If you’re an avid traveler or a foodie who enjoys dining out, the Chase Sapphire Preferred Card is designed with you in mind. With an impressive array of benefits and rewards tailored to enhance your lifestyle, this card has earned its reputation as one of the best on the market.
In this guide, we’ll explore why the Chase Sapphire Preferred Card stands out, covering everything from its unique perks to how you can apply. Discover how this card can enhance your travel and dining experiences while maximizing your rewards.
Main features of the Chase Sapphire Preferred card
The Chase Sapphire Preferred Card is issued by JPMorgan Chase, a financial giant known for its reliable services and wide range of financial products. This card targets individuals who love to travel and dine out frequently, offering generous rewards that make every purchase more valuable.
The card comes with a plethora of benefits that make it a compelling choice. For instance, you can earn points on various categories like travel and dining, which can be redeemed for travel expenses or other rewards through the Chase Ultimate Rewards program.
Additionally, the card provides an excellent opportunity to transfer points to various airline and hotel loyalty programs, making it easier for you to maximize your travel rewards. This feature alone can significantly enhance your travel experiences, offering flexibility and added value.
Understanding the annual fee
One of the key considerations when choosing a credit card is the annual fee. The Chase Sapphire Preferred Card comes with an annual fee of $95, which is competitive considering the wealth of benefits it offers. This fee is billed to your account each year and is due on your account anniversary. However, the value you receive in return far outweighs the cost.
Deciphering credit limits
Chase determines the credit limit for the Sapphire Preferred Card based on several factors, ensuring that it matches your financial profile and spending habits. When you apply, Chase reviews your credit score, income, and overall creditworthiness. This thorough evaluation helps them set a credit limit that aligns with your ability to manage credit responsibly.
Your credit limit can also be influenced by your existing relationship with Chase, such as whether you have other accounts or cards with them. It’s worth noting that maintaining a good credit score and demonstrating responsible credit usage can lead to increases in your credit limit over time.
Advantages of the Chase Sapphire Preferred card
- 5x Points on Travel: Earn five times the points on travel purchases made through Chase Travel, excluding hotel purchases eligible for the $50 Annual Chase Travel Hotel Credit.
- 3x Points on Dining: This includes eligible delivery services, takeout, and dining out.
- 2x Points on General Travel: Earn double points on other travel purchases not booked through Chase Travel.
- 3x Points on Groceries: Applies to online grocery purchases, with certain exclusions.
- 3x Points on Streaming Services: Earn triple points on select streaming services.
- 1x Points on Other Purchases: For all other purchases, you earn one point per dollar spent.
- Annual Hotel Credit: Receive up to $50 in statement credits each account anniversary year for hotel stays booked through Chase Travel.
Standout advantage
One of the standout features of the Chase Sapphire Preferred Card is the ability to transfer points to leading frequent travel programs at a 1:1 value. This feature provides unmatched flexibility and value, allowing cardholders to optimize their rewards based on their specific travel needs and preferences.
Addressing potential drawbacks
- Annual Fee: The $95 annual fee may be a deterrent for some, especially if they do not utilize the rewards to their full potential.
- High APR: The variable APR of 21.49%–28.49% can be costly if you carry a balance from month to month.
- Spending Requirements: To maximize rewards, you need to spend in specific categories like travel and dining, which may not suit everyone’s spending habits.
Standout disadvantage
The most notable drawback of the Chase Sapphire Preferred Card is its relatively high annual percentage rate (APR). With a variable APR ranging from 21.49% to 28.49%, carrying a balance on this card can result in significant interest charges. This makes it less ideal for individuals who do not pay off their balance in full each month.
Eligibility criteria
The Chase Sapphire Preferred Card is available to individuals who meet certain criteria. To apply, you must be at least 18 years old and a U.S. resident with a valid Social Security number. Additionally, Chase typically looks for applicants with a good to excellent credit score, generally in the range of 690 to 850.
How to apply for the Chase Sapphire Preferred card
Applying for the Chase Sapphire Preferred Card is a straightforward process, and there are several convenient methods to do so. Whether you prefer to apply online, via a mobile app, or in-person at a branch, Chase provides multiple options to suit your preference.
Via website
One of the most convenient ways to apply for the Chase Sapphire Preferred Card is through the Chase website. The online application process is quick and secure, allowing you to complete your application from the comfort of your home. Simply navigate to the Chase website, find the Sapphire Preferred Card page, and click on the “Apply as a Guest” button.
You will be prompted to fill in your personal and financial information, including your Social Security number, income, and employment details. Once submitted, you will typically receive a decision within minutes. Applying online also gives you the advantage of being able to monitor your application status and receive updates via email.
Through the mobile application
For those who prefer using their mobile devices, the Chase Mobile App provides a seamless application experience. Download the app from your device’s app store, and log in or create a Chase account. Navigate to the credit card section and select the Chase Sapphire Preferred Card.
The app guides you through the application process step-by-step, allowing you to fill in your information and submit your application directly from your phone or tablet. The app also allows you to manage your card, track your rewards, and make payments once you are approved, making it a convenient all-in-one tool for your financial needs.
Through the store/branch
If you prefer a more personal touch, you can apply for the Chase Sapphire Preferred Card at any Chase branch. Visiting a branch allows you to speak directly with a Chase representative who can answer any questions you may have and assist you with the application process.
This can be particularly helpful if you have complex financial situations or need additional information before applying. To find the nearest Chase branch, you can use the branch locator on the Chase website. Once at the branch, a representative will help you fill out the application form and submit it on your behalf.