Welcome to CashFreely’s complete guide to the Chase Sapphire Preferred card. There is so much value in this top ranked card. Many beginners start with this card because of the incredible flexibility and easy to use cash back opportunities. Let’s get started learning about the Chase Sapphire Preferred.
Table of Contents
Chase Sapphire Preferred Application Tips
Should you apply?
The Sapphire Preferred card is consistently ranked as one of the top overall cards. It usually has a terrific sign-up bonus with flexible points that can easily be redeemed for cash back.
If you are eligible (see next section), the sign-up bonus on this card makes it a great choice.
Are you eligible?
To get this card you must be under 5/24, you must not be a current Sapphire Preferred or Sapphire Reserve cardholder, and at least 48 months must have passed since you last received a new cardmember bonus for the Sapphire Preferred or Sapphire Reserve card
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Chase’s 5/24 Rule: With most Chase credit cards, Chase will not approve your application if you have opened 5 or more cards with any bank in the past 24 months. The easiest option to track your 5/24 status for free is with CashFreely. Get more information about the 5/24 rule here. |
How to apply
You can find the current best welcome bonus offer and application link at the top of this page: Chase Sapphire Preferred.
Application status
After you apply, call (888) 338-2586 to check your application status.
Reconsideration
If your application is denied, I recommend calling for reconsideration (1-888-270-2127). It’s surprising how often denials can be changed to approvals just by asking.
Chase Sapphire Preferred Perks
Travel Benefits
- No foreign transaction fees
- Hotel statement credit of up to $50 each account anniversary year for hotel stays purchased through Chase Travel℠
Travel Protections
- Auto Rental Coverage: Chase offers primary auto rental CDW (collision damage waiver). Here’s the description directly from Chase: “Decline the rental company’s collision insurance and charge the entire rental cost to your card. Coverage is primary and provides reimbursement up to the actual cash value of the vehicle for theft and collision damage for most rental cars in the U.S. and abroad.”
- Trip Cancellation / Interruption Insurance: “If your trip is canceled or cut short by sickness, severe weather and other covered situations, you can be reimbursed up to $10,000 per person and $20,000 per trip for your pre-paid, non-refundable travel expenses, including passenger fares, tours, and hotels.”
- Trip Delay Reimbursement: “If your common carrier travel is delayed more than 12 hours or requires an overnight stay, you and your family are covered for unreimbursed expenses, such as meals and lodging, up to $500 per ticket.”
- Lost Luggage: Reimburses for costs incurred to repair or replace checked or carry-on bags and property within if loss or damage occurs during a covered trip. Coverage is up to $3,000 per person per trip (or up to $500 for jewelry, watches, cameras, video recorders, and other electronic equipment).
- Baggage Delay Insurance: “Reimburses you for essential purchases like toiletries and clothing for baggage delays over 6 hours by passenger carrier up to $100 a day for 5 days.
- Travel Accident Insurance: When you pay for your air, bus, train or cruise transportation with your card, you are eligible to receive accidental death or dismemberment coverage of up to $500,000
Purchase Protection
- Extended Warranty: “Extends the time period of U.S. manufacturer’s warranty by an additional year, on eligible warranties of three years or less.”
- Damage and Theft Protection: “Covers your new purchases for 120 days against damage or theft up to $500 per claim and $50,000 per account.”
DoorDash Food Delivery Benefits
DashPass Free Delivery: Activate your free DashPass membership by 3/31/2022 in order to get 12 months of free delivery for DoorDash orders over $12.
Lyft Rideshare Benefits
5X Rewards: Use your Sapphire Preferred card with Lyft in order to earn 5 points total per dollar spent, which is worth the same as 5% cash back. That’s 3X points (3%) in addition to the 2X points (2%) you already earn on travel purchases.
10% Anniversary Points Boost
Each account anniversary, you’ll earn bonus points equal to 10% of your total purchases made the previous year. That means if you spend $25,000 on purchases, you’ll get 2,500 bonus points.
Chase Sapphire Preferred Earn Points
Signup Bonus
This card earns super-valuable Ultimate Rewards points. Here’s the current signup offer:
Spend Categories
You earn 3x points (3% cash back equivalent) on all dining. Any travel purchases, such as hotels, airfare and car rentals will earn you double points, so 2% cash back.
Even things like taking an Uber or paying for parking will get 2x points (2% cash back), too. But, if you happen to make any travel purchases through the Chase Travel portal, you’ll earn 5x points (5% cash back).
Chase Sapphire Preferred Redeem Points
Cash Back
Cardholders can redeem points for 1 cent each either as statement credits or as cash back. Cash back can be taken as a statement credit or via check or ACH transfer.
(If you want to redeem your points for travel at some point down the road, check out our Chase Ultimate Reward guide at our sister site Travel Freely.)
Other ways to redeem points
Chase Sapphire Preferred Manage Points
Combine and Share Points Across Cards
How to Keep Points Alive
Chase Sapphire Preferred Lifecycle
How to meet minimum spend requirements
Keep, cancel, or product change?
Is this card worth keeping in the long run? If you get a lot of value from the card’s bonus categories and the flexibility of your points, as well as fee-free authorized users. But, if cash back is your true goal, you might be better off with the Chase Freedom Flex or Chase Freedom Unlimited since there’s no annual feel — although lesser benefits.
Related Cards
Ultimate Rewards Consumer Cards
Ultimate Rewards Business Cards
