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If you’re in the market for a credit card that offers a robust mix of rewards, travel perks, and financial flexibility, the Chase Sapphire Preferred® Card is a compelling option worth considering.
With its blend of attractive benefits and financial flexibility, this card has become a favorite among savvy spenders and travelers alike.
Whether you’re a seasoned globetrotter or just starting to explore the world of rewards credit cards, the Chase Sapphire Preferred® promises to deliver value that could enhance your everyday spending and travel experiences.
In this review, we’ll dive into its key features, benefits, and potential drawbacks, helping you decide if it’s the right fit for your financial goals and lifestyle.
Features of the Chase Sapphire Preferred Credit Card
The Chase Sapphire Preferred card comes with a range of features. One of the standout features is the trip cancellation/interruption insurance.
If your travel plans are disrupted due to sickness, severe weather, or other covered circumstances, you can be reimbursed up to $10,000 per person and $20,000 per trip for prepaid, non-refundable expenses such as passenger fares, tours, and hotels.
For those who frequently rent cars, the Auto Rental Collision Damage Waiver is a valuable benefit.
By declining the rental company’s collision insurance and charging the full rental cost to your Chase Sapphire Preferred® Card, you can access primary coverage for theft and collision damage on most rental cars, both in the U.S. and abroad.
If you encounter a baggage delay of more than six hours, the card provides compensation for essential purchases like toiletries and clothing, up to $100 a day for five days.
Similarly, if your common carrier travel is delayed by over 12 hours or requires an overnight stay, you and your family are covered for up to $500 per ticket in unreimbursed expenses such as meals and lodging.
Travel and emergency assistance services are also included, offering you access to legal and medical referrals, as well as other types of travel support.
While you will need to cover the cost of any goods or services obtained, having access to these resources can be invaluable when you’re far from home.
The card offers purchase protection that covers new items against damage or theft for up to 120 days, with a claim limit of $500 per item and $50,000 per account.
Additionally, the extended warranty protection adds an extra year to eligible U.S. manufacturer’s warranties of three years or less, extending your coverage beyond the original terms.
Pros and Cons of the Chase Sapphire Preferred Credit Card
What are the benefits and bottlenecks of using the Chase Sapphire Preferred Credit card? Let’s take a look:
Benefits
Here are the key benefits of Chase Sapphire Preferred Credit card:
- Earn 5x Points on Lyft Rides: Earn 5x points on Lyft rides through March 31, 2025, which is 3x additional points on top of the 2x points you already earn on travel.
- Earn 5x Points on Peloton Purchases: Earn 5x total points on Peloton equipment and accessory purchases over $150, up to a maximum of 25,000 points through March 31, 2025.
- Get complimentary access to DashPass for both DoorDash and Caviar: Access a $120 value for 12 months. Enjoy $0 delivery fees and lower service fees on eligible orders for at least one year when activated by December 31, 2027. Plus, receive up to $10 off per month on non-restaurant DoorDash orders.
- Instant Card Access: Apply and start using your card the same day. Gain instant access by adding it to a digital wallet like Apple Pay®, Google Pay™, or Samsung Pay.
- 24/7 Customer Service Access: Enjoy around-the-clock access to a customer service specialist from virtually anywhere in the world, ensuring you have support whenever you need it.
Cons
Here is a potential disadvantage:
- High Fees: The card comes with an annual fee and additional costs.
Rates and Fees
When it comes to interest rates for the Chase Sapphire Preferred® Credit Card, the Purchase Annual Percentage Rate (APR) ranges from 20.99% to 27.99%.
For balance transfers, the APR also falls between 20.99% and 27.99%, again influenced by your creditworthiness and the Prime Rate.
Cash advances come with a higher APR of 29.74%, which will vary with the market based on the Prime Rate.
If you fall behind on payments or have a payment returned unpaid, a Penalty APR of up to 29.99% may apply. This rate could potentially remain in effect indefinitely if the Penalty APR is triggered.
To avoid paying interest on new purchases, ensure you pay off your entire balance or Interest Saving Balance by the due date each month. Your due date will be at least 21 days after the close of each billing cycle.
Note that interest on balance transfers and cash advances starts accruing from the transaction date.
The annual membership fee for this card is $95. If you use Chase Pay Over TimeSM (formerly My Chase Plan®), a monthly fee of up to 1.72% will apply to the amount of each eligible purchase transaction or the amount you choose to pay over time.
Promotional offers with lower fees might be available from time to time.
For transactions, balance transfers incur a fee of either $5 or 5% of the transfer amount, whichever is greater. Cash advances come with a fee of either $10 or 5% of the transaction amount, whichever is greater. There are no fees for foreign transactions.
Penalty fees include up to $40 for late payments and returned payments. There is no fee for returned checks.
Eligibility Criteria and Requirements
To qualify, you must be a US resident at least 18 years old (19 in Alabama and Nebraska, and 21 in Puerto Rico). If you are married, you can apply for a separate account.
An issuer reviews your credit report and the information you provide to ensure you meet the criteria for the offer.
Depending on this review, you might receive a card with different terms or potentially not be approved at all. If approved, your chase sapphire preferred minimum credit limit will be $5,000.
How to Apply for the Chase Sapphire Preferred Credit Card
Applying for the card is easy. Visit their website, sign in, or apply as a guest.
You’ll need to provide personal details like your name, date of birth, mother’s maiden name, and Social Security Number (SSN) for identity verification. Enter your home address, contact email, and phone number.
By providing your mobile number, you consent to receive automated account-related calls and texts. Authorize Chase to verify your SSN with the Social Security Administration.
Next, provide financial information, including your residence type, employment status, and total gross annual income. You can add up to five authorized users. Statements are digital by default, but you can opt for paper.
Finally, read and agree to all terms, conditions, and disclosures before submitting your application.
Conclusion
The Chase Sapphire Preferred® Credit Card is an excellent option for those who want a mix of travel perks, bonus points, and financial flexibility. This card offers valuable benefits for maximizing rewards and enhancing travel experiences.
However, it’s important for prospective applicants to consider the card’s interest rates, annual fees, and other costs. If these factors fit within your budget and financial goals, this card could be a powerful tool for earning rewards and enjoying premium travel benefits.
