Saturday, November 26, 2022

Is Chase Sapphire The Best Credit Card

Don't Miss

Primary Rental Car Coverage

Chase Sapphire Preferred: Best Credit Card for Occasional Travelers

While many cards provide secondary collision damage waiver coverage, the Sapphire Preferred has primary coverage. If youre traveling with someone, as long as theyre listed as an authorized driver in the rental contract, the coverage is still in effect when theyre driving. This means you can decline the collision damage waiver offered by Hertz, Enterprise, Avis, or any other rental car company. To be clear, you need to decline it to be eligible for the primary coverage from the Chase Sapphire Preferred.

Book A Flying Blue Business Class Promo Award To Europe

Every month, Flying Blue releases a list of cities that are eligible for awards at 20-50% off their normal mileage rate when flying on Air France or KLM. For example, weve recently seen tickets from Chicago to Budapest for 40,000 miles. Pair this with an economy award in the other direction on airlines like Virgin Atlantic and youll end up with a round-trip ticket for just the cost of taxes and fees.

Best Student: Chase Freedom Student

$50 Bonus earned after first purchase made within the first 3 months from account opening.

Earn 1% cash back on all purchases.
Balance Transfer Fee Either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
  • Why We Chose This Card:
  • Pros & Cons

The Chase Freedom Student card is our choice for the best student card because of its flat cash back rewards program that offers 1% on all purchases with no annual fee. Students can also earn a $20 bonus each year with on-time payments for up to five years. After five on-time payments in the first 10 months, you may also be eligible for an increased credit limit. Access to FICO credit scores, credit education, and account management tools are also valuable features for college students searching for a first credit card.

  • Annual rewards for on-time payments

  • Automatic credit limit increases for eligible accounts

  • Simple rewards program

Don’t Miss: Cabelas Card Visa

Point Sapphire Preferred Bonus

The Chase Sapphire Preferred® Card currently has an offer of 60,000 Ultimate Rewards points after spending $4,000 in 3 months from account opening. Thats $750 when you redeem through Chase Ultimate Rewards®. Ultimate Rewards points are my personal favorite rewards points, mostly for their transfer partners and flexibility.

After spending $4,000 in the first 3 months with your Chase Sapphire Preferred® Card, you would have 64,000 Ultimate Rewards points. Ultimate Rewards points can be redeemed at a 1:10 ratio for cash back. But the best way to get value out of Sapphire points is to redeem them for travel.

Beyond the sign-up bonus, youll earn unlimited:

  • 5x points on travel purchased through Chase Ultimate Rewards®
  • 5x points on Lyft rides
  • 3x points on dining
  • 3x points on online grocery purchases
  • Also 3x points on select streaming services
  • 2x points on all other travel purchases
  • 1x point per $1 spent on all non-bonus purchases

There is a $50 annual Ultimate Rewards Hotel Credit. It comes in the form of a statement credit that will automatically be applied to your account when your card is used for hotel accommodation purchases made through the Ultimate Rewards program, up to an annual maximum accumulation of $50.

Plus, on each account anniversary, youll earn bonus points equal to 10% of your total purchases made the previous year. So, if you spend $25,000 on purchases, youll get 2,500 bonus points.

How Much Debt You Have

Is Chase Sapphire Reserve the best travel credit card ever ...

Rule of thumb: dont use more than 30 percent of your available credit. So if you have a credit line of $2,500 you shouldnt have a balance of over $750. And by balance, we mean debt. You can spend more than that a month just pay it off.

After reviewing reports online, we found some people who applied for the Chase Sapphire Preferred claim to have been denied for holding high balances or debts on other cards.

You May Like: Does Td Bank Have Visa Gift Cards

Dont Forget Chases Approval Restrictions

While theres room for debate between these two cards as a starting point for people new to the miles and points world, the Chase 5/24 rule makes one thing clear and its that you need to start with Chase. Specifically, youll want to start with earning Chase Ultimate Rewards points so you can take advantage of the transfer partners and travel portal.

Earning Valuable Ultimate Rewards Points

The rewards rate on the Chase Sapphire Preferred is designed with travelers and foodies in mind, offering 5 points per dollar on all travel booked through Chase Ultimate Rewards , 3 points per dollar on dining, select streaming services and online grocery shopping, 2 points per dollar on other travel purchases and 1 point per dollar on general purchases. Given Chase Ultimate Rewards points are some of the most valuable card rewards around, thats a terrific amount of rewards variety and includes a great mix of practical everyday categories.

Best of all, the points you earn are worth more than those of the average rewards card. While competing cards from the likes of Chase and Capital One allow you to redeem points or miles for travel through their issuer portal at a value of 1 cent each, the Sapphire Preferred gives you a 25% bonus on points redeemed through the Ultimate Rewards portal, making each point worth 1.25 cents. Though it may seem like a small difference, this increase point value can really add up. For example, while 50,000 Amex Membership Rewards points are worth $500 when redeemed with American Express Travel, 50,000 Ultimate Rewards points redeemed for travel through the Chase portal with the Sapphire Preferred are worth $625.

Tip: Another valuable way to earn a few extra points is by taking advantage of Chases referral bonus policy. You can earn up to 100,000 Ultimate Rewards points per year by referring a friend for the Sapphire Preferred .

Also Check: Best Buy Credit Card Features

Chase Sapphire Preferred Card Vs American Express Gold Card

The American Express® Gold Card lets you Earn 4X Membership Rewards® Points at Restaurants, including takeout and delivery, and earn 4X Membership Rewards® points at U.S. supermarkets , and 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com. Terms apply.

While the American Express® Gold Card outperforms the Chase Sapphire Preferred® Card when it comes to dining and airline spend, the Chase Sapphire Preferred® Card offers 2X points on a far broader “travel” category, which includes hotels and taxis.

In general, the American Express® Gold Card is our recommended card for people who spend more on dining than they do on travel.

For rates and fees of American Express® Gold Card, please click here.

Credit Score From A Credit Report

100,000 Offer Still Available | Chase Sapphire Preferred | The Best Credit Card | Travel Hacking

In doing research on the web, we found many people who applied for the Sapphire Preferred had their Equifax credit report checked. Its not necessarily normal for lenders to check all 3, but it can pose a problem because not all lenders report to the 3 bureaus.

This means theres a chance theres varying information out there. So, we suggest checking out your Equifax score before applying and see if its in line with your other scores.

Recommended Reading: Valero Gasoline Gift Cards

Rewards For Every $1 Spent

This card offers many bonus options that will help maximize your credit card rewards. See how much Chase Sapphire Reserve is making in the spending category:

  • Points 10 for $1 on hotels and rental cars booked through Chase Ultimate Rewards )
  • 10 points for $1 for Lyft travel through March 2022
  • 10 points for $1 for Chase Dining purchases with Ultimate Rewards
  • 5 points for $1 for flights booked through Chase Ultimate Rewards
  • 3 points for every $1 on all other travel purchases
  • 3 points for every $1 on all other restaurant purchases including qualified delivery services, takeout and al fresco dining
  • 1 point for $1 on other purchases

Can You Upgrade Your Chase Sapphire Preferred

Before attempting to upgrade your Chase Sapphire Preferred, make sure you meet these basic qualifications:

  • Your Chase Sapphire Preferred account is at least 12 months old
  • The account is in good standing
  • You have excellent credit

The Sapphire Reserve is a Visa Infinite product that carries a minimum $10,000 credit limit. However, the Sapphire Preferred is a Visa Signature card that only guarantees a minimum $5,000 credit limit.

Like any credit card application, approval isnt guaranteed when requesting an upgrade. Chase doesnt publicly disclose its upgrade criteria.

Recommended Reading: What Credit Cards Use Transunion Only

Valuable Chase Ultimate Rewards Transfer Partners

Adding to the Sapphire Preferred cards flexibility, Chase allows cardholders to transfer their points to several travel partners at a 1:1 ratio. Since many airline and hotel points are worth more than 1 cent per point, you can use this option to stretch your rewards even further.

Transfer partner
IHG 0.55

While several other rewards programs, including those from American Express and Capital One, also offer the ability to transfer points, we think that Chase offers the best list of partners, including three major U.S. airlines and some valuable airline partners abroad. If you are a frequent flyer of Singapore Airlines, Iberia, JetBlue or United, transferring your points to the airline program makes them more valuable than if you book through Ultimate Rewards. With several major airlines on this list, you can stretch your points further for travel to all sorts of destinations.

How Much Are The Rewards Worth

Travel Expert Chris McGinnis and Chase Sapphire Preferred ...

Chase Ultimate Rewards points redeemed for cash are worth 1 cent apiece, whereas points redeemed toward travel via the Chase Ultimate Rewards portal are worth 25 percent more . Until Mar. 31, 2022, youll also get 25 percent more value through Chase Pay Yourself back if you redeem for statement credits toward Airbnb and Away purchases through awaytravel.com.

According to The Points Guys most recent valuation, Chase Ultimate Rewards points carry as much as 2 cents per piece market value when used toward transfer-partner travel via the Chase Ultimate Rewards portal. Either way, Chase guarantees a 1:1 value currency-to-currency when you transfer your points to a partner airline or hotel loyalty program, including:

  • Aer Lingus AerClub
  • World of Hyatt

Read Also: Why Is My Visa Gift Card Being Declined

What Is The History Of Chase

Chase credit cards are issued by Chase Bank, N.A., which itself is part of the retail banking arm of financial services behemoth J.P. Morgan Chase, the largest banking organization in the U.S. and sixth-largest in the world. J.P. Morgan Chase has grown over time through the acquisition and merger of multiple large banking organizations in the past 20 years, such as Bank One, Chemical Bank, and Washington Mutual. The biggest of these was the merger of J.P. Morgan and Chase Manhattan Bank in 2000, which resulted in the company’s new name and branding.

Chase issues many rewards cards to consumers, students, and small business owners, with rewards that include both cash back and points. Its cards also provide options for cardholders wishing to transfer balances and manage spending. Chase has partnerships with numerous major airlines, hotels, and retail organizations and offers specialized rewards programs through co-branded credit cards. Partnerships include Amazon, Disney, Hyatt, Marriott, IHG, United Airlines, and Southwest Airlines.

Chase Sapphire Preferred Bonus

New cardholders can earn 60,000 bonus points after using their new credit card to spend $4,000 within three months of account opening. This sign-up bonus is worth $750 in travel reservations booked through Chase Ultimate Rewards, but potentially more when transferred to airline and hotel partners. The Chase Sapphire Preferred bonus is generally regarded as among the best credit card bonuses available.

Referral Bonus Program

Once youve become Sapphire Preferred cardholder, you can also earn additional points through Chases Refer-a-Friend program. Earn up to 75,000 bonus points per year by referring friends for the Chase Sapphire Preferred Card. Thats 15,000 bonus points for each friend who gets approved.

Read Also: Cabela’s Club Silver Card

Best For Travel Insurance

Both Chase Sapphire cards come with great travel protections, including primary car rental insurance, insurance for lost and delayed luggage and up to $20,000 worth of trip cancellation and interruption insurance. However, the Sapphire Reserve has the edge over the Sapphire Preferred in terms of comprehensive travel coverage. It also offers , $100,000 worth of emergency evacuation insurance and $2,500 worth of medical and dental insurance, in case you need to see a doctor while youre traveling.

If youre looking for the go-to card to cover your next vacation, you should check out the Chase Sapphire Reserve card.

Travel insurance benefits

Best Chase Credit Cards

CHASE SAPPHIRE RESERVE | Is this the best travel credit card?

Chase offers several credit cards with a variety of rewards programs. Whether youre looking for a travel-focused card or a cash back card, Chase likely has a credit card designed to meet your needs. Here are the top Chase credit card offered through our partner.

Many or all of the companies featured provide compensation to LendEDU. These commissions are how we maintain our free service for consumers. Compensation, along with hours of in-depth editorial research, determines where & how companies appear on our site.

Chase is one of the most popular credit card issuers in the market thanks to its high rewards rates and competitive benefits. With so many cards available, figuring out which is the best may be overwhelming but we can help.

Here are our picks for the best Chase credit cards:

Also Check: Comenity.net Ashley Stewart

Book Travel Through The Chase Ultimate Rewards Portal

One of my favorite features of Chase Ultimate Rewards is their travel booking portal. This is where I end up booking most of my travel as you can spend your points pretty much like cash.

With Chases booking portal, each Ultimate Rewards point is worth 1.25 cents as long as you have the Chase Sapphire Preferred card. So that makes your 100,000 points worth $1,250 in travel.

You can book airfare, hotels, and more, all using your points and receiving a 25% boost in value.

Ink Business Cash Credit Card

Our pick for: Bonus cash back for small business

If your business’s spending matches the bonus categories on the Ink Business Cash® Credit Card, you can rack up some serious cash back. There’s an excellent sign-up bonus for a no-annual-fee cash-back card, plus an introductory APR period for purchases. Read our review.

You May Like: Best Buy Credit Card Financing

Chase Sapphire Preferred: Best For Flexible Points

The Chase Sapphire Preferred allows you to earn Ultimate Rewards points which can be transferred to airline and hotel programs or used to book a broad variety of travel reservations directly through Chase.

Pros:

  • Earn 60,000 bonus points after spending $4,000 in purchases within three months of account opening
  • Earn 2x points per dollar spent on on dining, including eligible delivery services, takeout and dining out, and travel
  • Transfer rewards to airline or hotel points, or receive 1.25 cents per point on travel booked through Chase Ultimate Rewards
  • Receive exclusive benefits from DoorDash, Peloton and Lyft

Cons:

  • $95 annual fee

Sign up for the Chase Sapphire Preferred to earn 60,000 bonus points when you spend $4,000 within first three months of account opening . Youll also earn 2x points on travel and dining and 1x points on all other purchases. You can redeem rewards for gift cards, statement credits, experiences, or travel. Points are worth 25% more when you redeem for travel through the Chase Ultimate Rewards portal. You can also transfer points at a 1:1 ratio to participating Chase airline and hotel partners. This card has a $95 annual fee, but there are no foreign transaction fees.

Don’t Forget About The Chase 5/24 Rule

Finally, I Got My Chase Sapphire Reserve Credit Card!

Before you start applying for Chase credit cards, there’s an important restriction you should know about. The issuer has an unofficial policy, commonly referred to as the 5/24 rule, which prevents you from getting approved for Chase cards if you’ve opened five or more credit cards with any bank in the last 24 months.

Due to this rule, many rewards enthusiasts focus on opening Chase credit cards before cards with other banks.

Don’t Miss: Macys.com/gopaperless

What Is Chase Sapphire Preferreds Spending Limit

The Chase Sapphire Preferreds minimum spending limit is $5,000. On average, most cardholders have reported that their credit limit was raised to $10,000 after a few months of making payments on time and paying their card in full. Still, as many as 10% of users have reportedly received a credit limit of $20,000 or more.

Related article: Best Credit Cards for Big Spenders

Chase Sapphire Preferred Card: Basics

Card type:Travel.

Annual fee: $95.

Sign-up bonus: Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 toward travel when you redeem through Chase Ultimate Rewards®.

Ongoing rewards:

  • 5 points per $1 spent on all travel purchased through Chase Ultimate Rewards®.

  • 3 points per $1 spent on dining .

  • 3 points per $1 spent on select streaming services.

  • 3 points per $1 spent on online grocery purchases .

  • 2 points per $1 spent on travel not purchased through Chase Ultimate Rewards®.

  • 1 point per $1 spent on other purchases.

  • Through March 2022: 5 points per $1 spent on Lyft.

Interest rate: The ongoing APR is 15.99%-22.99% Variable APR.

Foreign transaction fees: None.

Other benefits:

  • A $50 annual credit on hotel stays purchased through Chase Ultimate Rewards®.

  • Each account anniversary, cardmembers will earn bonus points equal to 10% of total purchases made the previous year.

  • Hotel and airline transfer partners.

» MORE:Benefits of the Chase Sapphire Preferred® Card

How much is a point worth?

Chase Ultimate Rewards® points earned on this card are worth 1.25 cents each when redeemed for travel booked through Chase. Using points this way, or transferring them to travel partners, is key to getting the most value from the Chase Sapphire Preferred® Card. Otherwise, its not quite as lucrative to use points for less-valuable redemption options, including cash back, gift cards and merchandise.

Read Also: How To Apply For Best Buy Credit Card

More articles

Popular Articles