Chase Sapphire Preferred lives up to its name and is indeed among the preferred travel reward cards out there. Travel and dining related purchases earn you two points for every dollar spent. Purchases in other categories get you one point on purchases. If you’ve got excellent credit, then read on.

 This card has one of the most generous sign-up offers out there. A spend of $4,000 in the first three months earns you 50,000 bonus points worth $650. While $4K might sound like a lot, monthly grocery, gas, and utilities bills can easily add up to the amount. Another 5,000 bonus points are yours for the taking when you add another member to the card within the first three months and make a purchase.

 If you’re a frequent traveler and a member of travel programs, then you can easily transfer your Chase Ultimate Rewards points to the travel program on a 1:1 ratio. Participating frequent travel programs include British Airways Executive Club, Korean Air SKYPASS, Singapore Airlines KrisFlyer and others. Participating hotels include Marriott, Hyatt, IHG, and The Ritz-Carlton. In addition, when you consider that redemption of Chase Sapphire Preferred points is not constrained by blackout dates or restrictions, then this feature’s benefits become quite apparent. Travel to your chosen destination with your preferred airline and at discounted rates.

 Should you choose to redeem your points via Chase Ultimate Rewards, you’ll get a 20% discount on airfare, hotel stays, car rentals and cruises. How much does a vacation cost your family? A potential 20% off on expenses mentioned above translates to serious savings. Sapphire also offers that very useful feature of no foreign transaction fees. You save 3%-5% every time you make a purchase abroad. And this is an internationally accepted card, so no worries on this front either. The Chip with Signature technology used on this sleek-looking metal card adds an extra layer of protection against fraud, especially relevant for travelers wishing to use the card abroad.

 After the first year waiver, the Chase Sapphire charges an annual fee of $95, maybe a little on the higher side, but do remember that with this card the rewards multiply fast for the frequent travelers and those who enjoy eating out. The purchase APR of 15.99% is neither too high nor too low; the card does not offer an introductory APR, but again this is a card with excellent rewards in place, and with a little planning you can avoid the interest charges.

 Book your travel using this card and get travel insurance worth $500,000. Luggage lost or damaged by your carrier can get you reimbursed to the tune of $3,000. Delayed arrival of luggage will not result in you having to pay for essentials such as clothes; the card will bear expenses of up to $100/day for five days.

 If due to unforeseen circumstances you are forced to cancel or postpone a trip for which you have already paid the hotel and travel expenses, do not worry. The card will refund up to $10,000 per trip of these non-refundable pre-paid costs.