Why I Love the Chase Sapphire Preferred Card!
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This card has been my favorite for years so I am happy to give you an overview and you can determine if this card is right for you! Note that this post contains my affiliate sign-up link for this card!
The current sign-up offer for the Chase Sapphire Preferred card is 60,000 Chase Ultimate Rewards points after spending a total of $4,000 on the card within the first three months from opening the account. The annual fee is $95 and the bonus is worth $750 toward travel!
Note that if you have received a sign-up bonus for this card or the Chase Sapphire Reserve within the last 48 months, OR are currently a primary Sapphire card holder, you are NOT eligible for this bonus. If this is the case, you can always look into the Chase Ink Business Cash card which earns the same type of points as the Chase Sapphire Preferred, has no annual fee, and has a great sign-up bonus as well!
Now let me share my two key reasons for loving the Chase Sapphire Preferred! –
The point redemption options
The earning rate and benefits
My three favorite POINT REDEMPTION OPTIONS:
1) The Chase Travel Portal. This is by far the most common way that people redeem their points toward travel. In fact, some people think it’s the ONLY way you can redeem points. By using the Chase travel booking portal (think Expedia), you can use the value of your points as cash toward nearly every brand of hotel, airline, rental car, etc. out there! I’ve not only booked the major brands, but I’ve booked boutique/privately owned hotels as well. With the Sapphire Preferred card, the redemption value is 1.25 cents per point, so it is a very straightforward process! Example: A hotel room for $125 would be 10,000 Ultimate Reward points.
2) Transfer Points to a Partner Loyalty Program. You also have the option to transfer/convert your points to one of Chase’s travel partner loyalty programs at a rate of 1-for-1 points at no cost! These Chase travel partners include the airlines: JetBlue TrueBlue, Southwest Rapid Rewards, United Mileage Plus, British Airways Executive Club, Aer Lingus AerClub, Emirates Skywards, Air France and KLM Flying Blue, Singapore Airlines KrisFlyer, and Virgin Atlantic Flying Club . Travel partner hotel programs include: World of Hyatt, Marriott Bonvoy and IHG Rewards. I’ve often found that this option makes my Ultimate Reward points worth EVEN MORE than 1.25 cents per point when I transfer them to loyalty partners such as World of Hyatt or Southwest Rapid Rewards!
3) “Pay Yourself Back” Statement Credit. From now until Sept 30, 2022, reimburse yourself for any Airbnb or select charities charges you put on your Chase Sapphire Preferred card with Ultimate Reward points! The reimbursement is in the form of a card statement credit. You can select your eligible purchases on the card as far back as 90 days. You then redeem points for the full or partial amount of those purchases. The point redemption rate is the same as booking through the Chase Travel Portal: 1.25 cents per point. Example: You used your Chase Sapphire Preferred card for a $250 night at an Airbnb. Two days later you log into your account, select that Airbnb transaction, and redeem 20k points as a statement credit for $250. Again, this option currently has an expiration date of Sept 30, 2022.
CARD EARNING RATE AND BENEFITS:
5x total points per $1 spent on all travel purchased through the Chase Ultimate Rewards travel portal. An Ultimate Reward is valued at 1.25 cents per point.
3x points per $1 spent on dining, including eligible delivery services, takeout and dining out (previously 2x)
3x points per $1 spent on select streaming services
3x points per $1 spent on online grocery purchases (excluding Target, Walmart and wholesale clubs)
2x points on travel
A $60 peloton membership credit and 5x points on peloton equipment
A $50 annual statement credit on hotel stays purchased through the Ultimate Rewards travel portal.
A 10% Anniversary Point Bonus. Each account anniversary, cardmembers will earn bonus points equal to 10% of total purchases made the previous year. That means, $10,000 in spend for the year will earn an additional 1,000 bonus points on your card anniversary date.
Collision insurance on rental cars
Baggage delay insurance (6 hours or more)
Extended Warranty protection
If you are ready to dip your toes in the pool of travel points, the Chase Sapphire Preferred card is a great place to start. Feel free to email me or DM on Instagram if you have questions!