Tom Lipkis, Retired Economy Teacher
@cindercard
The Chase Sapphire Preferred APR is 15.99% - 22.99% (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. The Sapphire Preferred Card 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 Sapphire Preferred. By always paying your bill on time and in full, you’ll save yourself a lot of money. There’s no penalty APR for paying late. But there is a late payment fee of up to $39 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. Essentially, you can use your credit card like a debit card to withdraw money from ATMs. But you’ll be hit with an 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 of $10 or 5%, 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
Patrick Murphy, Former Bank Teller
@stpatrick1982
The interest rate varies between 15.99% - 22.99% (V). The final rate will be determined after you submit your application, based on your creditworthiness.
Mark Farms, Member
@mark_farms
The better your credit is, the lower you'll get.
People also ask
Thom Fotenberg, Avid backpacker
@thom.f
Pretty much depends on how good your credit is. I think it was between 17% and 24%, but basically if you're not on the complete minimum requirements for the card, you'll get lower than 24.
Did we answer your question?