Chase Sapphire Preferred Credit Card Review
January 6, 2020
Get rewarded with the Chase Sapphire Preferred
If you’re a frequent traveler and have good to excellent credit, you can get big rewards by using the Chase Sapphire Preferred credit card. This card comes with tons of travel perks, starting with double points on travel and dining purchases. Spend $4,000 on purchases with this card within the first three months, and you’ll rack up 60,000 bonus points, enough for $750 worth toward travel.
Booking travel-related expenses with your Chase Sapphire Preferred card can get you more bonus perks and discounted rates when you book through Chase Ultimate Rewards. And with no foreign transaction fees, you can use your card abroad as much as you’d like without having to worry about tacked-on costs.
What to expect from the Chase Sapphire Preferred
- APR: 17.74%-24.74% variable APR
- Annual Fee: $95
- Reward Rates: Earn 2x points on travel and dining at restaurants, including flights, hotels, coffee shops and fine dining. Earn one point per dollar spent on all other purchases, worth $0.01 cash each. Rewards have no blackout dates, no expiration dates and no points limit.
- Intro Offer: Get 60,000 bonus points after you spend $4,000 on purchases in the first three months from the account opening, which is worth $750 for travel purchases when redeemed through Chase Ultimate Rewards. You can get these points if you don’t have a Sapphire card and haven’t received a new cardholder bonus in the past 48 months for a Sapphire card.
- Get 25% more point value when you redeem points for travel for items like airline tickets, cruises, hotel stays and car rentals through Chase Ultimate Rewards.
- The Chase Sapphire Preferred card comes with trip cancellation/interruption insurance. This means if you miss out on your trip or you have to leave early because of a covered event like an illness or inclement weather, you can be reimbursed up to $10,000 per person and $20,000 per trip for non-refundable pre-paid travel expenses like airline fares, hotels and tours you’ve purchased with your card.
- The auto rental collision damage waiver enables Chase Sapphire Preferred cardholders to refuse the rental car company’s accident insurance and charge the entire cost of rental to the card. Coverage includes reimbursement up to the vehicle’s actual cash value and accident damage for most rental cars in the United States and in other countries.
- The Chase Sapphire Preferred card purchase protection feature covers new purchases for 120 days against damage or theft up to $500 per claim and $50,000 per account.
- Extended warranty protection increases a U.S. manufacturer’s warranty period by a year on eligible warranties.
- Baggage delay insurance and trip reimbursement help you get money back for items you have to purchase because of delays. Even better, if you’re stuck in a city because of an airline delay, you’ll be covered for food and hotel stays.
- Travel and emergency assistance services provide legal and medical referrals or other travel and emergency assistance if you run into a problem away from home. The cardholder is responsible for the cost of any goods or services obtained.
- This card has no foreign transaction fees, saving you big abroad.
- Cardholders have access to a 24/7 customer service specialist access any time, from anywhere in the world.
- If you have a Chase Sapphire Preferred credit card, you can earn 15,000 bonus points for each referral who gets approved for the card, up to 75,000 bonus points per year.
But keep your eyes open for pitfalls
The $95 annual fee may be hefty, especially if you’re not a frequent traveler or don’t dine out frequently. Speaking of which: if you don’t travel or dine out much, you may be interested in cards where you get better rewards for general purchases. For example, you can get 2% cash back on all purchases with the Citi Double Cash Card. That may be more valuable if your spend goes more toward non-travel items.
Other Chase rewards cards come with no annual fees and higher cash back rewards percentages for other categories. For example, the Chase Freedom has a $0 annual fee, and cardholders can earn 5% cash back on up to $1,500 in combined purchases from specific bonus categories.
The Discover it® Cash Back credit card is another card with flexible rewards, similar to the Chase Freedom card with an additional cash back match reward on first-year purchases.
If you are looking for a travel rewards credit card without an annual fee, the Discover it® Miles card provides unlimited 1.5x miles for every dollar spent on all purchases. At the end of the first year, miles are matched automatically.
How to maximize your Chase Sapphire Preferred rewards
To get the most rewards from your Chase Sapphire Preferred rewards card, you’ll want to use it on your travel- and dining-related purchases, including airfare, hotels and restaurants. Use it when traveling abroad, if your other cards have international fees. Get more value out of your points by spending them in the Chase Ultimate Rewards portal, which provides travel redemption and transfer partner options that can give your points a bonus boost.
For bonus coverage like the Trip Delay Reimbursement and Auto Rental Collision Damage Waiver, you must use your Chase Sapphire Preferred card. You may choose to pair the Chase Sapphire Preferred card with another rewards card to maximize travel and cash rewards by choosing the appropriate card to spend with. You could pair it with another Chase rewards card to maximize your Chase points or another brand of card to increase the cash rewards you’re awarded.
Frequent travelers and those who dine out often should look into credit cards that reward them for it. The Chase Sapphire Preferred credit card is one of those cards, where the $95 annual fee may be worth it considering the bonus points offer is worth $750 in travel alone.
When pairing this card with other cash back rewards cards, you can make all travel and dining-related purchases and potentially earn more points and more cash back. And if you do travel abroad often, you’ll want a card with no foreign transaction fees, like this one provides.
Compare the Chase Sapphire Preferred card against other travel cards, including the Venture Rewards from Capital One. This card provides unlimited 2x miles with 50,000 bonus miles after spending $3,000 on purchases with the card within the first three months, plus a $0 intro annual fee for the first year.