The Quick Version
- Earn 3x on dining and online grocery, 2x on travel, 1x on everything else
- Points transfer 1:1 to 14 airline and hotel programs
- Best transfer partners: United MileagePlus, Hyatt, Singapore Airlines KrisFlyer
- Pay Yourself Back lets you redeem at 1.25¢/point for select categories
- $95 annual fee is easily justified by the $50 hotel credit and 1.25x travel portal value
Earning Points
The Chase Sapphire Preferred earns Ultimate Rewards points — the most flexible rewards currency in the US market. Earning rates as of 2026:
| Category | Rate | Notes |
|---|---|---|
| Travel booked through Chase | 5x | Flights, hotels, car rentals via Chase Travel |
| Dining (worldwide) | 3x | Restaurants, cafes, delivery apps |
| Online groceries | 3x | Excludes Target, Walmart, wholesale clubs |
| Streaming services | 3x | Select subscriptions |
| Travel (all other) | 2x | Direct airline/hotel bookings |
| Everything else | 1x | Unlimited |
Transfer Partners
The 14 transfer partners are the core value proposition of Ultimate Rewards. All transfers are 1:1 and process within minutes for airlines, within 2–3 days for hotels.
Airline partners: United MileagePlus, Air Canada Aeroplan, British Airways Avios, Flying Blue (Air France/KLM), Iberia Plus, Jet Blue TrueBlue, Singapore Airlines KrisFlyer, Southwest Rapid Rewards, Virgin Atlantic Flying Club, Emirates Skywards, Aer Lingus AerClub.
Hotel partners: World of Hyatt, IHG One Rewards, Marriott Bonvoy.
Best Transfer Partner for Value
World of Hyatt consistently offers the highest cents-per-point value. Park Hyatt properties that cost $800+/night can often be booked with 25,000–30,000 Hyatt points — a value of 2.5¢+ per point.
Best Redemptions
The highest-value redemptions consistently come from transferring to partners rather than using the Chase Travel portal. Sweet spots to know:
• United: domestic saver awards at 12,500 miles one-way in economy
• Hyatt: Category 1-4 properties at 5,000–15,000 points/night
• Singapore KrisFlyer: First-class awards on Singapore Airlines metal at significantly lower rates than most programs
• Aeroplan: Carrier-imposed surcharge-free awards on Star Alliance partners
Using the Travel Portal
If transfer partners don't fit your plans, the Chase Travel portal gives you 1.25¢ per point on all travel bookings — effectively a 25% bonus over cash value. For straightforward hotel and flight bookings where you don't need points for luxury upgrades, the portal is often the most practical option.
Is the Annual Fee Worth It?
The $95 annual fee breaks down easily:
• $50 annual hotel credit (Chase Travel portal bookings) — effectively reduces the fee to $45
• $10/month DoorDash DashPass credits ($120/year value if you order regularly)
• Primary car rental insurance — saves $15–$30/day on CDW fees
If you dine out at least twice a month and occasionally book hotels, the card pays for itself before you earn a single transferable point.
Who It's For
The Chase Sapphire Preferred is the best all-around travel rewards card for people who want flexibility without a $550+ annual fee. It's the right card if you value transfer partners over fixed-value cash back, eat out regularly, and want primary rental car coverage.
Best Fit
Travelers who want aspirational redemptions (business class, luxury hotels) but aren't ready to commit to the $550 Sapphire Reserve annual fee.