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The 2014 Chase Sapphire Preferred Credit Card Review
If you're like me, you may have seen the commercial with the couple who enjoys a night out complete with the wife wearing a new dress, all thanks to Chase Sapphire rewards. Sure, it's a catchy commercial that stays in your mind, but is the Chase Sapphire Preferred™ card really as great as the advertisement makes it seem? (You know how advertisers are!)
If you want to try out the Chase Sapphire Preferred™ card yourself, now might be the perfect time as they are currently offering an excellent bonus that I just took advantage of. Earn 40,000 bonus points when you open a new account and spend $3,000 on the card within three months. Those 40,000 points equate to up to $500 in travel rewards.
If you're tempted by the offer, here's what you need to know about this card:
How To Earn Points
- Earn 40,000 bonus points when you spend $3,000 on purchases in the first 3 months from account opening.
- Earn 5,000 additional bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening.
- 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases
- Automatically get a 7% Annual Points Dividend on all new points earned on purchases throughout the year – even points you have redeemed.
If you love to travel and dine out, this card's reward program is attractive.
What You Can Redeem Points For
With the Chase Sapphire Preferred™ card, you can chose from several different ways to redeem your points.
Redeem for statement credit or cash back. Choose to have your points applied to your account balance or get cash back either as direct deposit or a check sent to your home. In general, 1,000 points equates to $10.
Redeem for merchandise. Chose from items like a Canon PowerShot camera or iPod Touch. Ten thousand points are worth $100.
Redeem for gift cards. Choose from stores like The Home Depot or Gap. One $50 card costs 5,000 points.
Redeem for experiences. If you don't care about “stuff” so much and care more about experiencing life, chose to redeem for experiences such as exclusive access to the NY Jets or the Mad Men VIP premier event.
Redeem for travel. Choose from one of Chase's travel packages, or transfer your points 1 to 1 to participating frequent travel programs at no extra cost.
The Other Details–Card Fees
Chase Sapphire Preferred™ offers some sweet perks such as 20% off travel when you redeem through Chase. So those 40,000 bonus points you get after 3 months and $3,000 spent? Those stretch from $400 to $500 in travel rewards. You gain an extra $100 thanks to this card perk.
Of course, with any card, there are fees to be paid…
The annual percentage rate is 15.24% variable and the APR for cash advances is 19.24%. However, there's not annual fee for for the first year ($95 in the 2nd year).
Is the Chase Sapphire Preferred Credit Card Right for You?
There's plenty to love about this card. You can choose to redeem points for experiences, which is a somewhat unique feature among rewards credit cards. You have 5 different ways to redeem points, and accruing points is fairly easy, especially if you love to dine out and travel.
Of course, the downside is that if you carry a balance, you'll partly lose the benefit of your rewards by paying a fairly high APR. The $95 annual fee is a money drain, too.
Is this card right for you? It depends on your spending patterns. However, the introductory offer is pretty tempting.
Do you have the Chase Sapphire Preferred™ card? Would you recommend it?