Trying to make the most of chase sapphire preferred card? You are in the right place. Below we break it down in plain English, with practical tips you can actually use.
Key Takeaways
- The Chase Sapphire Preferred (CSP) is Chase’s entry level annual fee card.
- It gives cardholders the ability to transfer points to Chase’s travel partners, has a generous sign up bonus and bonus categories on travel...
- In this review we will be looking at the benefits & negatives to this card and who it’s best suited to.
The Chase Sapphire Preferred (CSP) is Chase’s entry level annual fee card. It gives cardholders the ability to transfer points to Chase’s travel partners, has a generous sign up bonus and bonus categories on travel & dining. In this review we will be looking at the benefits & negatives to this card and who it’s best suited to. Along with the minimum credit score we’d recommend you have before applying.
Interest Rates
Fees
Card Pros
- 50,000 point sign up bonus
- Ability to transfer to travel partners at 1:1 rate
- 25% travel redemption bonus
Card Cons
- Low earning rate on every day spend
- Annual fee of $95
- Chase 5/24 rule applies
Contents
- 1 Application Information
- 2 Rewards Program
- 3 Card Benefits
- 4 Our Verdict
- 5 F.A.Q’s
- 6 Card History/Changes
Application Information
What Credit Score Is Required?
The CSP is considered a premium/prime card so you’ll normally need “excellent” credit to be accepted for this card.
Credit Boards Credit Karma Lowest approved score 629 664 Average approved score 744 727We suggest that you have a minimum credit score of 700 to apply for the Chase Sapphire Preferred and a recommended score of 720+.
Common reasons for denial:- Too numerous recent inquiries. This is also formally known as the Chase 5/24 rule.
- Limited to one Sapphire card (e.g Chase Sapphire, Chase Sapphire Preferred or Chase Sapphire Reserve)
- Income to rent ratio was too high.
- No current cards with a limit over 5,000
[Read: I was denied for the Chase Sapphire Preferred, now what]
What Credit Bureau Do They Pull?
The exact credit bureau that Chase pulls for the Chase Sapphire Preferred depends on the state you currently live in. Find out which bureau Chase pulls from your state.
Rewards Program
This card earns Chase Ultimate Rewards points.
Earning Points
This card earns at the following rates:
- 2x points per $1 spent on travel and dining at restaurants
- 1x points per $1 spent on all other purchases
- 50,000 points after $4,000 in spend within the first 3 months of account opening. You also receive an additional 5,000 points after you add an authorized user and they make their first purchase
Public bonus history:
Targeted bonus history:
- March 1st, 2017 - ?? : Chase Sapphire Preferred 75,000 Bonus In-Branch [YMMV]
- November 17th, 2016 - ??: Chase Sapphire Preferred 70,000 Point Offer, In Branch & YMMV
- June 28th, 2016 - ??: [Targeted] Chase Sapphire Preferred 55,000 + 50,000 Sign Up Bonus
Redeeming Points
You can redeem points for the following:
- Statement credit/cash back: 1¢ per point
- Chase’s travel portal: 1.25¢ (this is due to the 25% travel redemption bonus)
- Transfer points to one of Chase’s travel partners. They are as follows (1:1 transfer rate):
Card Benefits
Transfer to travel partners at 1:1 rate
As mentioned above holding this card allows you to transfer to Chase’s travel partners loyalty programs at a rate of 1:1. You can also combine points from Chase’s non annual fee products (Chase Freedom & Chase Freedom Unlimited) and use those points to transfer to travel partners.
25% Travel Redemption Bonus
When redeeming points through Chase’s travel portal you get a 25% bonus making points worth 1.25¢ each rather than 1¢.
Primary Rental Car Insurance
This is one of the few cards that offers primary rental car insurance. Most only provide secondary insurance.
Cost Protection
You can read more about their cost protection policy here.
Our Verdict
The best feature of this card is really the sign up bonus, as it provides a minimum value of $500 and significantly more if you can take advantage of the transfer partners. That being said second year onwards the card gets less and less attractive due to the $95 annual fee. Earning 1x on all purchases isn’t attractive when you have the Chase Freedom Unlimited earning at a rate of 1.5 and other cards earning 2% cash back or more on all purchases. Earning 2x on dining isn’t that attractive either, with other cards now earning up to 4x.
There is some value in having the primary rental car insurance and also having the ability to transfer Chase UR points, but for the majority of people I don’t think holding the card long term makes much sense. We talk about this more in this post: Keep, Downgrade, Cancel: Chase Sapphire Preferred.
All of that being said, I do think it provides fantastic value in the first year due to that sign up bonus and if you’re eligible for this card I’d recommend applying for it if you can meet the minimum spend requirements. Just remember you’re limited to one Chase Sapphire card, so you might want to consider the Chase Sapphire Reserve. That card has a much higher annual fee of $450, but more benefits and higher earning rates. The sign up bonus is currently the same.
F.A.Q’s
Can you earn the sign up bonus more than once?
Yes it’s possible to earn the sign up bonus more than once. This is known as credit card churning. If it’s been more than 24 months since you last received the bonus on a card then you’re eligible to get the bonus again.
Card History/Changes
- August 28th, 2017: Chase Memo: Shoppers Can Only Get One Sapphire Card (e.g. CSP Cardholders Can’t Get CSR) + 24 Month Wait for Bonus
- August 20th, 2017: CSP annual fee increased to $85 from $95 for those who had the grandfathered rate
- August 16th, 2017: Chase Fairmont cards product changed to Sapphire Preferred
- 2016: Earning 3x points on restaurants on the first Friday of every month was removed
- 2015: 7% annual points dividend was removed
Final Thoughts
Before you check out, double-check chase sapphire preferred card against current offers and any coupons you can stack. Small habits like this add up to real savings over a year.
Originally published at doctorofcredit.com.
