Chase Sapphire Preferred Card: A Comprehensive Guide

The Chase Sapphire Preferred Card is one of the most popular and rewarding travel credit cards in the market. Known for its generous sign-up bonus, valuable travel rewards, and a range of benefits designed for frequent travelers, it’s an excellent option for those looking to maximize their points and get the most out of their spending. In this guide, we’ll cover everything you need to know about the Chase Sapphire Preferred Card, including its features, benefits, how to apply, and more.

Key Features of the Chase Sapphire Preferred Card

The Chase Sapphire Preferred Card is designed for travelers who want to earn rewards on everyday spending while enjoying exclusive travel benefits. Below are some of the card’s key features:

1. Sign-Up Bonus

One of the standout features of the Chase Sapphire Preferred Card is its generous sign-up bonus. New cardholders can earn a substantial amount of bonus points after meeting a minimum spending requirement within the first three months of account opening. As of 2024, the bonus is typically around 60,000 points (subject to change), which can be redeemed for travel rewards worth $750 when used through the Chase Ultimate Rewards program.

2. Points Earned on Purchases

The Chase Sapphire Preferred Card offers excellent earning rates on various categories of spending. Here’s how the card earns points:

• 2x points on travel and dining: This includes purchases at restaurants, cafes, and eligible takeout and delivery services, as well as travel-related expenses like flights, hotels, car rentals, and more.
• 1 point per dollar on all other purchases: For every dollar spent on other types of purchases, you’ll earn 1 point.

This makes the Chase Sapphire Preferred Card an ideal option for people who dine out frequently or travel often, as it provides a higher earning rate for those purchases.

3. Chase Ultimate Rewards Points

The Chase Sapphire Preferred Card uses Chase Ultimate Rewards points, which are one of the most valuable types of points in the credit card industry. These points can be redeemed for various rewards, including travel, merchandise, gift cards, and even statement credits. The real value of these points comes when they are redeemed for travel bookings through the Chase Ultimate Rewards portal, where they are worth 25% more than their regular value.

For example, 60,000 points can be worth $750 toward travel expenses when booked through the Chase Ultimate Rewards program. Points can also be transferred to over 14 airline and hotel partners, including popular names like United Airlines, Southwest Airlines, Hyatt, and Marriott.

4. Travel Benefits

The Chase Sapphire Preferred Card offers several benefits that make it a valuable tool for frequent travelers:

• Travel insurance: This includes trip cancellation and interruption insurance, baggage delay insurance, and travel accident insurance.
• No foreign transaction fees: When you use your card abroad, you won’t incur any extra fees for international purchases, which can save you a significant amount while traveling.
• Primary rental car insurance: When you pay for a rental car with your Chase Sapphire Preferred Card, you’ll receive primary rental car insurance coverage, which is more comprehensive than secondary coverage provided by other credit cards.

5. Purchase Protection

In addition to travel-related benefits, the Chase Sapphire Preferred Card offers valuable purchase protection. This includes purchase protection for damaged or stolen items, extended warranties on eligible purchases, and return protection.

6. Points Transfer to Airline and Hotel Partners

One of the most powerful features of the Chase Sapphire Preferred Card is the ability to transfer your points to over 14 airline and hotel partners at a 1:1 ratio. This means that you can use your points for flights and hotel stays with some of the world’s most popular travel brands, potentially unlocking even more value from your points.

Annual Fee and Other Costs

While the Chase Sapphire Preferred Card offers great rewards and benefits, it does come with an annual fee. As of 2024, the annual fee for the card is $95. This fee is relatively low compared to some other high-end travel credit cards, especially considering the value you can get from the sign-up bonus, points earned, and travel perks.

There are no foreign transaction fees with the Chase Sapphire Preferred Card, which is a significant advantage for those who travel internationally. However, you should be aware of other potential fees, such as cash advance fees, late payment fees, or returned payment fees, which can be costly if not managed properly.

How to Apply for the Chase Sapphire Preferred Card

If you’re interested in applying for the Chase Sapphire Preferred Card, the process is straightforward. Follow these steps to apply:

Step 1: Check Your Eligibility

Before applying for the Chase Sapphire Preferred Card, it’s important to check your eligibility. The card typically requires a good to excellent credit score, which is generally considered to be a score of 700 or higher. Your income and other financial factors will also be taken into account during the application process.

Step 2: Gather Your Information

To apply, you’ll need to provide some personal information, including:

• Your full name, address, and phone number
• Your date of birth and Social Security number (for identity verification)
• Your total annual income
• Your employment details

Make sure you have this information readily available before starting the application process.

Step 3: Submit Your Application

You can apply for the Chase Sapphire Preferred Card online through Chase’s website. The online application process is quick and easy, and you’ll typically receive a decision within a few minutes. If you’re approved, you’ll receive your card in the mail within 7-10 business days.

Step 4: Meet the Spending Requirement

To earn the sign-up bonus, you’ll need to meet the minimum spending requirement, which is usually $4,000 within the first three months of account opening. Once you reach this threshold, your bonus points will be credited to your account.

Step 5: Start Earning Rewards

After you’ve received your Chase Sapphire Preferred Card, you can start using it to earn points on every purchase. Be sure to take advantage of the 2x points on travel and dining purchases, as these are the best categories for maximizing your rewards.

Final Thoughts

The Chase Sapphire Preferred Card is a fantastic option for travelers who want to earn valuable rewards on their spending while enjoying a wide array of travel benefits. Its generous sign-up bonus, high earning rates on travel and dining, and ability to transfer points to airline and hotel partners make it a versatile and powerful tool for frequent travelers. The annual fee is relatively low for the benefits it provides, and the lack of foreign transaction fees is an added bonus for international travelers.

If you travel frequently or enjoy dining out, the Chase Sapphire Preferred Card is well worth considering. By using your points wisely and taking full advantage of the card’s benefits, you can unlock incredible value and elevate your travel experience.