Why I’m keeping my Chase Sapphire Preferred card forever

20.05.2024 - 14:13 / thepointsguy.com / Chase Travel / Sapphire Preferred

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.

The World of Hyatt program is considered by many TPG readers (including me) to be the single most valuable transfer partner of the Chase Ultimate Rewards program. With Ultimate Rewards points transferring at a 1:1 ratio, it's easy to book Hyatt awards at reasonable award rates.

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

I carry the Chase Sapphire Preferred card because it's a full-fledged Chase Ultimate Rewards-earning card (just like the Chase Sapphire Reserve® or Ink Business Preferred® Credit Card). In a nutshell, I can book travel directly through Chase Travel℠ or transfer to one of Chase's 14 travel partners (11 airlines and three hotel chains).

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.

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