The Chase Sapphire Preferred has long been one of the most recommended travel credit cards, but its June 2026 refresh has made it even more compelling. With a limited-time 100,000-point welcome bonus, expanded bonus categories, new statement credits, and premium travel protections, many travelers are wondering whether this is still the best travel card under a $100 annual fee.
In this Chase Sapphire Preferred review, we’ll break down the welcome offer, earning rates, travel benefits, drawbacks, fees, and who should (or shouldn’t) apply.
Chase Sapphire Preferred Welcome Bonus
The current welcome offer is one of the strongest ever seen on the card:
- Earn 100,000 bonus points after spending $5,000 within the first 3 months.
- This is a limited-time offer introduced with the June 2026 refresh.
- Historically, the standard offer has been 75,000 points, making this promotion significantly more valuable.
Depending on how you redeem your points, that bonus can be worth:
- $1,000 as a statement credit
- $1,250 through Chase Travel
- Approximately $1,500 to $2,500 when transferred to airline and hotel partners
Considering the card has only a $95 annual fee, this is one of the best welcome bonuses currently available in its price range.
Chase Sapphire Preferred Earning Rates
One of the biggest improvements in the June 2026 refresh is the updated rewards structure. The Chase Sapphire Preferred now earns:
- 5x points on Chase Travel purchases
- 3x points on dining worldwide
- 3x points at gas stations
- 3x points on EV charging
- 3x points on vacation home bookings through eligible brands like Airbnb and Vrbo
- 3x points on select streaming services
- 3x points on eligible online grocery purchases
- 2x points on other travel purchases
- 1x point on all other purchases
These categories cover many everyday expenses, allowing cardholders to earn valuable rewards beyond traditional travel spending.
Why Chase Ultimate Rewards Points Are So Valuable
The real strength of the Chase Sapphire Preferred isn’t simply how many points you earn—it’s how much those points can be worth.
Ultimate Rewards points can be transferred at a 1:1 ratio to numerous airline and hotel loyalty programs, including:
- United Airlines
- JetBlue
- Southwest Airlines
- Air France
- British Airways
- Singapore Airlines
- Marriott
When redeemed through transfer partners, points can often deliver between 2 and 4 cents in value per point, making everyday purchases far more rewarding than standard cash back cards.
New Credits and Benefits
The June 2026 refresh significantly improved the card’s value by adding several new perks.
Cardholders now receive:
- Up to $100 annual hotel statement credit for eligible Chase Travel hotel bookings
- Up to $120 every four years toward Global Entry, TSA PreCheck, or Nexus application fees
- One complimentary year of Apple TV+ when activated before the promotional deadline
- Complimentary DashPass membership through December 31, 2027
- Monthly DoorDash promotional credits for eligible members
- 5x points on Lyft rides through September 30, 2027
- 5x points on Peloton equipment purchases over qualifying spending thresholds through the end of 2027
For travelers who already use these services, the value of the benefits can easily exceed the annual fee.
What Changed in the June 2026 Refresh?
While Chase added several valuable benefits, two popular features were removed or reduced.
10% Anniversary Bonus Removed
New cardholders no longer receive the annual 10% points bonus based on yearly spending. Existing cardholders who qualified under previous terms may have different transition rules.
Hyatt Transfer Ratio Reduced
One of the biggest disappointments is the reduced transfer value for Hyatt.
Previously:
- 1,000 Chase points = 1,000 Hyatt points
Now:
- 1,000 Chase points = 750 Hyatt points (4:3 ratio)
This represents a 25% reduction in transfer value for one of Chase’s most valuable hotel partners. Travelers who frequently redeem Hyatt points may find this change disappointing.
Annual Fee and Other Costs
The Chase Sapphire Preferred has:
- $95 annual fee
- No first-year annual fee waiver
- No foreign transaction fees
If you travel internationally even once a year, avoiding foreign transaction fees alone can save a meaningful amount compared to many no-annual-fee cards.
The card also carries a variable APR, making it a poor choice for carrying a balance. Like most rewards cards, the value of the points is quickly outweighed by interest charges.
Travel Insurance Benefits
One reason the Chase Sapphire Preferred remains so popular is its travel protection package.
Benefits include:
- Trip cancellation and interruption insurance
- Primary rental car collision damage waiver
- Lost luggage reimbursement
- Emergency evacuation and transportation coverage
- Additional travel protections depending on the type of trip
These benefits can provide valuable peace of mind without purchasing separate travel insurance for many trips.
Chase 5/24 Rule
Before applying, it’s important to understand Chase’s well-known 5/24 rule.
If you’ve opened five or more personal credit cards from any bank within the past 24 months, your application will likely be denied regardless of your credit score.
Because of this, many experienced credit card users prioritize applying for the Chase Sapphire Preferred before opening several other cards.
Chase Sapphire 48-Month Rule
There’s another important restriction to keep in mind.
You generally cannot earn the welcome bonus if you’ve already received a welcome bonus on either the Chase Sapphire Preferred or Chase Sapphire Reserve within the past 48 months.
This rule is separate from the 5/24 policy and applies specifically to Sapphire welcome bonuses.
Who Should Get the Chase Sapphire Preferred?
The Chase Sapphire Preferred is an excellent choice if you:
- Travel internationally at least once a year
- Want to maximize airline and hotel transfer partners
- Spend regularly on dining, gas, streaming, online groceries, or vacation rentals
- Plan to build the popular Chase “Trifecta” alongside the Freedom Unlimited and Freedom Flex
- Value premium travel protections without paying a premium annual fee
For many travelers, it’s one of the best entry-level premium travel cards available.
Who Should Skip the Chase Sapphire Preferred?
This card may not be the right fit if:
- You rarely travel
- You only redeem rewards as cash back
- You primarily stay at Hyatt properties and are disappointed by the reduced transfer ratio
- You cannot comfortably meet the $5,000 minimum spending requirement without overspending
The welcome bonus is attractive, but it’s never worth going into debt to earn rewards.
Final Verdict
The Chase Sapphire Preferred continues to justify its reputation as one of the best travel credit cards with a modest annual fee. The limited-time 100,000-point welcome bonus is among the best offers the card has ever featured, while the updated earning categories make it easier to earn points on everyday purchases.
Although the removal of the 10% anniversary bonus and the reduced Hyatt transfer ratio are notable downsides, the expanded statement credits, travel protections, and strong transfer partners still make the card an outstanding value.
If you regularly travel, redeem points strategically, and can take advantage of the included benefits, the Chase Sapphire Preferred remains one of the strongest $95 travel cards on the market today.
Frequently Asked Questions
Is the Chase Sapphire Preferred worth the $95 annual fee?
For many travelers, yes. The annual hotel credit, travel protections, bonus earning categories, and valuable transfer partners can easily outweigh the $95 annual fee.
How much is the 100,000-point bonus worth?
The value depends on how you redeem it. It can be worth approximately $1,000 as a statement credit, $1,250 through Chase Travel, or as much as $2,500 when transferred to airline and hotel partners.
Does the Chase Sapphire Preferred charge foreign transaction fees?
No. The card has no foreign transaction fees, making it a good option for international travel.
What is the Chase 5/24 rule?
If you’ve opened five or more personal credit cards across all banks within the last 24 months, Chase will typically decline your application.
Can I earn another Sapphire welcome bonus?
Generally, you must wait 48 months after receiving a Sapphire welcome bonus before becoming eligible for another one.
How to Decide if the Chase Sapphire Preferred Is Right for You
If you’re considering applying, follow these steps:
- Make sure you can comfortably spend $5,000 within the first three months without unnecessary purchases.
- Check whether you’ve opened five or more credit cards in the past 24 months.
- Confirm you haven’t received a Sapphire welcome bonus within the last 48 months.
- Estimate how often you’ll use the hotel credit, travel protections, and bonus spending categories.
- Decide whether you’ll transfer points to airline and hotel partners to maximize their value.
- Compare the card with other travel cards if you rarely travel or prefer simple cash back rewards.
If most of these points align with your spending habits and travel goals, the Chase Sapphire Preferred is likely one of the best travel cards you can get for a $95 annual fee.
