Chase Sapphire Preferred® Card review

How to apply for the Chase Sapphire Preferred® Card

1. Click Apply now.
2. Complete the application with details like your name, address, annual income and Social Security number.
3. Review and submit your application.

How long will it take to be approved?

Because approval is automated on the Chase website, you’re likely to get a decision within minutes. If there are issues with your application, it could take up to a few weeks to hear back.

Compare Sapphire Preferred to similar credit cards

Chase Sapphire Preferred® Card

★★★★★

Finder Rating: 4.3 / 5

Go to site
Minimum credit score 670
Annual fee $95
Purchase APR 15.99% to 22.99% variable
Balance transfer APR 15.99% to 22.99% variable
Rewards 5x points on Lyft, 2x points on travel and dining and 1x points on all other purchases
Welcome offer 60,000 points after spending $4,000 in the first 3 months, a value of up to $750 through Chase Ultimate Rewards

American Express® Gold Card

★★★★★

Finder Rating: 4.6 / 5

Go to site
Minimum credit score 680
Annual fee $250
Purchase APR See pay over time APR
Balance transfer APR See pay over time APR
Rewards 3x points on directly-booked flights; 4x at restaurants; 4x at US supermarkets on up to $25,000 annually (then 1x points)
Welcome offer 60,000 points after spending $4,000 in the first 3 months

Citi Premier® Card

★★★★★

Finder Rating: 4.3 / 5

Go to site
Minimum credit score 740
Annual fee $95
Purchase APR 15.99% to 23.99% variable
Balance transfer APR 15.99% to 23.99% variable
Rewards 3x points at restaurants, supermarkets, gas stations, flights and hotels and 1x points on everything else
Welcome offer 60,000 points after spending $4,000 in the first 3 months

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The perks

• REWARDS: 5x points on Lyft rides, 2x points on travel and dining.

  Chase Sapphire Preferred® Card rewards can be attractive if you’re a frequent traveler, as you’ll earn 5x points on Lyft rides through March 2022 and 2x points on travel and dining. Earn 1 point per dollar you spend on everything else.

  Pay attention to the bonus categories before getting this card. If you rarely travel or dine out, you might be better served by a different product. If you spend consistently in those categories, however, this card might be a great choice for you. A 2x-point earn rate easily turns into a 2.5% redemption rate if you redeem your points for eligible travel through the Chase portal.

• SIGNUP BONUS: Earn up to 60,000 bonus points.

  When you spend $4,000 on purchases in the first 3 months your account is open, you’ll earn 60,000 points. That’s worth $750 when redeemed through Chase Ultimate Rewards.

• Points are worth more when redeemed through Chase Ultimate Rewards.

  If you redeem your points through Chase Ultimate Rewards, they’re worth 25% more. This is a big perk that elevates the Chase Sapphire Preferred® Card above the rest.

  For example, you can redeem 60,000 points for $750 worth of travel purchases, rather than the industry-standard $600 — 1 point equals 1 cent.

Should I get the Chase Sapphire Preferred® Card or Chase Sapphire Reserve®?

The Chase Sapphire Preferred® Card is a mid-tier travel card that can be an excellent starting product to get into the travel game. The Chase Sapphire Reserve®, meanwhile, is a premium card with a hefty price tag — but you’ll find many top-of-the-line features.

Here are a few of the sharpest differences:

• Annual fee. Choose between a $95 and $550 annual fee.
• Signup bonus. At the time of this writing, the Chase Sapphire Preferred® Card actually has a better bonus than its counterpart.
• Rewards. For both cards, earn bonus points on travel and dining. However, the Chase Sapphire Reserve® offers more rewards.
• Point boost. The Chase Sapphire Preferred® Card offers a 25% point boost when you redeem for eligible travel through Chase’s portal. The Chase Sapphire Reserve® offers a 50% boost.
• Point transfers. Both cards offer 1:1 point transfers to Chase’s airline and hotel partners.
• Premium perks. The Chase Sapphire Reserve® wins handily here, offering a $300 annual travel credit, a Global Entry/TSA PreCheck application fee credit and Priority Pass Select.

If you don’t want to take the plunge on the higher-priced offering right now, know that you can always upgrade later.

Here’s another pro tip: If you reach your first card anniversary, you can even downgrade to the no-annual-fee Sapphire Preferred, which is an unadvertised card. At the time of this writing, it offers 2x points on dining and 1x points on all other purchases. Note that you’ll have to give up the points boost and the ability to transfer your rewards to Chase’s partners.

Is the annual fee worth it?

The Chase Sapphire Preferred® Card has a $95 annual fee. That’s comparable to fees of other mid-tier travel cards, but is it worth paying?

First, look at the card’s rewards

According to Chase, the card’s points are worth 25% more when redeemed for airfare, hotels, cruises and car rentals through Chase Ultimate Rewards. This gives you a 1.25% redemption rate, which is better than that of most other travel cards.

At that rate, you’d need 7,600 points to break even on the annual fee with rewards alone.

• That’s $1,520 spent on Lyft rides through March 2022.
• Or, $3,800 spent on travel or dining.
• Or, $7,600 spent on all other purchases.

You may need even fewer points to break even if you transfer them to Chase’s travel partners. For example, our January 2019 valuation pegs Southwest Airlines points at 1.6 cents each — a better rate than you’d find through Chase Ultimate Rewards.

Next, consider the signup bonus

You can redeem 60,000 points for $750 of travel through Chase Ultimate Rewards. That’s an excellent signup bonus, and it could pay for your annual fee several times over.

Other perks that add more value

Purchase protection and travel insurance are often the unsung heroes of travel cards. It can be difficult to calculate its value. But if they lead to a successful claim, your card could immediately pay for itself.

You’ll also like…

• Point transfers at a 1:1 ratio to airline programs.
  

  Transfer points 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.
  

  Transfer points to hotel programs that include Hyatt Gold Passport, IHG Rewards Club, Marriott Rewards and Ritz-Carlton Rewards.

• No Chase Sapphire Preferred® Card foreign transaction fee.

  You wouldn’t expect anything less from a travel card. Many credit cards come with a 3% foreign transaction fee, making the Chase Sapphire Preferred® Card an excellent choice when you’re shopping abroad.

• Peloton statement credits.

  Until December 31, 2021, the Chase Sapphire Preferred® Card will grant you up to $60 in statement credits on Peloton Digital and All-Access Memberships.

• Purchase coverage.

  Purchase coverage includes purchase protection that insures your purchases against theft or damage and provides price protection, return protection and extended warranties.

Survey data on Chase Sapphire Preferred® Card

What credit score did you have when you were approved for this credit card?

• Visual
• Chart

Based on a survey of 64 people (out of 365 respondents) on finder.com

Answer choices	Responses
740-850	57.81%
670-739	35.94%
580-669	4.69%
300-579	1.56%

What interests you most about this credit card?

• Visual
• Chart

Based on a survey of 215 people (out of 365 respondents) on finder.com

Answer choices	Responses
Rewards	34.42%
Signup bonus	17.21%
Features and benefits	44.65%
APR	3.72%

What to watch out for

• Annual fee.

  The Chase Sapphire Preferred® Card comes with a $95 annual fee.

• Potentially high APR.

  Depending on your credit, you could be approved for a purchase and balance transfer APR as high as 22.99% variable. The average credit card APR is around 16%.

• Higher cash advance APR.

  Cash advances come with a 24.99% variable APR.

• No grace period on balance transfers or cash advances.

  Purchases come with a grace period — that is, you’ll have at least 21 days after the close of the billing cycle to pay off your balance before accruing interest. This isn’t the case with balance transfers or cash advances: You’ll start accruing interest on them immediately.

Chase transfer partners

One great feature of the Chase Sapphire Preferred® Card is it allows 1:1 point transfers to a good mix of airline and hotel travel partners.

Here are the eligible airlines

And here are the eligible hotels:

According to our Chase redemption guide, Aer Lingus AerClub, Air France/KLM Flying Blue and Iberia Plus may offer some of the best values for your point transfers. On the hotel side, World of Hyatt redemptions can offer stellar value.

What should I know before I apply?

To apply for the Chase Sapphire Preferred® Card, you must be at least 18 years old in most places. The minimum age requirement bumps up to 19 for residents of Alabama and Nebraska and 21 in Puerto Rico.

Required documents and information

What credit score do I need?

You’ll have a better chance of approval for this card if you apply with a good to excellent credit score of 670 to 850.

Chase Sapphire Preferred® Card reviews and complaints

Cardholders generally have great things to say about the Chase Sapphire Preferred® Card points and travel benefits — even if they’re not thrilled with the annual fee. They say the card is slightly easier to apply for as a Chase customer: Because the bank already has your personal details, you may not have to complete the entire credit card application.

JPMorgan Chase Credit Card is not accredited with the Better Business Bureau but it has an A+ rating and a composite score of 1.18 out of 5 stars based on 229 customer reviews as of October 2020. Most customer complaints revolve around poor customer service and hidden costs Chase credit cards in general. Make sure you read your card’s terms and the rewards agreement to avoid issues with your account.

As of October 2020, Chase earns a Trustpilot score of 1.3 out of 5. Most negative reviews cite slow responses to fraud complaints and less-than-helpful customer service. Positive reviews cite the bank’s great mobile app and quick resolutions to their issues. Overall, your mileage may vary with Chase customer support.

I got the card. Now what?

• Make timely payments. Pay your card bill online at the Chase website, where you can enroll in autopay.
• Avoid interest. After the close of each billing cycle, you have a grace period of at least 21 days to pay your balance. If you do, you won’t pay interest on your purchases.
• Avoid fees. Late and returned payments come with fees of up to $39. The balance transfer fee is $5 of the amount of each transfer, and the cash advance fee is $10 or 5% of the cash advance amount, whichever is greater.
• Contact customer service. If you have questions, contact Chase Credit Cards support at 1-800-432-3117.

Bottom line

The Chase Sapphire Preferred® Card is among the best travel cards you’ll find. With its 2x points on travel and dining, it’s a solid credit card for globetrotters and foodies.

Those points go far too, with a 25% boost if you redeem them through Chase Ultimate Rewards. And the 1:1 point transfers to airline and hotel programs means your points are extremely flexible.

Frequently asked questions

• Will I know for sure what my card’s APR will be before I apply?
  Unfortunately, no. It’s not possible to know what APR you’ll receive until your application is approved. Of course, the higher your credit score, the better your chances of receiving a favorable interest rate.
• What is on my Chase credit card monthly statement?
  Each month, you’ll receive a summary of the transactions you’ve made with your card. You’ll see purchases you’ve made and whether you’ve accrued rewards or points with your card. By default, you’ll get your statements by mail, but you can sign up for paperless online statements.
• What is the Chase Sapphire Preferred® phone number?
  If you have issues with your card, contact Chase Sapphire Preferred® Card customer service at 1-800-432-3117.
• What should I know about my card’s interest charges?
  As with all credit cards, it’s a good idea to pay off your balance in full each month to avoid accruing interest. With the Chase Sapphire Preferred® Card, you aren’t charged interest on purchases if you pay off your balance within 21 days after the close of the billing cycle.
• Is there a minimum Chase Sapphire Preferred® credit score?
  Many Chase cards come with generous rewards, and rewards cards typically require higher credit scores. For this particular card, we recommend a good to excellent credit score of 670 or higher to qualify.
• Does Chase offer a mobile app?
  Yes. Use Chase’s free mobile app to access your account, track your spending, see your current balance and pay your bills.
• If I qualify for the signup bonus, when will I receive my points?
  You’ll receive the points six to eight weeks after you qualify.
• Do Chase Sapphire Preferred® rewards points expire?
  No. As long as your Chase Sapphire Preferred® Card account remains open and in good standing, your points don’t expire.
• What qualifies as a travel purchase?
  Travel purchases are payments made through these types of merchants:
  • Airlines
  • Hotels
  • Motels
  • Timeshares
  • Car rental agencies
  • Cruise lines
  • Travel agencies
  • Discount travel sites
  • Campgrounds
  • Operators of passenger trains
  • Buses
  • Taxis
  • Limousines
  • Ferries
  • Toll bridges and highways
  • Parking lots and garages

  Exclusions include:

  • Real estate agents
  • Educational merchants arranging travel
  • In-flight goods and services
  • Onboard cruise line goods and services
  • Sightseeing activities
  • Excursions
  • Tourist attractions
  • Merchants within hotels and airports
  • Merchants that rent vehicles for the purpose of hauling

  Call Chase’s customer support if you’re unsure what qualifies as a travel purchase.

• What qualifies as a dining purchase?
  Your spending is classified as dining when you use your card at restaurants and eateries that are primarily sit-down or eat-in establishments.

  According to Chase, excluded categories are:

  • Merchants that sell food and drinks within larger merchants, like theme parks, sports stadiums, hotels and casinos and grocery and department stores.
  • Gift card and delivery service merchants.

  Ask a Chase customer service rep if you’re not sure what qualifies as a dining purchase.

• Is the Chase Sapphire Preferred® metal?
  Yes. Its sibling card, the Chase Sapphire Reserve®, has metal construction too.
• Is there a Chase Sapphire Preferred® referral bonus?
  Yes. When you refer a friend who is approved for the card, you’ll receive 10,000 bonus points. The maximum points you can earn each year is 50,000 points.