In this Chase Sapphire Preferred® Card review, we’ll look at who the card is for, its credit score requirements, key characteristics, and more.
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Let’s dive in.
The Chase Sapphire Preferred credit card should be top-of-list for anyone in the market for a solid travel rewards card.
This Sapphire card is also ideal for those new to travel rewards who are looking for an introduction to the world of points and miles.
The Chase Sapphire Preferred card has long been a consumer favorite, packed with a solid rewards rate and a generous welcome offer.
The card issuer even recently updated its earning rates, making it even easier for cardmembers to earn rewards. As a result, even if you’re not booking any major trips, this Chase card will offer a comfortable way of earning rewards that you can put towards any future vacation.
However, before we get into the rewards, let’s take a look at the credit score you should have to qualify for this Chase credit card:
You’ll have a good shot of approval for this Chase card if you have a good credit score (670+) and an even better shot if your credit score is over 700.
Most applicants with a score below 650 will likely not qualify.
However, many factors will contribute towards your approval odds, including Chase’s 5/24 rule. This rule states that if you’ve opened five or more credit cards within the last 24 months, you probably won’t be approved, regardless of your credit history.
Why is this rule in place?
It’s there to prevent people from taking advantage of a credit card’s welcome bonus, only to cancel the card before the first payment is due.
Chase’s Sapphire Preferred card includes an annual fee of $95.
This may sound like a lot, but the Sapphire Preferred is far more accessible than Chase’s premium travel card, Sapphire Reserve®.
For reference, Reserve cardmembers are subject to an annual fee of $550. However, Sapphire Reserve cardmembers tend to be frequent travelers, and the card issuer has ensured that the rewards there are well worth the fee.
Now, back to the Chase Sapphire Preferred card.
There are a couple of other fees associated with this Chase credit card, including:
- Balance transfer fee - Either $5 or 5% of each transaction, whichever is greater.
- Cash advance fee - Either $10 or 5% of each transaction, whichever is greater.
- There are also some penalty fees. Both a late payment and a returned payment will incur a charge up to $40.
Most importantly, the Sapphire Preferred comes with a $0 foreign transaction fee, making it the ideal card for your trip abroad.
The Chase Sapphire credit card includes a regular variable APR of 15.99% to 22.99% based on your creditworthiness. The same variable APR applies when making a balance transfer.
Additionally, there’s a variable cash advance APR of 24.99%.
Note that both late payment and a returned payment are subject to a penalty APR of up to 29.99%. If Chase applies the penalty APR, it may remain in effect indefinitely. Typically, penalty APRs last around six months but can be extended with repeat late payments.
Chase cardholders get to enjoy an array of benefits, including:
- Travel coverage - If severe weather or sickness results in a delayed or canceled trip, Chase may reimburse you up to $10,000 per person and $20,000 per trip for eligible prepaid, non-refundable travel expenses.
- Purchase protection - The Chase Sapphire Preferred covers new eligible purchases for up to 120 days against damage or theft. You’re covered up to $500 per claim and $50,000 per account.
- Auto Rental Collision Damage Waiver - You’ll receive primary coverage and reimbursement up to the vehicle’s actual value. All you need to do is charge the entire rental cost to your card and decline the rental company's insurance. This covers the theft and collision of a number of rental cars in the US and abroad.
- Baggage delay insurance - Sapphire Preferred cardholders can be reimbursed for baggage delays of over 6 hours, awarding up to $100 per day for 5 days.
- Complimentary DoorDash DashPass membership - Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for at least one year on qualifying food purchases with DashPass. Note that this must be activated by March 31, 2022.
Next, let’s take a closer look at some of the defining features of the Chase Sapphire Preferred card.
Chase has packed tons of benefits into their Sapphire Preferred card. Below are some of the most prominent:
- High rewards rate in several categories - Each Chase Sapphire Preferred point is worth 1 cent apiece. As a cardholder, there are several means of earning points:
* 5x points per dollar spent on travel purchased through the Chase Ultimate Rewards® portal. Plus, you can enjoy a $50 annual Ultimate Rewards Hotel Credit.
* 3x points for every dollar you spend on dining at eligible restaurants.
* 2x points for other eligible travel purchases you make.
- You will also earn an anniversary bonus. For each account anniversary, cardmembers earn bonus points equal to 10% of their total spending in the previous year. For example, if you spent $25,000 last year, you’ll earn 2,500 bonus rewards points.
- Flexible redemption options - Chase Ultimate Rewards points are some of the most flexible available, offering several redemptions options, including:
* Transferring to travel partners - You can transfer your Ultimate Rewards points on a 1:1 basis with any of their 12+ travel partners, including Marriott, JetBlue, British Airways, Hyatt, and more.
* Pay Yourself Back℠ - With Chase’s Pay Yourself Back program, you get a 25% bonus when redeeming your Chase points for a statement credit towards eligible purchases.
* Gift cards - You can redeem Chase points for gift cards through the credit card reward portal or the Chase Mobile® app. Chase offers a variety of gift card options, ranging from restaurants to department stores and entertainment services.
- Earn 60,000 bonus points when you spend $4,000 on purchases in your first three months of opening your Chase Sapphire card account. That equates to $750 when redeeming them through Chase Ultimate Rewards.
- High credit limit - As a Sapphire Preferred cardholder, you are eligible for a minimum credit limit of $5,000. Your credit score will be the deciding factor in this, so many Preferred cardholders with excellent credit scores are eligible for $10,000 or more.
- Access the Chase Sapphire Lounge - Chase recently entered the airport lounge game with the Chase Sapphire Lounge. Their premium airport lounges are currently available at New York’s LaGuardia Airport, Boston Logan International Airport, and Hong Kong International Airport.
- No introductory APR - While some credit cards will offer new cardmembers an introductory 0% APR on purchases and balance transfers, the Sapphire Preferred doesn’t. However, this is common among travel-focused credit cards.
- No foreign transaction fee - This card carries no additional costs for purchases made outside of the United States, making this an ideal card for frequent flyers.
- My Chase Plan℠ - With My Chase Plan, cardholders can split eligible transactions of $100 or more into fixed monthly payments. There are no interest charges, just a fixed monthly fee per plan. Simply select your payment plan options ranging from 3-18 months, and Chase will give you a breakdown of your payments.
Next, let’s look at some alternatives to the Chase Sapphire credit card:
The Chase Sapphire Preferred is a well-rounded tiered bonus category rewards credit card. Whether you’re a seasoned traveler or are new to credit card rewards, you’ll find the Chase Sapphire Preferred to be a solid option.
High reward rates, flexible redemption options, and a generous welcome bonus for a relatively low annual fee make it a highly sought-after travel rewards card.
You can apply for this card here.