Wouldn’t it be nice if you could go on vacation for free? Of course it would! Well, that’s the whole point of travel rewards. If you’re looking to get the best travel rewards card out there, look no further than the Chase Sapphire Preferred Card.
Not only do they have one of best rewards programs out there, but there’s a host of other bonuses as well!
Here’s a quick snapshot of what the Chase Sapphire Preferred Card has to offer:
- Earn 60,000 Ultimate Rewards points after reaching the minimum spending requirement of $4,000 in the first three months the account is open
- Earn 2x points on travel and dining at restaurants
- $95 annual fee
- $0 foreign transaction fees
- Additional benefits such as Trip Cancellation/Trip Interruption Insurance and an Auto Rental Collision Damage Waiver
Sounds pretty good, right? Well, we’re just getting started. Let’s take a closer look at Chase Sapphire Preferred Card.
Redeeming your Ultimate Rewards
Earning 60,000 points sounds well and good, but you want to get the most out of your points. We’ll take a look at the four options Chase gives you, and focus on the last one–which is by far the best!
Redemption option #1–Trade in your points for cash back
You can always redeem your Ultimate Rewards points at a cash value of 1 cent per point, so your 60,000 points equals $600 in cash back. But this is a travel rewards card, not a cash back card, so let’s talk about some more exciting options!
Redemption option #2–Travel booked through the Chase Ultimate Rewards® portal
You can book travel directly through Chase’s booking portal–making your life a whole lot easier. The value is 1.25 cents per point if you have the Chase Sapphire Preferred Card, so your 60,000 points equals $750 of travel. That’s the equivalent of a couple of plane tickets (depending on where you’re traveling to, of course).
Redemption option #3–Trade in your points for experiences
The Ultimate Rewards program lets you trade in your points to attend exclusive events curated specifically towards you, based on the card you have. These include sporting events, concerts and culinary experiences.
Redemption option #4–Transfer your points to one of Chase’s airline & hotel partners
These transfer partners include:
- British Airways Avios
- Aer Lingus AerClub
- Singapore Airlines KrisFlyer
- Southwest Airlines Rapid Rewards
- JetBlue TrueBlue
- United MileagePlus
- Virgin Atlantic Flying Club
- World Of Hyatt
- IHG Rewards Club
- Marriott Rewards
- The Ritz-Carlton Rewards
- Flying Blue
- Iberia Plus
The potential value of these points when transferred is significant. In some cases, it even exceeds $1,500-$2,000 depending on your exact redemption–which is why this last option is our favorite!
You Can Also Earn Ultimate Rewards With Other Chase Cards
The Chase Ultimate Rewards program carries over to many of their other credit cards. Here are current Chase credit cards that earn Ultimate Rewards® points:
- Chase Sapphire Preferred Card (transferable)
- Chase Sapphire Reserve (transferable)
- Ink Business Preferred Credit Card (transferable)
- Chase Freedom
- Chase Freedom Unlimited
The first three are often considered “premium” cards because the Ultimate Rewards points you earn from them come with the ability to transfer to airline/hotel partners. The other cards do not have that ability by themselves, but you can combine your Ultimate Rewards points into one of your premium card accounts to make the all the more valuable transferable points.
Other Benefits Of The Chase Sapphire Preferred Card
I’ve outlined the major benefits of the Chase Sapphire Preferred Card, but there are a few more things to cover. Here are some more benefits that the Chase Sapphire Preferred Card offers:
- Rewards never expire as long as your card account is active–but remember, once you transfer the points to one of the 13 transfer partners, you can’t get them back to your Chase account, so make sure to keep them in your account until you’re really sure you know what you want to spend them on and you’re ready to book an award flight/night.
- You can combine your Ultimate Rewards points with your spouse into one account.
- You can also transfer points between authorized users.
If you really want to maximize your travel rewards check out ChooseFI’s free travel rewards course.