Quite often, I’m asked questions like, “which card would you keep if you just had to keep one?” or “which is your favorite travel credit card?”. Well, the truth is that I definitely have a lot of travel credit cards and don’t give a lot of thought to keeping just one. However, over the years, there’s one card that has been in my wallet has kept providing very good returns on spend compared to the annual fee it charges. So, if you were to put a gun to my head, I’d say that yes, this indeed is my favorite travel credit card.
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The ‘favorite’ travel credit card tag
So what makes a card your favorite? Well, your criteria may be different from mine, but let’s have a look. I focus on three factors:
- Longevity: A consistency in benefits and value proposition that’s simple to understand
- Return on Spend: A decent return on everyday spend
- Reasonable Annual Fee: The ability to carry the card in the wallet year after year without having to think too much when the annual fee hits each year
There’s one card that delivers extremely well on all these fronts for me.
CHASE SAPPHIRE PREFERRED – A FANTASTIC MID TIER TRAVEL CREDIT CARD
Over the years, I’ve been pretty vocal about the stealth devaluation of the Amex Platinum card and the Amex Gold card. I picked these up when the annual fees were $450 and $95 respectively, only to be starting at annual fees of $695 and $325 as of today! However, while the Chase Sapphire Preferred is not a direct competitor to the Platinum Card, I think that Chase has done a great job in keeping the value of the card relevant for a long time, especially given how the Amex Gold card has only become more expensive over the years.
Firstly, the annual fee has stayed steady at $95. Secondly, it offers a brilliant value proposition compared to the ‘new’ Amex Gold card, which is muddled with different credits and rebates.
Currently, you can earn a welcome bonus of 75,000 Ultimate Rewards points after you spend $5,000 in the first 3 months of card membership. The standard welcome bonus on this card is usually 60,000 points.
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EARNING POINTS
The great thing about the Sapphire Preferred is that you get great value on your everyday spend, especially if you’re like me and spend a lot travel and dining.
- 2x points for each dollar spent on travel
- 3x points for each dollar you spend on dining
- 5x points for each dollar you spend on travel booked trough Chase Travel
- 10% bonus points each year upon account anniversary based on annual spend
Also, Chase gives you another $50 when you book a hotel stay via Chase Travel. Since I book multiple hotel stays each year, I find this benefit very easy to use. Bear in mind though, this credit is applicable each anniversary year and not during each calendar year.
ADDITIONAL BENEFITS
Chase offers a bit of Amex-y credits here as well. I don’t use any of these benefits, but it can be great for people who love ordering food or grocery via apps quite often.
- Complimentary Doordash and Caviar subscription
- 6 free months of Instacart+ and $15 in quarterly credits with Instacart
In addition, you also earn 5x points for each dollar you spend with Peleton and Lyft. In my case, I don’t quite value these benefits at face value, but they may be very valuable for others. In my case, I consider the bonus on travel and dining spend my bread and butter. Moreover, the $50 hotel credit is also pretty easy to use.
THE PUNDIT’S MANTRA
Now you may ask, what’s so great about this card? In my opinion, it just delivers value, following the KISS concept (you know what that means, right? ). It doesn’t try to be like the Amex Gold or anyone else. Just a simple annual fee and value on everyday spend. Also, you earn transferable points that you can transfer to Chase’s valuable transfer partners. You can transfer these points at a 1:1 ratio. Every now and then, Chase also runs transfer bonuses. I’ve derived great value from my Chase points by transferring them to United MileagePlus, World of Hyatt, Singapore Airlines KrisFlyer and Air Canada Aeroplan.
If you were to have just one, which travel credit card would you get? Tell us in the comments section.
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