Chase Sapphire Preferred Review
The Chase Sapphire Preferred is a popular credit card for travel enthusiasts. It offers a range of benefits, including generous travel rewards, bonus points, and travel insurance coverage. This review dives into its features, pros, and cons, helping you decide if it's the right card for you.
The Chase Sapphire Preferred credit card is a popular choice for travelers and individuals who want to earn rewards on their everyday spending. It's important to note that credit card terms and benefits can change over time, so I recommend checking the latest information on Chase's website or other reliable sources for the most up-to-date details. However, I can provide a general review of the Chase Sapphire Preferred based on its features up to that point:
Key Features and Benefits:
Sign-Up Bonus: At the time of my last update, the Chase Sapphire Preferred offered a substantial sign-up bonus to new cardholders. This bonus typically included a large number of bonus points when you spent a certain amount within the first few months of card membership.
Rewards Program: This card allows you to earn points through the Chase Ultimate Rewards program, which is known for its flexibility. You can earn extra points on dining and travel-related expenses, making it a popular choice for frequent travelers and food enthusiasts.
Transfer Partners: Chase Sapphire Preferred cardholders can transfer their points to various airline and hotel loyalty programs, often at a 1:1 ratio. This can enhance the value of your points, especially if you use them for premium travel experiences.
Travel Protection Benefits: The card offers various travel-related protections, including trip cancellation/interruption insurance, rental car insurance, and travel accident insurance.
No Foreign Transaction Fees: This card typically doesn't charge foreign transaction fees, making it a great choice for international travelers.
Annual Fee: There is an annual fee associated with the card, but it's usually moderate compared to other premium travel rewards cards.
Purchase Protection: The card may include purchase protection benefits that cover damaged or stolen items purchased with the card.
Credit Score Requirements: To be eligible for the Chase Sapphire Preferred, you generally need a good to excellent credit score.
Annual Fee: As of my last update, the card had an annual fee. However, the value you get from the rewards and benefits can often outweigh this fee for frequent travelers.
Points Redemption: You can redeem points for a variety of options, including travel, cash back, gift cards, and more. Redemption values may vary, so it's a good idea to explore the best redemption options for your needs.
Drawbacks:
Annual Fee: While the annual fee is relatively low compared to some premium cards, it may not be ideal for individuals who don't travel frequently or spend heavily on dining.
Credit Score Requirement: The card's credit score requirement means it's not suitable for individuals with poor or fair credit.
Category Spending: While the card offers bonus points for dining and travel, other cards might provide higher rewards rates in specific categories.
Interest Rates: Like many rewards credit cards, the Chase Sapphire Preferred may have a higher APR, so it's important to pay off your balance in full each month to avoid interest charges.
Before applying for the Chase Sapphire Preferred or any credit card, it's crucial to review the terms, benefits, and current offerings to ensure they align with your financial goals and spending habits. Credit card terms can change over time, so always check the latest information provided by Chase before making a decision.
Is the Chase Sapphire Preferred credit card worth it?.
Whether or not the Chase Sapphire Preferred credit card is worth it depends on your individual spending habits and travel goals.
Here are some of the pros and cons of the card:
Pros:
- Sign-up bonus: Earn 60,000 bonus points after spending $4,000 on purchases within 3 months of account opening. These points are worth $750 in travel when redeemed through Chase Ultimate Rewards, or $600 cash back.
- Rewards: Earn 2 points per $1 on travel and dining, and 1 point per $1 on all other purchases.
- Travel benefits: Get 25% more value on travel booked through Chase Ultimate Rewards, primary rental car insurance, trip cancellation/interruption insurance, and lost luggage reimbursement.
- No foreign transaction fees: Use your card overseas without paying any foreign transaction fees.
Cons:
- Annual fee: $95 annual fee.
- Points redemption: Chase Ultimate Rewards points are worth the most when redeemed for travel booked through Chase Ultimate Rewards. However, they can also be redeemed for cash back, statement credits, merchandise, and gift cards at a lower value.
- Credit score: Good/excellent credit score required (670+).
If you value travel and dining rewards, and you're willing to pay the annual fee, the Chase Sapphire Preferred credit card can be a good option for you. The sign-up bonus is also very generous, making it a good card to sign up for if you're planning a big trip in the near future.
However, if you don't travel often or you're not interested in travel rewards, there are other credit cards with lower annual fees and better rewards for other types of spending.
Here are some things to consider when deciding if the Chase Sapphire Preferred credit card is right for you:
- How much do you spend on travel and dining? If you spend a lot of money on travel and dining, the Chase Sapphire Preferred credit card can be a good way to earn rewards on your spending.
- How much do you value travel rewards? If you value travel rewards, the Chase Sapphire Preferred credit card can be a good option for you. You can redeem Chase Ultimate Rewards points for travel booked through Chase Ultimate Rewards, cash back, statement credits, merchandise, and gift cards.
- Are you willing to pay the annual fee? The Chase Sapphire Preferred credit card has a $95 annual fee. If you're not willing to pay an annual fee, there are other credit cards with lower annual fees or no annual fees.
- What is your credit score? A good/excellent credit score is required to qualify for the Chase Sapphire Preferred credit card. If you have a lower credit score, there are other credit cards that you may be able to qualify for.
I hope this information is helpful. Please let me know if you have any other questions.