Chase Sapphire Preferred Card Review: A Hefty Sign-up Bonus for Travelers
How to Earn Rewards With the Chase Sapphire Preferred Card
This card earns five points per dollar on travel purchased through Chase Ultimate Rewards (excluding hotel purchases that qualify for the $50 anniversary hotel credit); three points on online grocery purchases (excluding from Target, Walmart and wholesale clubs); three points on select streaming services; three points on dining at restaurants, including eligible delivery services, dining and takeout; two points on other travel purchases; and one point per dollar on all other purchases.
How Much Can You Earn?
The card’s 60,000-point sign-up bonus can accelerate your earnings. You’ll need to spend after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 when you redeem through Chase Ultimate Rewards® to earn it.
A popular strategy for earning more rewards with the Chase Sapphire Preferred Card is pairing it with one or more of Chase’s no-annual-fee cards that earn bonus rewards in categories other than dining or travel. You can transfer points from these cards and redeem at the Chase Sapphire Preferred Card’s elevated travel rate.
For example, with the Chase Freedom Flex card, you can activate 5% cash back on the first $1,500 spent in rotating bonus categories each quarter. And the Chase Freedom Unlimited earns 1.5% cash back on all nonbonus category purchases, which can be transferred to your Chase Sapphire Preferred Card as 1.5 points per dollar.
How to Redeem Rewards With the Chase Sapphire Preferred Card
This card offers outsized value in Chase Ultimate Rewards travel booking and the potential for even greater value with travel partners. Rewards are worth 25% more, at a value of 1.25 cents per point, when booking travel through Chase Ultimate Rewards, so redeeming your rewards this way is a no-brainer option for increasing their value.
But a Chase Ultimate Rewards travel booking might not be the card’s greatest redemption offer, as Chase’s travel partners could offer more valuable options. Check out What Are My Points Worth? to see what value you might get with some of those partners.
Though travel bookings with the Chase Sapphire Preferred Card can be both valuable and flexible, the bottom line is you don’t get absolute freedom booking travel with points from your Chase Sapphire Preferred Card. You’re limited to what’s available in the portal or with Chase’s travel partners, even if the selection is extensive. That’s not the case with some competitors, which offer miles you can redeem for a statement credit on any travel expense.
Can You Transfer Chase Sapphire Preferred Card Points?
For many partner frequent flyer programs, you can transfer points at a 1-to-1 ratio.
Airline transfer partners include:
- Aer Lingus AerClub.
- Air Canada Aeroplan.
- British Airways Executive Club.
- Emirates Skywards.
- Flying Blue Air France KLM.
- Iberia Plus.
- JetBlue TrueBlue.
- Singapore Airlines KrisFlyer.
- Southwest Airlines Rapid Rewards.
- United MileagePlus.
- Virgin Atlantic Flying Club.
Hotel transfer partners include:
- IHG Rewards Club.
- Marriott Bonvoy.
- World of Hyatt.
What Is the Chase Sapphire Preferred Card’s APR?
The Chase Sapphire Preferred Card may have enticing rewards and benefits, but this is not a credit card you want to carry a balance on.
It doesn’t offer a 0% introductory APR on purchases or balance transfers, so you’ll pay interest on any balance you carry. The interest rate is slightly above average compared with other travel cards, according to U.S. News research, with a 18.24% – 25.24% Variable APR.
What Are the Fees Associated With the Chase Sapphire Preferred Card?
- Annual fee: The card’s annual fee is $95.
- Balance transfer fee: You’ll pay either $5 or 5% of the amount of each transfer, whichever is greater.
- Cash advance fee: Chase Sapphire Preferred Card charges either $10 or 5% of the amount of each transaction, whichever is greater.
- Foreign transaction fee: This card charges no foreign transaction fee.
- Penalty fees: Late payment and return payment fees can be up to $40.
Questions About the Chase Sapphire Preferred Card
Q: Is the Chase Sapphire Preferred Card worth it?
A: The Chase Sapphire Preferred Card can be a good choice for the typical consumer, as annual rewards earning outweighs its annual fee based on average consumer spending.
Q: What are the Chase Sapphire Preferred Card credit score requirements?
A: The Chase Sapphire Preferred Card requires good or excellent credit. You’ll need a FICO score of at least 670 to be approved for the Chase Sapphire Preferred Card.
Q: Is the Chase Sapphire Preferred Card a good credit card?
A: Though the Chase Sapphire Preferred Card offers good value for most consumers, it’s not necessarily a good card for you. Consider your credit score, typical spending, benefits and fees when choosing the best credit card for your needs.
Q: How long does it take to get the Chase Sapphire Preferred Card?
A: It typically takes seven to 10 business days for a new Chase Sapphire Preferred Card to arrive after you’re approved. However, Chase may offer expedited one- to two-day delivery of your card upon request.
Should You Get the Chase Sapphire Preferred Card?
- Can earn rewards at a value greater than $95 annually.
- Plan to redeem rewards for travel expenses.
- Don’t plan to carry a balance.
- Want to take advantage of travel protections and no foreign transaction fee.
For more latest Economy News Click Here
Denial of responsibility! FineRadar is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.