A couple of years ago, it seemed the end of the Chase Sapphire Preferred® Card reign in my wallet was near.
Sure, the card earns a solid 2 Chase Ultimate Rewards points per dollar on travel and 3 points per dollar on dining while delivering exceptional travel protection benefits — rarely seen in a credit card with an annual fee under $100. It also provides outstanding travel redemption possibilities when transferring points to one of Chase’s valuable transfer partners, such as United, Hyatt and British Airways.
And right now, the card is offering a sign-up bonus of 75,000 Chase Ultimate Rewards points when you spend $4,000 in the first three months from account opening. TPG values this offer at $1,538.
But truth be told, I was putting minimal spending on my Sapphire Preferred card and instead opting to earn a higher 4 points per dollar with the American Express® Gold Card on dining at restaurants.
So why have I decided to keep the Chase Sapphire Preferred card in my wallet indefinitely? Let’s take a look at the reasons.
Valuable transfer partners
And although there’s some overlap with other transferable currencies as far as travel partners are concerned (British Airways, Air Canada, Singapore Airlines, to name a few), Ultimate Rewards can also be transferred at a ratio of 1:1 exclusively to Southwest, which I fly on occasion.
Related: 6 sweet spots that get you more value for your Ultimate Rewards
Good-value redemptions
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If I only possessed the Chase Freedom Unlimited®, it would be a glorified cash-back credit card, limiting my ability to convert cash back into points to unlock valuable travel redemptions. However, since I have an Ultimate Rewards-earning card such as the Sapphire Preferred, I can combine my points and unlock more valuable redemption options from the points I earn on my Freedom Unlimited.
Being a Chase Sapphire Preferred cardholder also allows me to redeem points at 1.25 cents (so a $200 airfare would only cost 16,000 points) directly through Chase Travel. This is particularly useful when I favor the simplicity of booking plane tickets or hotel stays without scouring for hotel reward nights or flight award availability.
Related: The power of the Chase Trifecta
Primary car rental coverage
Whenever I rent a car, I always decline the car rental company’s insurance offer of “Collision Damage Waiver” or CDW. That’s because the Sapphire Preferred provides primary car rental coverage, which allows me to decline this added fee but still have peace of mind once I leave the rental counter. If I’m in an accident that causes damage or loss to my rental vehicle, this coverage reimburses me for vehicle damage or replaces the vehicle.
Best of all, this primary car rental protection extends to any of my authorized users who use their card to pay for rental or any additional drivers under the car rental agreement. All that’s required to add the extra layer of protection when renting a car is to pay the rental with your Chase Sapphire Preferred, and you’ll be protected if any unfortunate accident occurs. This benefit alone is why I only use the Sapphire Preferred card to pay for my rental cars.
Related: Credit cards that offer car rental coverage
Accepted practically everywhere
And while the Amex Gold Card earns 4 points per dollar at restaurants, I prefer earning 2 points per dollar on travel and 3 points per dollar on dining with the Sapphire Preferred, knowing I won’t encounter nearly as many hurdles when paying with a credit card abroad.
Related: What’s the difference between a credit card network and issuer?
Bottom line
Apply here: Chase Sapphire Preferred Card with a 75,000-point bonus after you spend $4,000 in the first three months from account opening.
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