I was in the process of researching for a new rewards card when I stumbled upon a deal unlike any I had seen before. The Chase Sapphire Preferred had a great rewards structure, but I was hesitant to get it because of the promotion.
If you’re among the many Chase Sapphire customers who have been disappointed by the value you’re getting from the card, you’re not alone. It’s not uncommon to find people who don’t even TRY to use the card and still get value from it. What’s more, the card can be easily misused, leaving people with a lot of points for absolutely no purpose.
As I am sure you are all aware, the Chase Sapphire Preferred is a pretty awesome card. There are 4 major reasons it is a great card, and 3 minor reasons it is not, so those 6 points per dollar on travel can prove to be a huge bonus. First, it is simple to use. There is no minimum on the points you can earn with this card, and there are no annual fees, either. Second, there are no foreign transaction fees. That means that you don’t pay a fee every time you make a purchase, which can really add up. Third, you get a $100 annual credit for travel. That might not seem like a lot, but if you put it towards travel, it can really add up.
How the Chase Sapphire Preferred was undervalued and underperformed
Gary Leff 16. June 2024
I am rewarded for the content and the many links on this blog. Citibank is an advertising partner of this site, as are American Express, Chase, Barclays and Capital One. All opinions expressed in this article are my own and have not been reviewed, approved or endorsed by my advertisers. I’m not going to tell you about all the credit cards out there. Instead, I’m going to focus on miles, points and cashback (and the currency that can be converted into them). The terms and conditions apply to the offers and benefits listed on this page.
The Chase Sapphire Preferred card offers the biggest bonus ever and the best bonus of any loyalty card on the market today – 100,000 bonus points after spending $4,000 on purchases within the first 3 months of account opening.
When this card came out, it became the biggest thing for frequent flyers since miles themselves. Chase Sapphire Preferred was (1) quick to earn [double points for travel and dining] and (2) had valuable points that transferred to great partners.
And the card was even found to be a little sexy. Lucky called it the Centurion card for the poor. AndyAndy decided to downgrade his Chase Sapphire Preferred card to a regular Sapphire card with no commission. He tried to get off the map himself. Use a burner.
The card added primary coverage for rental cars and also added many transfer partners such as Air France KLM, Virgin Atlantic, Emirates and Iberia (but lost Korean). And yet, for some people, it remains in the background. It wasn’t supposed to happen.
What happened? The Chase Sapphire Reserve®, as it’s called, was the card’s flagship when it launched nearly five years ago. In the beginning, everyone wanted one, and if they had less than 5 new cards in the last 24 months, they got one. 3 points per dollar for travel and restaurants and Priority Pass was sexy.
There is no longer unlimited free admission for guests with Priority Pass offered with this card. And judging by anecdotal conversations with many readers, it has become much harder to get a Sapphire Reserve card in the last 18 months than it was when the card first appeared.
In the end, the best card of the two products is the one you can approve. Chase Sapphire Reserve® is a Visa Infinite, it has higher approval standards, and Chase has released some interesting data about Sapphire Reserve cardholders.
Cardholders have an average income of $180,000 and an average credit score of 785. This was at a time when admissions standards didn’t seem to be that strict. I think the income and credit requirements are higher now.
In contrast, we have seen Chase Sapphire Preferred cards approved with much lower credit scores (assuming their credit score is lower than 5/24).
With the Sapphire Preferred, you earn 100,000 bonus points after spending $4,000 on purchases within the first three months of account opening, which is the highest bonus on the personal rewards card market.
And if you really want the Chase Sapphire Reserve®, you may have a better chance of getting the Sapphire Preferred if you wait for a map update and request a product change.
The points of both cards are transferred to :
- Airline: United, British Airways, Singapore Airlines, JetBlue, Air France KLM, Southwest Airlines, Virgin Atlantic, Emirates, Iberia, Aer Lingus.
- Hotels: Hyatt, IHG, Marriott
United Polaris Business Class
If you have applied for the Chase Sapphire Reserve® and have not been approved, you must use the Chase Sapphire Preferred Card as a last resort.
And you need a Chase or card with an annual fee to be able to earn points on that account and convert them to airline miles. You can get other Chase cards with no annual fee that earn 1.5 points per dollar on all spending, or bonus cards for stationery, telecom or other categories that earn up to 5 points per dollar. A card with an annual fee increases the value of all your points.
Don’t forget the Chase Sapphire Preferred card!
Lake View from the Wing
Frequently Asked Questions
When did Chase Sapphire Preferred launch?
Want to know when Chase Sapphire Preferred launches? You’ve come to the right place. That’s right, this is the official blog of Chase Sapphire Preferred, a credit card available from Chase that offers maximum rewards at attractive rates. We’re a group of credit geeks who can’t wait for Chase Sapphire Preferred to get approved. We review everything from credit cards to travel and also offer advice on how to best use Chase Sapphire Preferred. Chase Sapphire Preferred (PSP) was introduced in 2015 as Sapphire’s first premium travel rewards card. Though not the first (that would be Club Carlson) it was the first to earn Ultimate Rewards points, which means it offered the best return on points. Now that the card has been around for almost four years, more and more people are becoming interested in it.
How do I expedite Chase Sapphire Preferred?
I’ve recently been considering a credit card investment that offers a travel rewards program. Ultimately I decided against it, but the discussions I had about this card with some of my friends led me to taking some time to explain what Chase Sapphire Preferred offers. I’ll be using cards like Chase Sapphire Preferred (CSP) and Chase Ink Plus (CI+) as examples because they are the best known. There’s nothing quite like that first-time traveler feeling, when you land at the airport you’re immediately swept up in a crowd of people all wanting pictures and autographs. Well, if you’re also tired from a long trip, it can be a little overwhelming to take care of yourself. Fortunately, Chase Sapphire Preferred has a few tricks up its sleeve to help you get around and still hopefully get that coveted vacation photo.
Why is Chase Sapphire Preferred so good?
Chase Sapphire Preferred is a travel credit card that earns points on everyday purchases and comes with a $300 annual travel credit. The sign up bonus is pretty good too: you get 60,000 Chase Ultimate Rewards points after spending $3,000 in the first three months. Don’t get me wrong, Chase Sapphire Preferred is a great card. As a rewards card with a modest annual fee, it earns you 2 points for every dollar you spend at restaurants, gas stations, and drugstores. Furthermore, the card comes with a generous sign-up bonus, which means you can get the card with as little as $1,500 in spending. But it’s not the best card out there.
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