/4 reasons to apply for the Chase Sapphire Preferred Card now, beyond an excellent welcome bonus

4 reasons to apply for the Chase Sapphire Preferred Card now, beyond an excellent welcome bonus


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The Chase Sapphire Preferred® Card welcome offer is currently 80,000 points after spending $4,000 in the first three months of having the card. That’s an excellent bonus, and because the card earns flexible Chase Ultimate Rewards points, you’ve got multiple options for redemption.

You don’t have to use your points for travel, either. If you’re not ready to hit the road yet, you can turn your points into cash back, gift cards, or merchandise — or even redeem them for eligible everyday purchases through Pay Yourself Back.

Here are four reasons why you should apply for the Chase Sapphire Preferred® Card now.

Regular APR

15.99%-22.99% Variable


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  • Pros & Cons
  • Details

  • Pros
    • High sign-up bonus starts you off with lots of points
    • Strong travel coverage
    Cons
    • Doesn’t offer a Global Entry/TSA PreCheck application fee credit
    • Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $1,000 when you redeem through Chase Ultimate Rewards®. Plus earn up to $50 in statement credits towards grocery store purchases within your first year of account opening.
    • Earn 2X points on dining including eligible delivery services, takeout and dining out and travel. Plus, earn 1 point per dollar spent on all other purchases.
    • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 80,000 points are worth $1,000 toward travel.
    • With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
    • Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash’s subscription service. Activate by 12/31/21.
    • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
    • Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required.


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    We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

    The Chase Sapphire Preferred’s 80,000 points are worth up to $1,000

    We’ll start with the biggest reason to apply, and that is the 80,000 points that you’ll get after spending at least $4,000 on purchases in the first three months of having the Chase Sapphire Preferred® Card.

    If you redeem them for statement credits, 80,000 points are worth $800. But if you redeem through the Chase Ultimate Rewards Travel Portal, you get a 25% bonus, making your 80,000 points worth $1,000. You can also use Chase’s Pay Yourself Back feature, allowing you to also get the 25% bonus when you redeem points toward purchases made at grocery stores, dining, home improvement stores, and eligible charities through September 30, 2021.

    Beyond the sign-up bonus, the Chase Sapphire Preferred® Card earns:

    • 5 points per dollar on Lyft rides through March 2022
    • 5 points per dollar on Peloton Bike, Trad, and accessory purchases over $1,800 (with a maximum earning of 25,000 points) through March 2022
    • 2 points per dollar on travel
    • 2 points per dollar on dining
    • 1 point per dollar on all other purchases

    Until April 30, 2021, you’ll also earn 2x points at grocery stores, on up to $1,000 in spending per month.

    You’ll have access to Chase’s valuable transfer partners

    Transferring your Ultimate Rewards points to Chase’s hotel and airline partners can be one of the highest-value ways to redeem your Chase points. Chase currently has 10 airline and three hotel partners, and they all transfer at a ratio of 1:1.

    That means that 1 Ultimate Rewards point will turn into 1 airline mile or hotel point. It’s possible to get 2 cents per point worth of value or even more by transferring your Ultimate Rewards points to travel partners instead of redeeming through the portal.

    It pairs well with the Freedom Flex or Freedom Unlimited

    Chase has several different credit cards that earn Ultimate Rewards points. Some of its cards, like the Chase Sapphire Preferred® Card, come with annual fees. Other Chase credit cards like the Chase Freedom Flex℠ or Chase Freedom Unlimited® have no annual fee.

    If you only have no-annual-fee Chase credit cards, you still earn Ultimate Rewards, but your points are only worth 1 cent each toward travel booked through Chase or for cash back, and you’re not eligible to transfer your Ultimate Rewards to hotel or airline partners.

    So if you have a large collection of Ultimate Rewards points from an existing Chase Freedom card, that’s a great reason to apply for the Chase Sapphire Preferred® Card. You can then combine your Ultimate Rewards points to your Sapphire Preferred, and your existing Ultimate Rewards points instantly become potentially more valuable. 

    You get benefits like primary car rental insurance coverage

    In addition to the Ultimate Rewards points that you earn from the Chase Sapphire Preferred® Card welcome bonus and the points you’ll earn from everyday spending, the card also comes with a variety of useful benefits.

    One of its best perks is primary car rental insurance — which covers damage due to collision or theft when you use your card to pay for your rental and decline the rental company’s collision damage waiver  — and you won’t have to bill your personal insurance first (note that liability insurance isn’t included). While the coverage is not quite as comprehensive as that from the premium Chase Sapphire Reserve®, the Chase Sapphire Preferred® Card is still one of the

    best credit cards
    for car rental insurance.

    Make sure you’re eligible for the Sapphire Preferred before applying

    There are several great reasons to apply for the Chase Sapphire Preferred® Card, but you’ll want to make sure you’re eligible before you submit your application.

    The first question to determine your eligibility is whether you’ve opened five or more new credit card accounts in the last 24 months. If you have, due to Chase’s 5/24 rule, you will not be approved for the Chase Sapphire Preferred® Card until enough time has passed.

    Second, you’re only eligible for this offer if you do not currently hold either the Chase Sapphire Preferred® Card or Chase Sapphire Reserve®, and if you haven’t received a welcome bonus on either of those cards in the past 48 months.

    If you do already have a Chase Sapphire Reserve® (and have had it at least four years), you might even consider getting rid of the Sapphire Reserve for the Sapphire Preferred offer. You would need to cancel your Chase Sapphire Reserve® (or downgrade it to a no-annual-fee card) before applying for a new Chase Sapphire Preferred® Card.

    Regular APR

    15.99%-22.99% Variable


    Chevron icon
    It indicates an expandable section or menu, or sometimes previous / next navigation options.

  • Pros & Cons
  • Details

  • Pros
    • High sign-up bonus starts you off with lots of points
    • Strong travel coverage
    Cons
    • Doesn’t offer a Global Entry/TSA PreCheck application fee credit
    • Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $1,000 when you redeem through Chase Ultimate Rewards®. Plus earn up to $50 in statement credits towards grocery store purchases within your first year of account opening.
    • Earn 2X points on dining including eligible delivery services, takeout and dining out and travel. Plus, earn 1 point per dollar spent on all other purchases.
    • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 80,000 points are worth $1,000 toward travel.
    • With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
    • Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash’s subscription service. Activate by 12/31/21.
    • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
    • Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required.


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