A known perk of the Chase Sapphire Preferred card was its 7% annual dividend on points earned, which fundamentally earned 2.14x points per dollar spent on travel and dining.
Chase is no longer offering this key benefit for new applicants. Existing customers will still earn the 7% points dividend in February 2015 for 2014 purchases and then finally in February 2016 for any 2015 purchases.
There have been other changes made to the card for new applicants, however, including several new travel benefits. The major plus is in adding free primary car rental CDW insurance for every country in the world (whereas most credit cards only offer secondary cover)
In addition, a travel benefit that may also entice you to apply for the card is the trip cancellation / trip interruption insurance – increased from $5000 to $10,000 per trip.
Despite these benefits not outweighing the loss of the 7% earned points dividend, the Chase Sapphire Preferred is still the king of travel cards, especially outside of the US, as we posted here recently.