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By Jason Steele
June 1, 2021
Chase Sapphire Preferred Credit Card on a colored background
Courtesy of Chase

The Chase Sapphire Preferred has always been a leading travel rewards card. But with temporary non-travel ways to redeem points, and a limited time offer for new applicants that's worth more than $1,000, it easily becomes our Deal of the Month.

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How this card works

New applicants earn 100,000 bonus points after spending $4,000 on their card within three months of account opening. Those 100,000 Ultimate Rewards points are worth 1.25 cents, $1,250 total, towards travel reservations booked through Chase Ultimate Rewards. Now through Sep. 30, 2021, your points are also worth 25% more with the Pay Yourself Back program when redeemed as statement credits against existing dining and travel purchases including takeout and eligible delivery services, home improvement stores and select charitable organizations.

You can also transfer your rewards to airline miles or hotel points with over a dozen travel partners including United, Southwest, JetBlue, British Airways, Singapore, Hyatt, and more. Another benefit is a complimentary DashPass from Door Dash that offers free deliveries and reduced service fees on eligible orders over $12. And at a time when many credit cards have reduced or eliminated cardholder benefits, the Sapphire Preferred Card still offers a number of travel insurance and shopping protection policies.

When used for spending, you'll earn double points on all travel and dining purchases and qualifying travel expenses include things like parking, tolls and public transportation.

"Merchants in the travel category include airlines, hotels, motels, timeshares, car rental agencies, cruise lines, travel agencies, discount travel sites, campgrounds and operators of passenger trains, buses, taxis, limousines, ferries, toll bridges and highways, and parking lots and garages. Merchants that provide transportation and travel-related services are not included in this category; for example, real estate agents, educational merchants arranging travel, in-flight goods and services, on-board cruise line goods and services, sightseeing activities, excursions, tourist attractions, RV and boat rentals, merchants within hotels and airports, and merchants that rent vehicles for the purpose of hauling. Purchases from gift card merchants or merchants that sell points or miles will not qualify in the travel category.

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What does it cost?

There's a $95 annual fee for this card and no foreign transaction fees. But like all rewards cards, the standard interest rate is higher than similar cards that don't offer rewards. So if you're in the habit of incurring interest charges when you carry a balance, then this probably isn't the best card for you.

Bottom line

Whether or not you're ready to start traveling again, or you still need some more time, the Chase Sapphire Preferred is offering new applicants some extremely generous rewards for opening a new account. If you're the type of credit card user who avoids interest by paying your balance in full every month, then you should take a closer look at this card and see if it's right for you.

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