Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Ultimate Rewards®.
Enjoy beneﬁts such as 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining, and 2x on all other travel purchases, and $50 annual Ultimate Rewards Hotel Credit, plus more.
Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel.
Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2024.
August 29, 2022
In this Chase Sapphire Preferred® Card review, we’ll look at who the card is for, its credit score requirements, key characteristics, and more.
(Click on a link to jump to the specific section)
Let’s dive in.
The Chase Sapphire Preferred credit card should be top-of-list for anyone in the market for a solid travel rewards card.
This Sapphire card is also ideal for those new to travel rewards who are looking for an introduction to the world of points and miles.
The Chase Sapphire Preferred card has long been a consumer favorite, packed with a solid rewards rate and a generous welcome offer.
The card issuer even recently updated its earning rates, making it even easier for cardmembers to earn rewards. As a result, even if you’re not booking any major trips, this Chase card will offer a comfortable way of earning rewards that you can put towards any future vacation.
However, before we get into the rewards, let’s take a look at the credit score you should have to qualify for this Chase credit card:
You’ll have a good shot of approval for this Chase card if you have a good credit score (670+) and an even better shot if your credit score is over 700.
Most applicants with a score below 650 will likely not qualify.
However, many factors will contribute towards your approval odds, including Chase’s 5/24 rule. This rule states that if you’ve opened five or more credit cards within the last 24 months, you probably won’t be approved, regardless of your credit history.
Why is this rule in place?
It’s there to prevent people from taking advantage of a credit card’s welcome bonus, only to cancel the card before the first payment is due.
Chase’s Sapphire Preferred card includes an annual fee of $95.
This may sound like a lot, but the Sapphire Preferred is far more accessible than Chase’s premium travel card, Sapphire Reserve®.
For reference, Reserve cardmembers are subject to an annual fee of $550. However, Sapphire Reserve cardmembers tend to be frequent travelers, and the card issuer has ensured that the rewards there are well worth the fee.
Now, back to the Chase Sapphire Preferred card.
There are a couple of other fees associated with this Chase credit card, including:
Most importantly, the Sapphire Preferred comes with a $0 foreign transaction fee, making it the ideal card for your trip abroad.
The Chase Sapphire credit card includes a regular variable APR of 21.24% - 28.24% based on your creditworthiness. The same variable APR applies when making a balance transfer.
Additionally, there’s a variable cash advance APR of 29.99%.
Note that both late payment and a returned payment are subject to a penalty APR of up to 29.99%. If Chase applies the penalty APR, it may remain in effect indefinitely. Typically, penalty APRs last around six months but can be extended with repeat late payments.
Chase cardholders get to enjoy an array of benefits, including:
Next, let’s take a closer look at some of the defining features of the Chase Sapphire Preferred card.
Chase has packed tons of benefits into their Sapphire Preferred card. Below are some of the most prominent:
Next, let’s look at some alternatives to the Chase Sapphire credit card:
The Chase Sapphire Preferred is a well-rounded tiered bonus category rewards credit card. Whether you’re a seasoned traveler or are new to credit card rewards, you’ll find the Chase Sapphire Preferred to be a solid option.
High reward rates, flexible redemption options, and a generous welcome bonus for a relatively low annual fee make it a highly sought-after travel rewards card.
You can apply for this card here.