The Chase Sapphire Preferred® Card is a popular choice among travelers and rewards enthusiasts. It offers a robust rewards program, valuable travel benefits, and flexibility in redeeming points. This guide will delve into the key features of the Chase Sapphire Preferred® Card, its benefits, and the application process.
Key Features
1. Reward Structure
The Chase Sapphire Preferred® Card is renowned for its versatile rewards program. Cardholders earn 2x points on travel and dining at restaurants, including eligible delivery services, and 1 point per dollar spent on all other purchases. These points are earned through the Chase Ultimate Rewards® program, which provides a significant value when redeemed for travel or other rewards.
2. Welcome Bonus
One of the most attractive features of the Chase Sapphire Preferred® Card is its generous welcome bonus. New cardholders can earn 60,000 points after spending $4,000 on purchases in the first three months from account opening. This bonus is worth $750 when redeemed for travel through the Chase Ultimate Rewards® portal. This substantial offer is a key incentive for many applicants.
3. Introductory APR Offer
The Chase Sapphire Preferred® Card does not offer an introductory APR on purchases or balance transfers. However, it does provide a competitive ongoing APR that is variable based on creditworthiness. Cardholders should be aware of this when planning large purchases or balance transfers.
4. Annual Fee
The Chase Sapphire Preferred® Card comes with an annual fee of $95. While this fee is not waived in the first year, the card’s benefits and rewards often outweigh the cost, making it a worthwhile investment for frequent travelers and diners.
5. Travel Benefits
The Chase Sapphire Preferred® Card offers numerous travel-related benefits:
- Trip Cancellation/Interruption Insurance: Provides coverage for expenses incurred due to trip cancellations or interruptions caused by covered reasons.
- Travel Accident Insurance: Offers coverage for accidental death or dismemberment while traveling.
- Auto Rental Collision Damage Waiver: Provides coverage for rental cars in case of collision or theft when the rental is paid with the card.
- Travel and Emergency Assistance Services: Offers assistance for emergencies while traveling, including medical and legal referrals.
6. Redemption Options
Points earned with the Chase Sapphire Preferred® Card can be redeemed in various ways:
- Travel: Points can be redeemed for travel through the Chase Ultimate Rewards® portal, with a 25% bonus on travel redemptions, effectively making each point worth 1.25 cents.
- Cash Back: Points can be converted to cash back as a statement credit or deposited into a bank account.
- Gift Cards: Redeem points for gift cards from popular retailers.
- Experiences: Points can be used for unique experiences like exclusive events or concerts.
7. Transfer Partners
One of the most compelling features of the Chase Sapphire Preferred® Card is its ability to transfer points to Chase’s airline and hotel partners at a 1:1 ratio. This includes popular partners such as United Airlines, Southwest Airlines, British Airways, Hyatt, and Marriott. This flexibility allows cardholders to maximize the value of their points through frequent flyer programs and hotel loyalty programs.
How to Apply for the Chase Sapphire Preferred® Card
1. Check Your Credit Score
Before applying for the Chase Sapphire Preferred® Card, it is important to check your credit score. Generally, a good to excellent credit score (700 or above) is required to be approved for this card.
2. Gather Required Information
Prepare the necessary information for the application process:
- Personal details: Name, address, and Social Security number
- Employment and income information
- Financial information, including any existing debts and monthly expenses
3. Apply Online
The most efficient way to apply for the Chase Sapphire Preferred® Card is through the Chase website. Navigate to the credit card section and select the Chase Sapphire Preferred® Card. Click on the “Apply Now” button and fill out the online application form with your details.
4. Review and Submit
Ensure all information is accurate before submitting your application. Chase will review your application and may provide a decision immediately or request additional information, which could delay the process.
5. Card Activation and Use
Once approved, you will receive your Chase Sapphire Preferred® Card in the mail. Follow the activation instructions to activate your card. You can then begin using your card to earn rewards and enjoy its benefits.
Conclusion
The Chase Sapphire Preferred® Card stands out as a premium rewards card that offers significant value, especially for those who travel frequently or dine out often. With its robust reward structure, substantial welcome bonus, and valuable travel benefits, it is a strong contender for those seeking to maximize their rewards potential. While it does come with an annual fee, the rewards and benefits provided often outweigh the cost, making it a popular choice among cardholders.
Whether you’re looking to earn points on everyday purchases, enjoy travel benefits, or redeem rewards for exciting experiences, the Chase Sapphire Preferred® Card offers a compelling package that can enhance your financial strategy and travel experiences.
