In This Review..
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 2X 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 sign-up bonus of 60,000 points when you spend more than $4,000 on any purchases in the first 90 days. This is equivalent to $750 in travel costs when you redeem your travel rewards.
Rewards Plan
Sign up Bonus
0% Intro
PROS
- 60,000 Point Sign-Up Bonus
- No Blackout Dates
CONS
- $95 Annual Fee
- Low Merchandise Rewards
APR
15.99%–22.99%
Annual Fee
$95
Balance Transfer Fee
5%
Credit Requirements
Good – Excellent
You shall also earn 2x points while traveling and dining at a variety of restaurants around the world and one point on the dollar on any other purchases.
In addition, this card offers unlimited deliveries of $0 charges on orders above $12 for the first one year after signing up. This is however on qualifying food purchases only.
If you use any Lyft rides from now up to March 2022, you shall earn 5X points.
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.
Card & Issuer Reputation
- 4/5 on WalletHub customer reviews (+3,300 reviews): WalletHub customer reviews allow customers to post positive, negative or neutral reviews about marketplace experiences.
- 4.5/5 on Official Card Website customers reviews ( +7,800 reviews): Customers can express their opinion on the official card website. It reflects the overall measurement of reviewer satisfaction, represented numerically from 1 to 5.
- 809/1000 on J.D Power: Chase got 809 out of 1000 available points on J.D. Power credit card satisfaction survey, a bit lower than the industry average. J.D Power offers the most comprehensive and independent study of customer satisfaction of card issuers . The study aims to help consumers and issuers to understand user opinions and ratings of the largest bands. It covers terms, benefits, services, communication, rewards and more.
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.
- 60,000 Point Sign-Up Bonus
You can get points after spending in the first 3 months of opening the card.
This equals about $750 in travel rewards when a booking is done through Chase. This is one of the larger sign-up bonuses in the market.
- 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.
- Protection
Chase Sapphire Preferred has zero liability, purchase protection, chip-enabled security, and auto rental collision damage waiver.
It also has travel insurance that covers canceled flights and baggage delay insurance. These features help give you peace of mind while traveling at home and abroad.
- Bonus Points
You earn 2X the points when spending on travel or restaurants.
All other purchases are 1 point for $1 spent. This card is designed to benefit travelers.
- 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.
Drawbacks
Here are the most important cons you should consider before applying:
- $95 Annual Fee
Chase Sapphire Preferred does not require new card holders to pay their annual fee for the first year, but beginning the second year there is a annual fee. Many other credit cards do not have annual fees.
- High APR
The APR for the Chase Sapphire Preferred is 15.99%–22.99% variable rate, which is a bit high for a card that requires borrowers with good credit histories.
- 5% Balance Transfer Fee
Along with not offering an introductory APR rate, Chase Sapphire Preferred has a large balance transfer fee of . 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 Balance Transfer Fee
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.
Application Process
- 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.”
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:
- Chase Freedom Unlimited Card
Chase Freedom Unlimited is a great cash back card for those with good to excellent credit. The 1.5% cash back is one of the highest in the industry without having an annual fee or the hassle of figuring out which month for which type of purchases gets cash back.
In addition, the cash back feature is straightforward, unlike some other rewards cards that require you to jump through hoops to maximize the rewards. You can also get a $200 bonus after signing up by spending $500 in the first 3 months. This bonus has a low threshold compared to other cards.
If you don't have time for calculations, you spend more than $1,500 monthly and you don't have specific places where you spend you money, the Chase Freedom Unlimited can be a great option for you.
- Capital One Savor Rewards Card
The alternative Capital One credit card is the Savor card, which offers an increased 4% cash back rate on dining and entertainment, 2% at grocery stores and 1% on all other purchases.
In addition, there is a significant sign up bonus of one-time $300 cash bonus once you spend $3,000 on purchases within 3 months.
However, the card comes at a cost of $95 per year for the annual fee. The ongoing APR is 15.99% – 24.99% and 3% balance transfer fee.
- Discover it Cash Back Card
The Discover It Cash Back credit card is a great option for someone who wants access to 5% cash back rewards on rotating spending categories each quarter and unlimited 1% cash back on all other purchases.
It also offers 14 months 0% APR intro period on purchases and balance transfers for giving you time to pay off your balance without interest. Then 11.99% to 22.99% Standard Variable Purchase APR and 5% balance transfer fee.
The discover cash back card does not come with an annual fee.
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.
