Chase refreshed its Sapphire Preferred card with a mixed bag of updates that affect how much value cardholders get from the $95 annual fee.
The card now earns 3 points per dollar spent at restaurants, gas stations, and transit (including taxis, rideshare, parking, trains, and buses). This expands earning potential beyond the previous 2 points per dollar at restaurants and travel.
Chase added two new statement credits worth $50 each annually. Cardholders now receive a $50 annual credit for wireless phone protection and a $50 annual credit for dining (quarterly caps apply). These credits directly offset the $95 annual fee, dropping the net cost to zero for users who actually use them.
However, some changes work against cardholders. Chase eliminated the previous $100 credit for travel purchases on the card itself. The card also raised the minimum redemption requirement for travel transfers to Chase Ultimate Rewards travel partners from 1,000 points to 5,000 points per transaction. This makes smaller transfer redemptions impossible.
Additionally, the 10,000-point signup bonus decreased from previous offers, though Chase hasn't publicly disclosed the exact new offer yet.
The earning rate on travel and dining (3 points per dollar) remains competitive against other premium travel cards. The added statement credits appeal to frequent diners and those who pay for mobile phone service. But the loss of the $100 travel credit and higher transfer minimums narrow the card's appeal for some users.
Existing cardholders should review whether these changes align with their spending patterns. Those who rarely use dining or wireless credits may find the net fee higher than before. Frequent travelers who liked the $100 travel credit might reconsider whether the Sapphire Preferred still delivers the value they need.