Last updated on March 13th, 2023
Chase Sapphire Preferred
Chase Sapphire Preferred
- 20.49% to 27.49% variable based on creditworthiness and Prime Rate Regular Purchase APR
- 20.49% to 27.49% variable based on creditworthiness and Prime Rate Balance Transfer APR
- 29.49% variable based on Prime Rate Cash Advance APR
At a Glance
For customers with a hunger for travel and (literally) dining, the Chase Sapphire Preferred® Card offers a robust set of rewards and perks to ensure that they get the most out of their purchases. Plus, a sizable introductory bonus allows them to begin collecting – and redeeming – points immediately.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 60,000 bonus points 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®
- Enjoy benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases, plus more
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel
- With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more
- Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2024
- Regular Purchase APR: 20.49% to 27.49% variable based on creditworthiness and Prime Rate
- Balance Transfer APR: 20.49% to 27.49% variable based on creditworthiness and Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 5% of each transfer amount, whichever is greater
- Cash Advance APR: 29.49% variable based on Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of each transaction amount, whichever is greater
- Penalty APR: Up to 29.99% variable based on the Prime Rate
- Annual Fee: $95
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- You travel often enough to make up for the annual fee
- You'll take advantage of the travel insurance and other emergency perks
- You're looking for flexibility when it comes to rewards, with the option to redeem for gift cards, flights and more
- You plan to maximize your points by redeeming through Chase Ultimate Rewards®
- You have a very good to excellent credit score, and can meet the spending requirement for the introductory bonus
Chase Sapphire PreferredTerms & Conditions
Chase Sapphire Preferred Review
The Chase Sapphire Preferred® Card’s biggest selling point is just how traveler-friendly it is. An industry-leading introductory offer, coupled with double points on a multitude of eligible purchases within the travel and dining categories, set cardholders up for a steady stream of rewards. Adding on powerful traveler protection for when things take a wrong turn ensures that Chase members start off their account opening with plenty of available perks.
Maximizing Chase Sapphire Preferred Benefits
The Chase Sapphire Preferred Card starts you off on a high note with a generous introductory bonus of 60,000 points. To earn this major boost in rewards, you need to spend at least $4,000 in your first 3 months as a cardholder. That bonus has a value of $750 toward travels when redeemed through Chase Ultimate Rewards®.
That comes out to just over $1,300 per month – not a small sum by any means. However, if your travel plans for the year fit into your budget, booking ahead of time can help you reach this spending requirement without hurting your credit.
In addition to the bonus, this Visa Signature® card allows you to earn up to 5X points for every dollar spent. That 5X points applies to all travel purchased through Chase Ultimate Rewards, though other travel purchases also earn an impressive 2X points per dollar spent.
The Sapphire Preferred also enjoys enhanced Ultimate Rewards earning potential in other categories, including:
- 3x points on dining, including eligible delivery services, takeout, and dining out (previously 2x)
- 3x points on select streaming services
- 3x points on online grocery purchases (excluding Target, Walmart, and wholesale clubs)
As an extra incentive, Chase rewards you with an additional point boost when you refer a friend. Most importantly, your points don’t expire, and you don’t have to worry about foreign transaction fees for purchases made abroad. All you need to keep in mind is the $95 Chase Sapphire Preferred® annual fee and start saving up for your dream trip.
Other notable Chase Sapphire Preferred benefits include:
- $50 annual credit on hotel stays purchased through Ultimate Rewards.
- 10% Ultimate Rewards point bonus on each account anniversary.
Chase Sapphire Preferred Vs. Sapphire Reserve: Which Is Right for You?
Not sure which Chase Sapphire credit card is right for you? Here is a helpful, quick breakdown of the features of both the Sapphire Preferred and luxurious Sapphire Reserve:
|Card||Sapphire Reserve||Sapphire Preferred|
|Rewards rate||Earn 5X on flights through Chase Ultimate Rewards, 10X on hotels and car rentals through Ultimate Rewards, 10X on Chase Dining, 3X on all other travel purchases, 3X on dining, and 1X on all other purchases||Earn 5X on travel purchased through Chase Ultimate Rewards, 2X on all other travel purchases, 3X on dining, 3X on groceries and streaming services, and 1X on all other purchases|
|Statement credits||$300 travel||$50 hotel|
Redeeming or Transferring Chase Sapphire Preferred Rewards
Regardless of whether you plan a weekend road trip or a month-long overseas getaway, you can use the Chase Sapphire Preferred® credit card for any, if not every, point in your vacation. Namely, you can redeem your points for:
|Statement credits||Gift cards||Travel|
|Shopping||Charitable donations||Transfers with partners|
However, you don’t have to worry if you’re already a member of a travel loyalty program; this card also allows you to transfer your rewards to partnered programs at a 1:1 ratio, so you don’t lose any value. Eligible loyalty programs include:
|Aer Lingus (AerClub)||Air France/KLM (Flying Blue)||Emirates (Skywards)|
|Air Canada (Aeroplan)||British Airways (Executive Club)||Iberia Plus|
|JetBlue (TrueBlue)||Southwest (Rapid Rewards)||Singapore Airlines (KrisFlyer)|
|Virgin Atlantic (Flying Club)||United Airlines (MileagePlus)||IHG Rewards|
|Marriott Bonvoy||World of Hyatt|
Chase Sapphire Preferred Travel Insurance
If you’re the type of traveler that likes to be prepared for anything, the Chase Sapphire Preferred® Card has you covered. Along with bonus points, your cardholder status makes you eligible for several types of emergency coverage. This includes:
- $10,000 per person for trip cancellation or interruption on nonrefundable travel costs
- Trip reimbursement up to $500 per ticket for flights delayed over 12 hours
- $100 per day reimbursement for essentials when your bags are delayed more than 6 hours
- Collision insurance for car rentals when you waive coverage with the rental company
- Purchase protection for damage and theft up to 120 days after a purchase
- Extended manufacturer’s warranties on eligible items
Keep in mind that like coverage with other travel rewards cards, there are certain limitations and restrictions. For example, the trip cancellation insurance is capped at $20,000 per trip. Your circumstances must also fall under a covered situation, such as hostile weather or sickness.
Chase Sapphire Preferred Partnerships
Chase is also well-known for offering extra deals through its various partnerships. This allows you to rack up even more rewards while earning discounts. For example, when you activate your DashPass subscription and add your Chase Sapphire Preferred credit card as the payment method, you get DoorDash discounts too. This includes no delivery fee on all of your orders and discounted service fee when you spend at least $12.
Citi Premier® Card Versus Chase Sapphire Preferred
The Citi Premier® Card is another travel juggernaut with a modest annual fee. Perhaps the closets competitor to the Premier is Chase’s Sapphire Preferred. Here is how the two cards stack up:
|Card||Sapphire Preferred||Citi Premier®|
|Rewards rate||Earn 5X on travel purchased through Chase Ultimate Rewards, 2X on all other travel purchases, 3X on dining, 3X on groceries and streaming services, and 1X on all other purchases||Earn 3X ThankYou points on dining and groceries, 3X on gas station purchases, 3X on airfare and hotels, and 1X on all other purchases|
|Credits||$50 hotel||$100 hotel|
FAQs About the Chase Sapphire Preferred
Here are some of the most commonly asked questions regarding the Chase Sapphire Preferred Visa Signature, along with the answers:
- Chase credit cards require a good or excellent credit score to qualify.
- Chase Ultimate Rewards points are worth one cent per point ($0.01/pt). That said, Chase Sapphire cardholders enjoy even more value thanks to enhanced redemption rates through Ultimate Rewards. The Sapphire Preferred Card earns 25% more on travel, for example, or 1.25 cents per points. The Sapphire Reserve enjoys 50% more value, or 1.5 cents per point when redeeming through Chase Ultimatte Rewards for travel.
- Chase Ultimate Rewards points won’t expire as long as your credit card account stays open and in good standing.
- Chase’s 5/24 rule means that you can’t be approved for most Chase cards if you’ve opened five or more personal credit cards (from any card issuer) within the past 24 months.
- Chase will often automatically increase your credit limit about every 12 months, but an increase is never guaranteed.
- The Chase Sapphire Preferred Card and the Chase Sapphire Reserve® are both made out of metal.
- Chase credit, debit, and banking products are available in all 50 U.S. states plus the District of Columbia.
JPMorgan Chase Bank and Chase Sapphire Preferred Ratings
How does the Sapphire Preferred Card stack up? Here is a selection of expert reviews for the card, as well as an overview of JP Morgan Chase as a bank:
|BestCards||Better Business Bureau||TrustPilot|
Should You Apply for the Chase Sapphire Preferred®?
To make the most of the Chase Sapphire Preferred Card – especially its $95 annual fee – customers will have to make a habit of using the card often. This card rewards those who reward themselves, so individuals planning to only make occasional purchases in other areas of consumption should consider a different credit card.
Meanwhile, if you’re looking for more impressive rewards and don’t mind the $550 annual fee, you can consider the Chase Sapphire Reserve® Card. When comparing the Chase Sapphire Preferred vs Reserve cards, you’ll notice several differences. Namely, the Reserve offers an extra point for dining and travel, a generous statement credit and even more value when you redeem through Ultimate Rewards.