A solid choice with a an impressive, $865 first year value (assuming $15,000 in annual purchases) but some other cards provide a better overall purchase yield and overall ongoing annual value (subsequent year value lowers to $115 which is $110 below some of our benchmark 1.5% unlimited cash-back, no-annual-fee benchmark cards). While this card provides double points on travel and dining related purchases, the yield on these extra points is not enough, assuming average spending patterns, to offset the $95 annual fee.

One of the strong benefits though of the Chase Sapphire Preferred® Credit Card is the ability to transfer points to more than 10 airline and hotel reward programs. Such an ability can be attractive, especially when airline and hotel programs offer unusually low redemption offers. However, this type of point transfer strategy requires a meaningful investment of time and effort and generally doesn’t benefit the average traveler.