Chase Sapphire Preferred Credit Card

Chase Sapphire Preferred Credit Card Review

Information verified correct on March 26th, 2017

One of the best travel cards on the market, the Chase Sapphire Preferred offers top-notch points redemption through Chase Ultimate Rewards and flexible point transfers to other travel programs.

The Chase Sapphire Preferred’s reputation as a must-have travel credit card is well deserved. Not only does the card offer a great introductory points bonus, but the points themselves also bring tremendous purchasing power — they’re worth 25% more when redeemed through Chase Ultimate Rewards. What’s more, you can transfer points at a 1:1 ratio to various airline and hotel programs, opening a world of travel options to you.

Product Details, Application Requirements, and Fees

Product Details

  • Product Name: Chase Sapphire Preferred
  • APR for Purchases (Purchase Rate): 16.24% to 23.24% variable based on creditworthiness
  • Balance Transfer Rate: Same as purchase APR
  • Cash Advance Rate: 25.24% variable
  • Annual Fee: $0 for the first year; $95 p.a. afterwards
  • Interest-Free Period: Up to 21 days
  • Minimum Interest: None


Application Requirements

  • Minimum Credit Score: Excellent (720+)
  • Minimum Age: 18 years of age (19 in Alabama and Nebraska)


Fees and Repayments

  • Annual Fee: $0 for the first year; $95 p.a. afterwards
  • Returned Payment Fee: Up to $37
  • Late Payment Fee: Up to $15 if your balance is under $100; up to $27 if your balance is $100 to less than $250; up to $37 if your balance is $250 or more
  • Balance Transfer Fee: $5 or 5% of the transaction amount (whichever is greater)
  • Cash Advance Fee: $10 or 5% of the transaction amount (whichever is greater)
  • Foreign Transaction Fee: None

Chase Sapphire Preferred review

Peel back the layers of the Chase Sapphire Preferred and you’ll likely arrive at a conclusion shared by countless fellow travelers: It’s simply one of the best travel cards you can find anywhere.

First, look at the card’s introductory bonus. You’ll earn 50,000 points when you spend $4,000 in the first 3 months, and you can earn an additional 5,000 bonus points for adding an authorized user. Assuming you meet the requirements, that’s a generous haul of 55,000 points.

It’s what you can do with those points, however, that truly highlights the value of the Chase Sapphire Preferred. When you redeem points through Chase Ultimate Rewards, they’re worth 25% more; that means 55,000 points are worth not $550 but $687.50 in travel rewards. That’s a coup for any traveler, and the percentage bonus means your points will go further for as long as you hold the card.

It gets better. Not only can you redeem points through Chase Ultimate Rewards, but you can also transfer your points to airline programs like Southwest Airlines Rapid Rewards and hotel programs like Hyatt Gold Passport. And luckily, you’re allowed to transfer your points at a minimum ratio of 1:1 (you’ll find even higher ratios with some programs). It’s this flexibility that elevates the Chase Sapphire Preferred from an already stellar card to what many travelers rightly see as a must-have.

Benefits of the Chase Sapphire Preferred

  • 50,000 introductory points bonus. If you spend $4,000 within the first 3 months, you’ll earn 50,000 points (worth $625 when redeemed through Chase Ultimate Rewards).
  • 5,000 bonus points for adding an authorized user. When you add an authorized user and make a purchase within the first 3 months, you’ll earn 5,000 bonus points.
  • 2x points on dining and travel. You’ll earn 2 points per dollar spent on dining and travel.
  • 1x points on everything else. You’ll earn 1 point per dollar spent in every other category.
  • Increased point values when redeeming through Chase Ultimate Rewards. If you redeem your points through Chase Ultimate Rewards, they will be worth 25% more. For example, you can redeem 50,000 for $625 worth of travel purchases, rather than the industry-standard $500 (1 point equals 1 cent).
  • Point transfers at a 1:1 ratio to airline programs. You can transfer points at a 1:1 ratio to airline programs that include: British Airways Executive Club, Flying Blue AIR FRANCE KLM, Korean Air SKYPASS, Singapore Airlines KrisFlyer, Southwest Airlines Rapid Rewards, United MileagePlus, and Virgin Atlantic Flying Club.
  • Point transfers at a 1:1 ratio to hotel programs. You can transfer points at a 1:1 ratio to hotel programs that include: Hyatt Gold Passport, IHG Rewards Club, Marriott Rewards, and The Ritz-Carlton Rewards.
  • No foreign transaction fees. You can use your card on international transactions without incurring fees.
  • Travel services. Travel coverage includes trip cancellation/interruption insurance, auto rental collision coverage, baggage delay insurance, and trip delay insurance.
  • Purchase coverage. Purchase coverage includes purchase protection (your purchases are insured against theft or damage), price protection, return protection, and extended warranties.

Features of the Chase Sapphire Preferred

  • Sliding APR scale. Your purchase and balance transfer APR will be 16.24% to 23.24% variable based on your creditworthiness.
  • Higher cash advance APR. If you plan on taking out a cash advance, keep in mind that doing so comes with an APR of 25.24%. You will also incur a cash advance fee of $10 or 5% of the transaction amount, whichever is greater.

How to apply for the Chase Sapphire Preferred

Eligibility criteria

  • You are at least 18 years of age (19 in Alabama and Nebraska)


Required documents & information

  • Your name, residential status, and residential address
  • Your Social Security number
  • Your email address, phone number, and date of birth
  • Financial information like your annual salary and wages
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