Chase Sapphire Preferred Card benefits guide

The Chase Sapphire Preferred® Card is easily one of the top travel credit cards on the market today thanks to its generous rewards structure, first-year welcome bonus and wealth of perks. This Chase credit card comes with a limited time sign-up bonus of 75,000 bonus points after you spend $4,000 on purchases in the first three months from account opening. And in terms of ongoing rewards, cardholders earn 5X points on travel purchased through Chase Ultimate Rewards and Lyft Rides (Lyft offer through March 2025); 3X points on dining (including eligible delivery services), select streaming services and online grocery purchases (excluding Target, Walmart and wholesale clubs); 2X points on general travel; and 1X points on everything else

With the Chase Sapphire Preferred, you have the option to redeem your rewards for cash back, statement credits, merchandise and gift cards. You can also redeem rewards for travel through the Chase Ultimate Rewards portal and receive 25 percent more value from your points when you do. In addition, this card lets you transfer points to popular Chase airline and hotel partners like United MileagePlus, Southwest Rapid Rewards and Marriott Bonvoy at a 1:1 ratio.

Chase Sapphire Preferred annual benefits

$50 hotel credit

As a cardholder, you’ll receive $50 in statement credits each year for hotel stays purchased through Chase Ultimate Rewards. This means you can book a hotel with cash through the portal, pay the cost with your Chase Sapphire Preferred and automatically see $50 statement credit hit your account within a billing cycle or two.

10% anniversary point bonus

Each account anniversary, cardmembers will automatically earn bonus points equal to 10 percent of the total spent from the previous year. If you spend $30,000 on your card during a single year, for example, your anniversary point bonus would equal 3,000 points.

Chase Sapphire Preferred travel benefits

No foreign transaction fees

You won’t be charged foreign transaction fees on purchases made in a foreign currency whether you’re traveling abroad or simply shopping online with a non-U.S.-based merchant. This is a standard benefit among top travel credit cards, it’s still worth noting particularly if you frequently travel abroad.

Auto rental collision damage waiver

This card offers primary auto rental coverage good for up to the actual cash value of a vehicle for most rental cars within the U.S. and abroad. This means you can decline the rental car coverage you’re offered through a car rental agent and depend this protection instead.

Trip cancellation and interruption insurance

If your trip is canceled or interrupted for covered reasons beyond your control, trip cancellation and interruption insurance can reimburse you in amounts up to $10,000 per person and up to $20,000 per trip.

The cardholder and immediate family members are covered by this perk, and the cardholder doesn’t even have to be traveling in order to use this coverage. However, you do have to pay for your travel expenses with your Chase Sapphire Preferred card to qualify for this benefit.

Baggage delay insurance

It’s never fun to arrive at a destination without your luggage, leaving you with no choice but to purchase clothing, toiletries and other essential supplies. The baggage delay insurance this card offers reimburses you up to $100 per day for up to five days when a baggage delay of at least six hours occurs.

You must pay for your travel expenses with a common carrier using your Chase Sapphire Preferred card for this coverage to apply.

Trip delay reimbursement

If your trip is delayed for a covered reason that’s beyond your control, such as your flight being delayed once you’re already at the airport, you can qualify for coverage for unreimbursed expenses in amounts up to $500 per ticket. The delay must be for more than 12 hours or require an overnight stay. Note, this reimbursement is mostly intended for meals and lodging.

Like other Chase Sapphire benefits, you have to pay for travel expenses with a common carrier using your card for this coverage to apply.

Lost luggage reimbursement

This coverage is worth up to $3,000 per covered person for each trip, with a $500 sublimit for jewelry and watches and another $500 sublimit for cameras and electronic equipment. It can apply when your checked or carry-on luggage is lost or stolen while in the care of a common carrier.

Coverage results in reimbursement of actual cash value of luggage and belongings (replacement cost less depreciation), and the cardholder and their immediate family members qualify. The primary cardholder must pay for at least part of the travel expense with a common carrier for coverage to apply.

Roadside dispatch

Cardholders can call into a roadside dispatch hotline 24 hours a day for help with flat tires, fuel delivery, lockout services and more. Note that the dispatch number is free to call, but that cardholders must pay for services received.

Travel and emergency assistance services

Cardholders can request travel and emergency assistance when they’re on the road, which can help with medical and legal referrals, cash advances, transportation assistance and other services. Cardholders can call into the hotline to arrange services for free, but the cost of services must be paid separately.

Travel accident insurance

Cardholders also qualify for travel accident insurance that applies if they lose their life, speech, hearing, limb and certain other losses. The value of this coverage is typically $500,000 for travel with a common carrier, although the benefit for 24-hour travel accident insurance is only $100,000.

Additional Chase Sapphire Preferred benefits

Complimentary DashPass subscription

Sapphire Preferred cardholders get complimentary access to DoorDash DashPass, which means no delivery fees and lower service fees on eligible orders for a minimum of one year, when you activate by Dec. 31, 2024.

Instacart benefits

Cardholders get six months of complimentary Instacart+ membership (activation required). Instacart+ members also get up to $15 in monthly statement credits through July 2024.

Purchase protection

The Sapphire Preferred comes with purchase protection against damage or theft that can reimburse you when a covered item you purchased needs repair or replacement within the defined coverage timeline of 120 days. This coverage caps out at $500 per claim and $50,000 per account.

Note that this protection is good for items purchased by the cardholder and for items purchased by the cardholder but gifted to someone else.

Extended warranties

Finally, don’t forget about the Chase Sapphire Preferred’s extended warranty protection, which adds another year to the U.S. manufacturer’s warranty on eligible warranties of three years or less. This coverage is good for items that come with a standard manufacturer’s warranty to begin with, and you must pay for the item using your credit card for the extended warranty to apply.

The warranty amount is good for up to $10,000 in coverage per claim and up to $50,000 per account.

How to maximize the Chase Sapphire Preferred Card’s benefits

The Chase Sapphire Preferred has a lot going for it already, yet there are numerous ways to squeeze more value from the card over the course of a year. Consider the following tips to earn more rewards and get more perks with this card.

• Book travel through the Chase Ultimate Rewards portal. Booking paid travel through the Chase portal with this card will net you 5X points for each dollar you spend. You can also take advantage of the $50 hotel credit this card offers for bookings through the portal. If you decide to use your rewards to book travel through Chase, you’ll get 25 percent more value for each point you redeem.
• Take advantage of transfer partners. Look into Chase airline and hotel partners, which include popular programs like British Airways, Southwest Rapid Rewards, United Mileage Plus, Marriott Bonvoy, World of Hyatt and more. Our Bankrate point valuations show that Chase points can increase in value when they’re transferred to partners and used for a premium travel redemption.
• Utilize Chase offers. Chase Offers is a program that’s similar to Amex Offers for American Express cards. Chase Sapphire Preferred cardholders can add Chase Offers to their cards before making an eligible purchase and earn various amounts of cash back when they meet the offer terms.
• Use the card to pay for travel. When you pay for travel with your credit card, your rewards points or a combination of the two, you automatically qualify for a range of included travel protections. The main Chase Sapphire Preferred benefits you can use in this realm include trip cancellation and interruption insurance, baggage delay insurance, trip delay coverage and lost luggage reimbursement.
• Use the rental car insurance. Finally, remember to use the auto rental coverage this card offers because it’s true “primary coverage.” This means you can use it in place of your own insurance coverage if you need to file a claim.

The bottom line

It’s easy to see why the Chase Sapphire Preferred is considered one of the best travel credit cards. If you’re interested in a rewards card that offers plenty of valuable benefits for a modest annual fee, the Sapphire Preferred is a good pick.

Before you decide, be sure to compare it to other Chase rewards cards that offer similar cardholder perks and benefits. For example, the Chase Sapphire Reserve® offers even more types of coverage and perks compared to the Chase Sapphire Preferred, just for a higher annual fee.

Make sure to evaluate the pros and cons of each card, as well as the overall requirements and benefits you may qualify for, before you decide which option is right for you.