Rewards Credit Cards July 4, 2020 0

Chase Sapphire Preferred Credit Card Review

Chase Sapphire Preferred Credit Card

Hello Friends, I hope all is well with you! Today, I am going to be reviewing the Chase Sapphire Preferred travel rewards credit card. These opinions are my own, and I am in no way influenced by anyone.

Overall Verdict: If you travel frequently or spend frequently on travel and dining, this is the card for you. The Chase Preferred travel rewards credit card offers some amazing benefits and a solid rewards program. You are able to earn extra rewards by booking with Chase through their online portal, which is called Chase Ultimate Rewards. Although, there is a caveat to their rewards, it still is a good card if you spend in those categories or travel frequently.

Some things about this card I like:

  1. Amazing benefits and protection
  2. More value for your points when you book through their online portal
  3. Sign-up bonus

Some things about the card that I don’t like:

  1. Annual fee
  2. You are able to get a no annual rewards card that has the same rewards rate
  3. There are other cards that have higher rewards in some categories for the same annual fee

What type of reward are you getting?

The Chase Sapphire Preferred travel rewards credit card offers you the opportunity to earn points per dollar that you spend. These points accumulate in your account until you are ready to use them. You are able to redeem them a number of ways. You can redeem your points for a statement credit, you can redeem them as cash that can be deposited into the bank account that is linked to the card, you are able to redeem them for gift cards, and you are able to redeem them for travel through Chase Ultimate Rewards (you get a 25% point bonus if you do). The last option will give you a 25% bonus on your points if you book through Chase Ultimate Rewards. For example, if you have 60,000 points (which is equivalent to $600), you can gain an extra 15,000 bonus points (which is equivalent to $150) by booking your travel through Ultimate Rewards. I’ve seen tickets that are more expensive than third party travel sites and cheaper than third party travel sites; it just depends.

Is there an annual fee?

The Chase Sapphire Preferred travel rewards credit card has an annual fee of $95.

What is the rewards amount?

The Chase Sapphire Preferred travel rewards credit card offers you the chance to earn 2x points per dollar spent on travel and dining and 1x point spent on everything else. Chase also offers you the opportunity to earn extra points by shopping at certain stores or buying certain brands. You may earn 10% extra points at Target or earn an extra $10 for signing up with Frontier. There are limits to the amount of points you can get on these extra bonus offers. The stores and the limits vary depending on the deal, so make sure to check out the details. This is a solid choice for someone who travels frequently and spends a good portion of their money on travel and dining, but it might not be the best choice for someone who doesn’t travel often or doesn’t spend primarily in those two categories. You would be able to get a better reward amount with a different card if you spend your money across many different categories.

Is there a bonus offer?

This travel rewards credit card offers you the opportunity to earn 60,000 bonus points when you make at least $4,000 in purchases in the first three months of your account opening. If you book through Ultimate Rewards, the 60,000 points could turn into 75,000 points which would equal about a 19% return on the money you would have spent regardless.

Are there foreign transaction fees?

This card does not have a foreign transaction fee.

Are there any other benefits?

The Chase Sapphire credit card does offer some nice benefits. It’s important to mention that you will get these benefits only if you use the card on those purchases.

These extra benefits include:

  1. Zero liability protection – you are not responsible for unauthorized purchases
  2. Fraud protection – your account is being monitored for fraudulent activity
  3. Purchase protection – covers new purchases for 120 days against damage or theft up to $500 per claim
  4. Extended warranty protection – this extends the time period for the manufacturer’s warranty
  5. Complimentary DoorDash’s subscription service – you get 3 months of DashPass
  6. Lyft cash back – you get 5% cash back on Lyft rides through 2021
  7. Auto rental collision damage waiver – you need to decline the rental company’s collision insurance and use your card for the rental car purchase. You are covered for theft or collision incidents on most cars in the U.S and abroad. Coverage is primary to your insurance. Chase’s rental insurance will be maxed out before you use your personal car insurance
  8. Trip cancellation and trip interruption insurance – you can be reimbursed if your trip is canceled or cut short for covered situations
  9. Trip delay reimbursement – you are reimbursed for expenses for expenses up to $500 per ticket if your common carrier travel is delayed more than 12 hours

For more information and details on their benefits, check out their benefits page.

What is the interest rate and are there any other fees?

There is no introductory APR offer on the Chase Sapphire Preferred rewards card. The APR is between 15.99% and 22.99%, but this depends on your credit score.

Their other fees include:

  1. Cash advance fee – $10 or 5% of the amount of each cash advance, whichever is greater
  2. Late payment fee –up to $39
  3. Balance transfer fee – $5 or 5% of the amount of each cash advance, whichever is greater
  4. Returned payment fee – up to $39

For more information on their fees, check out their fee schedule.

How is the customer service like?

There are a couple of ways to contact their customer service. The first way would be to call the number on the back of the card. The second way would be to send them a secure message through their online message portal. They are pretty good at replying back in a timely manner, and that’s what I mostly use to contact them. It’s important to note that your experience with their customer service will vary from time to time.

Should you get the Chase Sapphire Preferred Credit Card?

Who it’s perfect for:

  1. People who travel frequently
  2. People who spend primarily on dining and travel
  3. People who want excellent benefits and protection
  4. People who have excellent credit scores
  5. People who don’t mind the annual fee

Who it isn’t perfect for:

  1. People who don’t want an annual fee
  2. People who spend on a variety of categories
  3. People who don’t travel frequently

If you are still unsure if a rewards credit card makes sense, check out my post on Why You Should Use Rewards Credit Cards.

Additionally, if this card isn’t right for you, I invite you to check out my credit cards page for more information on other cards.

About the author

Mr. NahasFinance:

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