Are you looking for a credit card that offers amazing travel rewards and valuable benefits? Look no further than the Chase Sapphire Preferred card. With its low annual fee, generous points earning potential, and flexible redemption options, this card is perfect for both everyday consumers and frequent travelers.
TIME’s Take: Why Choose Chase Sapphire Preferred
The Chase Sapphire Preferred card is highly recommended for both frequent and occasional travelers. Not only does it offer a robust rewards platform and reasonable annual fee, but it also provides various redemption options. You can transfer your points to Chase’s partner programs, book travel through the Ultimate Rewards platform, or even choose cash back, gift cards, or online shopping options. While other cards may offer higher rewards in specific categories, the versatility of the Sapphire Preferred makes it a great choice for all-around rewards.
Who is the card for?
The Chase Sapphire Preferred is designed for creditworthy borrowers who want to maximize their points while minimizing their annual expenses. Although Chase does not publish a minimum credit score requirement, a good to excellent credit score of 670-739 or higher is typically needed to qualify. Please note that this card does not currently offer a 0% APR promotional offer, so it may not be suitable for those looking for interest-free purchases or balance transfers. However, if you frequently spend on travel, dining, groceries, or streaming services, you can earn between 2x and 5x points per dollar spent.
Rewards Structure
With the Chase Sapphire Preferred, you can earn Ultimate Rewards points in various ways. Depending on the category of each purchase, you can earn between 1x and 5x points per dollar spent. Additionally, you can accumulate a 10% points bonus each year based on your overall spending. The redemption options for these points are incredibly flexible:
- Redeem for travel booked through the Chase Ultimate Rewards portal and get 25% more value.
- Redeem as a statement credit for previous card purchases.
- Make use of Chase Dining at select restaurants, bars, and wineries.
- Shop for gift cards from your favorite retailers and restaurants.
- Get cash back through a direct deposit.
- Pay with Points for Amazon or Paypal purchases.
- Transfer points to partner airlines or hotels to take advantage of loyalty programs.
When it comes to transferring your points, you have a wide range of partner airlines and hotels to choose from, including Aer Lingus, Air Canada, British Airways, Emirates, Singapore Airlines, and more.
Additional Hidden Perks
In addition to the exceptional rewards program, the Chase Sapphire Preferred also offers some valuable benefits:
- Annual Hotel Credit: Get up to $50 in credits each year for hotel stays booked through the Chase Ultimate Rewards travel portal.
- Travel Coverage: Enjoy extensive travel protection benefits, including coverage for flight cancellations, lost luggage, rental car protection, and travel emergency assistance.
- Purchase Protection: Purchases made with the card are covered against eligible damage or loss, and manufacturer’s warranties are extended.
- Complimentary DashPass: Receive a complimentary DashPass membership through DoorDash and Caviar, which offers $0 delivery fees and reduced service charges for meal orders.
What Could Be Improved
The only downside to the Chase Sapphire Preferred card is the lack of an introductory APR offer. Unlike many other cards, it does not provide a temporary 0% APR on new purchases or balance transfers. Therefore, it’s important to pay your balance in full by the statement due date to avoid interest charges.
Alternatives
If you’re looking for an alternative to the Chase Sapphire Preferred, consider the Chase Sapphire Reserve. Although it has a higher annual fee, it offers more points on travel purchases and a 50% higher redemption rate through the Ultimate Rewards portal. The Reserve card also provides additional benefits such as a $300 annual travel credit and a complimentary Priority Pass Select membership.
TIME Stamp: Your Perfect Travel Companion
The Chase Sapphire Preferred card is an excellent choice for travel protection and rewards. With its robust rewards program, flexible redemption options, and valuable benefits, it’s a perfect fit for both frequent and occasional travelers. To qualify for this low-annual fee credit card, you’ll need a good credit score and a reasonable debt-to-income ratio. Apply for the Chase Sapphire Preferred card today and start enjoying the benefits it offers!
Frequently Asked Questions (FAQs)
Q: What is the credit limit on the Chase Sapphire Preferred card?
Chase does not publish the maximum credit limit for this card. However, the minimum credit limit is $5,000, and many qualified cardholders report credit limits in the tens of thousands.
Q: What counts as travel for the Chase Sapphire Preferred card?
Earning points on the Chase Sapphire Preferred card is easy. You’ll get 5x points on travel booked through the Ultimate Rewards portal and 2x points on all other travel purchases. This category typically includes airfare, hotel stays, rental cars, cruises, bus fares, Airbnb stays, train fares, parking fees, tolls, rideshares, and select activities.
Q: How do you redeem Chase Sapphire Preferred points?
You can redeem your Ultimate Rewards points for cash, travel through the Ultimate Rewards portal, gift cards, or transfer them to airline or hotel partners. You can also use your points to pay for Amazon and Paypal purchases using the Pay With Points feature.
Q: How much is a Chase Sapphire Preferred point worth?
The value of a Chase Sapphire Preferred point, also known as an Ultimate Rewards point, varies depending on the redemption method. When redeemed for cash, gift cards, or Chase Dining, points are valued at $0.01 each. When used to book travel through the Ultimate Rewards portal, points are worth $0.0125 or more. Other redemption options, such as Pay Yourself Back or points transfers to travel partners, can potentially increase the value of each point.
Q: What are the main differences between Chase Sapphire Preferred and Chase Sapphire Reserve?
The main differences between the two cards include the annual fee, rewards rate, and additional benefits. The Chase Sapphire Preferred has a lower annual fee, offers fewer points on travel purchases, and provides a 25% more value when redeemed through the Ultimate Rewards portal. On the other hand, the Chase Sapphire Reserve has a higher annual fee but offers more points on travel purchases and a 50% higher redemption rate through the Ultimate Rewards portal. The Reserve card also provides additional benefits such as a $300 annual travel credit and a complimentary Priority Pass Select membership.
Q: Can you get Priority Pass with Chase Sapphire Preferred?
No, a complimentary Priority Pass Select membership is not included with the Chase Sapphire Preferred card. This benefit is limited to Chase Sapphire Reserve cardholders and select other travel credit cards.
Q: Is the Chase Sapphire Preferred hard to get?
To qualify for the Chase Sapphire Preferred card, you’ll generally need a good or excellent credit score, steady income, and a reasonable debt-to-income ratio.