Chase Sapphire Preferred: rewards, fees and who it fits
What it earns
Annual fee: $95
| Earn | Where to use it |
|---|---|
| 5X | Chase TravelBook through Chase Travel. Purchases covered by the hotel credit do not earn points. |
| 3X | DiningIncludes eligible takeout and delivery. |
| 3X | Online groceriesExcludes Target, Walmart and wholesale clubs. |
| 3X | Select streaming, gas stations and EV chargingQualifying merchants only. |
| 3X | Eligible vacation homesBook directly with Airbnb, Vrbo, Plum Guide, HomeAway, Homestay.com or Vacasa. |
| 2X | Other travelNo category cap listed; eligible purchases only. |
| 1X | Everything elseNo category cap listed; eligible purchases only. |
Standard purchase rates, checked Sep 13, 2026. Issuer terms (opens in a new tab). Limited-time bonuses are separate.
TL;DR
- A lower-fee way into transferable Chase points.
- The June 2026 refresh added gas, EV charging and selected vacation homes.
- Check transfer ratios. Hyatt is not automatically 1:1 anymore.
New here? How to read these guides
Start with the earning table and TL;DR. Then check who the card fits, a spending example and how to redeem. Compare the live offer before applying.
- Cash back
- A percentage back on eligible spending. 3% on $100 = $3.
- Points / miles
- 2X means 2 points per $1 spent. It does not automatically mean 2% back. Each program has different redemption values.
- Welcome bonus / SUB
- Extra rewards for meeting an offer's spending requirement by its deadline. SUB means sign-up bonus.
- Churning
- Opening cards for welcome bonuses. Start with one card you can manage, not a pile of applications. Fees, interest and overspending can erase the upside.
- Transfer
- Moving rewards to an airline or hotel program. Often a one-way move.
The first rule: pay your statement balance in full. Interest can wipe out the rewards.
Who this card is for
Good if you want to learn transfers without paying a premium-card fee. If you already use Freedom Flex or Unlimited, compare combining those rewards with keeping them as cash.
What that earns in real life
Illustration: $400 dining at 3X plus $200 other travel at 2X earns 1,600 points. That is a point count, not $1,600 or a promised flight.
How to use the rewards
Compare cash, Chase Travel and partner awards before transferring. For new applicants from June 15, 2026, Hyatt transfers are 4:3. Existing cardholders move to that ratio October 1, 2026. Find an available award first.
Planning a trip with points? Award-flight search is coming. Get a beta invite →
Before you apply
Budget the full $95. The $100 annual hotel credit requires Chase Travel, so compare the room’s total price elsewhere. Check bonus eligibility if you have held Sapphire before.
Only spend what you can pay off in full. A welcome bonus is not worth interest or purchases you didn’t need.
Pay your statement balance in full. Interest can cost more than the rewards you earn.
Quick questions
Does Chase Sapphire Preferred earn cash back or points?
It earns Chase Ultimate Rewards points. The multiplier counts points or miles earned per dollar, not a cash-back percentage.
What is the Chase Sapphire Preferred annual fee?
$95. Compare the ongoing cost with benefits you will actually use, not the advertised total.
Sources & what to double-check
Published Sep 13, 2026. Reviewed Sep 13, 2026. Offers can change.
- Chase Sapphire Preferred: official rewards and terms (opens in a new tab)
- Chase: June 2026 Preferred changes and transition dates (opens in a new tab)
- Current application offer, fees and welcome-bonus eligibility.
- Category definitions, exclusions and credit enrollment requirements.