Rewards Plan
Welcome Bonus
Credit Rating
Intro APR
Annual Fee
APR
- Welcome Bonus
- No Blackout Dates
- Annual Fee
- Low Merchandise Rewards
Rewards Plan
Welcome Bonus
Intro APR
PROS
- Welcome Bonus
- No Blackout Dates
CONS
- Annual Fee
- Low Merchandise Rewards
APR
21.24%–28.24% variable APR
Annual Fee
$95
Balance Transfer Fee
5% or $5, whichever is greater
Credit Requirements
Good – Excellent
The Chase Sapphire Preferred® Card is a travel rewards card issued by Chase Bank. This is a very popular travel rewards card because it offers a large sign-up bonus and the card is built around traveling. Many travel rewards cards have higher annual fees for the same kind of rewards.
This card is on our top spot in regards to the best traveling and dining cards as they offer you more points compared to other cards. In addition, Chase Bank offers a 25% point’s bonus, whenever you redeem the points for travel. The card offers a welcome bonus of 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening , this is equivalent to $750 in travel costs when you redeem your travel rewards.
You shall also earn 5x total points on travel purchased through Chase Ultimate Rewards, 3x points on dining and online grocery purchases and 2x on other travel purchases. Plus, earn 1 point per dollar spent on all other purchases .
However, with all of these rewards, you should note that the card has an annual fee of $95 but the benefits outweigh the cost, and most people use the card, regardless of the fee.
- Travel & Emergency Assistance Services
- No Blackout Dates
- Trip Cancellation/Interruption Insurance
- Baggage Delay Insurance & Trip Delay Reimbursement
- Purchase & Extended Warranty Protection
- 25% More through Ultimate Chase Rewards
- No Foreign Transaction Fee
- Auto Rental Collision Damage Waiver
- My Chase Plan
- Annual Fee
- High APR
- Balance Transfer Fee
- Low Merchandise Rewards
- No Introductory 0% APR
Can I get pre-approved?
Yes, you are able to pre-qualify for this card. This means that you know if you can get this card without having to go through a hard credit check initially.
What is the initial credit limit?
The minimum credit limit that you can get with this card type is usually $5,000. The exact credit limit will depend on what answers you provide in your application.
How do I redeem cash back?
You can redeem your points in a variety of ways through the Chase credit card reward portal. Some of the perks you can get include cash, travel credit, statement credit, and gift cards.
Should You Move to Chase Sapphire Preferred card?
If you travel frequently and do not want to pay a large annual fee, then this could be a good option for you to choose.
Why did the Chase Sapphire Preferred card deny me? What to Do Next?
You might not have met one of its requirements. You will usually find out where you fell short. You might be able to rectify the issue or you might have to look elsewhere.
How hard is it to get a Chase Sapphire Preferred card?
If you meet all of the outlined requirements, then it is relatively straightforward for you to get a Chase Sapphire Preferred card if you wish.
How to Use Chase Sapphire Preferred card Benefits?
You can redeem your points in a variety of ways through the Chase credit card reward portal. Some of the perks you can get include cash, travel credit, statement credit, and gift cards. Maximizing rewards see you using it for all dining and travel-related purchases.
When it's a good idea to skip?
You want bigger travel-related perks or you do not really travel much at all. These are aspects that are not ideally covered by this card.
In This Review..
Benefits
Let’s take a look at the benefits of the Chase Sapphire Preferred card and see if it’s the right one for your wallet or not.
- Travel & Emergency Assistance Services
If you have a problem while traveling, contact the Benefit Administrator for legal and medical referrals, as well as other travel and emergency assistance. (You will bear the cost of any goods or services obtained.)
- No Blackout Dates
There are no dates when the points cannot be redeemed.
They can be redeemed at any time of the year. In addition, the points do not expire and there are no limits on the use of the points.
- Trip Cancellation/Interruption Insurance
If your trip is canceled or cut short due to illness, severe weather, or other covered circumstances, you may be reimbursed up to $10,000 per person and $20,000 per trip for pre-paid, non-refundable travel expenses such as passenger fares, tours, and hotels.
- Baggage Delay Insurance & Trip Delay Reimbursement
Reimburses you up to $100 per day for 5 days for essential purchases such as toiletries and clothing due to baggage delays of more than 6 hours by passenger carrier.
If your common carrier flight is delayed for more than 12 hours or necessitates an overnight stay, you and your family are covered for unreimbursed expenses such as meals and lodging up to $500 per ticket.
- Purchase & Extended Warranty Protection
For 120 days, your new purchases are protected against damage or theft up to $500 per claim and $50,000 per account.
Also, on eligible warranties of three years or less, extends the time period of the U.S. manufacturer's warranty by an additional year.
- 25% More through Ultimate Chase Rewards
Your points go further when you book through Ultimate Chase Rewards.
This includes flights, hotels, cruise, and car rentals. You can also combine rewards from other Chase credit cards to boost your points.
- No Foreign Transaction Fee
Chase Sapphire Preferred has no transaction fees while traveling in another country.
Many other cards have fees when you make purchases outside of the United States.
- Auto Rental Collision Damage Waiver
Chase Sapphire Preferred is one of the best cards for car rental insurance. Refuse the rental company's collision insurance and charge the full rental amount to your credit card.
For most rental cars in the United States and abroad, coverage is primary and provides reimbursement up to the actual cash value of the vehicle for theft and collision damage.
- My Chase Plan
Break up Chase card purchases into budget-friendly payments with no interest. However, you'll pay a fixed monthly fee.
Drawbacks
Here are the most important cons you should consider before applying:
- Annual Fee
There is an annual fee of $95 . If you don't plan to use the card regulary, make sure your spedning covers it.
- High APR
The APR for the Chase Sapphire Preferred is 21.24%–28.24% variable APR variable rate, which is a bit high for a card that requires borrowers with good credit histories.
- Balance Transfer Fee
Along with not offering an introductory APR rate, Chase Sapphire Preferred has a large balance transfer fee of 5% or $5, whichever is greater . This fee is higher than the industry average of 3%.
Keep in mind – you can always try to negotiate your balance transfer fee.
- Low Merchandise Rewards
If you are looking to use some of your reward points on merchandise, be aware that the conversion of points to reward for merchandise is low. The rewards should be used on travel.
- No Introductory 0% APR
This card does not offer any introductory rate like many other credit cards do.
This means if you are looking to transfer balances to a lower rate you will have to consider other cards.
How Much Rewards You Can Earn? Calculation
The Sapphire Proffered card offers rewards on a variety of categories. However, in order to better understand the bottom line – it's always a good idea to calculate the expected rewards per category.
Don't forget to make the adjustments based on your own spending habits – and make sure it's, at least, covers the annual fee.
| |
|---|---|
Spend Per Category | Chase Sapphire Preferred® Card |
$15,000 – U.S Supermarkets | 45,000 points |
$5,000 – Restaurants
| 15,000 points |
$2,000 – Airline | 10,000 points |
$2,000 – Hotels | 10,000 points |
$4,000 – Gas | 4,000 points |
Total Points | 84,000 points |
Estimated Redemption Value | 1 point = 1 – 1.25 cents |
Estimated Annual Value | $840 – $1,050 |
* Assuming all travel purchases are purchased through Chase Ultimate Rewards®.
Where to Redeem Your Rewards?
You should be aware that the redemption rates for these two cards differ.
While Chase offers a variety of redemption options, many of them are less lucrative than redeeming all of your credit for travel. For example, some redemption offers include receiving a statement credit or an automatic electronic deposit into your Chase checking account or any other eligible bank. While this may appear to be a good option if you are short on cash or need to reduce your balance, it does not provide the same benefits as redeeming the same credit for travel.
You can transfer your Chase Ultimate Rewards points to one of Chase's airline or hotel partners. For example, if you find a $600 flight on Air France for 35,000 points, you can book the flight with the 35,000 points you have with Chase. This removes the need to accumulate points with multiple airlines in order to save money on flights.
Some of Chase's partner airlines include Air France/KLM, Iberia, Southwest, United, Emirates, Iberia, and Aer Lingus, as well as British Airways. Among the hotel options are Hyatt, Marriott Bonvoy, and Intercontinental Hotels Group.
Although having a gift card appears to be a good idea, you will not be able to earn enough money to travel or take a vacation.
Simply log into your credit card portal or card app and select the appropriate option to claim your rewards. There will be instructions to follow in order to finish the process.
Make The Most Of Your Preferred Card
Here are some pointers to help you make the most of your Chase Sapphire Preferred:
- Check out the Chase Ultimate Rewards platform: Don't assume that this platform is only for airfare; there are a variety of travel products available, and when you make purchases through Ultimate Rewards, you'll receive 5% instead of the usual 2%.
- Book Your Fares – When you use your card to book your travel, you will receive free insurance, which includes baggage delay and travel interruption/cancellation coverage.
- Buy New Items – When you use your card to buy new items, you'll get extended warranty protection and coverage against damage or theft.
- Add Family Members: You are able to add each member of your family as an extra user without incurring any extra cost. This can lead to you accumulating rewards at a much faster rate.
How To Apply For Chase Sapphire Preferred Card?
- 1.
Visit the Chase Sapphire Preferred Credit Card homepage and click “Apply as a guest.”
- 2.
A page appears to get you started, which includes your names, mailing address, date of birth, etc.
- 3.
Next, specify your statement and communication delivery preference. Now, take your time to read through the E-Sign Disclosure as well as the Pricing & terms.
- 4.
Lastly, agree to the certifications and click “Submit.”
Is the Chase Sapphire Preferred Card Right for You?
Chase Sapphire Preferred is one of the best travel rewards cards for those with good to excellent credit. If you spend much of your time traveling and eating out, this is an excellent card offering some of the best travel rewards in the market.
Chase Sapphire Preferred offers a very large sign-up bonus as well as many other benefits designed for travelers. However, If you are looking for introductory APR, cash back, no annual fee, or points for merchandise, you should consider a different card.
Chase Sapphire Preferred also has a large transfer fee so it should only be considered for purchases. It is primarily for consumers who want to maximize their travel rewards.
Compare The Alternatives
There are other credit cards that do offer comparable cash back rewards – we’ve summarized the most popular cards which can use as an alternative to the Chase Sapphire Preferred Card:
|
|
| |
|---|---|---|---|
Bank of America® Travel Rewards credit card | Capital One Venture Rewards Credit Card | Chase Sapphire Preferred® Card | |
Annual Fee | $0 | $95 | $95
|
Rewards |
1.5X
1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points
|
2X
2X miles per dollar on every purchase, plus 5X miles on hotels and rental cars booked through Capital One Travel
|
2X – 5X
5x total points on travel purchased through Chase Ultimate Rewards, 3x points on dining and online grocery purchases and 2x on other travel purchases. Plus, earn 1 point per dollar spent on all other purchases
|
Welcome bonus |
25,000 points
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – which can be redeemed for a $250 statement credit toward travel purchases
|
75,000 miles
|
60,000 points
60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
|
Foreign Transaction Fee | $0 | $0 | $0
|
Purchase APR | 18.24% – 28.24% Variable APR will apply. A 3% fee (min $0) applies to all balance transfers | 19.99% – 29.99% (Variable)
| 21.24%–28.24% variable APR
|
FAQ
There is no sort of limit in place how much cash back or rewards that you can earn when you are using this card over time.
Yes, you can get car rental insurance with this card if you decline the collision cover of the rental company and pay for the entire cost of the rental car with this card.
Please review the specific details before, to make sure you're covered as needed.
There are no transparent income requirements, but it usually is expected that your annual income is at least $50,000 and you may be asked for proof of income.
Your points won’t expire once you keep the credit card account open. Therefore, you will not be under pressure to use up points before they end up expiring.
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