Chase's Sapphire Preferred, one of the most popular mid-tier travel rewards cards in the US, went through a refresh in June that added new perks and bonus categories — with one notable downside for hotel points fans. According to a review by The Points Guy, the card still punches well above its $95 annual fee, but only if you're willing to play the points game.
The headline perk is an annual statement credit of up to $100 for prepaid hotel bookings made through Chase Travel. Since that credit alone can wipe out the annual fee, the card effectively pays for itself if you'd book the hotel anyway. There's also a statement credit of up to $120 every four years covering Global Entry, TSA PreCheck or Nexus application fees — rare among cards charging under $100 a year — plus at least 12 months of complimentary Apple TV, worth up to $119, if activated before the end of 2026.
Earning rates are where the card flexes. You get 5 points per dollar on Chase Travel bookings and Lyft rides (the latter through September 2027), and 3 points per dollar on dining, gas, EV charging, streaming services, online groceries and holiday rentals booked through major brands like Airbnb, Vrbo and Vacasa. Everything else on travel earns 2x, and standard purchases 1x. The grocery category is the catch: only online orders count, and Walmart, Target and wholesale clubs are excluded.
On redemption, points can be cashed out at 1 cent each, booked through the Chase Travel portal for up to 1.75 cents via the Points Boost feature, or transferred to airline and hotel partners — where TPG pegs the value at 2.05 cents per point or more. The June refresh did tweak one thing that stings: transfers to certain hotel partners, including Hyatt, now run at a less favourable 4:3 ratio. Even so, Hyatt remains a favourite thanks to its fixed award pricing. The review's author converted 87,500 points into 10 nights across Germany, while another editor flew Miami to Paris in economy-class redemptions worth over 6 cents per point after a 20% Air France-KLM transfer bonus.
Who should skip it? If you want lounge access, elite status or a flat earn rate with zero admin, look elsewhere. The Sapphire Preferred rewards travellers who are happy to track bonus categories and move points to partners — especially those who stay in holiday rentals or hotels and fly semi-regularly. Cardholder sentiment backs this up: in a March 2025 TPG survey, 84% of owners said they'd recommend the card, with the welcome bonus and rewards earning the highest marks. Welcome-offer eligibility is also restricted by Chase's rules around prior card ownership, so check before applying.
For holiday planners, the takeaway is simple: this is a card for people who book their own trips and want travel spending to fund the next one, not a luxury status card. Credits and coverage via: The Points Guy
