When you start looking at credit cards with travel perks, the Sapphire Preferred stands out because of its low annual fee. Other comparable travel cards might offer a similar rewards program and protections, but they also come with a price tag as much as 7x what Chase is asking per year for their Sapphire Preferred credit card. This is a very strong point to consider when deciding whether or not to apply for the card if you are in the market for a travel rewards card and have gotten a www.chasesapphiremail.com notice.
With this in mind, it's easy to see why the Sapphire Preferred is so highly rated. Not only does the card come with travel perks, but it's also an easy choice for anyone that already has a Chase card. To find out why, and to learn if the Chase Sapphire could work in your overall credit strategy, you may want to read the full review below.
The Chase Sapphire Preferred is a great general-purpose travel card. It comes with a low annual fee of $95, a great travel-related rewards program, and travel-related perks for added safety and security.
If you're the type of person that takes even just two or three short trips a year and you don't have another travel credit card, this one can easily pay for itself. Of course, for a card in this category, you'll also need great to excellent credit, including less than 5 credit card applications in the last 24 months; but if you’re holding a www.chasesapphiremail.com letter, you have been identified as falling into this category.
The Chase Sapphire Preferred is a card with very reasonable interest for what it offers in return. This card has a variable interest rate, meaning that it adjusts with the prime rate. For purchases and balance transfers, the maximum APR is 29.99%. However, the APR you start with, if you are approved with good credit, is likely to be closer to 15.49% and only go higher as the prime rate adjusts or you incur a penalty.
As is the rule with most lower APR credit cards, the cash advance APR is considerably higher, at a variable 26.49% but always staying about the same. As far as overall APR terms go, these are good, especially for a card with a generous rewards system and low annual fee.
Given that this is a mid- to upper-tier credit card, it's not surprising that you start with a rather high limit. The minimum credit limit for the Chase Sapphire Preferred credit card is around $5,000 and the average limit for all cardholders sits around $10,000.
- Annual Fee – The Chase Sapphire Preferred card comes with a $95 annual fee.
- Cash Advance Fee – Cash advances cost the greater of 5% or $10 per transaction.
- Foreign Transaction Fee – There are no foreign transaction fees when you use your Sapphire Preferred card outside of the US.
- Late Payment Fee – The cost of a late payment on the Chase Sapphire Preferred credit card is up to $39.
- Return Payment Fee - The cost of a return payment on the Chase Sapphire Preferred credit card is up to $39.
- Authorized User Fees – There is no fee for having an authorized user or requesting an additional card.
- Balance Transfer Fee – Balance transfers cost 3% to 5% of the amount of every transfer, with a minimum fee of $5 per transaction.
The Chase Sapphire Preferred credit card gives you 1 point per dollar spent on just about every purchase. You get double points on travel and dining purchases, too. Travel purchases amount to airfare, hotels, and some package deals.
When it comes to redemption, you have the option to redeem points at a value of roughly 1 cent per point. However, if you use your points toward travel purchases through Chase, you can expect to gt at least 25% more value out of them.
Pros – Advantages of the Chase Sapphire Preferred Credit Card
Given that the Chase Sapphire Preferred is billed as a travel and points credit card, you will find most of the perks in that category.
- All the Travel Insurance – Trip Delay Insurance? Baggage Delay Insurance? Primary Rental Car Insurance? Yes, the Chase Sapphire Preferred comes with all of this and more as well as the usual purchase protections which extend to foreign transactions.
- Worthwhile Sign-Up Bonus – If you plan your application and first few months of spending wisely, you can score a 60,000 point bonus just for signing up and spending $4,000 in three months. Those points can then be redeemed for over $1,000 in rewards if you play your cards right.
- Low Annual Fee and APR – For what you get with the Chase Sapphire Preferred, $95 is as much as 5x less than what other credit card companies charge for their similar cards. You also get free authorized users which can help you build up a lot of points fast.
Cons – Disadvantages of the Chase Sapphire Preferred Credit Card
There aren't many disadvantages to the Chase Sapphire Preferred, partially due to how unique it is in the space.
- No Special Access – Some cards, with higher annual fees, allow for special and VIP airport lounge or lobby access.
- No Regular Service Rebates – The Chase Sapphire Preferred card comes with no set rebates or discounts on specific services or programs at this time and when they do, the offers don't tend to stick around for long.
Chase has a whole line of great credit cards, most with no annual fees. For example, the Chase Freedom card offers rotating categories with 5% back up to $1,500 per quarter. They've also partnered with Amazon to offer a card with 5% back on Amazon purchases for Prime members.
If you already have either of these cards, or another Chase card you already use day-to-day, it's important to remember that all of the points you earn can be added to the same pool. They can then be redeemed for benefits with the perks of another card.
If you spend over $4,000 per year on dining, travel, or transactions outside of the US, then the Chase Sapphire Preferred card pays for itself. That number could be much less if you use it in conjunction with other Chase cards. Add to that all of the things you won't have to pay for once you have the card, like additional rental insurance, or protections for things like trip delays or cancellations.
It may even be worth signing up just before a big trip to get the 60,000 points bonus introductory offer outlined in www.chasesapphiremail.com promotions. Then, even if you end up realizing you don't use the card as much as you would have liked to, it's possible to downgrade to the zero-annual-fee standard Chase Sapphire card offer you've had the Preferred version for a year.