I've opened 70+ credit cards. This is the one I can't stop recommending

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If you have even a passing interest in credit cards or travel rewards, you’ve heard of the Chase Sapphire Preferred® Card (see rates and fees). There is no shortage of reviews and analyses touting its value, and I’m as guilty as anyone of banging the Sapphire Preferred’s drum.

Over the last 15+ years, I’ve traveled almost exclusively using the rewards earned from opening 100+ credit cards between my wife and me (70+ for me personally). Even with all the credit cards available today, I keep coming back to the Sapphire Preferred whenever anyone asks me what card they should get. It’s not the best credit card for every situation, but it’s so versatile that it’s a great option for most people.

I always tell people to wait to apply until there is an increased welcome offer. This is even more important now if you want to maximize your return; Chase has changed its Sapphire application rules to essentially limit you to earning an intro bonus once per lifetime per Sapphire card.

If you’re considering applying, now is the best time, as it features an all-time best welcome offer. For a limited time, you can earn a 100,000-point bonus after you spend $5,000 on purchases in the first three months from account opening.

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Earning and redeeming flexible travel rewards, like the Chase Ultimate Rewards® points you earn with the Sapphire Preferred, is the best way to dramatically boost the value you get from a credit card. But making the most out of travel rewards can be a complicated endeavor. You’ll need a willingness to learn the ins and outs of multiple loyalty programs and the flexibility in your schedule to book the best deals.

If your circumstances or priorities change, it’s ideal to have a points balance that can adapt. Job loss, career change, marriage, divorce or an unexpected (or well-planned) child can all dramatically change your travel plans. And geopolitical events can have you reworking your bucket list on the fly. It’s not unrealistic to end up in a situation where you can’t or don’t want to travel in the same ways you’d dreamed of when you applied for that shiny new travel card.

This is one area where the Sapphire Preferred stands above most of the competition, because you can redeem your points for cash back at reasonable rates. Chase points are typically worth 1 cent each for statement credits or deposits into eligible Chase bank accounts.

There are special deals that can slightly boost that value, but even without that, this is a high floor for your points’ value. If you have no interest in travel, you could cash out this card’s 100,000-point welcome bonus and walk away with $905 in your pocket (after paying the $95 annual fee).

That level of value is hard to find in other cards, and it’s a great safety valve. I feel confident telling my best friends and family that this is the card they should get because I know it’s highly unlikely they’ll receive less than a $900 windfall.

Most comparable travel credit cards offer cash-back redemptions at a rate of 0.7 cents per point or less. Others offer 1-cent-per-point redemptions, but only for specific purchases such as travel. I haven’t found another card that combines an ultra valuable welcome offer with the same level of flexibility to use points for travel or cash back.

The travel possibilities you can unlock with the Sapphire Preferred tend to get all the attention. Who doesn’t want to bury their toes into a white sand beach or fly business class to a far-flung destination? But there is no shortage of rewards credit cards that offer the same opportunities.

What’s easy to miss about the Sapphire Preferred is its incredible list of built-in protections. I’m not aware of any credit card with a sub-$100 annual fee with a comparable suite of travel insurance and shopping coverages.

You get all of the following protections:

• Rental car coverage (primary in the U.S. and abroad)
• Baggage delay insurance
• Lost luggage reimbursement
• Travel accident insurance
• Travel and emergency assistance
• Trip delay reimbursement
• Trip cancellation and interruption insurance
• Emergency evacuation and transportation
• Roadside assistance
• Extended warranty protection
• Purchase protection

And it’s not just the type of benefits offered; it’s the quality of those coverages. I lean heavily on the primary rental car insurance and the trip delay reimbursement. The trip delay reimbursement applies to eligible delays of 12+ hours or that require an overnight stay and will reimburse you up to $500 per covered traveler per trip. The Sapphire Preferred’s primary rental car coverage applies to rentals in the U.S. and worldwide at no extra charge.

Compare that to the $895-a-year American Express Platinum Card® (see rates and fees), which offers secondary coverage* that isn’t available for rentals in places like Australia, Italy and New Zealand. You can enroll to receive primary coverage (in eligible countries) for a fee of $19.95 or $24.95 per eligible rental. Its trip delay coverage** has better eligibility guidelines (it applies to delays of more than six hours) but will only reimburse you for up to $500 per covered trip and two claims per 12 consecutive months.

The Sapphire Preferred isn’t for everyone. You’ll have to meet fairly high standards to qualify, including a significant amount of spending to earn the bonus. Here are a few good alternatives to consider if the Sapphire Preferred isn’t a good fit for you right now.

When your credit isn’t strong enough

You’ll typically need a good credit score or better to qualify for the Sapphire Preferred; that’s a FICO Score of at least 670, preferably higher. If you don’t have established credit or are working to rebuild your credit, Discover offers several rewarding credit cards for bad credit. There’s also the Credit One Bank® Wander® American Express® Card with Dining, Gas & Travel Rewards. While it’s not as valuable as the Sapphire Preferred, it’s an option if you have weaker credit and offers good cash back rates for travel, dining and gas.

When you need a smaller spending requirement

While its intro bonus is unusually valuable for what you have to spend to earn it, not everyone spends $5,000 every three months. Don’t overspend to earn the bonus — the rewards aren’t worth it. There are plenty of other cards with small spending requirements that earn 2% cash back everywhere. The Citi Double Cash® Card is a great example; its $200 cash bonus only requires $1,500 in spending in the first six months of account opening.

When you know where you want to travel

Chase points are among the best travel rewards, but they won’t always be the best for where you want to go. If you pick a dream destination and search for award prices using a tool like Seats.aero or AwardTool, you may notice that a loyalty program such as Atmos Rewards, Avianca LifeMiles or American Airlines AAdvantage offers the best prices. None of those programs partner with Chase.

When you know where you want to go, doing a bit of research before you apply can pay dividends. An American Airlines card, Atmos Rewards card or American Express card may provide an easier path to booking the awards you want.

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For rates and fees of the American Express Platinum Card®, click here.

*Car Rental Loss & Damage Insurance– Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

*Trip Delay Insurance– Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period. “Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.