Are you looking for a credit card that offers generous rewards and benefits? Look no further than the Chase Sapphire Preferred Card. This premium credit card has been a favorite among travelers and reward-seekers for years. In this article, we'll take a closer look at what makes the Chase Sapphire Preferred Card such a popular choice and what to expect in 2023.
Benefits of Chase Sapphire Preferred Card
The Chase Sapphire Preferred Card offers a variety of benefits to its cardholders, including:
1. Generous Sign-Up Bonus
New cardholders can earn a sign-up bonus of 100,000 points after spending $4,000 on purchases in the first three months of account opening. This bonus is worth $1,250 in travel when redeemed through the Chase Ultimate Rewards portal.
2. Travel Rewards
Cardholders earn 2X points per $1 spent on travel and dining at restaurants, and 1 point per $1 spent on all other purchases. Plus, when you redeem your points for travel through the Chase Ultimate Rewards portal, you'll get 25% more value.
3. Flexible Redemption Options
The Chase Sapphire Preferred Card offers a variety of redemption options, including travel, cashback, gift cards, and more. Points can also be transferred to other loyalty programs, such as Marriott Bonvoy and United MileagePlus, at a 1:1 ratio.
4. Travel Insurance and Protection
Cardholders receive a suite of travel insurance and protection benefits, including trip cancellation/interruption insurance, baggage delay insurance, and travel accident insurance. This can provide peace of mind when traveling and protect against unexpected expenses.
5. Complimentary DoorDash Membership
Cardholders receive a complimentary DashPass subscription, which provides unlimited deliveries with no delivery fee and reduced service fees on orders over $12 from eligible restaurants.
6. Purchase Protection
The Chase Sapphire Preferred Card offers purchase protection for 120 days against theft or damages up to $500 per claim and $50,000 per account.
How to Apply for Chase Sapphire Preferred Card
Applying for the Chase Sapphire Preferred Card is easy. You can apply online through the Chase website or by visiting a Chase bank branch. You'll need to provide personal information, such as your name, address, and social security number, as well as information about your income and employment.
Before you apply, it's important to make sure you meet the card's eligibility requirements, which include a good credit score and a minimum income of $5,000 per year.
Rewards Program of Chase Sapphire Preferred Card
The rewards program of the Chase Sapphire Preferred Card is designed to help cardholders earn valuable points that can be redeemed for travel, cashback, and more. Cardholders earn 2X points per $1 spent on travel and dining at restaurants, and 1 point per $1 spent on all other purchases.
Points can be redeemed through the Chase Ultimate Rewards portal for travel, cashback, gift cards, and more. When redeemed for travel through the portal, points are worth 25% more.
Cardholders can also transfer their points to other loyalty programs, such as Marriott Bonvoy and United MileagePlus, at a 1:1 ratio.
2023 Updates for Chase Sapphire Preferred Card
In 2023, the Chase Sapphire Preferred Card is expected to continue offering its current benefits and rewards program. However, there may be updates or changes to the card's fees and rates, as well as its sign-up bonus and redemption options.
Cardholders should stay up-to-date with any changes to the card's terms and conditions by reviewing their monthly statements and checking the Chase website regularly.
Fees and Rates of Chase Sapphire Preferred Card
The Chase Sapphire Preferred Card has an annual fee of $95. The card also charges a variable APR between 15.99% - 22.99% based on creditworthiness.
There are no foreign transaction fees when using the card for purchases made outside the United States. However, there may be fees for cash advances and balance transfers.
Chase Sapphire Preferred Card vs. Other Cards
The Chase Sapphire Preferred Card is a popular choice among travelers and reward-seekers, but how does it compare to other cards on the market? Here are a few comparisons:
Chase Sapphire Reserve
The Chase Sapphire Reserve is a premium version of the Chase Sapphire Preferred Card. It offers similar benefits, but with higher earning potential and additional perks, such as a $300 travel credit and access to airport lounges.
However, the Chase Sapphire Reserve has a higher annual fee of $550, which may not be worth it for some cardholders.
American Express Gold Card
The American Express Gold Card offers similar earning potential as the Chase Sapphire Preferred Card, with 4X points per $1 spent at restaurants and on up to $25,000 per year at U.S. supermarkets. It also offers a $120 annual dining credit and a $100 annual airline fee credit.
However, the American Express Gold Card has a higher annual fee of $250 and may not be as widely accepted as the Chase Sapphire Preferred Card.
Tips for Maximizing Your Chase Sapphire Preferred Card Rewards
To get the most out of your Chase Sapphire Preferred Card rewards, here are some tips to keep in mind:
1. Use the Card for Travel and Dining Purchases
One of the best ways to earn points with the Chase Sapphire Preferred Card is to use it for travel and dining purchases. Cardholders earn 2X points per $1 spent in these categories, which can add up quickly.
2. Take Advantage of Sign-Up Bonuses
Chase often offers sign-up bonuses for new cardholders who meet a certain spending threshold within the first few months of opening the account. Be sure to take advantage of these bonuses to earn extra points.
3. Transfer Points to Loyalty Programs
Cardholders can transfer their points to other loyalty programs, such as Marriott Bonvoy and United MileagePlus, at a 1:1 ratio. This can provide additional value when redeeming points for travel.
4. Use the Chase Ultimate Rewards Portal
The Chase Ultimate Rewards portal offers a variety of redemption options, including travel, cashback, gift cards, and more. When redeeming points for travel through the portal, points are worth 25% more.
5. Maximize the Card’s Benefits
The Chase Sapphire Preferred Card offers a variety of benefits, including travel insurance and protection, complimentary DoorDash membership, and purchase protection. Be sure to take advantage of these benefits to get the most out of the card.
Conclusion
The Chase Sapphire Preferred Card is a popular rewards card for travelers and dining enthusiasts. With its valuable rewards program, extensive benefits, and reasonable annual fee, it's easy to see why so many people choose this card. As long as you use the card responsibly and take advantage of its rewards and benefits, it can be a great addition to your wallet.
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FAQs
What credit score do you need to apply for the Chase Sapphire Preferred Card?
To be approved for the Chase Sapphire Preferred Card, you generally need a good credit score of at least 670 or higher.
Does the Chase Sapphire Preferred Card have foreign transaction fees?
No, the Chase Sapphire Preferred Card does not have foreign transaction fees.
Can you transfer Chase Ultimate Rewards points to other loyalty programs?
Yes, cardholders can transfer their points to other loyalty programs, such as Marriott Bonvoy and United MileagePlus, at a 1:1 ratio.
What is the annual fee for the Chase Sapphire Preferred Card?
The annual fee for the Chase Sapphire Preferred Card is $95.
What benefits does the Chase Sapphire Preferred Card offer?
The Chase Sapphire Preferred Card offers a variety of benefits, including travel insurance and protection, complimentary DoorDash membership, and purchase protection.
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