The
Chase Sapphire Preferred® Card is a very good credit card for bonus rewards on travel and dining. Chase Sapphire Preferred is worth its
$95 annual fee for people with a
700+ credit score who like to travel, don’t mind booking at least one trip through Chase, and plan to charge more than $1,334 per month.
New cardholders must spend
$4,000+ in the first
3 months to qualify for Sapphire Preferred’s big initial bonus:
60,000 points. That’s the centerpiece of the offer, and using Chase’s travel portal is required to get top dollar when you redeem. You’ll get
$750 in travel booked through Chase or
$600 statement credit. Either way, the bonus alone will pay for 6+ years’ of membership dues. Chase Sapphire Preferred’s annual fee is
$95.
Needless to say, there’s little reason to pass on this deal if you’re a frequent traveler with top-tier credit.
Chase Sapphire Preferred Review Highlights
1. Initial bonus worth up to $750
Spending
$4,000 within
3 months of opening the Chase Sapphire Preferred Card will score you
60,000 points, which you can redeem for
$750 in travel booked through Chase Travel℠ or a
$600 statement credit. That’s one of the biggest initial bonuses on the market. Need we say more?
2. Earn up to 6.25% back on travel
Chase Sapphire Preferred offers 5 points per $1 spent on travel booked through Chase Travel℠ and 2 points per $1 on all other travel. This earning rate translates to 2.5% - 6.25% cash back when you redeem for Chase Travel or 2% - 5% cash back when used for a statement credit.
3. Great everyday rewards
You will earn 3 points per $1 on dining (including eligible delivery services and takeout), select streaming services, and online grocery purchases (excluding Target, Walmart and wholesale clubs). That’s about triple the
average earning rate for a rewards card. Sapphire Preferred gives 1 point per $1 spent on most other purchases.
4. $2,000+ in 2-year rewards value
The average person would earn roughly $2,000+ in net rewards value (with fees included) in two years with the Sapphire Preferred Card, according to WalletHub’s calculations. That’s a nice chunk of change. And it’s why Chase’s Preferred Sapphire Card is the preference of so many rewards-seekers.
5. Chase Sapphire Preferred annual fee
The Chase Sapphire Preferred Card’s annual fee is
$95 - about four times higher than the average annual fee. It is assessed upon account opening and then every 12 months after.
Bottom Line: Is Chase Sapphire Preferred Worth It?
Chase Sapphire Preferred is one of 2024’s best rewards cards for a reason. Its big initial bonus is the star of the show, saving you enough on travel that you’ll definitely need some suntan lotion. The ongoing rewards aren’t so hot if you don’t redeem your earnings for travel booked through Chase. But all in all, Sapphire Preferred is definitely worth the money.
Learn More About Chase Sapphire Preferred
Chase Sapphire Preferred minimum credit score
The minimum credit score needed for Chase Sapphire Preferred is
700, if you want good odds of approval. That is because the Chase Sapphire Preferred Card requires at least good credit for approval. You can check your latest credit score for free on WalletHub.
Chase Sapphire Preferred requirements
In addition to a good or excellent credit score and enough income to pay at least the minimum due each month, the main requirements for Chase Sapphire Preferred are being at least 18 years old (19 in Alabama and Nebraska; 21 in Puerto Rico) and having a Social Security number or Individual Taxpayer Identification Number (ITIN). Furthermore, people who currently have any Chase Sapphire card or who earned a Chase Sapphire initial bonus in the past 48 months are not eligible for approval.
Chase Sapphire Preferred income
To be approved for the Chase Sapphire Preferred Card, applicants need enough income to afford monthly bill payments, along with their other monthly financial obligations. However, there is no specific Chase Sapphire Preferred income requirement.
