Chase Sapphire Preferred® Card Review

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chasesapphirepreferred

If you’re looking for a credit card with robust travel rewards, stellar buyer protection benefits, and generous bonus points, Chase Sapphire Preferred® Card may be a good choice. I think it is one of the best cards for travel thanks to various rewards partners, its outstanding points values, and flexible redemption options.

Learn More: Best Balance Transfer Credit Cards

In addition to Chase Sapphire Preferred® Card travel benefits, other rewards and perks make this card an attractive option. Take a look to learn more about the interest rate, annual fee, rewards, and other features to help you decide if this card is right for you.

At a Glance

Annual FeeIntroductory annual fee of $0 for the first year, then an ongoing annual fee of $95
Foreign transaction fee $0
Rewards program 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases worldwide
Bonus
Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®

Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening.
We think it's good for:
People who primarily use their card for travel and dining at restaurants

People who are looking for a large bonus

People who travel internationally
We think these folks should keep looking: People who aren’t frequent spenders

People who don't travel often

Chase Sapphire Preferred® Card review: APR and other fees

Before you think about the attractive rewards associated with this card, consider the annual percentage rate (APR) and other fees that contribute to the cost of owning the Chase Sapphire Preferred® Card.  The Chase Sapphire Preferred® Card has no introductory APR (Annual Percentage Rate); the variable APR for purchases and for balance transfers is currently 16.99% – 23.99%, based on an applicant’s creditworthiness, and this variable rate will fluctuate along with the Prime Rate. Balance transfers incur a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater.

The variable APR for cash advances is currently 25.99%. If you choose to take a cash advance, expect to pay a cash advance fee of either $10 or 5% of the amount of each transaction, whichever is greater.

The Chase Sapphire Preferred® Card has no foreign transaction fee, which is nice for consumers who need a credit card for use outside the U.S. Many other cards charge 2-3% for each transaction made in another country.

Another Rewards Card: Discover it® – Cashback Match™ Credit Card Review

Chase offers an introductory annual fee of $0 for this card the first year, and an ongoing annual fee of $95 beginning the second year. The late payment fee ranges from up to $15 to up to $37 based on the card’s balance. Chase also charges up to $37 for returned payments.

Chase Sapphire Preferred® Card rewards and benefits

To start off strong, Chase offers 50,000 bonus points to new card members who qualify and who spend $4,000 on purchases in the first three months from account opening. That’s $625 toward travel when you redeem the points through the Chase Ultimate Rewards® shopping portal.  You can also earn another 5,000 bonus points after adding an authorized user and making a single purchase within the first three months of opening the account.

Beyond the bonuses, the Chase Sapphire Preferred® Card rewards program offers 2X points on travel and dining at restaurants and 1 point per dollar spent on all other purchases worldwide.

Learn More: Best Low Interest Credit Cards

chasesapphirepreferred

Cardholders can opt to transfer points to some of the leading airline and hotel loyalty programs at a 1:1 point transfer.

Other benefits for travelers with the Chase Sapphire Preferred® Card include Trip Cancellation/Trip Interruption Insurance and Auto Rental Collision Damage Waiver. These benefits are available when you use your card. Once your account is opened Chase will send you a Guide to Benefits, which includes an explanation of what travel and purchase benefits are covered and any restrictions, limitations and exclusions that apply.

Finally, Chase helps you get the most out of your reward points with 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 50,000 points are worth $625 in travel credit if you book through Chase Ultimate Rewards®.

Maximize your points for epic travel redemptions

The Chase Sapphire Preferred® Card is a great travel card to help you work toward your travel goals. It’s a card that I have and continue to use to earn valuable Chase Ultimate Rewards® points.

  • Before applying for any credit card, set a travel goal
  • Know your credit score
  • Identify a great travel card that fits your credit profile and offers rewards you can use
  • Learn how to maximize your points

If traveling is not your thing, you can use your Chase Ultimate Rewards® points for cash back in the form of statement credits, on merchandise, for gift cards, or for experiences on the Chase Ultimate Rewards® website. The cash value of points is lower than the travel value: 50,000 Ultimate Rewards® = $500 through these redemption methods.

Chase Sapphire Preferred® Card pros

britishairways

A great feature of the Chase Sapphire Preferred® Card is the ability to transfer points to select leading airline and hotel loyalty programs on a one-to-one basis. That means if you have 25,000 Chase Ultimate Rewards® points, you can transfer them for 25,000 points with participating travel programs, which include:

  • British Airways Executive Club
  • Flying Blue AIR FRANCE KLM
  • Korean Air SKYPASS
  • Singapore Airlines KrisFlyer
  • Southwest Airlines Rapid Rewards®
  • United MileagePlus®
  • Virgin Atlantic Flying Club
  • IHG® Rewards Club
  • Marriott Rewards®
  • The Ritz-Carlton Rewards®
  • World of Hyatt

If you choose not to transfer your points, you won’t face restrictions or blackout dates booking your airline tickets through Chase Ultimate Rewards®. You can pay with points for any open seat you find on the site (and the Chase portal offers a very wide range of travels options).

Chase Sapphire Preferred® Card cons

cons2If you are not able to leverage the 2X points earning categories or the shopping portal, the $95 ongoing annual fee may outweigh the rewards you earn with the Chase Sapphire Preferred® Card. The APR could also be an issue if you don’t always pay your balance in full.

Unlike other cards, the Chase Sapphire Preferred® Card doesn’t offer an introductory APR for purchases.

This card also has no introductory APR for balance transfers. The balance transfer variable Annual Percentage Rate (APR) is currently 16.99% – 23.99%. If you’re looking for a card with a 0% introductory APR on balance transfers to consolidate other debt, you may want to consider the Chase Slate® or Chase Freedom® card for that purpose.

Should you get the Chase Sapphire Preferred® Card?

The Chase Sapphire Preferred® Card offers plenty of perks, particularly for travelers. This card also boasts wide acceptance, integrated Extended Warranty Protection, and other purchase protection benefits that make it a convenient way to pay even if you don’t travel often. Be sure you review the terms of these programs so you understand any limitations.

Applicants need good to excellent credit to be considered for this card. Although creditors may have slightly different guidelines for what makes applicants creditworthy, having a credit score of 720 or higher generally qualifies as excellent credit. Be sure to note that creditors look at other related factors when considering you for one of their credit cards, so while having excellent credit is a step in the right direction, it is not a guarantee you will be approved.

Creditors generally view applicants with high scores as low risk. If you have a high score, you most likely make your payments on time, carry low balances, and have an established history. If your score is lower, checking your credit report can inform you of your status so you can get back on track, perhaps toward a Chase Sapphire Preferred® Card. If you’re not sure where you stand, check out your free credit report card from Credit Sesame.

Overall, based on our findings, the Chase Sapphire Preferred® Card is a rewards card which can help get you started toward your travel goals. If you think the Sapphire Preferred® Card is right for you, be sure to see Chase’s website for additional information.


Disclaimer: The information related to the Chase Sapphire Preferred® Card has been collected by creditsesame.com and has not been reviewed or provided by the issuer of these cards.

Disclosure: Credit Sesame is an independent comparison service provider. Reasonable efforts have been made to maintain accurate information throughout our website, mobile apps, and communication methods; however, all information is presented without warranty or guarantee. Please visit the provider’s site for current information and verify all terms and conditions of any offer prior to applying. The editorial content on this page is not provided by any company or credit card issuer. Any opinions, analyses, reviews or evaluations provided here are those of the author’s alone, not those of any company or credit card issuer, and have not been reviewed, approved or otherwise endorsed by any company or credit card issuer. The offers that appear on this site are from companies from which we may receive compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all companies or all available products or all available credit card offers. All images and trademarks are the property of their respective owners.

Rewards earned can vary based on account usage. This article reflects the authors experiences and may not reflect the experience of other Cardmembers. Verify miles or points needed as travel costs are subject to change and costs can vary based on a variety of factors (for example where you travel from, how you choose to travel, who you book your travel with, etc.). Contact your card issuer, the hotel/resort, airlines, or travel agency before you book your travel arrangements for any taxes, fees, service charges or carrier charges that are not included within the rewards program.

See the online provider’s application for details about terms and conditions. Offers are subject to change and the terms displayed may not be available to all consumers. Please visit the provider’s site for current information and verify all terms and conditions of any offer prior to applying.

Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved.
Published June 13, 2016
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