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By CC Review Editor — Reviewed by Ryan Calloway 9 min read

Chase Sapphire Preferred Review: Is the $95 Fee Worth It?

TRAVEL · SINGLE-CARD REVIEW

If you spend $4,000 per year on dining and travel, the Chase Sapphire Preferred's $95 annual fee pays for itself — and then some. Here's the math, the honest trade-offs, and who shouldn't bother with it.

By Credit Card Reviews Editorial — Reviewed by Ryan Calloway

Chase Sapphire Preferred card art

Chase Sapphire Preferred

Annual Fee
$95
Welcome Bonus
75,000 points after $5,000 spend in first 3 months
Rewards Rate
5x Chase Travel, 3x dining/streaming/online groceries, 2x other travel, 1x else
APR Range
19.24%–27.49% variable
Our Rating
4 / 5

The Verdict

If you spend $4,000 or more per year on dining and travel, this card returns roughly $155–$200 in annual travel value after the $95 fee. The $50 hotel credit (via Chase Travel) drops the effective fee to $45 for anyone who uses it, and the welcome bonus—currently 75,000 points after $5,000 spend—is a meaningful first-year accelerator. If your dining spend is under $200/month and your annual travel spend is under $2,000, a no-fee alternative likely returns more net value.

Apply for the Chase Sapphire Preferred →

Pros

  • 3x points on dining earns back the $95 fee at roughly $2,533–$3,167 in annual restaurant spend.
  • Transfer partners include United, Hyatt, and British Airways — programs where points routinely exceed 1.25 cents each in redemption value.
  • Primary rental car coverage means you file with Chase first, not your personal auto insurance — saving $10–$30/day on rental fees.
  • Trip delay insurance covers up to $500 per ticket when a flight is delayed 12 or more hours.

Cons

  • No introductory 0% APR — if you carry a balance, interest charges will quickly erase any rewards earned.
  • The 5x travel rate requires booking through Chase Travel, where portal prices are sometimes higher than booking direct.
  • The 3x online grocery rate excludes Target, Walmart, and warehouse clubs — where many households actually buy groceries.
  • No airport lounge access — that benefit requires the Sapphire Reserve at $795/year.

Get this card if…

  • Your dining spend is $250+/month and travel spend exceeds $2,000/year.
  • You want flexible points transferable to airline and hotel loyalty programs, not just cash back.
  • You pay off your balance in full every month and won’t revolve at the standard APR.
  • You book hotels at least once a year and can use the $50 Chase Travel hotel credit.

Skip if…

  • You carry a balance month-to-month — a balance transfer card with a 0% intro period is the right tool first.
  • Your grocery shopping is primarily at Target, Walmart, or Costco, where the 3x rate doesn’t apply.
  • You dine out fewer than twice a week and fly fewer than twice a year — at that spend level the $95 fee won’t pay for itself.

Frequently Asked Questions

Does the Chase Sapphire Preferred have a foreign transaction fee?

No. The Chase Sapphire Preferred charges no foreign transaction fees, making it a workable travel card outside the U.S. Verify current terms at chase.com before applying, as card terms can change.

What credit score does Chase require for the Sapphire Preferred?

Chase doesn’t publish a hard minimum, but the card is typically approved for applicants with good-to-excellent credit (generally 700+ FICO). Approval is never guaranteed regardless of score.

How does the Sapphire Preferred compare to the Sapphire Reserve?

The Reserve charges $795/year and adds Priority Pass lounge access and a $300 annual travel credit; the Preferred charges $95. If you spend under $8,000–$10,000/year on travel and dining combined, the Preferred’s lower fee usually wins on net value.

How long does the $50 hotel credit last?

The $50 hotel credit resets each cardmember anniversary year and applies to hotel stays booked through Chase Travel. It does not roll over to the next year if unused. Verify current credit terms at chase.com.

The short version

  • Annual fee: $95. No waived first year.
  • Rewards: 3x on dining and select streaming; 2x on all other travel; 5x on travel booked through Chase Travel; 3x on online groceries (excluding Target, Walmart, and wholesale clubs); 1x on everything else. (Verify current rates at chase.com: Chase has periodically updated this card's bonus categories.)
  • Welcome bonus: The current issuer offer is 75,000 points after $5,000 in purchases within the first 3 months (as of May 2026 — verify at chase.com before applying, as this changes).
  • The card pays off for someone spending $4,000+/year on dining and travel. It doesn't pay off for someone who rarely dines out and flies once a year.
  • The $50 annual hotel credit (for hotels booked through Chase Travel) makes the effective fee $45 for anyone who uses it.

What the card actually pays

Important sourcing note: Chase's direct application pages returned 404 errors during our fetch attempts (May 2026). The reward rates and terms described below are drawn from Chase's credit card listing pages and widely reported terms from Chase's official disclosures. We strongly recommend confirming current rates and the current welcome offer at chase.com before applying. Chase periodically adjusts the Sapphire Preferred's category bonuses and welcome offer amounts.

The Sapphire Preferred's earning structure, as of Q2 2026:

  • 5x points on travel purchased through Chase Travel (the Chase portal)
  • 3x points on dining at restaurants, including takeout and eligible delivery services
  • 3x points on select streaming services
  • 3x points on online grocery purchases (excluding Target, Walmart, wholesale clubs)
  • 2x points on all other travel purchases
  • 1x points on all other purchases

Chase Ultimate Rewards points are redeemable for cash (1 cent each), travel through the Chase portal (1.25 cents each for Sapphire Preferred cardholders), or transfer to airline and hotel partners (value varies by partner and how you redeem).

Representative spending profile: $4K dining + $4K travel

Let's run the math on a realistic scenario: someone who spends about $333/month dining out and takes $4,000 in travel per year (a few domestic flights, a hotel stay or two):

  • $4,000 dining × 3x = 12,000 points
  • $4,000 travel × 2x (assuming booked outside Chase Travel) = 8,000 points
  • Total points earned: 20,000 points
  • Cash value at 1 cent/point: $200
  • Travel redemption value at 1.25 cents/point: $250
  • Annual fee: $95
  • Net cash value after fee: $200 − $95 = $105 profit
  • Net travel value after fee: $250 − $95 = $155 profit

That's before the welcome bonus. The current offer — 75,000 points after $5,000 spend in 3 months (verify at chase.com before applying) — is worth $750–$937 in travel depending on redemption method. At 1 cent/point that's $750 cash equivalent; at 1.25 cents through Chase Travel that's $937 — effectively making the first year free and then some even at the $5,000 spend requirement.

If you book travel through Chase Travel instead of directly:

  • $4,000 travel × 5x = 20,000 points just on travel
  • Combined with $4,000 dining at 3x = 12,000 points
  • Total: 32,000 points = $400 cash / $480 in Chase Travel redemptions

Booking through Chase Travel isn't always the cheapest option for airfare or hotels, so factor in any price differences before assuming the 5x rate is always better than 2x booked directly.

Annual-fee math

The $95 fee breaks down against the card's benefits as follows:

  • $50 annual hotel credit: Chase offers a $50 statement credit on hotel stays booked through Chase Travel each cardmember year. If you use it, your effective fee drops to $45. [Verify current credit amount at chase.com]
  • 10% points bonus on anniversary: Chase adds 10% of your prior-year point earnings as a bonus each account anniversary. On 20,000 points earned, that's 2,000 bonus points worth $20–$25. Small, but offsets a chunk of the fee.
  • Trip delay insurance: If your flight is delayed 12+ hours, you can claim up to $500 per ticket for expenses. For frequent flyers, this is real money.
  • Primary rental car insurance: Sapphire Preferred offers primary coverage (not secondary) when you rent with the card and decline the rental company's coverage. This alone can save $10–$30/day on rental fees.

For the $4K dining + $4K travel profile above, the effective cost of the card after the $50 hotel credit is $45/year. The card earns that back in under two months of dining at 3x. The math clears clearly.

Break-even on just the rewards rate: At 3x dining (redeeming at 1 cent/point), you need to spend $3,167 on dining per year to earn back $95 in rewards. At 1.25 cents/point redemption, the break-even drops to $2,533 in annual dining spend.

Where it's actually better than the Capital One Venture

The Capital One Venture is the most common alternative comparison for someone considering the Sapphire Preferred. Both charge $95/year; both offer 2x on travel (Venture's base is 2x on everything).

The Sapphire Preferred wins on:

  • Transfer partners: Chase's transfer partners include United, Southwest, British Airways, Hyatt, Marriott, IHG, Air France/KLM, and Singapore Airlines, among others. If you're loyal to any of these programs, Chase transfers often yield better value than Venture miles.
  • Dining rate: The Sapphire Preferred's 3x on dining outperforms the Venture's 2x on dining. For a $333/month dining budget, that's a 50% advantage in point earnings on that category.
  • Primary rental car coverage: Capital One Venture offers secondary rental coverage. Sapphire Preferred offers primary, which means you file with Chase first, not your personal auto insurance.

The Capital One Venture wins on:

  • Simplicity: 2x on everything with no portal requirement is a simpler earn structure. No category tracking.
  • Transfer partner flexibility: Venture's transfer partners include Air Canada, Turkish Airlines, and others not available via Chase. If you're a miles optimizer targeting specific programs, research both partner lists before deciding.

Where it's actually worse

  • No lounge access. The Sapphire Preferred has no airport lounge benefit. The Chase Sapphire Reserve (at $795/year) includes Priority Pass. If lounge access matters to you, the Reserve is the card; run the fee math separately for that product.
  • The 5x portal rate requires booking through Chase Travel. Travel prices in portals are sometimes higher than booking directly with airlines or hotels. The 5x rate is not always a net win if you pay a $30 fare premium to get it.
  • 3x online groceries excludes major retailers. Target, Walmart, and warehouse clubs like Costco don't qualify for the 3x rate. If most of your grocery spend is at one of those stores, this benefit is largely irrelevant.
  • No intro 0% APR. The Sapphire Preferred does not offer an introductory 0% period on purchases or balance transfers. If you need to finance a large purchase or move existing debt, a different card is the right tool.

Who shouldn't get this card

The Sapphire Preferred doesn't pay off for:

  • Someone who dines out less than twice a month and flies fewer than 2 times per year, because the dining and travel rates won't cover the $95 fee.
  • Someone carrying a balance: the card has no 0% intro APR, and the standard APR range makes it an expensive card to revolve on. If you have debt, prioritize a balance transfer card first.
  • Someone who wants to maximize grocery spend: the 3x online grocery rate excludes Target and Walmart, where many people actually shop. The Amex Blue Cash Preferred's 6% at U.S. supermarkets is a stronger grocery play for the same $95 fee.
  • Someone who won't use the Chase Travel portal: if you always book travel directly, you earn 2x instead of 5x, and the travel earning advantage narrows significantly.

The bottom line

The Chase Sapphire Preferred earns its $95 annual fee for someone spending $4,000+ on dining and travel per year. That scenario generates roughly $155–$200 in travel value annually after the fee, not counting the welcome bonus. The $50 hotel credit drops the effective fee to $45 for anyone who uses it.

The card doesn't make sense if your dining spend is under $200/month and your travel spend is under $2,000/year. At those levels, a no-annual-fee card like the Chase Freedom Unlimited (3% dining, 1.5% everything else) likely returns more net value without the fee overhead.

The welcome bonus — currently 75,000 points after $5,000 spend (verify at chase.com before applying, as offers change) — is worth $750–$937 in travel depending on redemption method. That offsets the $95 fee roughly eight times over in year one for anyone who hits the spend threshold.

Verify current rates, welcome offer, and APR range at chase.com before applying. Approval is not guaranteed, and Chase typically requires good-to-excellent credit for this product.

If this card is on your shortlist alongside the Sapphire Reserve, see our forthcoming comparison at Chase Sapphire Preferred vs. Reserve. For a broader travel card comparison, see our best travel credit cards round-up.

This article was AI-assisted and reviewed by our editorial team.