Chase Sapphire Preferred is one of the most rewarding credit cards on the market because cardholders have the opportunity to earn bonus points early and often. In fact, earning Chase Sapphire Preferred rewards is pretty straightforward. But the rewards redemption process is a little more complicated.
Fortunately, you have a number of good options. And regardless of which you choose, you’ll be starting in the same place: Chase's Ultimate Rewards portal. You’ll be able to use your normal chase.com username and password to sign in.
Key Facts About Chase Sapphire Preferred Rewards:
How to earn: Simply use your card to make purchases in order to get rewards points.
Expiration: Your points don’t expire as long as your account stays open and in good standing. And there’s no limit to the number of points you can earn.
Travel redemption: Chase Sapphire Preferred rewards points are best used for travel booked through Chase’s online portal. Just select "Explore & Book Travel" once you’re signed into the Chase Ultimate Rewards website to get started.
Transfer points to Chase's travel partners: You can transfer Chase Sapphire Preferred rewards points to partnered airline and hotel loyalty programs. Just confirm that you have a loyalty account, then select "Transfer Points to Travel Partners" in the Ultimate Rewards portal.
“Shop with Points” on Amazon: You can use your Chase Sapphire Preferred rewards points instead of a credit card or debit card when checking out on Amazon.com. Follow Amazon’s instructions to get started.
Redeem for cash or gift cards: If you don’t want to redeem for travel or Amazon.com purchases, you can convert Chase Sapphire Preferred rewards into cash or gift cards for your favorite stores. Log in to the Ultimate Rewards portal and choose either "Get Cash Back" or "Shop Gift Cards."
Chase Sapphire Preferred is one of the best rewards cards on the market, well worth getting if you use it regularly and travel often.
Cardholders get 2 Chase Sapphire Preferred rewards points for every $1 spent on travel and dining. The card also gives 1 point per $1 on all other purchases. Plus, cardholders can earn extra Chase Sapphire Preferred rewards by spending $4,000 in the first 3 months to get the card’s initial bonus of 100,000 points. That’s worth $1,250 toward travel.
You can redeem your Chase Sapphire Preferred rewards points at a rate of 1.25 cents each toward travel or 1 cent each toward cash or gift cards. There’s no limit on how many Sapphire Preferred rewards points you can earn.
Start here. Once you log in with your Chase account, just pick which reward you prefer, including cash. They really focus on the travel rewards, so you will get more value there, but you can use Amazon as well.
The difference between cash back and points is that the former is the most versatile type of credit card rewards, as it can be redeemed for anything, and there’s never any doubt about how much it’s worth. Points, on the other hand, have a value set by the credit card company and tend to be worth the most when redeemed for travel. Credit card companies won’t always clearly disclose points values, and those values can change over time. It’s possible that points could be worth 1 cent apiece one day and 0.8 cents each the next.… read full answer
You can spend points for many different things. Usually, you can trade them for travel, gift cards, unique experiences, charitable donations or even cash. There are no restrictions on what you can use cash for. You can typically redeem cash back for a statement credit, paper check, or direct deposit to a bank account. One thing credit card shoppers should watch out for are cards advertised as offering cash back that really provide points. For example, the Chase Freedom Flex℠ offers “5% cash back” in certain bonus categories. But what it actually gives is 5 Chase Ultimate Rewards points per $1, which cardholders can then trade for cash back at a rate of 1 cent each.
Earning rate: Usually at least 1% cash back or 1 point per $1 spent.
Devaluation: Points can be devalued by the issuer, while cash back can’t.
Redemption options: Statement credit, check or deposit for cash. Travel, merchandise, gift cards, cash and more for points.
When it’s the best choice: Points for frequent travelers. Cash back for everyone else.
Let’s take a look at two high-profile cards in a battle of cash back vs. points.
Citi Double Cash Card tops the cash back offerings with 2% cash back on all purchases and an introductory APR of 0% for 18 months on balance transfers, with a 3% (min $5) balance transfer fee. It also chases a $0 annual fee and requires good credit to get.
But if you’re a frequent traveler, Chase Sapphire Preferred is a more attractive option. It gives 2 points / $1 spent on travel and dining purchases and 1 point / $1 on everything else. It has an initial bonus of 100,000 points for spending $4,000 in the first 3 months. This card’s points are worth 1 cent each toward cash back or gift cards or 1.25 cents each toward travel. There’s a $95 annual fee and the card requires good credit.
For both cash back and points cards, you can expect to lose your rewards if your account closes for any reason. Most cards don’t let your rewards expire over time. But Citi Double Cash Card’s cash back expires if you don’t use your card for 12 months. And on points cards alone, your points can be devalued if the issuer decides to charge more points for its rewards. So, frequent redemption is essential.
So, the bottom line is that frequent travelers should check out points cards. Otherwise, cash is king.
Foreign transaction fees are the main thing separating the best rewards credit cards for U.S. use from the best rewards cards for international travel. Avoiding them is crucial if you’re headed abroad or planning to make purchases from international merchants. But you don’t need to worry about them if not. Other than that, the process of finding the right rewards card is the same. You need to check your latest credit score to see what kind of card you can qualify for. You need to consider what types of purchases you’ll be using the card for and roughly how much you’ll spend. And you need to think about what type of rewards you want to earn – miles, points or cash back – as well as how you’d like to redeem them. To help get you started, WalletHub’s editors compared hundreds of offers in search of the top rewards cards in the most popular categories.… read full answer
Here are the best credit cards for rewards in the U.S.:
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