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Feature Summary
| Chase Sapphire Preferred® Card | |
|---|---|
| Welcome bonus | Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. |
| Annual Fee | $95 |
| Major Features | Earn 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases. |
| Enjoy a $50 annual Ultimate Rewards Hotel Credit. | |
| With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories. | |
| Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 80,000 points are worth $1,000 toward travel. | |
| Transferable | Yes, to select airlines (United and others) and hotels (Hyatt) |
| Caution | Subject to 5/24 rule; not transferable to Korean Airlines; cannot hold this card at the same time with Sapphire Reserve |
| Verdict | A keeper for transfering UR points to airlines and hotels |
| Partner Site | Learn more about this product |
How best use Chase Ultimate Rewards® points?
With Chase Sapphire Preferred® Card, you earn Ultimate Rewards® points, a highly versatile proprietary rewards program of Chase.
Ultimate Rewards® points have many uses.
To name a few,
1. First, you can use them as if they are cash-equivalents. For instance, you can get statement credit of $100 by redeeming 10,000 points. In this case, the point value is 1 point = 1 cent.
2. If you want extract some more value from your hard earned Ultimate Rewards points, you can redeem them at Ultimate Rewards travel portal for airline tickets, hotel stays or car rentals. In these cases, your redemption value is 1 point = 1.25 cent, reflecting 25% bonus.
3. Potentially, the best redemption value can be achieved when you transfer Ultimate Rewards points to partner airlines and book premium class award tickets.
As of this writing (July 2022), you can transfer Ultimate Rewards points into airline miles for a total of 11 airlines: United, Air Canada, Air Lingus, British Airways, Iberia, Flying Blue (Air France), Emirates, JetBlue, Singapore, Southwest and Virgin Atlantic.
Among these airlines, Virgin Atlantic, United, Southwest, and British Airways are relatively easier to use.
For example, Virgin Atlantic has an incredible award opportunity with All Nippon Airways. Likewise, Air Canada's Aeroplan is a great option for those traveling with children under 2 years of age.
4. Those of you who find airline redemption to be difficult may want to convert Ultimate Rewards points into Hyatt points.
While Ultimate Rewards points can also be transferred to Marriott Bonvoy and IHG at 1:1 ratio, only Hyatt points make financial sense.
For example, a night at Park Hyatt in Manhattan, New York, requires close to $700-$1,000 per night. But if you convert Ultimate Rewards points into Hyatt points, you can do it only with 40,000 points. In this case, your Ultimate Rewards points are valued as high as 2.5 cent per point.
