The Chase Sapphire Preferred card offers a very generous point bonus and extra travel rewards to those with excellent credit. It is the premium version of the Chase Sapphire card. Although it has an annual fee, most cardholders should be able to easily offset it with the points they earn.
 | | - Earn 40,000 bonus points after you spend $3,000 in the first 3 months - that's $500 toward travel rewards!
- 2 points per dollar spent on travel and at restaurants & 1 point per dollar spent on all other purchases.
- Get 20% off airfare, hotels, car rentals and cruises when you book through Ultimate Rewards(SM)
- No foreign transaction fees
- Receive a 7% annual dividend on all new points earned - even on points already redeemed
- 1:1 point transfer to participating frequent travel programs
- Direct access to expert service advisors anytime
- No Annual Fee for your first year - A $95 value
- Go to issuer's official application, terms, and details
| | | | Intro APR for Purchases | Intro APR for Balance Transfer | APR as low as | Annual Fee | | - | - | 15.24% (Variable) | $95 |
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| Overall Score | 4.2 | |
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| Rewards | 4.5 | |
| Fees | 3.0 | |
| Benefits | 5.0 | |
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5-point scale (the higher, the better)
Pros and Cons
- Generous bonus points
- Travel, purchase and security protection
- No annual fee for first year
- No intro APR
- $95 annual fee
Bottom Line
High-earning rewards card for those with excellent credit
Rewards
Like the regular Sapphire card, the Sapphire Preferred card generates Ultimate Rewards points for all purchases. You earn 2 points for each dollar spent on airfare, train tickets, hotel stays and restaurant meal purchases and 1 point for each dollar spent on other purchases. You also get an automatic 7% annual dividend on all points you earned throughout the year.
These points can be redeemed for a wide range of items, including plane tickets, hotel stays, gift cards and electronic goods. When redeeming points for travel through the Ultimate Rewards mall, you get a 20% point discount. You can also convert your points to cash or transfer them on a 1:1 basis to other frequent traveler programs. This gives you great versatility in how you redeem your rewards.
Intro Bonus
This card has several upgrades over the regular Sapphire Card, such as a higher introductory bonus. When you spend at least $3,000 on purchases with the Preferred Card in the first 3 months of use, you receive 40,000 bonus points. The regular card only earns an initial bonus of 10,000 points.
These 40,000 points can be redeemed for $500 in travel purchases when redeeming through the issuer’s website. This is one of the best point bonus promotions in the market today.
Fees
The Preferred Card also has no foreign transaction fees. If you use this card in another country, Chase will not charge you an extra foreign transaction fee for the transaction.
The card does have an annual fee of $95, which is waived during the first year of card membership. This fee is relatively low compared with other premium cards, and can be easily offset by point earnings for most cardholders.
Pros
- Earns 40,000 bonus points after you spend $3,000 in the first three months of use
- No foreign transaction fees on purchases made abroad
- Generates rewards points on purchases; double points on travel and dining purchases
- No annual fee for the first year
- Earns a 7% dividend on annual points
Cons
- No introductory APR on purchases
- Annual fee of $95 after the first year
- Hard to qualify for; requires excellent credit
Bottom Line
If you have excellent credit and would spend enough to earn the 40,000 point bonus, this card is an excellent value, especially for travelers.
(Editing by Erin K)
Next Step - View the issuer's official application, terms, and details
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Disclaimer: This content is not provided or commissioned by Chase. Opinions expressed here are author's alone, not those of Chase, and have not been reviewed, approved or otherwise endorsed by Chase. This site may be compensated through Chase Affiliate Program.
Disclaimer: This content was first published on December 9, 2011. This content may have been updated on May 17, 2012. Information including APR, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check Chase website for updated information.
