $1,050 in Chase Travel℠ value. Earn 60,000 bonus points after $4,000 in purchases in your first 3 months from account opening. That's worth $750 when redeemed through Chase Travel. Plus, get up to $300 in statement credits on Chase Travel purchases within your first year.
Credit Score ranges are based on FICO? credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
Rewards earning rates
The Sapphire Preferred earns:
- 5 points per dollar on travel reserved through Chase Travel (excluding hotel purchases that qualify for the up to $50 annual Chase Travel hotel credit)
- 2 points per dollar on all other travel
- 3 points per dollar on dining (including takeout and eligible delivery services)
- 3 points per dollar on eligible streaming services
- 3 points per dollar for online grocery purchases
- 1 point per dollar for everything else
That’s a lot of bonus categories to keep track of — and a lot of opportunities to rack up points.
Travel redemptions through Chase
You can use Chase’s online travel portal to book flights, hotels and more with your credit card, Ultimate Rewards points or a mix of both.
With the Sapphire Preferred, your points are worth 1.25 cents in Chase Travel. For example, you could book a $400 flight for 32,000 points, and the 60,000-point bonus is worth $750.
This is an easy and straightforward way to use your points, but you can do even better.
Transfer points to airline and hotel partners
Chase points have the highest potential value when you convert them to airline miles and hotel points with Chase Ultimate Rewards transfer partners.
For example, you could transfer 5,000 points to World of Hyatt for an eligible night at the Hyatt Place Chicago/Schaumburg. This hotel’s cash prices are typically around $120 (though they can skyrocket much higher), giving you a value of about 2.4 cents per point. The Sapphire Preferred’s 60,000-point bonus could get you 12 free nights at a hotel like this — potentially saving you about $1,440.
Annual hotel credit
After you open your card, and each year after your card holder anniversary, you’ll get up to $50 to effectively discount prepaid hotels you book through Chase Travel. If you make a habit of booking at least one prepaid hotel stay per year, the hotel credit goes a long way toward offsetting the Sapphire Preferred’s $95 annual fee.
Just note that you won’t earn rewards on the portion of your bill that’s reimbursed.
Travel protections
Sapphire Preferred travel insurance can help lessen the financial blow of mishaps during your travel. Be sure to review the fine print for all of these perks to verify whether your situation is covered.
Rental car insurance
The Sapphire Preferred offers primary rental car coverage against theft and damage when you decline the rental agency’s collision damage waiver (CDW) or loss damage waiver (LDW).
Trip cancellation/interruption insurance
You’ll receive up to $10,000 per person ($20,000 per trip) for your eligible nonrefundable prepaid travel expenses. The card’s trip cancellation and trip interruption insurance covers situations such as severe weather, a call to jury duty, a physician-imposed quarantine and a change in military orders for you or your spouse.
Trip delay reimbursement
Trip delay insurance will reimburse you up to $500 per eligible traveler on your reservation when a flight delay is at least 12 hours or leads to an overnight stay. Reimbursement can cover purchases such as meals, hotel stays and medication.
Baggage delay insurance
When your bag is delayed for more than six hours during your trip, you could receive up to $100 per day (for up to five days) to buy essentials such as toiletries.
Lost luggage reimbursement
If the airline, cruise ship or other eligible provider loses your bag, you could get up to $3,000 per eligible person per trip.
Travel accident insurance
Travel accident insurance is coverage for certain worst-case scenarios, and provides up to $500,000 in the event of death or some serious injuries. Card holders and their immediate family can all be covered.
Travel and emergency assistance services
During your travels, you’ll have access to a number that you can call to get help with legal and medical referrals, emergency transportation, translation, and much more. Travel and emergency assistance isn’t insurance; you’ll typically have to pay for services you coordinate through the service.
Roadside dispatch
Similar to travel and emergency assistance, roadside dispatch is a pay-per-use feature. Fuel delivery, a battery jumpstart, towing and more are just a phone call away in the US — but you’ll have to pay for just about everything you arrange.
Purchase protections
The Sapphire Preferred comes with a couple of benefits that make it an ideal candidate for large purchases.
Extended warranty
This card adds a year to eligible manufacturer’s warranties that otherwise last up to three years. You’ll get up to $10,000 per claim, with a maximum of $50,000 per account.
Purchase protection
When you buy an eligible item with your card, you’ll be covered against damage and theft for 120 days from the purchase date. You’ll receive up to $500 per claim with a maximum of $50,000 per account.
Partner and retail benefits
Beyond the Chase Sapphire Preferred? Card’s travel and purchase benefits are temporary partnerships that add to the card’s value.
Lyft benefits
Through March 31, 2025, you’ll earn 5 points per dollar on Lyft rides, including scooter and bike rentals. Gift cards, car rentals and various fees don’t qualify.
DoorDash benefits
When you activate by Dec. 31, 2027, you’ll receive at least 12 months of free DoorDash DashPass membership. Yearly membership otherwise costs $96 (or $9.99 per month), and comes with waived delivery fees on eligible orders and reduced service fees. In addition, you’ll get one $10 discount per month on non-restaurant DoorDash orders.
Peloton benefits
Through March 31, 2025, you’ll earn 5 points per dollar on Peloton purchases over $150. This bonus category is capped at $5,000 in spending. In other words, you can receive a maximum of 25,000 points through this promotion (then you’ll earn 1x).
No foreign transaction fees
Some credit cards charge a fee for transactions processed outside the US. These fees are often 3% of the purchase amount. The Sapphire Preferred doesn’t charge a foreign transaction fee, making the card a great option when traveling abroad.
Frequently asked questions (FAQs)
You can apply for the Sapphire Preferred online or in person at a Chase branch. You’ll need to enter some personal details, such as your mailing address, employment status and gross income. You can also check to see if you’re preapproved on Chase’s website.
The value you receive for Chase Sapphire Preferred points depends on how you use them. That said, travel website The Points Guy valued these points at 2.05 cents each in October 2024.
To qualify for the Chase Sapphire Preferred, you should aim for at least a good credit score (670 or above, according to FICO), though you’ll have a better chance of approval with a higher score.
If you don’t have a Chase Sapphire card (Preferred or Reserve) and you’re in the clear under the Chase 5/24 rule (meaning you’ve opened fewer than five personal credit cards in the past 24 months), you could be eligible for the Chase Sapphire Preferred. You must also not have earned a Sapphire welcome bonus in the past 48 months.
Editorial Disclaimer: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airlines, hotel chain, or other commercial entity and have not been reviewed, approved or otherwise endorsed by any of such entities.
This content is for educational purposes only and is not intended and should not be understood to constitute financial, investment, insurance or legal advice. All individuals are encouraged to seek advice from a qualified financial professional before making any financial, insurance or investment decisions.
Note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed or may no longer be available.
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