Chase Sapphire Preferred Card Review

Written by Robert Ferry on August 1, 2022
Chase Sapphire Preferred Card Review

Chase Sapphire Preferred Card is one of the oldest travel credit cards in the banking world. It is the top choice of many users for offering many travel perks with both cash points and cash miles. It has a flexible rewards structure, several protection options for traveling, and a low annual fee. The card offers new categories to users for bonus offers. You can earn a $50 annual credit for staying in hotels booked via Chase.

Additionally, Chase Sapphire Preferred card offers daily rewards to users who spend more on purchases. These high traveling perks include free checking of bags, access to the lounge, and priority boarding. The card does not offer some high travel rewards to users compared to other premium travel cards. But you can access various partners for transferring points for travel and airline.

New cardholders and existing members can earn a vast range of benefits and rewards from the Chase Sapphire Preferred card. The card does not offer high annual fees so that users can get multiple rewards on hotel stays and flights. It also offers a ten percent point bonus as an anniversary reward. You can use these bonus points in multiple travels and dining categories.

On the whole, Chase Sapphire Preferred card is the best for travel perks with a low annual fee and several unique features. Moreover, specific rewards programs offer extra rewards and perks to users. The Pay Yourself Back program of Chase enable users to redeem their cash points with the reward of 25% on all eligible purchases and categories.

Advantages

  • The card does not charge any fee for foreign transactions.
  • The card charges $95 as an annual fee per year, which is low with several traveling perks.
  • Users can transfer their points to hotel and airline partners with a ratio of 1:1.
  • It offers a wide variety of partners enlisted for airline and hotel pairing.
  • It offers a value-boosting bonus of 25% on redeemed points if you spend on travel via Chase Ultimate Rewards.
  • It offers a welcome bonus of 60,000 points, equal to $750. Users can get these points after spending $4,000 within the first three months.
  • Users can earn 5x cash points on Chase Ultimate Rewards travel and 3x cash points on purchases of streaming services and online groceries. It also offers 3x points for the purchases on dining, 2x cash points on other traveling expenses, and 1x cash points on all other eligible purchases. It does not offer bonus rewards for purchases from some online grocery stores, including Target, Walmart, and Wholesale clubs.

Disadvantages

  • The card lacks the 0% introductory APR offer on balance transfers or all eligible purchases.
  • The card does not offer some travel perks, including free checking of bags, access to the lounge, and priority boarding.
  • The card charges a high annual fee of $95.
  • Users can earn great travel perks only via Chase.

Features of Chase Sapphire Preferred Card

Chase Sapphire Preferred card offers amazing perks and benefits to users with its unique features. Although Chase always offered amazing perks, its upgraded reward structure has more value, exclusive features, and many more. We will give highlights about the features and then detailed explanations for each feature.

  • Rewards rate: 2x to 5x points
  • Welcome Offer: Earn 60,000 bonus points on spending $4,000 on purchases within the first three months.
  • Recommended credit score: Good to Excellent 670 to 850
  • Annual Fee: $95
  • Foreign Transaction fee: None
  • Balance Transfer fee: $5 or 5% on every greater transfer.
  • Purchase Intro APR: None
  • Balance Transfer Intro APR: None
  • Regular APR: 17.49% to 24.49% Variable
  • Best for Online Grocery purchases

Welcome Offer of Chase Sapphire

With the Chase Sapphire Preferred card, users can get an exclusive welcome bonus offer. It offers 60,000 bonus points on the spending of purchases worth $40,000. The spending amount should be within the first three months of the account opening date. These welcome bonus points can be redeemed for multiple categories.

The welcome offer of both Chase Sapphire Preferred and Chase Sapphire Reserve® credit cards is similar. You will get $750 for these welcome bonus points if redeemed. But Chase Sapphire Reserve®'s credit card is the best end travel card. Sometimes, users get difficulty spending $40,000 on traveling for the first three months of card opening.

Many people travel a lot and get many rewards with their travel cards. This welcome bonus is good for a card charging $95 as an annual fee. Compared to other travel credit cards, this sign-up bonus offer provides users with a balance between expenses and purchases. With Chase Sapphire Preferred card, you can get this welcome bonus even more advanced after forty-eight months.

Rewards Rate of Chase Sapphire

With the new and upgraded rewards structure of the Chase Sapphire Preferred card, users can get numerous rewards in several categories and some amazing card features. Chase Sapphire Preferred card offered 2x points on every dollar spent on dining and travel. It also offered several limited-time offers on the purchases of multiple categories.

Now, Chase Sapphire Preferred card offers 3x cash points for the purchases on dining and 5x cash points on the purchases of travel booked through Chase. It also offers 3x cash points on the spending of grocery stores shopping. With all these bonuses and rewards, the Chase Sapphire Preferred card became one of the best travel cards.

How to Earn Chase Ultimate Rewards

With Chase, you will earn 2x points on every dollar you spend on travel expenses made outside the portal of Chase Ultimate Rewards. If you book your travel via Chase Ultimate Rewards, you can get a better offer of 5x cash points. You can also earn 3x cash points on each $1 on all the purchases for dining and restaurants.

If you select a streaming service or make purchases with an online grocery store, you can earn 3x cash points. You can earn cash points from all grocery stores except a few, such as Walmart, Target, and all wholesale clubs. If you are not spending on any of the above categories, you can still earn 1x points with Chase Sapphire Preferred card.

Besides the above, Chase Sapphire Preferred card offers additional rewards for new cardholders. If you have a friend with a Chase Sapphire Preferred card, you can get the referral bonus offer of 15,000 cash points. You can bring as many referrals as possible and earn more cash points by using the referral bonus offer.

Although Chase offers rewards on shopping and grocery categories, some additional bonus offers are on similar categories. With the card-linked program of Chase, you can earn cash points by spending on one grocery store and connecting your card with other shopping retailers for online shopping.

How to Redeem Chase Ultimate Rewards Points

You can redeem the points for numerous categories if you have earned cash points with Chase Ultimate Rewards. These categories include travel, cash back, gift cards, and for events of Chase Experience. Other categories include transfer partners of airlines and hotels and merchandise such as purchases of Apple products.

Chase Sapphire Preferred credit card also offers the Pay Yourself Back feature. With this feature, you can earn a 25% boost on your cash points if you redeem them for credit statements. You can avail of this offer for the spending made in the first three months and for selected merchants only. You can also use your points for the purchases made on Amazon and PayPal.

Travel Coverage and Protection of Chase Sapphire

Sapphire Preferred credit card of Chase has valuable coverage and protection offers that are only available for travel purchases. These coverage and protection offer include the following:

  • Insurance for trip cancellation and interruption

The card offers insurance of $10,000 or more for each person and $20,000 for each trip for trip cancellation and trip interruption. These insurance amounts will be applied to non-refundable travel categories such as hotel stays, flights, and site tours.

  • Insurance for baggage delay

The card offers $100 daily for five days for baggage delay insurance. This offer will cover baggage accessories such as toothpaste, clothes, and shampoo. You can avail of this offer if your baggage is delayed for six hours or above.

  • Damage waiver for Auto rental collision

If your rental car experiences any damage, collision, or theft, Chase Sapphire Preferred card will cover all the cash value for damage expenses.

  • Trip delay reimbursement

The card offers $500 for each ticket if your trip is delayed for more than twelve hours. Or if you experience a night stay due to travel held back.

  • 24/7 service for travel and Emergency Assistance

Chase Sapphire Preferred card offers an all-day assistance service to its cardholders for travel and emergency. This offer only applies to cardholders, partners, and children under 22 years of age.

  • 25% boost points for travel redemption

The card would offer a 25% boost on cash points if you redeemed them for travel booked via the Chase Ultimate Rewards portal. You can avail of this offer for the spending made in the first three months and categories like hotel stays, cruise vacations, airline tickets, and car rentals.

  • Account anniversary bonus points for each year

This is a new offer by Chase Sapphire Preferred card. With this offer, new cardholders can get $50 in statement credits. This anniversary reward is only applicable to hotel stays. You must wait for the year to complete if you are an existing member.

  • A free year of DoorDash DashPass

Chase has a partnership with DoorDash. It is a subscription service that delivers streaming services without any fee. With Chase Sapphire Preferred card, you can get free deliveries for selected streaming services at reduced rates. You can also get benefits for food delivery with multiple merchants.

Rates and Fees of Chase Sapphire Preferred Card

Compared to other travel cards, or even with Sapphire Reserve, Chase Sapphire Preferred card offers low-interest rates and a few fees. The card charges an annual fee of $95, which is reasonable for a Visa Signature card. You can balance the Fee with any reward offer by spending some $100 monthly. In comparison, the Sapphire Reserve card charges an annual fee of $550, which is very high.

Foreign transactions fee means additional charges on every purchase for trips or shopping with international retailers outside the US. Chase Sapphire Preferred does not charge any fee for foreign transactions. In comparison, other travel cards charge a 3% foreign transaction fee on each purchase outside the United States. With Sapphire Preferred, you don't need to worry about the charges.

Like other travel-specific cards, Chase Sapphire Preferred card does not offer a 0% intro APR offer on balance transfers and all purchases. If you have a balance, the card requires you to maintain a regular APR ranging from 17.49% to 24.49%. This regular APR requirement is high compared to other travel cards.

How the Chase Sapphire Referred Card Compares to Other Rewards Cards

Chase Sapphire Preferred card offers unique rewards and benefits that are not similar to other cards. Sapphire Preferred card beautifully maintains a balance between its benefit and rewards offers. There are many differences between the Chase Sapphire Preferred card and other rewards cards. The differences include an annual fee, welcome offer, rewards structure, and intro APR offer.

Chase Sapphire Preferred® Card vs. Chase Sapphire Reserve®

There are similarities between the Chase Sapphire Preferred card and the Chase Sapphire Reserve card. But Sapphire Reserve is an overall high travel card. It charges an annual fee of $550, which is high for any Visa Signature card. The card offers 50% points if you book your travel via Chase. You can also get this offer by using the Pay Yourself Back Feature.

With this card, you can earn high travel perks, including access to selected airport lounges, free bag checking, and free credit for the Global Entry application. The card also offers multiple rewards to cardholders with high travel expenses and an annual travel credit offer of $330. The rewards rates of the Sapphire Reserve card are 1x to 5x, whereas the Sapphire Preferred card has a 2x to 5x rewards rate.

 Chase Sapphire Preferred card offers an annual fee of $95. It requires a good to excellent credit score of 670 to 850. The Sapphire Reserve card needs an excellent credit score of 750 or above. Moreover, Sapphire Reserve requires a regular APR of 18.49% to 25.49%, and Sapphire Preferred needs a regular APR of 17.49% to 24.49%. Both cards offer an intro offer of 60,000 bonus points.

Chase Sapphire Preferred® Card vs. American Express® Gold Card

American Express Gold Card is the best credit card for earning multiple rewards on purchases for dining and supermarkets in the United States. The card offers an excellent offer of four Membership Rewards points on every $1 spent on restaurants, takeaways, or delivery expenses. You can also earn four Membership Rewards points on every dollar for the purchase of $25,000 annually.

Chase Sapphire Preferred Card and the American Express Gold Card offer intro offer to cardholders. Both have 60,000 points for users as a welcome bonus offer on the purchase of $40,000 made within the first six months. The card also offers 3 Membership Rewards points on each dollar spent on flights booked via American Express travel and 1 point on every dollar spent on all other eligible purchases.

The travel insurance and travel protection offers of both cards are similar. Both cards offer extended warranty protection and travel perks. But Chase Sapphire Preferred card has the lowest annual Fee of $95, whereas American Express Gold Card charges an annual fee of $220. The card offers the benefits of Uber Cash for $120, while the Sapphire Preferred card does not have this offer.

Chase Sapphire Preferred® Card vs. Chase Freedom Unlimited®

Chase Freedom Unlimited credit card offers a 5% cash back on all purchases on travel via Chase Ultimate Rewards; a 3% cash back offer on purchases for dining and drugstores. It also offers a 1.5% cash back on all other purchases. The card offers flexible and reasonable rewards rates on all purchases. You can also earn 1 cash point on every$1 for general purchases outside the bonus categories.

The Chase Sapphire Preferred card charges an annual fee of $95, whereas the Chase Freedom Unlimited card has no annual fee. The card offers an intro offer or welcomes a bonus offer of 1.5% cash back with spending of $20,000 made within the first twelve months. This welcome offer is great for cardholders who do not spend on many purchases.

Freedom Unlimited and Sapphire Preferred cards have similar travel coverage and protection perks. Both cards offer insurance for car rental collisions, damage, or theft. You can earn points using the referral rewards program with both cards. The insurance offers of Sapphire Preferred are better than that of Freedom Unlimited Card. This card offers secondary insurance only.

Chase Sapphire Preferred Card vs. Capital One Venture card

The Chase Sapphire Preferred offers numerous flexible and versatile offers to users. With this card, users earn points on each and everything. You can get 1x points on the purchases, including a new laptop or paying off insurance. If you are not getting big rewards, you can still earn 1x cash points for every dollar spent on all purchases.

If you are not getting much from the Sapphire Preferred card, the other best option is the Capital One Venture Rewards credit card. The card offers a 2x rewards rate for all types of purchases. You are required to be more specific with travel airlines or merchants. Also, you can redeem your miles via Capital One Venture for all purchases without losing any points value.

Sapphire Preferred and Capital One Venture cards offer the same annual Fee of $95. It means you must spend a minimum of $4000 or related to the balance fee with rewards. The rewards rates of 2x to 5x are similar to both cards. Venture card offers a high welcome bonus offer of 75,000 miles, whereas Sapphire Preferred offers 60,000 points as an intro offer.

Chase Sapphire Preferred Card vs. Citi Premier Card

Many perks and benefits of the Citi Premier card are similar to that of the Chase Sapphire Preferred card. But there are additional ways to earn rewards with the Citi Premier card. The card offers 3x rewards points on hotel stays, dining and restaurant, airlines, and gas station purchases. The card is best for users who want multiple rewards and redemption offers.

The Citi Premier card does not require travel booked from specific airlines or online grocery stores, which is the opposite of the Sapphire Preferred card. Also, you will get $100 savings if you spend $500 or above on hotel stays. The drawback is that redeemed points are not worthy compared to the Sapphire Preferred credit card.

Citi Premier card offers a short list of travel and airline partner to whom you can transfer your cash points. In comparison, the Sapphire Preferred card has a wide variety of partners for hotel and travel. The Citi Premier card rewards structure is 1x to 3x, while Sapphire Preferred offers rewards rates of 2x points to 5x points.

Is the Sapphire Preferred Credit Worth It?

With an overall comparison, the Chase Sapphire Preferred credit card is the best travel card. Its dining rewards, welcome offers, bonus, and redeeming categories are unique and amazing compared to other travel cards. The upgraded rewards and new bonus offers of the card have increased its value.

The biggest perk of the Chase Sapphire Preferred card is its low rate annual fee. It charges an annual fee of $95, which is reasonable and low compared to other cards. For instance, the Chase Sapphire Reserve card charges an annual fee of $550. Moreover, the reliable rewards program and card pairing options make it exceptional among others.

Frequently Asked Questions (FAQs)

Now that you have learned about Chase Sapphire Preferred card let us look at some general questions people have about the card.

What Are the Benefits of the Preferred Credit Card by Sapphire?

Chase Sapphire Preferred credit card offers multiple perks and benefits to users. Some of them are listed below:

  • A welcome bonus of 60,000 points on the spending of $4,000 within the first three months.
  • Statement credit of $50 for hotel stays only for the booking via Chase Ultimate Rewards.
  • Insurance for Baggage delays.
  • Reimbursement for the trip delay.
  • Multiple services for travel and emergency assistance.
  • Protection on purchase.
  • Extended warranty protection.

How Hard Is It to Get Approved for the Sapphire Preferred?

To qualify for the Chase Sapphire Preferred card, users must have a good to excellent credit score. A good to excellent credit score ranges from 670 to 800 or above. If your credit score falls somewhere between good to an excellent level, you can easily qualify for the Chase Sapphire Preferred card.

What Is the Highest Credit Limit for the Sapphire Preferred?

No high credit limit for Chase credit cards is mentioned on its official website. As we see the history, Chase's credit limit reached over $10,000 and $20,000. If you have qualified for the Chase Sapphire Preferred card, you can get a minimum credit limit of about $5,000. Chase cards are Visa Signature cards, so the official minimum credit limit starts from $5,000.

How Do I Activate My Sapphire Preferred Card?

There are two ways to activate Chase Sapphire Preferred card; online or over the phone.

For online activation:

  • Visit the Chase Verify website.
  • Provide your log-in details if you have a preexisting account or create a new Chase account by signing up.
  • After opening the account, find your new card and tap on the 'activation' button.

For activation over the phone:

  • Make a call on 800-432-3117.
  • When you hear about card activation, type the last four digits of your credit card.
  • Follow the instructions given by the operator, or you can also contact the Chase representative.

How Often Can You Get Chase Sapphire Bonus?

Each Chase Sapphire Preferred card offers a welcome bonus to its new customer. Users can get the intro bonus offer after every forty-eight months. There are two bonus rewards of the Chase Sapphire Preferred card: a sign-up bonus and a Reserve sign-up bonus.

How to Redeem Chase Sapphire Points?

Chase Sapphire Preferred credit card offer Chase Ultimate Rewards. You can redeem these rewards points in multiple ways. These include the Travel Portal of Chase, where you can use the points on hotels, flights, and car rentals. You can also use Chase's Pay Yourself Back option to spend on special events, theme park tickets, and eligible purchases.

You can transfer your rewards points to partners of hotels and airlines. Redeem your points; you can use their loyalty programs at reasonable interest rates. You will be charged a penny at each point for the redemption. Also, points can be redeemed for purchasing merchandise, gift cards, or cash back. Moreover, cash points can also be used for spending with PayPal or Amazon.

Article written by Robert Ferry
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