Maria Adams, Credit Cards Moderator
@m_adams
The Chase Sapphire Preferred APR is 16.24% - 23.24% (V). Newly approved applicants are assigned a rate from Chase Sapphire Preferred’s APR range based on their credit standing and ability to pay the bills. Chase Sapphire Preferred does not offer a lower introductory APR to new cardholders.
Chase Sapphire Preferred’s high interest rates are pretty much par for the course for a rewards card, since they’re not meant to be used for financing. Also, rewards cards tend to come with annual fees and are more suited for customers who pay their balance in full each month. And that’s exactly what you should do with Chase Sapphire Preferred. By always paying your bill on time and in full, you’ll save yourself a lot of money. There’s a penalty APR of up to 29.99% for paying late. But there is a late payment fee of up to See Terms if you don’t make at least the minimum payment.
It’s also useful to note that there’s one more major type of Chase Sapphire Preferred APR; the cash advance APR, which is 25.24% (V). Essentially, you can use your credit card like a debit card to withdraw money from ATMs. But you’ll be hit with this even-higher-than-normal APR on whatever you borrow, with no grace period. And on top of that you’ll have to pay a fee: Either $10 or 5% of the amount of each transaction, whichever is greater. You should only do a cash advance if you’re in an emergency situation and have no other options.

Chase Sapphire Preferred® Card
Mark Farms, Member
@mark_farms
The better your credit is, the lower you'll get.
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