Premium Rewards vs Chase Sapphire Preferred
By Alex Compton · Updated
The Bank of America Premium Rewards and Chase Sapphire Preferred both charge $95 and then chase completely different prizes. The Premium Rewards is a cash-value machine that becomes the best flat-rate card in America if you keep $100,000 at BofA or Merrill. The Sapphire Preferred is the classic points play: full 1:1 transfer partner access for the lowest fee anywhere.
Bank of America Premium Rewards
Bank of America
- Our rating
- 7.9/10
- Welcome bonus
- 60,000 points
- Bonus value
- ≈$600
- Annual fee
- $95
- Credits, max/yr
- $100
- Foreign txn fee
- None
Top earning rates
- 2x Travel and dining
- 1.5x Everything else
Chase Sapphire Preferred
Chase
- Our rating
- 9.0/10
- Welcome bonus
- 75,000 points
- Bonus value
- ≈$1,538
- Annual fee
- $95
- Credits, max/yr
- $50
- Foreign txn fee
- None
Top earning rates
- 5x Chase Travel purchases
- 3x Dining, online groceries, select streaming
- 2x All other travel
- 1x All other purchases
Where Each Wins
Flat-rate earning
Premium RewardsWith Preferred Rewards Platinum Honors ($100k+ at BofA/Merrill), the Premium Rewards' 1.5x base becomes an uncapped 2.62% on everything, the best flat rate in the market. The Sapphire Preferred earns 1x on non-bonus spend.
Transfer partners
CSPThe Sapphire Preferred transfers 1:1 to Hyatt, United, Southwest, and more, where 2 cents or better per point is routine. Premium Rewards points are fixed-value; there is no outsized redemption to chase.
Category earning
CSPThe Sapphire Preferred earns 5x on Chase Travel, 3x on dining, online groceries, and select streaming, and 2x on other travel, plus a 10% anniversary points boost. The Premium Rewards earns 2x on travel and dining, full stop.
Welcome bonus
CSPThe Sapphire Preferred's 75,000 Ultimate Rewards are worth roughly $1,500 transferred well. The Premium Rewards' 60,000 points are worth a flat $600.
Fee offset
Premium RewardsThe Premium Rewards carries a $100 airline incidental credit that reliably wipes most of its fee. The Sapphire Preferred's $50 Chase Travel hotel credit offsets about half.
Prerequisites
CSPThe Sapphire Preferred asks nothing but a 700+ score and 5/24 room. The Premium Rewards without Platinum Honors is a mediocre 1.5x card; the $100,000 relationship is where all the magic lives.
The Compound Verdict
This one is decided by where your investments sit. If you hold $100,000+ at Merrill, the Premium Rewards quietly beats every 2% card in existence at 2.62% uncapped with a fee the airline credit nearly erases, and you should take it without drama. If you do not, or if you want your points to buy flights at a multiple of face value, the Sapphire Preferred is the better card and the better system: transfer partners, real category earning, and top-tier travel protections for the same $95.
Our ratings give it to the Chase Sapphire Preferred (9.0 vs 7.9). On current welcome offers, the CSP brings the bigger first-year haul at ≈$1,538.
Read the full reviews for the complete math: Premium Rewards review and CSP review, or put them side by side in the comparison tool.
Common Questions
What are the Chase Sapphire Preferred's earning multipliers?
5x on travel booked through Chase Travel, 3x on dining, online grocery purchases, and select streaming, 2x on all other travel, and 1x everywhere else, plus a 10% anniversary points boost on your total annual spend. Points transfer 1:1 to partners like Hyatt, United, and Southwest.
What are the Chase Sapphire Preferred's main benefits?
Full 1:1 transfer partner access, primary rental car insurance, trip delay and cancellation coverage, baggage insurance, a $50 annual Chase Travel hotel credit, complimentary DashPass, and no foreign transaction fees, all for $95.
Is the Bank of America Premium Rewards worth it without Preferred Rewards?
Not really. At its base 1.5x, plenty of no-fee cards match it. The card exists for Preferred Rewards members: at Platinum Honors the earn becomes 2.62% on everything uncapped, which no flat-rate card anywhere beats.