Chase Sapphire Preferred® Credit Card Review

Chase Sapphire Preferred® Credit Card Review

In this article, we’ll review the Chase Sapphire Preferred® card, a great travel rewards credit card with an amazing sign-up bonus.

The Chase Sapphire Preferred® credit card lets you earn 1 point for every dollar spent on all purchases, plus 5X points on travel. As of today, its sign-up offer of 60,000 Bonus Points is the best, so far, if you meet the purchase requirements within 3 months after account opening. If you’re ready to move on from the usual cashback rewards, the best way to start is the Chase Sapphire Preferred® card, which offers awesome travel perks and lets you earn 25% more on travel with Chase Ultimate Rewards or through Pay Yourself Back program.

Chase Sapphire Preferred® credit card: pros and cons

Rewards system in a nutshell

The Chase Sapphire Preferred® credit card is a great travel rewards card with an attractive sign-up bonus complemented by excellent earning potentials. Moreover, the reward system has very flexible redemption options.

You earn 2 points per dollar spent on travel. Other purchases earn 1 point per dollar spent.

Chase Sapphire Preferred® offers 60,000 bonus points if you spend $4000 in 3 months after opening the account. The cash value of the bonus is equivalent to $900 if redeemed for travel through Chase Ultimate Rewards®.

Another excellent feature of Chase Sapphire Preferred® credit card is the referral program, with a chance to earn up to 60,000 points per year - the equivalent of $900 if you convert the points to cash. You can refer up to 5 friends in a year; if approved, each referral can earn 15,000 bonus points.

The points value may vary according to the redemption options that include:

• Convert to cash via direct bank deposit – redeem for cash via an electronic deposit to an eligible checking or savings bank account or a statement credit. In case you opt to convert your points into cash, each point is equivalent to one cent.
• Travel – use your points to pay for your travel, such as cruise and airline fares, hotel accommodation, and car rentals, and enjoy 25% more value if you redeem through Chase Ultimate Rewards.
• Transfer to airline partners - you can transfer points at a 1:1 rate to several frequent flyer programs, including United, British Airlines, and Emirates.
• Pay Yourself Back℠ – get a statement credit for eligible purchases with an extra 25% point value.
• Gift cards – convert your reward points into gift certificates and gift cards.

Your points will not expire for the life of the card for as long as your account is active. But, you could lose all of them if:

• you fail to pay the minimum amount due within 60 days;
• there are signs of misuse of the card;
• you file for bankruptcy;
• you cancel or close your account.

Who can benefit from getting the Chase Sapphire Preferred® credit card?

If you are looking for a travel credit card, the Chase Sapphire Preferred® would be a great option. The card offers decent rewards on travel and dining, an impressive 100,000 bonus points offer, and multiple ways to redeem points towards travel expenses. Even if you don’t travel too often, it’s still a sound card if you love dining out or order takeouts

Are there any other benefits?

The Chase Sapphire Preferred® card lacks some usual travel benefits like free lounge access, priority boarding, and TSA PreCheck/Global Entry reimbursement. But they compensate that with a tempting sign-up bonus plus a variety of travel perks and lifestyle benefits. Check out some of the benefits that cardholders get:

• Partner benefits – Enjoy deliveries with no delivery fees and reduced service fees on qualified purchases with DoorDash and DashPass subscriptions. You will also get up to $60 in statement credit for qualifying Peloton purchases, including All-Access Membership.
• Purchase protection – New purchases made with the card are covered for 120 days against theft or damage up to $500 per claim. The total maximum claim per account is $50,000.
• Extended warranty protection - You will enjoy 1-year extended warranty protection on purchases of eligible products from U.S. manufacturers with warranties of 3 years or less.
• Car rental coverage – Coverage is primary for full reimbursement up to the cash value of the vehicle in the event of collision damage or theft if you waive the car rental insurance.
• Trip delay reimbursements – Get up to $500 per ticket for expenses on meals, lodging, and other costs related to the carrier travel delay of 12 hours or more.
• Trip cancellation or interruption insurance - You will get trip cancellation or interruption insurance in the event of bad weather or sickness. You can get as much as $20,000 per trip in reimbursements, or $10,000 per person, for your non-refundable prepaid travel expenses.
• Travel and emergency assistance services – Call the Benefit Administrator anytime for legal assistance, medical referrals, and other problems if you're away from home.
• 24/7 customer service access – Chase customer service is available 24 hours per day, seven days a week, for any assistance.

Conclusion

The Chase Sapphire Preferred® card isn’t a card for everyone. You need to have a good credit score to increase your chances of getting approved.

With a decent reward rate for travel and dining, no foreign transaction fees, and travel protection benefits, it makes sense to own a Chase Sapphire Preferred® credit card if you are a frequent traveler. Redeeming points is easy and can be done in a wide range of options through Chase Ultimate Rewards.

It’s also an excellent card to start if you want to upgrade later on to the Chase Sapphire Reserve® credit card.