Chase Sapphire Preferred Complete Guide

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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. 

60,000 Ultimate Rewards Points for $4,000 spend in 3 months + up to $300 in statement credits for travel purchased in the Chase Travel℠ portal

🔥 Offer ending soon! INCREASED OFFER! In addition to the points earned from the welcome offer, new cardholders will now also receive up to $300 in travel credits. Our #1 personal card that we recommend most often. Hands down the single best "starter card" for beginners and MVP card for overall value and flexibility. For those looking for cash back, 60,000 Chase Ultimate Reward points can redeemed for $600 cash back.

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

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 12/31/24 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:

60,000 Ultimate Rewards Points for $4,000 spend in 3 months + up to $300 in statement credits for travel purchased in the Chase Travel℠ portal

🔥 Offer ending soon! INCREASED OFFER! In addition to the points earned from the welcome offer, new cardholders will now also receive up to $300 in travel credits. Our #1 personal card that we recommend most often. Hands down the single best "starter card" for beginners and MVP card for overall value and flexibility. For those looking for cash back, 60,000 Chase Ultimate Reward points can redeemed for $600 cash back.

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

Through the Ultimate Rewards portal, you can redeem points for gift cards, merchandise, or experiences.  With this approach, you’ll usually get 1 cent per point value.  One exception is that Chase occasionally offers gift cards at a discount so you may be able to get better than 1 cent per point value during a gift card sale.
 
You can also use points to pay some merchants directly (Amazon.com, for example, or via Chase Pay).  Don’t do this.  These options offer very poor value. Further, they may compromise the security of your account (i.e. if someone hacks into your Amazon account, they might spend your Ultimate Rewards points — causing you a headache in getting your points reinstated).

Chase Sapphire Preferred Manage Points

Combine and Share Points Across Cards

If you are redeeming your points for cash back, there’s not much of a benefit to combine points across accounts in your name or to even share points with friends and family members. However, if one day you decide you want to redeem your points for travel — where you typically get a better value — then combining and sharing accounts becomes important.
 
Although, if you decide to cancel a credit card and haven’t redeemed your points for travel, moving your points over to another account is important so you don’t lose your points earned.
 

How to Keep Points Alive

Thankfully, it is very easy to keep Chase Ultimate Rewards points alive: simply keep the points in an open Ultimate Rewards account and they will not expire. Note that if you close an Ultimate Rewards card, you will lose any points associated with that card. You should first combine points to move points away from the card you intend to close and to another card that will remain open as per the sharing section above before canceling.

Chase Sapphire Preferred Lifecycle

How to meet minimum spend requirements

Once you are approved for a Chase card, you have three months to meet the required spend in order to get the signup bonus. Here are several ways to hit your minimum spending required.

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

60,000 Ultimate Rewards Points for $4,000 spend in 3 months + up to $300 in statement credits for travel purchased in the Chase Travel℠ portal

🔥 Offer ending soon! INCREASED OFFER! In addition to the points earned from the welcome offer, new cardholders will now also receive up to $300 in travel credits. Our #1 personal card that we recommend most often. Hands down the single best "starter card" for beginners and MVP card for overall value and flexibility. For those looking for cash back, 60,000 Chase Ultimate Reward points can redeemed for $600 cash back.

Special Offer: Additional 1.5% cash back (first year only, up to $20,000)
With this offer, you'll now earn a total of 4.5x on dining (including takeout and eligible delivery services), 4.5x on drugstores, 6.5x on travel purchased through Chase Travel℠, and 3x on everything else for the first year, up to $20,000. This special offer is best for those who have a healthy amount of monthly spending on dining and general expenses.
$150 $200 after you spend $500 in the first 3 months.
A very strong cash back card from Chase. Lots of good spending categories and the ability to move points to a Sapphire card make this a great card to have.

Ultimate Rewards Business Cards

Earn up to $750: $350 after you spend $3,000 in the first 3 months + an additional $400 after you spend $6,000 in 6 months
Great signup bonus for a business card with no annual fee, now with an extended timeline for hitting the spend requirement. Great for carrying a balance. Earn 5% cash back in certain earning categories. Earn 2% cash back on gas and restaurants.
90,000 Chase Ultimate Rewards Points after you spend $8,000 in the first 3 months.

A highly recommended business card for signup bonus and 3x (3% cash back) categories on the first $150,000 spent in combined purchases. All Ink cards earn Ultimate Rewards with the option of converting to cash back.

$750 $900 after you spend $6,000 in the first 3 months.

🔥 Offer ends 11/7/24 at 7am ET! Exciting limited time offer for a card with no annual fee! A no-brainer, great business card with a great bonus, and great for carrying a balance. Earn unlimited 1.5% cash back on all purchases.

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