Frequent travelers can cover the Sapphire Preferred's $95 annual fee fairly easily. When redeeming points for cash, cardholders need to spend $4,750 per year on travel (2x points per dollar spent) to net $95. Diners need to spend $3,167 per year (3x points per dollar spent) to net $95 when redeeming points for cash. When redeeming for travel via Chase (points are worth 25% more), cardholders need to spend $3,800 per year on travel (7,600 points x 1.25). Finally, when maximizing transfers to travel partners (for a 2 cent per point value), cardholders need to spend $2,375 (4,750 points x 2) on travel.