Introduction: What still makes Chase Sapphire Preferred Card special

Game changers among credit cards are so few yet in hundreds. Chase Sapphire Preferred(r) Card is considered to be one of the most suitable travel credit card in the United States since long time. It has not lost its popularity–in fact it is growing more.

The greatest focus of most of reviews is on sign-up bonus or reward rate, whereas it is much more than that. This article will unveil the hidden advantages, secret features and unknown facts of the Chase Sapphire Preferred Card which none of the card owners are aware of. We also will educate you on how to optimally spend each dollar you spend, and preventing costly errors and how to leverage consumer safeguards that are backed by U.S. governmental resources such as Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC) and USA.gov.

1. Figure 1 What Is Chase Sapphire Preferred Card?

Introduced as the Chase Sapphire Preferred in 2009 Chase Sapphire Preferred was an overnight success as the so-called gateway travel rewards card benefits of high definition was provided at an annual fee that was lower than in the luxury category.

It’s designed for:

• Customers like distance-dalies.
• Dining out or getting deliveries is often performed by the food lovers.
• Budget shoppers that want a mix of cheap annual charge, good rewards and true protection.

Local deluxury cards like the Chase Sapphire Reserve or Amex Platinum will cost extra each year but Sapphire Preferred provides a good balance to the most of the people. It has been one of the credit card leaders in the middle-tier through the Chase Ultimate Rewards eco system.

2. Current Sign-Up Bonus

One of the major things that will attract the card will be its introductory bonus. Get a 60000 point bonus, when you have spent 4000 dollars using the card in the first 3 months of the card.

That equals:

• Chase Travel portal is providing a ticket to the value of 750 to its travelers.
• Its user bases are even better when the points can be redeemed by transferring them to other partners like United Airlines or Hilton hotels.

Hack: You can also move all of the points you have gained on any Chase cards (Freedom Flex and Freedom Unlimited, etc.) to your Sapphire account. This enables you to redeem at higher values as compared to cash back.

The customer can also read the CFPB advice on rewards programs in order to obtain customer information about credit card bonuses.

3. Annual Fee and Cost Analysis

• Annual Fee: $95.
• No hidden monthly charges.
• None of the foreign activities (monumental benefit to foreign travellers).

It has an excellent offer of protection and rewards and is much cheaper than Amex Gold (called 250) or Sapphire Reserve (called 550).

You will find federal laws regarding credit card charges on the Truth in Lending Act page of CFPB.

4. Disintegration of Categories of reward (How You Earn points)

The Chase Sapphire Preferred is luminous as a result of its daily rewards:

• On a completed purchase made on a chase trip par 5 points have been earned.
• 3x on food (delivery and take out).
• 3 points on some streaming.
• Gathering of online grocery purchases is earned three-fold (excluding Walmart and Target).
• DOUBLE the points on other travelling purchases.
• 1x point on everything else.

Example:

• $500 spent on dining = 1,500 points.
• Flight ticket booked on Chase Travel = 5000 pts.

The section of FTC Credit & Loans will be helpful in learning about the influence of reward structures on consumers further.

5. The Chase Ultimate Rewards

The Ultimate Rewards program is the difference with this card. It provides cardholders with the freedom to redeem the points in the most maximizing fashion.

Redemption options include:

• Travel through Chase portal: 25 per cent additional value.
• Transfers to 14 flight partners including United, Southwest, JetBlue, Marriott and Hyatt.
• Cashback/gift cards: Select and then you have lesser value in the points.

President Secret: Hyatt Hotels are usually the most reward Redemption. An example of this is a hotel night of 600 dollars costing only 25,000 points worth 2.4 cents a point.

You can access consumerfinance.gov in order to secure yourself as a consumer on the loyalty programs.

6. Travel Benefits & Insurance

Besides perks, the Chase Sapphire Preferred is also equipped with travel insurance that can save deep pockets on a vacation.

• Trip cancellation/ Interruption: Up to the tune 10,000 per trip.
• Primary Rental car Insurance: You do not have to rely on your personal auto policy.
• Delay Reimbursement: up to 500 and above per ticket depending on 12 hours or more delay.
• Lost Luggage Reimbursement: 3000 dollars individual.

The U.S. Department of Transportation has the locations where a consumer travel rights breakdown can be found.

7. Coverage, International Usability and Overseas Exchange Fee

The card is ideal in terms of foreign travel:

• No exchange transaction fee.
• Amenable to use worldwide on Visa.
• Contactless chip as far as tap-to-pay.

In order to spend safely using credit abroad, refer to the CFPB overseas card guide.

8. The Chase Sapphire Preferred vs Competitors

Summary: The Sapphire Preferred balances are more affordable, provide more incentives, and provide more coverage, than most of the competitors.

On comparison tools, see the CFPB credit card finder.

9. Credit Score & Eligibility

Usually, good to excellent credit (670 and above) is needed. Also there is Chase 5/24 rule (open 5 or more cards over 24 months, you will likely be denied).

Factors considered:

• Income level.
• Debt-to-income ratio.
• Overall credit history.

You may view your credit reports free of charge by visiting the site AnnualCreditReport.com (the only site approved by the FTC).

10. Most Ideal Techniques to optimize rewards

Following are the professional hints to ensure that the most of this card could be made:

• Add to Chase Freedom cards (Flex or Unlimited) to add the points to bigger amounts in the redemption.
• Make the Chase Travel Portal booking to receive the 25% enforcement.
• Family transfer Household points pool – Allow family transfers.
• Effective utilization of transfer partners more so, Hyatt, United and Singapore Airlines.

To manage money in general, see usa.gov/money.

11.Hidden Downsides You Should Know

• None of the airport lounges (Reserve has).
• Casual cardholders might not be interested in an annual fee of $95.
• Strict approval rules (Chase 5/24).
• None of the automatic hotel elite status.

Whenever possible, consumers must compare terms–see the CFPB guide to credit card agreements.

12.User Reviews Real Life Experiences.

Frequent fliers and bloggers are fond of praising:

• Easy-to-understand rewards.
• Very good redemption value with transfer partners.
• Reliable travel insurance.

Criticisms include:

• Customer service wait times.
• Large spender account reviews.

13.Government/Consumer Protection Resources.

In addition to the protections that Chase offers, the laws of the United States protect consumers against unfair practices.

• Fair credit billing act (ftc summary): Unauthorized charges guarantee – FTC.gov.
• Consumer Financial Protection Bureau: Submit complaints where necessary – CFPB complaints
• FDIC: Know your banking rights – fdic.gov.
• IRS: How to tax rewards – irs.gov.

Conclusion: Is It Worth It?

Chase Sapphire Preferred Card will always be among the top entry-level high-end travel cards. It offers unparalleled flexibility to both the frequent traveler and the casual user with a reasonable yearly fee, valuable rewards and superior travel protections.

Provided that you travel a few times a year, go out to eat, or you simply want the flexibility to have the points redeemed to the fullest, it is one of the best cards to have in your wallet.

READ MORE: Travel Credit Cards with No Foreign Transaction Fees: The Complete Guide

FAQs

Is Chase Sapphire Preferred worth it?
Yes- most definitely with people who travel or eat out frequently. The benefits and perquisites are way above the $95 payment.

Would fair credit allow me to be approved?
Unlikely. This normally needs a good credit score (670+). Get your free credit reports at Check AnnualCreditReport.com.

Taking time to earn the bonus?
First 3 months: you need to spend 4,000. The points are usually posted in 6-8 weeks.

Is it better than the Reserve?
The Reserve has luxury amenities, but at a charge of 550 dollars. To the majority, the Preferred makes more sense.

Do points expire?
No–The Chase Ultimate Rewards points do not expire so long as the account is active.

READ ALSO: The Complete Guide to U.S. Credit Card Without International Fees