Chase Sapphire Preferred Review 2026: Still the Best Starter Travel Card?

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The Chase Sapphire Preferred got a real refresh in June 2026 — new bonus categories, bigger credits, and two changes that quietly cost existing cardholders value. The around $95 annual fee didn’t move. Here’s what actually changed and whether it’s still the right first travel card.

Weighing this against other options first? Our roundup of the best rewards credit cards overall compares it side-by-side with the top cash-back and travel picks.

The current offer

New applicants get 100,000 points after spending around $5,000 in the first three months (a limited-time elevated offer) — TPG’s June 2026 valuation puts that bonus at roughly $2,050 when redeemed through Chase’s transfer partners rather than as flat 1-cent-per-point cash back. That bonus alone clears the around $95 annual fee for the first year several times over; the real question is what year two and beyond look like.

Earning rates after the refresh

• 5x points on Chase Travel purchases (flights, hotels, rental cars, cruises, activities)
• 3x points on dining worldwide, including takeout and delivery
• 3x points on gas and EV charging (new)
• 3x points on vacation rentals via Airbnb, Vrbo, and similar platforms (new)
• 3x points on top streaming services and online groceries
• 2x points on all other travel
• 1x points on everything else

Gas and vacation-rental categories are genuinely new for this card and close a real gap against cards like the Capital One Venture X that don’t reward everyday driving spend. Run a quick real-world check against your own spending before assuming the multipliers pay off: a household spending around $400/month on dining, around $150/month on gas, and one around $2,000 Chase Travel booking a year earns roughly 14,400 dining points, 5,400 gas points, and 10,000 travel points annually — about 30,000 points, worth around $375-600 depending on redemption method, well clear of the around $95 fee even before counting the sign-up bonus or credits.

Credits and benefits

The annual Chase Travel Hotel Credit doubled to around $100 (from around $50), and a new around $120 Global Entry/TSA PreCheck/NEXUS credit was added, redeemable once every four years. A complimentary DashPass membership (worth around $120/year in Grubhub/DoorDash delivery-fee waivers) and a one-year Apple TV subscription round out the perks, plus no foreign transaction fees and no blackout dates on Chase Travel bookings.

What got worse

Two changes work against existing cardholders specifically: the 10% anniversary points bonus was discontinued for new applicants as of June 15, 2026, and the World of Hyatt transfer ratio dropped to 4:3 (from the previous 1:1) effective October 1, 2026. Anyone holding Hyatt points as their primary redemption plan should transfer before that date takes effect, since it’s a real ~25% devaluation of that specific transfer path.

Sapphire Preferred vs. the Reserve and Venture X

The Preferred stays the right entry point specifically because the around $95 fee is low enough to justify keeping the card open for the credit-history-length benefit even in a year the traveler doesn’t fully use the perks — the Reserve and Venture X’s around $395-550 fees don’t forgive a slow year the same way.

Do you actually qualify for the bonus?

Two eligibility rules trip up more applicants than the credit-score requirement does. First, Chase’s 5/24 rule: if you’ve opened five or more personal credit cards (from any issuer, not just Chase) in the past 24 months, Chase will decline the application outright regardless of income or credit score. Second, the welcome bonus itself is a once-per-lifetime restriction specific to this card — if you earned a Sapphire Preferred bonus in 2018, you’re still ineligible for a new one in 2026, even though Chase’s 2025 overhaul now evaluates Preferred and Reserve bonus eligibility separately (holding the Reserve no longer automatically blocks a Preferred bonus, and vice versa). Check both before applying — a declined application from a 5/24 miss still shows up as a hard inquiry.

What the bonus is actually worth, redeemed

100,000 points redeemed at Chase’s flat 1.25x Travel Portal rate (available to Preferred cardholders through Chase Travel) is worth around $1,250 in flights or hotels booked directly through Chase — already well above the around $95 fee. The bigger number, TPG’s ~$2,050 valuation, assumes transferring those points 1:1 to airline and hotel partners like United, Hyatt (now 4:3, not 1:1, as of October 2026), Southwest, or World of Hyatt’s remaining partners, and booking a specific high-value redemption like international business class. Most cardholders land somewhere between those two figures in practice — call it a realistic around $1,400-around $1,700 first-year value once the sign-up bonus, around $100 hotel credit, and DashPass value are counted, against around $95 fee.

FAQ

Is the around $95 annual fee worth it every year, not just the bonus year? Yes for most people who eat out regularly and take at least one trip a year — the around $100 hotel credit plus DashPass (around $120 value) alone can exceed the fee before counting any points earned.

Should I worry about the Hyatt transfer ratio change if I don’t use Hyatt? No — it only affects point value for people specifically transferring to World of Hyatt; the card’s other transfer partners and cash-redemption value are unaffected.

Is this a good first credit card, or should a beginner start with a no-annual-fee card? If building credit is the only goal, a no-fee card is simpler. If travel rewards are a real goal within the first year, the Preferred’s bonus value typically outweighs the fee even for a first-time cardholder, provided the around $5,000 minimum spend is achievable without overspending to hit it.

Does this card charge foreign transaction fees? No — 0% foreign transaction fees, making it usable internationally without a separate no-FTF card.

What is Chase’s 5/24 rule and does it affect this card? Yes — Chase won’t approve any new Chase card, including this one, if you’ve opened five or more personal credit cards across any issuer in the past 24 months. It’s worth checking your last two years of card openings before applying, since a decline still registers as a hard inquiry.

Can I get the bonus again if I’ve had this card before? No — the welcome bonus is a once-per-lifetime restriction on the Sapphire Preferred specifically. Having held the Sapphire Reserve doesn’t block a Preferred bonus under Chase’s 2025 eligibility overhaul, but a prior Preferred bonus does.