Chase Sapphire Preferred Credit Card Review

Chase came out with a great card for the frequent flyer and restaurant goer this year; it's called the Chase Sapphire Preffered Credit Card (don't confuse this with the Chase Sapphire Card which always has no annual fee). This card gives you a whopping 50,000 bonus points after you spend $3,000 within the first 3 months. This card comes with a $95 annual fee which is waved the first year. Pay no foreign transaction fees when you use your card on purchases made outside of the United States. You get one point for every dollar spent and two points for travel and dining. When you use their online booking tool you get 3 points for every dollar spent on travel and hotels anduse 20% fewer points. For 50,000 points you get $625 towards airline tickets. You also get 7% back towards points earned, even those you have already used, including the bonus points. So, in actuality you are getting 50,000 + 3,000 (spend requirement) + 3500 + 210= Total $57,710 points.

Redemption
This is a great card because of its flexibility in redeeming miles. However, using the 50,000 bonus points on travel rewards through Ultimate Rewards may be fine if you just want to fly within the US in Economy class. But if you want to fly internationally or use these points for hotels, you will get a better value by transfering the points to select partners (1:1 ratio).
You could transfer 50,000 miles to:

• British Airways
• Continental Airlines
• Hyatt
• Mariott
• Priority Club
• Amtrak

      
Redemption Option                  Redeption Value
Cash/Gift Certificates                       $500
Ultimate Rewards                            $625 (always get 25% more for your points)
Transfer to Select Partners               $800-$2,000