Do you have this Chase Bank Visa credit card? For its many benefits, it is Forbes’ favorite

In August 2024, the Chase Sapphire Preferred® credit card was named the top choice in Forbes magazine’s ranking. This recognition comes after an exhaustive evaluation of 141 Visa credit cards issued by banks in the United States. Forbes analysts considered various benefits, and Chase’s offering was positioned as the best option for those looking to maximize their travel rewards.

Forbes Evaluation and Methodology

Forbes, which is committed to providing unbiased analysis, explained that its team uses data-driven methodologies to evaluate financial products and companies. This ensures that all cards are measured against the same criteria. Visa, although it does not issue credit directly, has a global payments network that integrates more than 4.4 billion cards, processing billions of transactions each year. The main card issuers in the United States, including Chase, are part of this network.

Forbes’ evaluation focused on a variety of factors, including required credit score, income, spending habits and rewards redemption strategies. The writers noted that every consumer can find a Visa card on the market that suits their needs, but for those looking for travel rewards, the Chase Sapphire Preferred® Card is the most recommended option.

Benefits of the Chase Sapphire Preferred®Card

The Chase Sapphire Preferred® stood out as an especially attractive card for travelers. Its benefits include trip cancellation and interruption insurance, collision damage waiver on car rentals, purchase protection, extended warranty, baggage delay insurance and trip delay reimbursement.

These benefits make this card ideal for those who want to travel with peace of mind and earn rewards for their spending.

Additionally, the card allows Ultimate Rewards® points to be transferred to a variety of transfer partners, including airlines and hotels, increasing its potential value for those looking to maximize their travel rewards. However, Forbes noted that approval for the Sapphire Preferred® typically requires good or excellent credit, which may limit access for some applicants.

Expert comments and ranking

Travel credit card and rewards expert Julian Kheel described the Chase Sapphire Preferred® as “the granddaddy of travel credit cards.” Noting its strong reputation, bonus categories and travel protections, as well as the reasonableness of its annual fee, Kheel noted that this card remains a top choice for those looking for a first travel credit card.

Variability in the Forbes ranking

Forbes notes that card ratings can vary depending on the “Best” list compiled by the editors. It is based on how they value certain features at any given time. Forbes Advisor re-evaluates each credit card list annually to update it, if necessary, by adding or removing cards based on significant changes in the conditions of the cards or the appearance of new cards that may affect the category.

In the August ranking, along with the Chase Sapphire Preferred®, other cards such as the Capital One Venture X Rewards Credit Card, the Chase Sapphire Reserve®, the The World of Hyatt Credit Card and the Wyndham Rewards Earner® Plus Card stood out.

For those interested in maximizing their travel benefits, the Chase Sapphire Preferred® remains Forbes’ top recommendation, backed by a combination of solid perks and a competitive annual fee.