The Chase Sapphire Preferred® Card has always been a favorite among travelers, and now it offers even more reasons to love it. The big sign-on bonus and recently introduced additional perks have elevated this card’s appeal, making it a must-have for those seeking flexible and valuable travel rewards.
With the introduction of Chase Ultimate Rewards® points and the option to use the Pay Yourself Back℠ program or the Chase Ultimate Rewards® portal, each reward carries a value of 1.25 cents. In this article, we will explore the impressive benefits that the Chase Sapphire Preferred® Card brings to the table.
Chase Sapphire Card Pros and Cons:
Pros:
- 60,000 sign-on bonus points after spending $4,000 on purchases within the first 3 months after opening an account. That’s equivalent to $750 when redeemed through Chase Ultimate Rewards®.
- Enjoy a $50 Chase Ultimate Rewards® annual hotel credit.
- Earn 5X points on travel when purchased through Chase Ultimate Rewards®.
- Earn 3X points on dining, including select delivery services, takeout, and dine-out.
- Earn 3X points on select streaming services.
- Receive 3X points on grocery store purchases (excluding Target, Walmart, and wholesale clubs).
- Get a 10% anniversary point bonus based on your total spending from the previous year.
- No foreign transaction fees.
- Additional benefits include Trip Cancellation/Trip Interruption Insurance and an Auto Rental Collision Damage Waiver.
Cons:
- An annual fee of $95.
- Reward redemption can be complicated.
- Requires good/excellent credit score.
- Not for people looking for a simple cashback card.
Learn how to apply for the Chase Sapphire Preferred® Card.
Who Would Benefit the Most from the Chase Sapphire Preferred® Card?
The Chase Sapphire Preferred® Card offers exceptional value for travel rewards, making it an ideal choice for people who travel often or those who are looking to travel more this year.
However, if you don’t like annual fees and don’t want to be tied to the Chase Ultimate Rewards® travel portal for redeeming your points, a simpler cashback card may be best for you.
Eligibility for this card requires not currently holding the Chase Sapphire Preferred® Card (or Reserve card) and not having received a new cardmember bonus for the Chase Sapphire Preferred® Card (or Reserve) within the past 48 months. Even if you are an authorized user on someone else’s Chase account, you can still apply for your own Chase Sapphire Preferred® Card.
How to Redeem Your Chase Ultimate Rewards®:
One of the unique aspects of the Chase Sapphire Preferred® Card is that you have four options to redeem your points. While on the surface this sounds a bit confusing, for those willing to put in the time to choose the best option for their desired outcome, it can give you flexibility and help maximize the value of your rewards.
- Trade in Your Points for Cashback:
If you don’t plan on traveling and don’t want to stockpile your points for a trip, opting for cashback redemption through statement credit, check, or direct deposit is a good way to turn your monthly spend into cold hard cash. Each Chase Ultimate Rewards® point is worth 1 cent, so your 60,000 bonus points can fetch $600 in cashback.
You can increase the value of points by 25% by utilizing the Pay Yourself Back℠ feature when redeemed for a statement credit in select rotating categories, potentially making your bonus worth $750.
Or… you could take the cash and put it into your Vanguard fund.
- Book Travel Through the Chase Ultimate Rewards® Portal:
While we’re not usually a fan of booking flights and travel through third-parties due to the headaches associated with flight changes and/or rebooking canceled trips, if you want to maximize your Chase points for travel, booking directly through Chase’s portal can give your points a substantial boost. With the Chase Sapphire Preferred® Card, each point gets a 25% bonus, making them worth 1.25 cents, meaning your 60,000 points equate to $750 in Chase Ultimate Rewards® travel dollars, which can cover a significant portion of your travel expenses.
- Trade Your Points for Experiences:
If you love going to concerts, sports events, and/or dining experiences, the Chase Ultimate Rewards® program allows you to trade in your points for exclusive events tailored to your card.
- Transfer Your Points to One of Chase’s Airline & Hotel Partners:
Chase offers various airline and hotel partners to which you can transfer your points. This option provides tremendous flexibility and rewards for frequent travelers.
1:1 transfer partners include:
- United
- Southwest
- JetBlue
- British Airways
- Aer Lingus
- Virgin Atlantic
- Marriott
- Hyatt
- IHG
- Iberia Plus
Do Chase Sapphire Preferred® Card Points Expire?
As long as your card account is active, your rewards never expire. You can even combine your Chase Ultimate Rewards® points with those of your spouse or transfer points between authorized users.
Credit Score and Requirements for Getting a Chase Sapphire Preferred® Card
Like most credit cards that offer fantastic rewards, the Chase Sapphire Preferred® Card requires you to have good credit (the average qualifying score is 690). In addition, Chase uses what they call the Chase 5/24 rule to determine eligibility. This rule states that they will likely deny you if you have opened five personal credit accounts in the last 24 months.
Another thing to keep in mind is Chase only allows cardholders to have one Sapphire card at a time, meaning you cannot hold both the Chase Sapphire Preferred® Card and the Reserve card simultaneously.
If you’d like to apply for the Chase Sapphire Preferred® Card, here’s a special link that will help the blog earn a small commission.
