The Chase Sapphire Preferred® card is considered to be among the most popular credit cards at the present moment. This card is highly acclaimed for its lucrative sign up offer as well as its extensive reward program which will definitely be useful for the frequent traveler or the avid diner out. It has additional features such as bonus points, travel credit, and no foreign transaction fee to give the consumer the best of everything they look for in the present world.

In addition to the enticing cash back options, the Chase Sapphire Preferred® card has several travel protections and purchase protections. Visa cardholders can count on trip cancellation insurance, auto rental collision damage waiver, and extended warranty protection. As such, this card is an ideal fit for any consumer who would like to get more value out of their spendings on travels as well as day-to-day activities.

Key information about the Chase Sapphire Preferred® card

One of the offers which deserve to be mentioned is Chase Sapphire Preferred® card with its generous welcome bonus and the focused rewards for the travelers and gourmands. For the new cardholders, there are 60,000 points which they can get when they spend at least $4,000 within the first three months of opening the account. These points can be used to get $750 in travel credits for Chase Ultimate Rewards®.

Further, 5x total points on traveling through Chase Travel, 3x points on eating out, delivery services, and ordering takeaways, 2x points on the other traveling expenditures, 3x points on the online groceries excluding Target, Walmart, and wholesale clubs, and 3x points on select streaming services.

How does the annual fee work?

There is an annual fee on the Chase Sapphire Preferred® card which is $95 for card members. This fee is yearly and can be on the anniversary date of the account; it is not deferred for the first year. This annual fee cannot be waived unlike in other credit cards where one may be able to choose to pay an annual fee, provided that one spent a set amount of money or is a loyal customer; the Chase Sapphire Preferred® Card does not afford this luxury.

How is the credit limit determined?

The issued credit limit for the Chase Sapphire preferred card depends on several aspects, such as the applicant’s credit score, earnings, credit utilization ratio, and other credit-related factors. During the granting of credit, Chase considers these factors to set a credit limit that suits the cardholder’s credit status.

The other disadvantage is that one cannot decide how much money they want to spend on the card, unlike the scenario where the card’s credit limit is as per the amount stored on the card like in the case of prepaid cards, the credit limit of this Chase Sapphire Preferred® card is determined by the bank and it changes from time to time.

Credit card benefits 

• Generous sign-up bonus: Earn 60,000 bonus points after spending $4,000 in the first three months.
• High rewards rate: 5x points on travel purchased through Chase Travel, 3x points on dining and select streaming services, 2x points on other travel purchases, and 1x point on all other purchases.
• $50 annual hotel credit: Receive up to $50 in statement credits each account anniversary year for hotel stays purchased through Chase Travel.
• Points boost: Get 25% more value when redeeming points for travel through Chase Ultimate Rewards.
• No foreign transaction fees: Enjoy international travel without the worry of additional fees.
• Additional benefits: Access to travel and purchase protection benefits, including trip cancellation/interruption insurance, auto rental collision damage waiver, and extended warranty protection.

Ultimate rewards program

There is the Ultimate Rewards program, which is the best feature associated with the Chase Sapphire Preferred® card. The points that are accrued with the card, can be redeemed at 25% more value when used for traveling through Chase Ultimate Rewards. For instance, 60,000 points may be redeemed for $750 of travel credit which increases the utility of the points a lot.

Disadvantages

• Annual fee: The card has a $95 annual fee that is not waived for the first year.
• High APR: The variable APR ranges from 21.49% to 28.49%, which can be costly if balances are carried month-to-month.
• Bonus category limitations: Some bonus categories exclude popular retailers like Target, Walmart, and wholesale clubs for online grocery purchases.

Annual fee

Expensive with an annual fee of $95, this is a disadvantage especially to card holders who cannot fully take advantage of the credit card. Even though rewards and travel credit can help eliminate this fee, some prospective cardholders will be discouraged by it. This means that certain aspects have to be considered to clarify whether the frequent traveling is worth the money to be spent.

Who can apply for this card?

Here are some of the requirements need to be fulfilled in order to apply for this Chase Sapphire Preferred® card. The applicants should be over 18 years of age with a credit score of 690-850 as is considered as good to excellent. Another requirement is that a stable and verifiable source of income is also required in order to establish that one can handle the credit card and the debt that they incurred as well.

How to apply for the Chase Sapphire Preferred® card

Via WebSite

To apply for Chase Sapphire Preferred® card online, one must first go to the Chase website and then find the card. You will see here ‘Apply Now’ button, and behind it, there is online application form. Before proceeding with the remainder of the application, you need to input and provide details like your full name, home and office address, SSN, date of birth, and phone number. This information is used to confirm your identity and the credit check carried out by Chase.

Then fill the socio-economic credential section consisting of the annual income and employment details. The said information is used by Chase to evaluate your creditworthiness and to set a reasonable credit limit for your credit card. One has to go through the terms and conditions of the card which are vital to understand the APR, annual fee, etc. After review, you agree to allow credit check and submit your application.

Depending on the result, you receive an instant decision, while, at other times, it may take a few days for further review. If the application is given a green light, the Chase Sapphire Preferred® card will be delivered at your doorstep in 7-10 business days. This will help to guide you on how to activate your card and further assist you with the perks of the card.

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